Infini pumps up uranium prospects with Canadian land grab

Infini Resources has expanded its uranium footprint in Canada’s renowned Athabasca Basin with a total land grab of 931 square kilometres across two promising projects, both within about 100km of world-class super high-grade uranium mines.

The binding agreement to acquire 100 per cent of the Reynolds and Boulding Lake projects significantly increases Infini’s landholdings in the premier global uranium destination.

The purchase aligns with Infini’s stated vision to be one of the most active exploration companies listed on the ASX and strengthens its position as a growing uranium-focused explorer.

The Reynolds project comprises 677km2 and contains reported anomalous uranium in lake sediments and radiometric anomalies close to the underexplored Needle Falls shear zone.

It is a shallow unconformity-style uranium exploration play in a premier jurisdiction distinguished by a regional fault, radioactive boulders along trend and numerous surface showings.

Boulding Lake consists of 254km2 of ground adjacent to claims containing a plethora of radioactive boulders. A magnetic low, interpreted as basin sediments, indicates the project offers potential as a primary uranium source. It also indicates a south-west trending ice flow direction.

Boulding Lake lies immediately west of Denison Mines Johnston Lake uranium project and is close to the world-beating Cigar Lake operating mine.

Cigar Lake’s underground mine has total mineral reserves of 551,400 tonnes at an astonishing grade of 15.87pc uranium oxide - around 160,000 parts per million (ppm) - for 192.9 million pounds of the material, which is used in nuclear reactors to produce energy.

The nearby high-grade McArthur River mine contains a whopping reserve of 2.49m tonnes at a superb 6.55pc uranium oxide for a total of 359.6m pounds.

The opportunistic acquisition of the Reynolds and Boulding Lake properties provides Infini with a strategic foothold in the world-renowned Athabasca Basin. After extensive review by our team, we believe these assets have the potential to deliver substantial long-term value for our shareholders.

The upfront consideration for the Canadian land expansion is $1.6m consisting of issuing 2,622,378 fully paid ordinary shares at 57.2 cents per share, based on the 15-day volume-weighted-average-price, in addition to $100,000 cash plus $750,000 in performance rights subject to Infini meeting drill and resource milestones.

The shares issued as part of the consideration were priced at a 36pc premium to the last closing price.

The company plans to conduct geophysical surveys across both projects to generate targets for follow-up exploration activities.

Armstrong said acquiring the two properties further strengthens the company’s exploration strategy, however, Infini’s Portland Creek project, on the Canadian east coast, remains its prime focus.

Portland Creek turned heads with lab busting assays that sent the share price skywards last year, ratcheting Infini to the top group of share price gainers last year.

Infini is now eagerly awaiting the results of a maiden drilling program to follow up the phenomenal soil assays.

Management says high-resolution magnetic imagery across its Tinco uranium and niobium project in northeastern Saskatchewan has also been received. It identified a major north-south trending shear zone, where an historical grab sample returned 600ppm and 0.5pc niobium oxide.

A heliborne magnetic, radiometric and time-domain electromagnetic survey was completed and flown along a west/northwest orientation with lines spaced 100m apart. A total 1030 line kilometres were flown for the survey and leading consultant firm Southern Geoscience is currently processing the data.

Infini anticipates generating targets for follow-up as part of its future exploration plans.

The Athabasca Basin, east of Tinco in Saskatchewan, is regarded as the world’s premium location for uranium deposits. It spans 100,000km2 and is home to a host of projects, including some of the globe’s leading super high-grade operations such as the Cigar Lake and McArthur River mines.

Infini will be hoping its latest land additions can add to the company’s stable of highly prospective projects corresponding to the expected increase in demand for uranium over the coming years to meet the global push for a cleaner energy source.

Is your ASX-listed company doing something interesting? Contact: matt.birney@wanews.com.au