Fulcrum announces early uranium discoveries made by option partner in Saskatchewan
Fulcrum Metals has identified seven prominent uranium-related radiometric anomalies at the Charlot-Neely Lake project, in Saskatchewan, including one of the strongest responses north of Neely Lake, where historical exploration recorded uranium mineralisation grading up to 0.8% uranium oxide.
The results come from preliminary 1 000-m-spaced tie lines, with the main 75-m-spaced east-west survey lines still to be completed.
The full airborne geophysical programme covers about 2 441 line kilometres across the 163 km2 Charlot-Neely claim area. The exploration is being undertaken by Terra North Resources Corporation and forms part of Fulcrum’s 594 km2 uranium portfolio in Canada, which is currently under option to Terra North.
Fulcrum retains significant exposure to the Saskatchewan uranium portfolio, holding 5.8-million shares in Terra North’s parent company Terra Balcanica Resources and 5.6-million shares shares in Terra North, valued at C$560 000 on issue.
Fulcrum is also entitled to further cash and equity consideration under the option, together with a 1% net smelter return royalty upon exercise.