Terra Uranium and ATHA formalise Pasfield Lake, Spire and Horizon partnerships

Terra Uranium (ASX: T92) and ATHA Energy have formalised their previously-announced plans to work together to progress three Canadian uranium projects.

After signing strategic agreements in late August, the companies have now inked option and joint venture agreements covering Terra’s Pasfield Lake and ATHA’s Spire and Horizon projects.

Under the agreements, ATHA has an option to acquire up to 60% of Pasfield Lake, with Terra having an option to acquire up to 70% of Spire and Horizon.

Increased footprint

Terra Uranium executive chair Andrew Vigar said the agreements would increase the company’s footprint in the world-class Athabasca Basin by 60,965 hectares.

“This marks a major transformation of our company and we thank our shareholders for their continued support,” Mr Vigar said.

“We will continue to actively advance our 100%-owned HawkRock, Parker Lake, Yurkowski, Engler and Rapid River projects, with field work on Yurkowski and HawkRock planned for later this year.”

Exploration plans

ATHA may commence drilling at Pasfield during the 2025 calendar year in concert with potential exploration at its Ridge project situated directly south of Pasfield Lake, where Terra has agreed to provide ATHA access to its exploration infrastructure.

For its part, Terra will now fast-track operations on the shallower uranium targets at the Spire and Horizon projects, aiming to commence activities this month.

As part of its strategy to accelerate work at the projects, Terra has contracted leading Athabasca Basin exploration services company Axiom Exploration to support field operations.

Pasfield Lake potential

Pasfield Lake has multiple conductive zones that were previously targeted using a variety of means to assess clay mineralogy and breaks in conductors.

Exploration framework activities have included historical data interrogation and verification, airborne electromagnetics, ambient noise tomography, reverse circulation drilling for geochemical profiling and ground electromagnetics surveys to identify the best targets before undertaking costly cored diamond drilling.

Early work has identified proximal helium concentrations more than 230 times greater than background levels, indicating local high-grade uranium emplacement at depth.

Spire and Horizon projects

Spire and Horizon consist of 12 mineral claims totalling 60,965 hectares, located on the eastern rim of the Athabasca Basin.

Numerous uraniferous boulders and outcrops have been discovered throughout the two sites, which will be the focus of early exploration.

ATHA’s maiden 2023 exploration program identified approximately 144 kilometres of cumulative conductors, demonstrating that the projects have a high concentration of shallow prospective exploration targets for uranium mineralisation discovery.