Fulcrum Metals (LSE:FMET) has reported preliminary airborne geophysical survey results from the Charlot-Neely Lake uranium project in northern Saskatchewan, identifying seven uranium-related radiometric anomalies.
The project forms part of Fulcrum’s approximately 594 km² Saskatchewan uranium portfolio, which is currently under option to Terra North Resources. The exploration programme is being funded by Terra North.
One of the identified anomalies is located north of Neely Lake, an area where previous exploration recorded uranium grades of up to 0.8% U₃O₈. Preliminary magnetic data from the survey has also identified two major magnetic domains separated by the approximately 20-kilometre Black Bay Fault.
The airborne programme is expected to cover approximately 2,441 line kilometres across the 163.7 km² Charlot-Neely claim area. Survey work remains underway, including closely spaced east-west flight lines, with further interpretation expected as additional data is collected and processed.
Fulcrum retains exposure to the Saskatchewan uranium portfolio through equity interests in Terra North and Terra Balcanica, as well as rights to future cash and equity consideration and a net smelter return royalty.
The arrangement allows exploration of the uranium assets to be funded by Terra North while Fulcrum directs its own corporate resources towards its mine tailings recovery activities.
More about Fulcrum Metals Plc
Fulcrum Metals Plc is an AIM-listed natural resources company focused on recovering precious and critical metals from mine tailings in Canada using cyanide-free leaching technology developed by Extrakt Process Solutions.
Its core tailings projects are located at the former Teck-Hughes and Sylvanite gold mines in Ontario. The company also holds mineral exploration and development assets in Ontario and Saskatchewan.
Fulcrum has exclusive rights to deploy Extrakt’s technology across legacy gold mine waste sites in the Timmins and Kirkland Lake districts. The company is working to advance its initial tailings projects towards production while evaluating opportunities to apply the recovery model across additional sites.
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