LONDON (ShareCast) - (Sharecast News) - Canadian minerals explorer and developer Fulcrum Metals updated the market on its Saskatchewan-based exploration assets on Monday.
The AIM-traded firm said it had enlisted the expertise of Dahrouge Geological Consulting, an experienced group specialising in uranium project exploration and evaluation, to conduct year-end reports on the Charlot-Neely and Fontaine Lake uranium properties.

It said the reports detailed the positive outcomes of the 2023 prospecting and sampling programs on both properties.

In total, 62 rock samples were collected across the Charlot-Neely and Fontaine Lake properties.

The Charlot-Neely Project yielded promising results, with 48 rock samples assaying as high as 5,680 parts of uranium per million.

Fulcrum said the findings identified vein-hosted uranium mineralisation reminiscent of the Beaverlodge area, known for its historic uranium mines.

The presence of such minerali]sation raised the prospect of unconformity-style uranium deposits, which are typically characterised by larger and high-grade uranium reserves.

Furthermore, the Fontaine Lake Property produced encouraging results, with 14 rock samples assaying up to 7,130 parts of uranium per million.

The findings suggested the potential for a lower-grade, higher-tonnage deposit, sharing geological similarities with the Rossing deposit in Namibia.

"The first phase exploration of both the Charlot-Neely and Fontaine Lake uranium properties has been very successful, with extensive radioactivity and mineralisation confirming the positive potential for discovery," said chief executive officer Ryan Mee.

"Since the completion of the fieldwork, we have over the last few months substantially and cost-effectively increased the Athabasca uranium portfolio from 13,612 hectares to 59,310 hectares, inclusive of the properties under option, and doubled the size of the Charlot-Neely project from 7,625 hectares to 16,372 hectares.

"We have also added the Snowbird and South Pendleton to our projects portfolio through the recently announced option agreements."

Mee said the company was excited by its Athabasca uranium portfolio, targeting major structures on-trend with historic mines and on-trend with projects attracting significant investment.

"This strategic move has proved to be prudent, as the price of uranium continues to rise and merger and acquisition activity in the sector increases.

"Deals of note include the recently announced Fortune Bay option agreement for the Murmac and Strike uranium projects totalling CAD 3.4m in cash and shares and funding CAD 6m in exploration expenditures1 just south of our Charlot-Neely property along the Black Bay fault."

Fulcrum was also aware of significant land staking along the major structures on which its projects sat, Ryan Mee added.

"With an exciting and attractive uranium portfolio in what is considered one of the leading uranium districts worldwide, Fulcrum is well positioned to capitalise on any potential opportunities.

"As previously announced, Fulcrum continues to review spin-out and partnership opportunities with interested parties."

At 1322 GMT, shares in Fulcrum Metals were up 1.78% at 16.03p.

Reporting by Josh White for Sharecast.com.

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