Fulcrum Metals plc (AIM: FMET) has reported encouraging preliminary results from an airborne geophysical survey at the Charlot-Neely Lake uranium project in northern Saskatchewan, where seven prominent uranium-related radiometric anomalies have been identified.
The project forms part of Fulcrum’s approximately 594km² Saskatchewan uranium portfolio, which is currently under option to Terra North Resources Corp.
One of the strongest anomalies was identified north of Neely Lake, an area where historical exploration recorded uranium mineralisation grading up to 0.8% U₃O₈.
The initial results come from preliminary survey tie lines spaced at 1,000 metres. The main east-west survey lines, which will be flown at much tighter 75-metre spacing, are still to be completed.
The full airborne programme covers approximately 2,441 line kilometres across the 163.7km² Charlot-Neely claim area, meaning the current results represent only an early-stage view of the project.
Preliminary magnetic data has also identified two major magnetic domains separated by the approximately 20-kilometre Black Bay Fault, potentially helping to define structural controls on mineralisation.
Historical exploration across the wider property has previously identified multiple radiometric anomalies, rock-chip assays exceeding 6% U₃O₈ and outcrop readings of more than 13,000 counts per second.
Terra North is fully funding the current exploration programme, with expenditure contributing towards its minimum C$3.25 million exploration commitment under the option agreement.
Fulcrum nevertheless retains significant exposure to any exploration success.
The company holds 5.8 million shares in Terra and 5.6 million shares in Terra North, with the Terra North holding valued at approximately C$560,000 when issued. Fulcrum is also entitled to further cash and equity consideration under the option agreement and a 1% net smelter return royalty if the option is exercised.
Chief executive Ryan Mee said the seven anomalies represented an encouraging start, particularly given the historical uranium mineralisation around Neely Lake.
He added that completion of the tighter-spaced survey lines should provide a much clearer picture of both the anomalies already identified and the wider structural setting of the project.
A full copy of the announcement released by Terra can be viewed here: Terra Balcanica Spin Off Terra North Resources Identifies Radiometric Anomalies Over Charlot-Neely Lake in Saskatchewan – Terra Balcanica Resources Corp.
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