Terra Uranium Ltd (ASX:T92) continues to advance its projects in the Eastern Athabasca Basin in northeastern Saskatchewan, Canada, with applications to permit exploration for the next three years submitted to government authorities for approval.
The company’s HawkRock, Parker Lake and Pasfield Lake projects cover 20 claims over 917 square kilometres in a region known to host some of the largest and highest grade uranium deposits in the world, including Cigar Lake, McArthur River, Arrow, Triple R, Millennium and Wheeler River.
In a September quarter update, the company said it is engaging with indigenous and stakeholder groups as part of preparation for a major on-ground northern winter exploration program.
Preparations underway
T92 officials visited all historical locations by helicopter in August and September, where samples were collected and submitted for detailed geochemical analysis and profiling.
Preliminary results indicated that the tenor of historical uranium assay results have been repeated. A detailed analysis is now being carried out by its geochemistry manager Tom Kotzer, on elemental ratios and lead isotope profiles, with results expected in the next quarter.
Ambient Noise Tomography (ANT) geophysical nodes were placed and retrieved from the field in September, while a seismic velocity model is expected to be completed by industry leading Fleet Space Technologies in the next quarter.
Historical VTEM, gravity and magnetic airborne geophysics from the Pasfield and Parker projects were recovered and are being reprocessed by geophysics manager Kyle Patterson.
Preliminary results have confirmed the tenor of anomalies and aided in the targeting of new ZTEM and VTEM surveys currently underway. Results are expected in the next quarter.
Strong cash position
T92 began trading on the Australian Stock Exchange (ASX) on September 8, 2022 following completion of a heavily oversubscribed IPO, which raised $7.5 million. At the same time, it commenced field operations in Canada.
It ended the quarter in a strong cash position, with $6.06 million as at September 30, 2022, after paying all fees and charges related to the IPO as well as the first instalment of the airborne geophysical survey of its projects.
During the quarter, its total operating expenses, excluding depreciation, amortisation, impairment and share based payments, were about $498,000 for administration and corporate costs. No staff costs were paid but have been accrued as of the date of ASX listing.
Extremely excited
“The Terra Uranium IPO was significantly oversubscribed and I believe this is a testament to the quality of our projects, Board and particularly our Saskatoon-based exploration team," T92 executive chairman Andrew Vigar said.
“We completed our IPO, listed on the ASX and commenced field activities, which included the major airborne geophysical program announced October 6. We are extremely excited about the prospectivity of our projects yielding a major discovery and look forward to further updating the market.”
New accountant
T92 appointed Jules Grove as its new chief financial officer last month, to provide strategic and governance input on key decisions using company funds, after previous CFO Vesna Crnjak departed her post.
Grove brings extensive experience in financial reporting, which T92 counts as integral to both internal and external decision-making, including the evaluation of growth opportunities.
The company also expanded the operations team headed by Jennifer Burgess with the addition of Kyle Patterson as geophysics manager and Tom Kotzer as geochemistry manager.