Terra Uranium (ASX:T92) has met mandatory expenditure commitments through to the end of 2025 for all of its assets in the Athabasca Basin in Canada.
Addressing shareholders at the company’s annual general meeting (AGM), Executive Chairman Andrew Vigar says the Canadian-focused explorer also accomplished an aggressive program during its first year of listing, which should have taken 2 or more years, as previously announced.
Namely, its Hawkrock, Pasfield and Parker projects have transitioned from a ‘conceptual’ stage to being drill-ready within a one year period, he says.
Pasfield and Parker both boast 7 targets, while HawkRock has 4, encompassing 18 drill-ready targets in unexplored areas within the prolific uranium terranes.
Vigar says with this expansive opportunity ahead and the capital needed for thorough exploration — as this news service previously reported — the company is in discussions with joint venture (JV) farm-in and joint-development partners to investigate what is considered to be tier-one targets.
“The high-quality work and findings have garnered strong interest from potential partners, signalling the next phase in our journey, which may involve drilling during the upcoming Northern Hemisphere winter“
“The high-quality work and findings have garnered strong interest from potential partners, signalling the next phase in our journey, which may involve drilling during the upcoming Northern Hemisphere winter.”
This news comes after Terra launched an airborne field reconnaissance program as a precursor to a detailed airborne geophysics survey spanning all projects.
Results from the survey were considered ‘highly promising’, according to Terra, as it confirmed the need for further exploration.
Terra Uranium is an ASX-listed uranium company focused on its ‘high-quality’ assets in the Athabasca Basin.
As of 30 September 2023, the company had $610,000 cash and cash equivalents at hand, according to its latest quarterly report. Post quarter-end, the company conducted a placement to raise $700,000.
Write to Aaliyah Rogan at Mining.com.au
Images: Terra Uranium