Join our daily newsletter At The Bell to receive exclusive market insights
Infini Resources Ltd (ASX: I88) has confirmed that uranium-rich soil found at its Portland Creek project in Newfoundland is likely to have a local origin – rather than being the result of glacial transportation – boosting the company’s exploration targeting plans.
Infini engaged Canadian glacial geologist Dr Martin Ross as a consultant in its desktop glacial geology study at Portland Creek, to help define whether a high-grade uranium soil anomaly there might be linked to glacial movement.
The soil anomaly had peaked at 74,997 parts per million U308 (triuranium octoxide).
Ruling out this possibility was an important step for Infini in de-risking its planned diamond drilling work at the project.
Managing director Charles Armstrong said the results showed the risk of notable geochemical dispersion by glacial movement – particularly at Infini’s Talus prospect – was very low.
“Dr Ross is a renowned Canadian glacial geologist who has helped the Company understand the regolith environment within this highly prospective corridor by utilising its existing geochemical and field observations from the maiden sampling program,” he said.
“This study gives the Company further confidence in its combined geochemical and structural targeting model while it waits for soil sample assay results to be returned by the laboratory from the recently completed larger soil sampling program.”
Infini shares rose on the news, and at 12:11 AEST, they were trading at 52 cents – a rise of 10.64% since the market opened.
Join the discussion: See what HotCopper users are saying about Infini Resources and be part of the conversations that move the markets.
-1200x645-380x200.jpg)
