Australia’s Infini Resources Ltd (ASX: I88) has expanded a key target area at its Canadian uranium project more than threefold with a series of remarkably radioactive soil samples.
The uranium and lithium explorer released a series of new assays from Newfoundland’s Portland Creek project on Monday. They contained concentrations of U3O8 ranging between 1,116 parts per million (ppm) all the way up to 4,056 ppm. Infini says the new samples reinforce the company’s belief that the site holds an extensive uranium system.
“These follow up soils are incredibly exciting,” chief executive Charles Armstrong said. “These results increase the prospectivity of the ground significantly and further increase our confidence that the source of the primary uranium mineralization is close by.”
The highest grade sample pulled from the property’s soil earlier this year contained 7.5 per cent U3O8 or 74,997 ppm — an exceptional grade from a province that isn’t well-known for high-grade uranium like Saskatchewan. This discovery, made during the company’s maiden/inaugural sampling campaign, provided Infini ample incentive for continued exploration.
Infini is currently getting a series of permits in order before completing its first drill program at the site. The “Talus” prospect area that July’s exceptional result and the latest samples came from will be the primary focus. A drone/unmanned aerial vehicle (UAV) magnetic survey will soon be completed to enhance Infini’s geological know-how to the north and south of Talus.
The Australian miner completed its initial public offering in January, raising C$4.9 million.
Newfoundland’s government has designated uranium as one of its critical minerals.
Charles Armstrong from Infini Resources #I88 discusses the latest high-grade uranium results from Portland Creek, where assays have extended the Talus soil anomaly by ~340%!
Learn more about the expanded exploration plans and what’s next for the project. pic.twitter.com/29brIBMBHz
— Phoenix Global Investments (@_phoenixglobal) October 14, 2024
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Newfoundland’s top gold asset progresses from construction to production
The province’s underground wealth can be found in energy resources like uranium, but also in gold, illustrating how diverse Newfoundland’s resource potential can be.
Calibre Mining Corp (TSE: CXB) (OTCMKTS: CXBMF) provided an update on its Valentine gold project in Central Newfoundland last week.
The operation’s construction is over 77 per cent completed and the site’s meticulous engineering work is now more than 98 per cent concluded. Valentine’s first gold pour is scheduled for H2 next year.
Calibre has completed construction of an on-site assay lab and installed its primary crusher.
After a careful selection process, the gold producer has now employed the site’s leadership team.
Earlier this month, Calibre released Valentine’s 2023 Sustainability Report. It highlighted that the company had zero environmental incidents last year, invested C$240,000 in communities and stakeholders through sponsorships and restored 13,400 square metres of local fish habitat.
On Thursday, the National Bank of Canada (TSE: NA) raised its share target price for Calibre from C$2.85 to C$4.00
Calibre Mining is a sponsor of Mugglehead news coverage
rowan@mugglehead.com
