Terra Uranium ready to step up work on Canadian uranium portfolio
Australia’s Terra Uranium (ASX: T92) is set to accelerate its two-pronged Canadian exploration and development strategy, with the signing of new definitive option agreements earlier this month.
The company’s executive chair Andrew Vigar told the Global Uranium Conference in Adelaide that Terra has a unique position in some of the world’s most prospective uranium areas.
The company holds a 100% interest in the Engler Lake, HawkRock, Parker Lake, Rapid River and Yurkowski Lake projects, located in the Cable Bay Shear Zone on the eastern side of the prolific Athabasca Basin in Saskatchewan.
ATHA Energy collaboration
Earlier this month, Terra and TSXV-listed ATHA Energy confirmed their previously announced plans to work together to progress three Canadian uranium projects.
Under the agreements, ATHA has an option to acquire up to 60% of Terra’s Pasfield Lake project, with Terra having an option to acquire up to 70% of ATHA’s Spire and Horizon projects.
Mr Vigar told the Adelaide audience that Terra is advancing multiple strategies to develop the high-quality Pasfield Lake project.
Layered approach
At Pasfield Lake, a layered approach – from mapping and geochemistry at the surface to various levels of geophysics at depth – is being utilised.
Geochemical pathfinders have already indicated nearby mineralisation and deep-sensing geophysics is being incorporated to map overlapping basement elements.
Due to the depth of the basement, magnetic data is less useful but shows similar trends to the conductors.
High-priority targets
Unravelling the basement structural and stratigraphic elements that lead to these geophysical features is the next step in assessing the prospectivity of this area.
Target T4 is considered one of the most important in Terra’s portfolio.
ATHA may commence drilling at Pasfield during the 2025 calendar year, in coordination with potential exploration at its Ridge project situated directly south of Pasfield Lake and Terra has agreed to provide access to its exploration infrastructure there.
Terra is also in the process of acquiring the Amer Lake uranium project in the Baker Lake region of Canada’s Nunavut province.
Amer Lake is covered by eight claims totalling approximately 27 square kilometres and is within 20km of the operating Amaruq gold mine, which has all-weather road access to the regional centre of Baker Lake.