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Terra Uranium and ATHA Energy join forces to develop Athabasca Basin projects

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By Imelda Cotton - 
Terra Uranium T92 ASX ATHA Energy deal
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Terra Uranium (ASX: T92) has secured a definitive agreement and potential joint venture deal with Canadian miner ATHA Energy, allowing for a shared equity arrangement in uranium exploration projects within the prolific Athabasca Basin.

Under the terms of the non-binding letter of intent, Terra will grant ATHA a series of options to acquire up to 60% of its Pasfield Lake development near Saskatchewan.

In return, ATHA will grant Terra an option to acquire up to 70% of its Spire and Horizon projects in the same region.

Increased exposure

The agreement is expected to increase Terra’s exposure to the Athabasca Basin while allowing ATHA to consolidate the underexplored Cable Bay Shear Zone, de-risking its nearby Ridge project and Pasfield Lake while decreasing overall exploration costs.

Terra will continue to advance its core HawkRock and Parker Lake projects in the Athabasca Basin and the Amer Lake project in Nunavut.

It is also intended that Terra will provide ATHA with access to its exploration infrastructure at Pasfield Lake, including its exploration camp and road.

Conductive zones

Pasfield Lake contains multiple conductive zones targeted using 3D-inverted Z-axis tipper and versatile time domain electromagnetic (EM) conductivity, reverse circulation drill hole geochemistry, clay mineralogy and breaks in conductors.

Terra has identified seven priority areas within the project believed to require a minimum of two drill holes each to target sub-surface anomalies at depths of more than 1,000 metres.

ATHA plans to commence drilling at Pasfield next year in concert with exploration at the Ridge project to test targets along a highly prospective structural corridor believed to extend from Ridge to Pasfield Lake.

Mineral claims

The Spire and Horizon projects comprise 12 mineral claims over 609 square kilometres within ATHA’s East Rim exploration district.

The properties are situated within the Needle Falls Shear Zone (NFSZ) with associated cross-cutting, regional-scale Tabbernor Faults known for hosting uranium mineralisation.

Maiden exploration in 2023 included EM surveys identifying 144km of cumulative conductors associated with the NFSZ and regional cross-cutting structures, demonstrating that Spire and Horizon contain a high concentration of shallow targets prospective for uranium mineralisation.