The share price of junior Terra Uranium (T92) rocketed 45% on the ASX on Monday, as the company announced that it has expanded its footprint in the Athabasca basin of Canada, at a time that the spot uranium price is scaling multi-year highs on the back of production shortages.
T92 has staked two 100%-owned uranium claims covering 8 118 ha along the Cable Bay sheer zone. The new claims, which form the Rapdi River project, are situated on the west side of Pasfield Lake, between the company’s Pasfield and Parker projects.
“The ongoing internal technical work by our Canadian team identified an excellent new target at Rapid River on the western side of Pasfield Lake opposite our Base Camp. The move to stake two claims over the strongest anomalies was very timely as all remaining ground in this area has now been taken,” said T92 executive chairperson Andrew Vigar.
T92 now has four 100% owned uranium projects in the Athabasca basin, covering 1 108 km2. These projects are HawkRock, Parker, Pasfield and the newly acquired Rapid River. The projects are about 50 km to the west of multiple operating large uranium mills, mines and known deposits.
Vigar said that T92 was in discussions with joint venture farm-in and joint development partners to fund drilling on its core projects.
T92's stock traded at A$0.20 a share on Monday.