Published: August 23, 2024 |

[Click image to enlarge]

[Click image to enlarge]

Saskatchewan miners ATHA Energy and Terra Uranium have laid the groundwork for a mutually beneficial joint venture in the Athabasca Basin.

Pursuant to a non-binding letter of intent crafted this week, the companies will soon have the option to acquire major interests in each other’s properties. ATHA and Terra are working to finalize a definitive joint venture agreement in this regard.

Specifically, ATHA will have the option to acquire up to a 60 percent interest in Terra’s Pasfield project. Terra will subsequently be able to obtain up to 70 percent of ATHA’s Spire Horizon Projects.

“Terra Uranium is delighted to work with ATHA Energy on exploring its highly prospective Spire and Horizon Projects while ATHA helps to advance our Pasfield Lake project,” Terra’s Executive Chairman, Andrew Vigar, said in news release.

ATHA will commence drilling at Pasfield next year. Seven high-priority targets have been identified there. Meanwhile, Terra says ATHA’s projects will provide exposure to uranium targets at a conveniently shallow depth.

TERRAN MUST SPEND $300 MILLION ON EXPLORATION

That sum will have to be put into the Spire and Horizon Projects by September 2028 to acquire a 70 percent stake.

On the other front, ATHA will be required to spend $2.95 million (C$4 million) at Pasfield by the end of 2028 to solidify its 60 percent interest in the project.

Terra has invested significant capital into setting up an exploration camp at Pasfield and suitable road access. ATHA will benefit from this in the coming years.

Both companies are currently active in Nunavut too — an increasingly appealing uranium mining region.

Recent drill holes yielding favorable grades at ATHA’s Angilak project in Nunavut have significantly expanded the site’s uranium mineralization footprint.

Source: Mugglehead Magazine

ATHA Energy is a Canadian mineral company engaged in the acquisition, exploration, and development of uranium assets in the pursuit of a clean energy future. With a strategically balanced portfolio including three 100 percent owned post discovery uranium projects (the Angilak Project located in Nunavut, and CMB Discoveries in Labrador hosting historical resource estimates of 43.3 million lbs and 14.5 million lbs U3O8 respectively, and the newly discovered basement hosted GMZ high-grade uranium discovery located in the Athabasca Basin). In addition, the company holds the largest cumulative prospective exploration land package (8.1 million acres) in two of the world’s most prominent basins for uranium discoveries — ATHA is well positioned to drive value. ATHA also holds a 10 percent carried interest in key Athabasca Basin exploration projects operated by NexGen Energy and IsoEnergy Ltd.

Terra Uranium Limited is advancing a strategic portfolio of high quality uranium exploration assets in Canada, within Saskatchewan’s Athabasca Basin and Nunavut’s Telon Basin. With the recent addition of Yurkowksi Lake, Engler Lake,  Rapid River, and Amer Lake Projects, Terra now has six 100 percent owned uranium projects covering in the Athabasca Basin in Saskatchewan, and at Amer Lake in the Thelon Basin in Nunavut.

Be in-the-know when you’re on-the-go!