Canadian uranium explorer Auric Minerals (CSE: AUMC) has added three Quebec-based projects in a bid to strengthen its regional exploration strategy in Eastern Canada.
Under an option agreement signed with an arm's-length third party on Tuesday, the company can acquire 100% interest in the Caboose, Kawip and Manic property for total payment of $300,000, paid in three instalments.
"As Quebec is one of the top-ranked mining jurisdictions in the world, Auric is advancing quickly to grow its' portfolio of highly prospective uranium assets with these three properties," commented CEO Chris Huggins in a news release.
Shares of Auric Minerals closed Tuesday's session 15.9% higher at $1.75 apiece, with a market capitalization of approximately $27 million. Its 52-week trading range is $0.12-$4.29.
Auric compares the mineralization at both the Caboose and Manic projects to the Rossing-type deposits found in Namibia and Madawaska, Ontario.
About 10 radioactive pegmatite dykes are observed on the Caboose property, stretching over a distance of nearly 1 km. Historical sampling in the area yielded grades as high as 1.53% uranium oxide (U3O8).
The target uranium mineralization at the Manic project consists of disseminated uranium minerals in pegmatite and granite, with past samples returning up to 1.65% U3O8.
The Kawip property covers greater than 15 km of known pegmatites, with strong uranium mineralization (up to 2.17% U308), including a dozen of samples returning above 1,000 ppm U3O8. The project is 50 km northeast of Newmont's Eleonore mine and 70km southwest of Winsome Resources' Cancet lithium project.
Outside of Quebec, the company currently has two projects in Labrador and one in British Columbia.
January 14, 2025
January 14, 2025
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