Terra Uranium's High-Grade Uranium Discovery at Amer Lake
T92 (T92) Share Update July 2024 Sunday 28th
Terra Uranium Announces High-Grade Uranium Findings at Amer Lake
Terra Uranium Limited (ASX:T92) has announced stunning high-grade uranium rock-chip results from its recent field visit to the Amer Lake project in Nunavut, Canada. The results have significant implications for the company's future exploration and development plans.
Instant Summary:
- Surface boulder sample in the Horned Lake area assayed 7,950 ppm U (0.94% U3O8).
- Second sample in the Main Zone resource area returned 1,510 ppm U (0.18% U3O8).
- Company plans an extensive follow-up field program, including soils and rocks, leading to drilling.
- Assessment reporting completed and submitted, expected to extend mineral claims expiry by 5-7 years.
- Amer Lake claims contain a foreign non-JORC compliant resource estimate of 17,827,000 tonnes averaging 380 ppm U3O8.
Field Visit Results
On 27 June 2024, Terra Uranium conducted a field visit to the Amer Lake project, resulting in the collection of significant rock-chip samples. A surface boulder sample from the Horned Lake area assayed 7,950 ppm U, equivalent to 0.94% U3O8. Another sample from the Main Zone resource area returned high-grade mineralization with an assay of 1,510 ppm U, or 0.18% U3O8.
These results confirm the high uranium content in the region and suggest the presence of a larger mineral system. The company is now planning an extensive follow-up field program, including soil and rock sampling, which will lead to drilling activities.
Assessment and Future Plans
In addition to the field results, Terra Uranium has completed and submitted its assessment reporting to the Nunavut Mining Recorder. This is anticipated to extend the mineral claims' expiry by at least 5-7 years, a requirement under the Amer Lake acquisition agreement.
The Amer Lake claims contain a foreign non-JORC compliant resource estimate of 17,827,000 tonnes averaging 380 ppm U3O8, reported in 2012 under the Canadian National Instrument (NI) 43-101. The mineralization at Amer Lake is of the sandstone-hosted type, similar to large, near-surface deposits found in the USA, Central Asia, Australia, and Africa, which are amenable to bulk mining.
Strategic Importance
Amer Lake is strategically located approximately 20 km north of the operational Amaruq gold project, which hosts extensive infrastructure, including trafficable roads with access to Baker Lake. This proximity to existing infrastructure enhances the project's viability and potential for future development.
Terra Uranium's Executive Chairman, Andrew Vigar, commented, 'The results from the recent field work confirm the tenor of the mineralization and that the current defined resource is a small part of a much larger system. This is a truly game-changing acquisition for Terra, as it gives us real ‘pounds in the ground’ with potential for higher grades and extensions.'
The high-grade uranium findings at Amer Lake are likely to positively impact Terra Uranium's stock. The confirmation of significant uranium mineralization and the potential for a larger system could attract investor interest and boost the company's market value. The extension of mineral claims further secures the company's position in the region, providing a stable foundation for future exploration and development activities.
Investor Reaction:
Analysts are expected to react positively to the high-grade uranium results, given the potential for significant resource expansion. The proximity to existing infrastructure and the strategic location of Amer Lake further enhance the project's attractiveness. However, investors will be cautious and will monitor the company's follow-up exploration activities and the finalization of the acquisition agreement.
Conclusion:
Terra Uranium's recent high-grade uranium findings at Amer Lake mark a significant milestone for the company. Investors should keep an eye on the company's upcoming exploration activities and the potential for further resource expansion. The strategic location and existing infrastructure support the project's viability, making it a promising investment opportunity.