Terra Uranium seeks partner for Canadian drill-ready target pipeline

Terra Uranium (ASX:T92) is advancing talks with large potential partners to help fund its pipeline of 18 drill-ready uranium targets in Canada’s Athabasca Basin. 

The company has been busy building up its Canadian uranium portfolio, most recently with the pegging of three new projects in the Athabasca Basin and the proposed acquisition of the Amer Lake Project to the north, in Nunavut.

With the pegging of the Rapid River, Yurkowksi Lake and Engler Lake projects, Terra now has six wholly owned uranium projects spanning 1,203km2 of the basin and located about 50km west and northwest, respectively, of Cameco’s Cigar Lake and McArthur River mines.

Cigar Lake and McArthur River are two of the world’s largest and highest grade uranium mines. 

The announcement comes a week before Terra is poised to attend the RIU Sydney Resources Round-up at Darling Harbour’s Hyatt Regency Hotel on 7-9 May 2024.

Meanwhile, Terra is advancing the Amer Lake acquisition and on completion will undertake a review of historical geological data, map out its plans to undertake verification drilling over parts of the Main Zone deposit and bring the resource into JORC compliance. 

The Amer Lake claims overlie the near-surface portion of the Amer Lake Uranium deposit, which has a Canada-compliant NI 43-101 resource (non-JORC compliant) of 15.3 million pounds of uranium.

Executive Chairman Andrew Vigar says the Amer Lake acquisition is “truly game-changing, as it transforms Terra into a company with real “pounds in the ground”

“We look forward to upgrading and extending the Amer Lake resource to JORC status whilst continuing to maintain a focus on finding partners to drill our Athabasca projects.”

Terra says it has also now advanced 18 targets across its core projects – HawkRock, Pasfield and Parker – from conceptual to drill ready. 

The company is planning to undertake reprocessing of all layers of geophysical

data and a full district structural analysis, which will assist with the construction of a 3D Earth Model to be used for targeting of the next drilling campaigns.

Last year’s RIU Sydney Resources Round-up attracted more than 1,500 delegates, making it the busiest since its inception in 2004. With over 800 of last year’s delegates coming from the investor or broker/fund categories, this conference offers investor engagement opportunities.

Write to Angela East at Mining.com.au

Images: Terra Uranium
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Written By Angela East
Managing Editor Angela East is an experienced business journalist and editor with over 15 years spent covering the resources and construction sectors and more recently working as a communications specialist handling media relations for junior resources companies.