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Terra Uranium (ASX: T92) has bolstered its portfolio of Canadian projects by acquiring the Amer Lake deposit in the territory of Nunavut, which hosts more than 15 million pounds of uranium.
The company completed a binding letter of intent (LOI) to take on six claims over 1,190 hectares of land, with the Amer Lake uranium deposit included in this cluster, carrying a foreign non-JORC compliant resource estimate of 17,827,000 tonnes averaging 380 parts per million (ppm) U3O8, containing 15.3 million pounds U3O8 using a cut-off grade of 100ppm.
The estimate was achieved in 2012 by then-project owners Northern Uranium Ltd in-line with Canadian National Instrument (NI) 43-101.
Terra’s main goal now is to work towards a JORC-compliant mineral resource estimate (MRE) by reviewing the project’s historical dataset.
Executive chairman Andrew Vigar said the acquisition brought Terra Uranium into new territory.
“Terra’s Canadian team identified an excellent and extremely value accretive opportunity to acquire 6 claims at Amer Lake in the Canadian territory of Nunavut,” he said.
“This is a truly game-changing acquisition for Terra, as it transforms us into a company with real ‘pounds in the ground’.
“Complimenting this, our Canadian team has staked two additional claims close to Amer Lake that we think are prospective. We look forward to upgrading the Amer Lake resource to JORC status and updating investors in the near future on the company strategy for this transformative deal and whilst maintaining a focus on our Core Athabasca Projects.”
Amer Lake is also proximal to local infrastructure, being located 20 kilometres from Canadian company Agnico Eagle’s Amaruq gold project, which hosts trafficable roads facilitating access to the town of Baker Lake.
Terra Uranium is trading at 16c.
