Terra Uranium well placed to accelerate Canadian strategy in 2025
With growing world interest in nuclear power, Terra Uranium (ASX: T92) is well placed to accelerate the development of its expanding international project portfolio.
Terra sees a continuing acceleration in the transition towards a decarbonised energy system, with nuclear energy increasingly critical to stabilising electricity grids in the face of rising demand for steady, sustainable power sources.
That situation supports the company’s strategy to significantly expand its asset list, particularly in Canada.
ATHA Energy agreement
The company grabbed attention during the December quarter when it signed a reciprocal agreement with Canadian company ATHA Energy.
The deal gave ATHA the option to acquire up to 60% of Terra’s Pasfield Lake project and Terra the option to acquire up to 70% of ATHA’s Spire and Horizon projects.
Notably, the agreement increased Terra’s land holdings in Saskatchewan’s world-class Athabasca region by 33%, alongside its sizeable Australian and Canadian suite of assets.
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 (CBSZ) on Athabasca’s eastern side.
Canadian strategy
Terra is already preparing to accelerate its two-pronged Canadian exploration and development strategy and will now collaborate with ATHA on progressing the Pasfield Lake and the Spire & Horizon projects.
Terra is undertaking multiple a layered approach at Pasfield Lake, from mapping and geochemistry at surface to various levels of geophysics at depth.
Geochemical pathfinders have already indicated nearby mineralisation and the company is incorporating deep-sensing geophysics to map overlapping basement elements.
Magnetic data is less useful due to the depth of the basement, but still shows similar trends to the conductors.
Pasfield Lake drilling
Terra will provide ATHA with use of its base camp at Pasfield Lake, where it has the option to begin drilling in 2025.
The company has also commenced operations on the shallower uranium targets at the Spire and Horizon projects with ground reconnaissance and airborne geophysics.
Terra is continuing its expansion plans, with completion of the proposed Amer Lake uranium project acquisition anticipated in the first quarter of 2025.
The project offers potentially significant value creation through both a known resource and future exploration upside.