Terra Uranium (ASX:T92) executive Chairman Andrew Vigar has bumped up his shareholding in the junior uranium explorer as it works to finalise the acquisition of the Amer Lake Uranium Project in Canada.
Vigar bought another 59,195 shares for around $5,150, or $0.087 per share. He now owns about 1.34 million shares, 850,000 of which are escrowed for 24 months from the date of quotation. Vigar also has around 1.6 million options exercisable at $0.30 by 6 September 2025.
Shares rose slightly to $0.088 today after Terra Uranium revealed it had completed a maiden field visit to the Amer Lake Project in Nunavut.
The visit involved inspecting the base camp and stacked drill core as well as collecting rock samples, which have been sent to SRC Laboratories in Saskatoon.
The Amer Lake claims host a foreign non-JORC compliant resource estimate of 17.8 million tonnes averaging 380 parts per million for 15.3 million pounds of contained uranium. The resource is, however, compliant with Canada’s National Instrument (NI) 43-101.
Vigar says the company has agreed to an extension of the closing date of the acquisition to allow for the renewal of the claims covering the project.
Amer Lake comprises six claims covering 1,190 hectares to be acquired and two claims totalling 1,526 hectares that were staked by Terra Uranium.
“The Amer Lake claims overlie the near-surface portion of the Amer Lake Uranium deposit which has a Canadian NI 43-101 resource (foreign non-JORC compliant) of 15.3 million pounds of U3O8,” Vigar says.
“This is a truly game-changing acquisition for Terra, as it gives us real ‘pounds in the ground’.”
Originally expected to close by 27 April, Terra now anticipates the acquisition will be completed in early August.
Amer Lake is located about 20km north of the operational Amaruq gold project, which hosts extensive infrastructure, including trafficable roads with access to Baker Lake.
The mineralisation at Amer Lake is similar to large, near-surface deposits in the US, Central Asia, Australia and Africa that are amenable to bulk mining.
With the nuclear debate heating up in Australia, Vigar sat down with Mining.com.au‘s Shae Russell in late June to break down opposition leader Peter Dutton’s proposed nuclear plan.
Find out what he had to say below.
Write to Angela East at Mining.com.au
Images: Terra Uranium
