UK-based Fulcrum Metals has acquired 100% interest in the Charlot-Neely Lake, South Pendleton, and Snowbird uranium projects in Saskatchewan, Canada, through its subsidiary, Fulcrum Metals (Canada) Ltd. Terra Balcanica Resources Corp a polymetallic exploration company, has signed a “definitive option agreement”, that allows a four-year option to acquire a 100% interest in Fulcrum’s uranium exploration licenses in northern Saskatchewan, Canada. These licenses cover 596.71 km² of promising uranium exploration ground. With uranium prices rising quickly, this deal is sure to make an impact.
Fulcrum Advances Acquisition and Sale of Major Uranium Projects
The company’s press release reveals that Fulcrum paid CA$ 5,000 upon receiving the option and an additional CA$ 60,000 when exercising it on June 28, 2024. These projects now belong to Fulcrum Metals (Canada) Ltd. This acquisition, covering 11,481 hectares, follows an agreement with Gary Clayton Dunn and Jonathan Stewart Dunn, the owners of The Dunn Option Uranium Projects of Saskatchewan.
This acquisition brings Fulcrum closer to finalizing the sale of its 59,000 hectares of uranium projects to Terra Balcanica Resources Corp. The projects include Charlot-Neely Lake, Fontaine Lake, Snowbird, and South Pendleton, all situated along the northern and southeastern edges of the Athabasca Basin. This Basin is a major source of about 20% of the world’s uranium and hosts significant deposits.
Terra has already paid Fulcrum C$25,000 in cash to secure the option. The company anticipates completing the agreement soon and will provide updates as developments occur.
Terra Balcanica CEO, Dr. Aleksandar Mišković has given a long statement on this. He said,
“The agreement signed with Fulcrum marks an exciting new chapter in Terra’s corporate history as a high-quality target generator and explorer of critically needed commodities. The Company is now exposed to a world-class uranium district that is experiencing a mining renaissance as evidenced by the recent discovery made just 20 km from of our flagship Charlot-Neely license. With close to 600 km2 of land tenure, we are supremely positioned to take early-mover advantage of opportunities along the entire northern and eastern margins of the Athabasca Basin. The optioned portfolio comprises geologically promising ground that has not seen modern surveying nor recent drilling. We are excited to approach it by applying the same level of technical rigor as we did in the Balkans to define drill targets with a high probability of success.
Dr. Aleksandar further added that the licenses also feature gold, copper, nickel, and cobalt showings, anticipating an eventful autumn of prospecting, sampling, and structural mapping. Additionally, he plans to conduct airborne geophysics to rapidly define drill targets.
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Athabasca Basin: The Hot Spot of the Uranium Project
Terra’s press release has emphasized this uranium project’s notable attributes and the sites’ substantial mining potential.
The optioned terrain lies near the northern and southeastern edges of the Athabasca Basin in northern Saskatchewan, a renowned mining area and top global source of high-grade uranium. It includes four license clusters targeting promising NE-SW structures and electromagnetic conductors.
Furthermore, these corridors are identified as likely zones for basement- and intrusive-hosted uranium mineralizations. The southeastern margins of the Athabasca Basin have world-class uranium deposits, such as NexGen Energy’s Arrow (4.3 Mt at 0.83% U3O8) and Fission Uranium’s Triple R (2.7 Mt at 1.94% U3O8).
Charlot-Neely Lake has significant REE potential. It lies within the emerging Uranium City district on the Basin’s northwestern margin. Past work shows evidence of uranium mineralization along favorable structural trends with promising target horizons identified by electromagnetic conductors.
The samples showed over 31% U3O8 and 16% REE. The company will target high-grade uranium sources along the most radioactive segments of the graphitic conductors, focusing on previously untested drill targets.
Similarly, Fontaine Lake and Snowbird showed 1% uranium in a minimal 2008 field program. Future exploration will involve modern systematic geological fieldwork to assess the uranium potential.
Additionally, South Pendleton shares the same basement lithologies as the prolific Key Lake and Rabbit Lake mines. Despite several surface radioactive anomalies and occurrences of uranium mineralization, this area remains unexplored.
source: Terra Balcanica
Fulcrum Metals: Strategic Ventures in Canada’s Uranium-Rich Terrain
Fulcrum Metals, a multi-commodity explorer has built an impressive portfolio of gold, base metal, and uranium projects. Mostly they are strategically located near rich deposits and active mines with established infrastructure. And Canada is the key hub!
Some significant exploration projects include the Schreiber-Hemlo Project in Ontario, which consists of the Big Bear and Jackfish Lake gold assets, covering 113 km². This area is not fully explored yet. Thus, presenting Fulcrum’s complete exploration opportunity. Furthermore, through joint ventures or acquisitions, it plans to develop several early-stage projects in Ontario’s greenstone belts, including Winston Lake, Dog Lake, and Tocheri Lake.
- FURTHER READING: Paladin Energy Offers C$1.14 B to Canada’s Fission Uranium. What does it mean for Uranium Mining?
However, the Saskatchewan project is the most promising one. This is because Saskatchewan is a top source of high-grade uranium. It’s getting exposure to the growing global investment in nuclear energy for decarbonizing power. Thus, we can conclude that the Fulcrum Metals and Terra Balcanica deal would give a new dimension to uranium mining in Canada.
