The company intends to continue to review the extensive historical dataset of the project. Credit: John Carnemolla via Shutterstock.com.

Terra Uranium (T92) has executed a binding letter of intent (LOI) to acquire the Amer Lake Uranium Deposit in Nunavut, Canada, marking a significant expansion in its mineral exploration activities.

Amer Lake Uranium Deposit holds an estimated 17,827,000t averaging 380ppm U3O8.

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The deposit’s assay values from mineralised arkose horizons suggest high-grade uranium presence, with typical values ranging from 5,000ppm to 15,000ppm U3O8 over 0.2m thicknesses.

Uranium-bearing minerals at the site include uraninite, brannerite, and a secondary phase, uranophane.

Sandstone-hosted mineralisation at Amer Lake is akin to other large near-surface deposits found globally, making it suitable for bulk or in-situ recovery (ISR) mining methods.

The main zone deposit consists of stacked lenses that outcrop at the surface, extending over a 1.7km strike zone.

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Terra Uranium’s strategy includes a thorough review of the historical dataset on the Amer Lake project, with the aim of reporting a JORC 2012 compliant Mineral Resource Estimate (MRE) in the near future.

The company has also staked two new 100% owned claims to expand its footprint in the region.

Amer Lake’s proximity to the operational Amaruq gold project is advantageous, providing access to existing infrastructure and roads that connect to the nearby town of Baker Lake.

T92 executive chairman Andrew Vigar said: “Terra’s Canadian team identified an excellent and extremely value accretive opportunity to acquire 6 claims at Amer Lake in the Canadian territory of Nunavut.

“These claims overlie the near-surface portion of the Amer Lake Uranium deposit which has a Canadian NI43-101 resource of 15.3 million pounds of U3O8.

“This is a truly game-changing acquisition for Terra, as it transforms us into a company with real ‘pounds in the ground’. Complimenting this, our Canadian team has staked two additional claims close to Amer Lake that we think are prospective.”