Terra Uranium targets tin-gold-silver revival at Ottery while ramping up Canadian uranium interests

Terra Uranium (ASX: T92) is preparing to further progress its new dual-focus strategy on tin and precious metals in the New England region of New South Wales and uranium in the Athabasca region of Canada.

Terra entered a binding term sheet in mid-March to acquire all of the issued capital of LCT Metals, the holder of two exploration licences including the historic Ottery tin mine.

At the same time, the company continues to expand its nine-project Canadian uranium portfolio covering 181,779 hectares.

Hard rock tin producer

Ottery was the largest hard rock tin producer in the New England region of New South Wales, producing around 2,700 tonnes at 2% tin.

A historical drill data review, including a 66-metre intercept at 0.52% tin, has confirmed the quality of the asset.

Mineralisation also includes an intrusive porphyry unit, surrounded by wide zones which also contain significant gold and silver.

North America programs

In North America, Terra completed initial work programs during the quarter under option agreements signed with TSXV-listed ATHA Energy.

Under the reciprocal agreements, ATHA will be able to acquire up to 60% of T92’s Pasfield Lake project, while T92 has the option to acquire up to 70% of ATHA’s Spire and Horizon projects.

T92 has commenced ground reconnaissance and airborne geophysical operations on the shallower uranium targets at Spire and Horizon, with several follow-up targets identified.

The company has prepared a co-ordinated program across all of its projects, with permits in place for an efficient and focused drill program in 2025 across multiple drill-ready targets.

Broader strategy

“The T92 exploration strategy has been expanded from a sole uranium focus to include tin and precious metals in New South Wales,” executive chair Andrew Vigar said.

“The evaluation of past work since 1980 on the Ottery tin project has highlighted significant past drilling results for not only tin but also gold and silver.”

“In Canada, we are looking to follow the Pasfield Lake agreement with ATHA Energy with similar third-party arrangements.”

“This is an exciting time for T92, we thank new and existing shareholders for their continued support.”