{"id":139723,"title":"Fulcrum Metals launches funded uranium exploration in Saskatchewan","publisher":"Share Talk","author":"sharetalk","published":"2026-08-20T06:54:16+00:00","modified":"2026-08-20T06:54:16+00:00","canonical_url":"https://www.share-talk.com/fulcrum-metals-launches-funded-uranium-exploration-in-saskatchewan/","markdown_url":"https://www.share-talk.com/fulcrum-metals-launches-funded-uranium-exploration-in-saskatchewan.md","json_url":"https://www.share-talk.com/fulcrum-metals-launches-funded-uranium-exploration-in-saskatchewan.json","category":"Mining","categories":["Mining"],"tags":["Alan Mooney","canada","Extrakt","FMET","Fulcrum Metals plc","gold tailings","gold tailings project","Kirkland Lake","Mitchell Smith","Ontario","Ryan Mee","Sylvanite Gold Mine","Sylvanite projects","Teck-Hughes"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2026/08/23a0c511-910a-439a-ab40-d38a221d81f5.png?fit=1726%2C911&quality=80&ssl=1","format":"news","language":"en-GB","content":"**COMMENCEMENT OF EXPLORATION PROGRAMME AT SASKATCHEWAN URANIUM PORTFOLIO**\n\n**Airborne geophysical programme to commence at Charlot-Neely Lake Project**\n\n[Fulcrum Metals plc (AIM: FMET)](https://www.investegate.co.uk/announcement/rns/fulcrum-metals--fmet/commencement-of-exploration-programme-/9730753)has announced the start of a new exploration programme across its Saskatchewan uranium portfolio, with the work **fully funded by option partner Terra North Resources**.\n\nThe initial programme will focus on the **Charlot-Neely Lake uranium project**, around 20 kilometres north of Uranium City on the northwestern margin of Saskatchewan’s Athabasca Basin.\n\nTerra North has commissioned a **2,441 line-kilometre airborne radiometric and magnetic survey** covering the entire 163.7 sq km project area. Survey lines will be flown at 75-metre spacing, with the programme expected to take around three weeks.\n\n**Highlights**\n\n•  *Exploration programme commencing at Charlot-Neely Lake, the initial focus within Fulcrum’s approximately 594 km² Saskatchewan uranium portfolio under option to Terra North.*\n\n*•  2,441 line-kilometre airborne survey planned across the entire 163.7 km² Charlot-Neely claim area, comprising high-resolution radiometric and magnetic surveying.*\n\n*•  Survey lines will be flown at 75-metre spacing, with 1,000-metre-spaced tie lines, providing detailed coverage designed to improve understanding of basement geology and structural controls.*\n\n*•  Charlot-Neely contains multiple historic radiometric anomalies, including reported rock-chip values of greater than 6% U3O8 and outcrop measurements exceeding 13,000 counts per second.*\n\n*•  Approximately 20 kilometres of the Black Bay Fault structural corridor occurs within the Project claims, with several radiometric anomalies positioned along prominent northeast-southwest trending conductors.*\n\n*•  Results from the programme are intended to refine and rank exploration targets for subsequent ground-based exploration and future drill-target prioritisation.*\n\n*•  Terra North intends to subsequently undertake airborne geophysical coverage across the remaining portions of the Saskatchewan portfolio, including the Snowbird, South Pendleton and Fontaine Lake claims.*\n\n*•  The programme is fully funded by Terra North, with no direct exploration cost to Fulcrum, while contributing towards Terra North’s C$3.25 million minimum cumulative exploration expenditure commitment.*\n\n*•  Fulcrum retains significant exposure to the advancement of the portfolio through its existing and potential equity interests in Terra North, further potential cash and equity consideration under the Option, and a 1.0% net smelter return royalty upon exercise of the Option.*\n\nCharlot-Neely contains several historic radiometric anomalies, including reported rock-chip grades of **more than 6% U3O8** and outcrop measurements exceeding **13,000 counts per second**. Around 20 kilometres of the Black Bay Fault structural corridor also runs through the project.\n\nThe survey is designed to improve understanding of the underlying geology and structural controls before targets are ranked for ground exploration and potential future drilling.\n\nImportantly for Fulcrum, **Terra North is covering the entire cost**, with expenditure counting towards its minimum **C$3.25 million exploration commitment** under the option agreement.\n\nFulcrum retains exposure to any exploration success through its existing and potential equity interests in Terra North, potential additional cash and share consideration, and a **1% net smelter return royalty** should Terra North exercise its option to acquire the portfolio.\n\nTerra North also intends to conduct airborne geophysical programmes over Fulcrum’s **Snowbird, South Pendleton and Fontaine Lake** properties, which together with Charlot-Neely form a Saskatchewan uranium portfolio covering approximately 594 sq km.\n\nFulcrum Chief Executive Ryan Mee said the start of the programme demonstrated the strategic benefit of the Terra North agreement, allowing the assets to be advanced while **Fulcrum avoids directly funding the exploration expenditure**."}