The initial assessment of the project propelled the uranium hopeful’s share price skywards at the time and a maiden drill campaign wrapped up at the end of March.
Initial results just from an XRF reading showed up to a stellar 9391ppm uranium oxide, however delays in producing the follow up laboratory results have seen the company’s stock slide backwards. Those results are pending.
Management recently revealed it had completed the acquisition of two other prospective looking uranium plays in Canada’s renowned Athabasca Basin, with both projects perched within 100km of several world-class high-grade uranium mines.
The new 931 square kilometre land grab across the two promising projects expands the company’s Canadian ground in the highly sought-after and richly-endowed Athabasca Basin.
Its decision to acquire 100 per cent of the Reynolds and Boulding Lake projects significantly increases the company’s landholdings in the world’s premier uranium destination.
The Reynolds project comprises 677 sq km 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 jurisdiction distinguished by a regional fault, radioactive boulders along trend and numerous surface showings.
Boulding Lake consists of 254 square kilometres of ground adjacent to claims containing a plethora of radioactive boulders. The company says a magnetic low, interpreted as basin sediments, indicates the project offers potential as a primary uranium source.
Boulding Lake lies immediately west of Denison Mines’ Johnston Lake uranium project and is close to the global-leading Cigar Lake operating mine.
Cigar Lake’s underground mine has total mineral reserves of 551,400 tonnes at an eye-popping grade of 15.87 per cent uranium oxide – around 160,000 ppm – for 192.9 million pounds of product.
The nearby high-grade McArthur River mine contains a reserve of 2.49m tonnes at a solid 6.55pc uranium oxide for a massive 359.6m pounds.
The company plans to conduct geophysical surveys across both projects to generate targets for follow-up exploration activities.
The projects are in addition to its existing Des Herbiers project sitting near Portland Creek, with an existing JORC classified resource of 162mt grading 123ppm uranium oxide for 43.95m pounds.
Acquiring the two new properties strengthens the company’s Canadian presence, however its Portland Creek project on Canada’s east coast, remains its prime focus with its off-the-scale early geological signatures. .
The Athabasca Basin is regarded as the world’s premium location for uranium deposits, spanning 100,000 sq km and is home to a range of prospective projects.
With the uranium price remaining around US$70 per pound, Infini’s new leader has plenty of projects to go on with and the final assay results from Falls Lake just might provide a springboard for him to launch from.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
