Terra Uranium readies itself for busy Canadian exploration campaign
Terra Uranium (ASX: T92) is well placed for a highly-active next 12 months after completing a capital raising and unveiling company-changing joint venture plans.
The company announced earlier this week that it had entered into a non-binding letter of intent (LOI) with TSXV-listed ATHA Energy, which will see the two companies work towards the signing of a definitive option and joint venture agreement.
Under that option, Terra Uranium will potentially be granted the right to acquire up to 70% of ATHA’s Spire and Horizon uranium exploration projects, while ATHA would have the option to acquire up to 60% of Terra’s Pasfield Lake project.
High-grade uranium
The Spire-Horizon projects consist of 12 mineral claims totalling 60,965 hectares, considered prospective for shallow basement-hosted, high-grade uranium mineralisation as per the nearby Atha Gemini discovery.
Extensive historical work includes 144 kilometres of cumulative conductors with a high concentration of shallow prospective exploration targets for the discovery of uranium mineralisation.
Terra has today raised $800,000 from a placement, with the proceeds to be used in supporting the company’s work with ATHA.
A portion of the funds will also be applied toward the consideration payable for the company’s proposed acquisition of the Amer Lake uranium project.
Exploration plans
Terra executive chair Andrew Vigar highlighted the significant program of activities the company and ATHA are preparing to undertake over the next 12 months, including a commitment by ATHA to drill the Pasfield T4 and potential T3 targets in 2025.
They are considered priority targets, with previous work identifying geophysical signatures comparable to the large MacArthur River and Cigar Lake deposits.
The company is already planning an active program at its Athabasca projects, with field work including road access and drilling fully-permitted for 2025.
Amer Lake extension
Other actions to be undertaken include resource extension exploration and cut-off grade optimisation at the Amer Lake uranium deposit in Nunavut, while geophysics and surface exploration are planned for Spire Horizon and geophysics is on the agenda for HawkRock.
Earlier this year, Terra executed a binding LOI for the acquisition of Amer Lake and subsequently expanded its footprint there through selective staking of two new 100%-owned claims.
Terra believes the mineralisation at Amer Lake is amenable to bulk or in situ recovery mining similar to large near-surface deposits in the USA, Central Asia, Australia and Africa.