Terra Uranium Chairman Buys Shares on Market as Canadian Takeover Progresses

Terra Uranium (ASX:T92) executive chairman Andrew Vigar has increased his stake in the small uranium explorer as the company works to complete the acquisition of the Amer Lake Uranium project in Canada.

Vigar bought another 59,195 shares for about $5,150, or $0.087 per share. He now owns about 1.34 million shares, of which 850,000 are escrowed for 24 months from the date of listing. Vigar also has about 1.6 million options exercisable at $0.30 until September 6, 2025.

The company’s shares rose slightly to $0.088 today after Terra Uranium announced it had completed its first field visit at its Amer Lake project in Nunavut.

The visit included an inspection of the base camp and stacked drill cores, as well as the collection of rock samples, which were sent to the SRC laboratories in Saskatoon.

The Amer Lake claim includes a JORC non-compliant foreign resource estimate of 17.8 million tonnes, averaging 380 parts per million for 15.3 million pounds of contained uranium. However, the resource is compliant with Canadian National Instrument (NI) 43-101.

Vigar says the company has agreed to extend the deadline for closing the acquisition to allow for the renewal of claims covering the project.

Amer Lake consists of six concessions covering 1,190 hectares to be acquired and two concessions totalling 1,526 hectares that have been acquired by Terra Uranium.

“The Amer Lake claim covers the near-surface portion of the Amer Lake uranium deposit, which hosts a Canadian NI 43-101 (foreign, non-JORC) resource of 15.3 million pounds of U3O8,” Vigar says.

“This is truly a groundbreaking acquisition for Terra because it gives us real ‘pounds in the ground.’”

The deal was initially expected to close by April 27, but Terra now expects it to close in early August.

Amer Lake is located approximately 20 km north of the operating Amaruq gold mining project, which has extensive infrastructure, including roads providing access to Baker Lake.

The mineralization at the Amer Lake deposit is similar to large near-surface deposits in the United States, Central Asia, Australia and Africa that are suitable for mass mining.

As the debate over nuclear power heated up in Australia, Vigar sat down with Mining.com.au Shae Russell in late June criticised opposition leader Peter Dutton’s proposed nuclear plan.

Read what he had to say below.

write to Angela East in Mining.com.au

Images: Terra Uranium