Recharge Metals Targets Uranium With Acquisition In World-Class Athabasca Basin

Recharge Metals Ltd (ASX: REC) has now added uranium to its portfolio, with both timing and location the key drivers of the acquisition in Canada.

The company has signed a binding agreement to wholly acquire the Newnham Lake Uranium Project, located in Canada’s Athabasca Basin.

Historical drilling at the project identified anomalous uranium mineralisation.

The Athabasca Basin has some of the world’s largest and highest-grade uranium deposits and is the source of around 20% of global uranium production annually.

This is at a time when the uranium price is trading around decade highs. Uranium’s 112% rally last year is no one-off thing with the price of yellow cale sitting at about US$102 per pound ($A140).

The importance of the acquisition is location, with the project near the northeast margin of the Athabasca Basin and 56 kilometres northwest of IsoEnergy Ltd’s (TSX.V: ISO) Hurricane Deposit.

Hurricane hosts an Indicated Resource of 48.6Mlbs of U₃O₈ based on 63,800 tonnes grading 34.5% U₃O₈.

Consideration of the deal is minimal, C$300,000 in cash and C$200,000 worth of fully paid ordinary shares in Recharge at A$0.06 per share.

Wapistan Lithium project

Recharge has ongoing work at its main 100% owned Wapistan Lithium Project in the region of world-class lithium discoveries made in the James Bay Region of Québec, Canada.

The Wapistan Lithium Project is nearby to the Mia Lithium Project (owned by Q2 Metals; TSXV: QTWO) and the Radis Lithium Project (owned by Ophir Gold Corp; TSXV: OPHR).

Exploration by Recharge during 2023 confirmed the presence of spodumene-hosted lithium occurrences at both projects both at the surface and in drilling.

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