Labrador Uranium Upsizes Private Placement to C$8 Million as Uranium Surges to Decade Highs

Labrador Uranium Inc. (CSE: LUR)(OTC: LURAF) — which was spun out of Consolidated Uranium in Q1 of this year — has upsized its previously announced bought deal private placement from C$7 million to C$8 million on strong investor demand. 

The placement is being administered at C$1.40 per share with a half-warrant at the same price; the company’s stock is currently trading just above C$1 per share. 

Funds will be used primarily for advancing the company’s flagship Moran Lake Uranium-Vanadium Project, which has a historic resource, as well as its other uranium properties in the Central Mineral Belt (CMB) of Labrador, Canada.

At 139,000 hectares, Labrador Uranium has consolidated the largest position in the CMB through acquisition agreements with Consolidated Uranium (TSX-V: CUR)(OTC: CURUF) and Altius Minerals (TSX: ALS)(OTC: ATUSF).

The company has also entered into a purchase agreement with Mega Uranium to acquire the CMB-hosted Mustang Lake Project near Paladin Energy’s Michelin deposit (~100M lbs U3O8). 

Mustang Lake is composed of three primary uranium prospects — Mustang Lake, Irving Zone, and Mustang Lake North — and is characterized by the presence of numerous radioactive boulders plus mineralized outcrops with potential for IOCG-style mineralization.

Speculators can view Labrador Uranium as an early-stage exploration story but with nearly half-a-century of mineral exploration data from various companies to draw upon. 

By way of that massive database — along with the advanced machine-learning and in-company expertise the LUR team brings — Labrador Uranium has identified more than 140 targets across its expansive property portfolio and is currently putting together a comprehensive exploration plan (see video) for summer 2022 for select, high-priority targets. 

In addition to Moran Lake and Mustang Lake, the LUR team is focused on advancing the 3,000-hectare, drill-ready Notakwanon Uranium Project (north of the CMB), which was originally discovered by Altius Minerals. The property hosts more than twenty known uranium occurrences, at-surface, up to 3.5% U3O8. LUR is currently in the permitting process with plans to get the drills turning this summer. 

Well funded and with a dominant land position in Labrador’s Central Mineral Belt — and with uranium up 50% year-to-date and trading at decade highs above US$63 per pound — LUR’s focus now shifts to delineating a primary dataset of targets for boots-on-the-ground exploration beginning this summer. 

We’ll continue to keep you posted on major milestones at LUR… this could be a fast mover in a booming sector. 

Yours in profits,

Mike Fagan

Mike Fagan
Editor, Resource Stock Digest

Click here to see more from Labrador Uranium