Infini Resources Confirms Proximal Source of High-Grade Uranium at Portland Creek
I88 (I88) Share Update September 2024 Tuesday 24th
Infini Resources Confirms Local Source of High-Grade Uranium
Infini Resources Limited (ASX: I88) has announced a significant breakthrough in its Portland Creek Uranium Project in Newfoundland, Canada. A study by renowned glaciologist Dr. Martin Ross confirms that the high-grade uranium found in soil samples is locally derived, not glacially transported.
Instant Summary:
- Study confirms local source of high-grade uranium in soil samples.
- Additional work includes detailed hydraulic gradient mapping using LiDAR imagery.
- Expedited soil assay results expected by the end of October.
Study Details
Infini Resources engaged Dr. Martin Ross, a globally recognized glaciologist, to conduct a desktop study on the surficial geology at the Portland Creek Uranium Project. The aim was to determine whether the high-grade uranium found in soil samples was locally derived or transported by glacial movement.
Dr. Ross utilized the company's maiden soil sampling database, government regional geological data, SRTM DEM, and Google Earth Imagery for his analysis. The study concluded that the likelihood of the uranium anomaly being caused by substantial glacial transport is very low, given the location of colluvium on the geological map and the anomaly sitting above the 120m average sea level marine limit.
Implications for Exploration
Infini Resources' Managing Director, Charles Armstrong, expressed optimism about the study results. He stated that the findings significantly reduce the risk of geochemical dispersion by glacial movement, providing further confidence in the company's exploration model. The study also supports the company's decision to proceed with diamond drilling activities.
Additional geological desktop studies are now underway, focusing on analyzing recently flown LiDAR data to map subtle geomorphological features along the primary fault system. This will help delineate the talus colluvium with more precision and assist in interpreting the second set of soil sampling results.
Project Overview
The Portland Creek Project covers an area of 149 km² in the Precambrian Long-Range Complex of the Humber Tectonic – Stratigraphic zone. The project area includes a high-grade soil anomaly at the Talus prospect, measuring approximately 235m x 100m with over 1000ppm U3O8 and a peak result of 74,997ppm U3O8.
The project has a history dating back to the 1970s when a Newfoundland government stream sediment sampling program identified a regional uranium anomaly. Since then, Infini Resources has verified and defined the high-grade soil anomaly, further strengthening the project's potential.
The confirmation of a local source for the high-grade uranium significantly de-risks the Portland Creek Uranium Project. This positive development is likely to boost investor confidence and could lead to an increase in Infini Resources' stock price. The upcoming soil assay results and further geological studies will be crucial in maintaining this momentum.
Investor Reaction:
Analysts are likely to view this announcement positively, as it reduces the geological risks associated with the project. The confirmation of a local source for the high-grade uranium supports the company's exploration model and increases the likelihood of discovering a significant uranium deposit.
Conclusion:
Investors should keep an eye on the upcoming soil assay results expected by the end of October. The confirmation of a local source for the high-grade uranium at Portland Creek is a significant milestone for Infini Resources, and further positive results could lead to substantial gains in the company's stock price.