Fulcrum Metals on Tuesday announced that airborne radiometric and magnetic surveying has identified eight high-confidence uranium target zones at the Fontaine Lake project in northern Saskatchewan.
Uranium anomalies at Fontaine Lake principally align with the Grease River Shear Zone and associated structures, where previous surface rock samples returned grades of 1.08% and 1.44% uranium oxide (U₃O₈), with ground radiometric readings of up to 53,000 counts per second.
Additional targets point to potential uranium and polymetallic mineralisation, including rare-earth elements; a previously reported surface sample returned 0.81% U₃O₈ alongside 4,732 parts per million total rare-earth elements.
"These are excellent results, bringing the combined total of high-confidence uranium targets and target zones at Fontaine Lake and Charlot-Neely to 18," said chief executive Ryan Mee.
He said Fulcrum was "delighted to have retained exposure to these highly prospective projects at a time when uranium is attracting renewed investor interest."
The Fontaine Lake zones follow ten high-confidence uranium targets identified at the Charlot-Neely Lake project on 28 October, taking the combined total across the two properties to 18 targets and target zones.
The project is held by Terra North Resources, under an option agreement over Fulcrum's Saskatchewan uranium portfolio.
Terra North is funding the exploration work, with ground verification of the airborne survey results next expected to prioritise targets for follow-up.
AIM-listed Fulcrum is otherwise focused on recovering precious and critical metals from legacy Canadian mine tailings using Extrakt Process Solutions' cyanide-free technology, with the Saskatchewan uranium assets held separately under option to Terra North.
Terra North holds an option to acquire 100% of the Charlot-Neely, Fontaine Lake, Snowbird and South Pendleton licences, subject to further payments of C$225,000 in cash, C$1.9 million in Terra North shares, and minimum cumulative exploration expenditure of C$3.25 million.
Read more about Fulcrum Metals
- 28/10/26Fulcrum-linked project yields ten uranium targets in Saskatchewan
- 27/10/26Fulcrum Metals secures £1m to fund pilot facility commissioning
- 05/10/26Fulcrum Metals secures pilot site and technology deal for Teck-Hughes project
Fulcrum holds 5.6 million shares in Terra North, approximately 13% of its issued share capital, received under the amended option agreement at a deemed value of C$560,000, alongside 5.8 million shares in Terra Balcanica Resources, Terra North's parent, representing approximately 6.9% of its issued capital.
Terra Balcanica in turn holds a 34.7% equity interest in Terra North, giving Fulcrum indirect as well as direct exposure to the uranium portfolio. Upon exercise of the option, Fulcrum will retain a 1.0% net smelter return royalty over the portfolio, half of which Terra North may purchase for C$1.0 million.