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 the Caboose, Kawip and Manic properties for a 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,” CEO Chris Huggins said in a release.
Shares of Auric Minerals closed Tuesday’s session 16% higher at $1.75 apiece, with a market capitalization of about $27 million. Its 52-week trading range is 12¢ to $4.29.
Project details
Auric, which apparently lacks its own website, 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 samples returning above 1,000 parts per million U3O8.
The project is 50 km northeast of Newmont’s Eleonore mine and 70 km southwest of Winsome Resources‘ (ASX: WR1) Cancet lithium project.
Outside of Quebec, the company has two projects in Labrador and one in British Columbia.
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