The junior explorer Kiplin Metals Inc. (TSX-V: KIP) (FSE: 17G1) has obtained an exploration permit for its flagship uranium project during a time of growing enthusiasm for the metal and the nuclear industry.
The company acquired the permit for its Cluff Lake Road uranium project in the Athabasca Basin on Monday.
Kiplin will start its exploration program with an induced polarization ground geophysical survey to map conductive anomalies 200-300 metres below the surface within the project’s area. The data obtained through the survey will be used to identify high-priority targets for future diamond drilling.
“This permit represents a key step in our pursuit of unlocking the potential of this promising site. We are eager to embark on the planned exploration activities and further advance our understanding of the project’s resource potential,” said Kiplin’s Director, Peter Born.
The Cluff Lake Road project spans about 531 hectares adjacent to the eastern border of the Patterson Lake North project run by F3 Uranium Corp (TSX-V: FUU) (OTCQB: FUUF). Kiplin secured a $212,500 private placement in July; its shares are currently valued at $0.10.
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Kiplin is one of many juniors operating in the region
The Athabasca Basin hosts the highest-grade and largest high-grade uranium mines in the entire world, Cigar Lake and McArthur River. Cameco Corporation (TSX: CCO) (NYSE: CCJ), the company that runs those operations, is the top uranium company in the jurisdiction.
NexGen Energy Ltd. (TSX: NXE) is the second largest company in the Basin and Uranium Energy Corporation (NYSE American: UEC) is the third.
Smaller companies like Kiplin Metals have been working to establish themselves in the region. The Athabasca Basin is a vast section of land spanning approximately 100,000 square kilometres. It has produced over 900 million pounds of yellowcake uranium (U3O8) since 1975 and is still largely underexplored.
The region will not be depleted of its uranium resources any time in the foreseeable future.
Other small-cap companies operating in the Basin include Carmanah Minerals Corp (CSE: CARM), Pegasus Resources (TSX-V: PEGA) and Trench Metals Corp (TSX-V: TMC).
ATHA Energy Corp. (CSE: SASK) (OTCQB: SASKF) is another small-cap company that has been establishing a significant influence in the region. The uranium explorer holds the largest land package of any company operating in the Basin and completed the largest electromagnetic survey in the region’s history earlier this year.
Junior miners are essential for the future development of the Athabasca Basin and can potentially be a very valuable investment when they have the right management and expertise.
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rowan@mugglehead.com
