Fulcrum Metals PLC has provided an update on its Saskatchewan-based exploration assets, specifically the Charlot-Neely and Fontaine Lake uranium properties. The company engaged Dahrouge Geological Consulting Limited to conduct a prospecting and sampling program, which yielded positive results. The Charlot-Neely project revealed vein-hosted uranium mineralization, characteristic of the Beaverlodge area, with potential for unconformity-style uranium mineralization. The Fontaine Lake property indicated potential for a lower grade, higher tonnage deposit. Fulcrum's CEO, Ryan Mee, expressed excitement about the successful exploration and the company's strategic expansion of its Athabasca uranium portfolio. The company is well-positioned to capitalize on potential opportunities in the uranium sector, considering the rising uranium prices and increased M&A activity. Fulcrum is also reviewing spin-out and partnership opportunities with interested parties.
The exploration campaign involved the collection of 62 rock samples across the Charlot-Neely and Fontaine Lake properties. The Charlot-Neely project saw 48 rock samples assaying up to 5,680ppm U, while the Fontaine Lake property had 14 rock samples assaying up to 7,130ppm U. The company substantially increased its 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. Fulcrum also added the Snowbird and South Pendleton to its projects portfolio through recently announced option agreements.
The exploration efforts focused on radioactive trends identified from historical datasets, anomalous lake sediment samples, and target prospective fault structures. The Charlot-Neely property was found to contain vein-hosted uranium mineralization characteristics of the Beaverlodge area, with potential for unconformity-style uranium mineralization. The presence of off-scale radiation, U-oxide-stained fractures, and strong hematite alteration is considered typical of structurally-controlled uranium mineralization. The Fontaine Lake property indicated potential for a lower grade, higher tonnage deposit, comparable to the geological setting of the Rossing deposit in Namibia.
Fulcrum Metals has contracted Dahrouge to complete a helicopter-supported scintillometer prospecting campaign on the Fontaine Lake and Charlot-Neely Lake properties. The team consisted of four geologists, and the program duration was about three weeks during August 2023. Samples were delivered to the Saskatchewan Research Council (SRC Geoanalytical Labs) for analysis for uranium, gold, REE's, and other elements of potential interest.
In conclusion, Fulcrum Metals PLC's update on its Saskatchewan Uranium projects highlights the positive results from the exploration campaign, indicating the potential for significant uranium deposits. The company's strategic expansion of its Athabasca uranium portfolio and the increasing uranium prices and M&A activity position Fulcrum well to capitalize on potential opportunities in the uranium sector.