Terra Uranium (ASX: T92) has made significant strides in its exploration strategy across key assets in the Athabasca Basin and Nunavut region of northern Canada.

The company advanced its core Athabasca Basin projects by progressing 18 sites across its HawkRock, Pasfield Lake and Parker projects from ‘conceptual’ to ‘drill-ready’ targets.

Early-stage reconnaissance work is now planned for the autumn and winter periods at HawkRock and Yurkowski to test high-priority zones previously identified through geophysical surveys that provided detailed insights into the subsurface, allowing for targeted drilling with reduced risk.

Earn-in agreement

Work will also commence at the Spire and Horizon projects being optioned from ATHA Energy under an agreement formalised this month.

The deal allows ATHA to acquire up to 60% of Pasfield Lake and Terra the option to buy up to 70% of Spire and Horizon.

This has expanded Terra’s Athabasca footprint by 12 mineral claims over 610 square kilometres and adds to its existing 29 claims over 1,203 sq km.

Amer Lake acquisition

Terra has continued working on the proposed acquisition of six claims totalling 12 sq km at the Amer Lake uranium project in Nunavut, announced in March. It will be added to two claims over 1,526 hectares already staked by Terra in the Baker Lake region.

Recent surface sampling at Amer Lake returned grades of up to 0.94% uranium oxide, confirming the project’s potential as a large-scale, near-surface resource.

Upcoming reconnaissance work, geological mapping and soil and rock sampling are expected to extend the mineralisation along strike and increase confidence in the resource.

Terra is positioning Amer Lake as a strategic growth asset and plans to begin detailed field programs following completion of the acquisition.

Key financials

Terra had a cash balance of $508,000 at the end of September, recording $413,000 in total administration and corporate expenses and $118,000 in exploration and evaluation costs for the quarter.

The company launched a two-tranche share placement in August, with the first tranche raising $750,000 through the issue of 9.7 million shares.

The second tranche, approved this month, will issue one million shares plus 10.7 million options.

The placement was followed by a share purchase plan in September, issuing a further 1.37 million shares priced at $0.065 each to raise $89,000 for Terra’s continued exploration and strategic initiatives.