Fulcrum Metals (AIM:FMET) on Wednesday told investors that Terra North Resources has identified ten high-confidence uranium targets at the Charlot-Neely Lake project in northern Saskatchewan,
The AIM-listed metals recovery company, retains exposure to the project through equity holdings and an option agreement under which Terra North is funding exploration.
An airborne geophysical survey found uranium anomalies aligned with magnetic structures tied to the Black Bay Fault system, with total-count readings as high as 3,200 counts per second and minimal thorium co-elevation, a pattern consistent with Beaverlodge-style structural vein-type mineralisation.
Terra North plans ground-based verification and rock sampling to follow up on the priority targets.
"We are delighted with the progress being made by Terra North at Charlot-Neely," said Ryan Mee, Fulcrum's chief executive.
"The identification of ten uranium targets demonstrates the Project's potential and provides a basis for further exploration; we look forward to the results of the planned ground-based work," he said.
The survey forms part of a programme funded by Terra North under an option agreement, which carries a minimum cumulative exploration expenditure commitment of C$3.25 million before the option can be exercised.
Read more about Fulcrum Metals
- 27/10/26Fulcrum Metals secures £1m to fund pilot facility commissioning
- 07/09/26Fulcrum Metals reports strong uranium anomalies at Saskatchewan project
- 20/08/26Fulcrum-linked Terra North starts airborne survey at Charlot-Neely uranium project
Fulcrum holds 5.8 million shares in Terra North parent Terra Balcanica and 5.6 million shares directly in Terra North. And, following an amendment to the option agreement in August, Fulcrum remains entitled to further potential cash and equity consideration totalling C$2.125 million. Should Terra North exercise the option and take the project, Fulcrum will retain a 1.0% net smelter return royalty, of which 0.5% may be bought back for C$1.0 million.