Infini Resources (ASX:I88) has announced its execution of an application for UAV-based geophysical surveys over its Portland Creek Uranium Project.
Shareholders were liking the news with shares up over 8% at one point in morning trades. By 11.30am AEST, shares were up 2.8% to 18.5cps.
The Newfoundland Government has approved the company to fly an unmanned geomagnetic survey over the acreage, complementary to ongoing fieldwork completed through a harsh winter season.
Sol samples and geological mapping data will be available to the market in a week, all things in order.
The company’s “current exploration hypothesis” sees geotechs banking on the potential for a mineralised uranium system at the Talus Prospect.
The company has also been busy staking claims in areas within the recently expanded project boundary envelope.
“High resolution 25m spaced east-west UAV magnetics at the T1-T8 targets will allow the Company to see through Talus cover and highlight key structures within the demagnetised and mylonite bedrock that may be hosting undiscovered uranium deposits,” Infini chief Charles Armstrong said.
“It is great that we now have these geophysical surveys approved which are considered an essential key to cracking the exploration code at Portland Creek.
“The reconnaissance field program was invaluable to really get an idea of the seasonal ground conditions and physiography for future targeting efforts. We are excited to get back on the ground within a week and pleased that our claim expansion has been granted adding additional targets to the Project.”
I88 last traded at 18.5cps.