Terra Uranium (ASX: T92) Surges on High-Grade Rock Chip Assays from Amer Lake

Key Highlights for Investors:

• Amer Lake Project: Rock chip results of up to 7,950 ppm uranium.
• Field Sampling: 16 rock samples collected; high-grade results confirmed.
• Share Price: Increased 6.3% to $0.10 following the announcement.

Terra Uranium (ASX: T92) has unveiled impressive rock chip assay results from its Amer Lake Project in Nunavut, Canada, showcasing significant potential for high-grade uranium mineralization. The announcement has sparked a notable surge in the company's share price, which jumped 6.3% to $0.10 as of 3:30 PM AEST.

During a recent field visit, Terra Uranium's team collected 16 rock samples along with two boulder samples from the Main and Horned Lake areas. The standout results included a rock chip from the Horned Lake area assaying at an exceptional 7,950 ppm uranium (0.94% U3O8), and another from the Main Zone with 1,510 ppm uranium (0.18% U3O8). These findings confirm the high tenor of mineralization, suggesting that the current defined resource is merely a fraction of a much larger system.

Executive Chairman Andrew Vigar highlighted the significance of these results, describing the acquisition of the Amer Lake Project as "truly game-changing." Vigar noted, “This acquisition gives us real ‘pounds in the ground’ with potential for higher grades and extensions.”

In March 2024, Terra Uranium announced its intention to acquire the Amer Lake Project, initially outlined in a binding letter of intent with the vendor. The acquisition process, originally set to conclude by 27 April 2024, has been extended to allow for due diligence and claim renewals. The definitive acquisition documents are nearing completion, with finalization expected soon.

Post-acquisition, Terra Uranium plans to thoroughly review historical geological data, conduct verification drilling over the Main Zone deposit, and re-estimate the Amer Lake Main Zone resource. The Amer Lake Project includes six claims totaling 1,190 hectares to be acquired, alongside two additional claims totaling 1,526 hectares already staked by Terra Uranium. The project's mineralization, similar to large, near-surface deposits in the US, Central Asia, Australia, and Africa, is amenable to bulk mining.

As Terra Uranium continues to explore and develop its portfolio, including its significant holdings in the Athabasca Basin, Canada, the company remains a strong player in the uranium exploration sector. Terra Uranium's strategic focus on high-potential projects like Amer Lake positions it well for future growth and investor interest.