Terra Uranium expands Canadian portfolio with Amer Lake acquisition

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By Colin Hay - 
Terra Uranium ASX T92 Amer Lake Project Nunavut Canada

Terra Uranium (ASX: T92) continues to build on its Canadian exploration and development portfolio, with the company signing a binding letter of intent for the acquisition of the Amer Lake uranium deposit located in Nunavut.

Earlier this month, Terra announced the acquisition of two new 100%-owned projects in Canada’s prolific Athabasca Basin.

At a time when uranium prices are flying, Terra has made a strategic move to acquire proven uranium assets in positive jurisdictions.

Proven uranium field

Executive chair Andrew Vigar said the Amer Lake claims have already shown their uranium potential with a non-Joint Ore Reserves Committee (JORC)-compliant resource estimate of 17,827,000 tonnes averaging 380 parts per million uranium oxide containing 15.3 million pounds of uranium oxide using a cut-off grade of 100ppm.

“Terra’s Canadian team identified an excellent and extremely value accretive opportunity to acquire six claims at Amer Lake in the Canadian territory of Nunavut,” Mr Vigar said.

“This is a truly game-changing acquisition for Terra, as it transforms us into a company with real ‘pounds in the ground’.”

“Complementing this, our Canadian team has staked two additional claims close to Amer Lake that we think are prospective.”

Further review planned

The company now intends to further review Amer Lake’s extensive historical dataset in the lead-up to releasing a JORC-compliant mineral resource estimate in the near future.

Amer Lake is located 20 kilometres north of the operational Amaruq gold project, which contains extensive infrastructure including trafficable roads facilitating access to the local town of Baker Lake.

Athabasca Basin permits

The two newly-acquired projects in the Athabasca Basin are Yurkowski Lake – a north-east extension of the Core Pasfield project – and Engler Lake, a new project in the northern part of the basin.

That deal gives the company 100% interest in 29 claims covering a total of 1,203 sq km, forming the HawkRock, Parker Lake and Pasfield Lake projects, plus the Rapid River project and the newly-acquired Yurkowski project, all located in the Cable Bay shear zone on the basin’s eastern side.

The company’s core projects in the Athabasca Basin are approximately 50km to the west of multiple operating large uranium mills, mines and known deposits.