Fulcrum Metals plc has announced that it has increased its stake in the Charlot-Neely Lake uranium-gold project by 63%. The company has staked three new claim blocks totaling 4,856 hectares, expanding the project area to 12,481 hectares. The new claim blocks cover a significant length of the regionally significant Black Bay Fault, which is associated with rare-earth and uranium mineralization in northern Saskatchewan. The claim blocks also include an extensive corridor of historic electromagnetic conductors and uranium and rare-earth element targets identified from hyperspectral data analysis. The initial term of the claim blocks is two years, with the first renewal dates falling in mid-September 2025. The acquisition was made for a cash consideration of CA$3,174.
The decision to increase the stake in the project was driven by positive exploration results and a buoyant uranium market. Ryan Mee, CEO of Fulcrum Metals, stated, "Our decision to increase our stake in the Project by approximately 63% was driven by two factors; (i) positive exploration results; and (ii) a buoyant uranium market driven by global net zero commitments, the latter contributing to the spot price of uranium reaching US$73.5 per pound, a 12-year high."
Fulcrum Metals is focused on mineral exploration and development in Canada. The company's strategy is to focus on the discovery and commercialization of its projects through targeted exploration programs. It currently holds a beneficial 100% interest in highly prospective gold and base metals projects in Ontario and uranium projects in Saskatchewan. The company aims to make an economic discovery on its flagship Schreiber-Hemlo Properties and establish the prospectivity of its wider Ontario and Saskatchewan portfolio.