Mike Fagan,
Editor
June 21, 2022
Labrador Uranium Inc. (CSE: LUR)(OTC: LURAF) — which was spun out of Consolidated Uranium in Q1 of this year — has received major exploration agreements and permits for its 2022 summer exploration program at its flagship Moran Lake uranium-vanadium project located in the Central Mineral Belt (CMB) of Labrador, Canada.
The permits include Work Plan Approvals for ground geophysics and up to 4,000 meters of drilling at Moran Lake.
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).
Labrador Uranium CEO Stephen Keith commented via press release:
“We are very pleased to have these agreements and permits in hand. This 2022 field season will be our inaugural exploration program, designed to confirm the historical mineral resources on the Moran Lake property, to validate results of our Machine Learning program, and to prospect new targets on our CMB properties. Additionally, we are happy to be able to work with local service providers to provide net benefits to the local communities, and stakeholders. We look forward to releasing our detailed exploration program in due course and commencing construction of our camp by next month.”
And the timing could not be better with renewed focus being placed on the North American uranium space with designs on getting Russia out of the uranium supply chain.
As part of those efforts, the US Department of Energy is now asking Congress for $4.3 billion to buy domestically sourced, low-enriched uranium. Part of that feedstock will undoubtedly come from Canada, which already supplies more than one-fifth of all uranium imports to the United States.
And while LUR’s projects are considered early-stage, the company’s flagship Moran Lake property already boasts a historic resource and has seen more than C$25 million of historic exploration work.
LUR has quickly identified more than 140 targets across its property portfolio by way of a massive mineral exploration database compiled from various companies who’ve worked in the area over a 50-year span.
The LUR team is systematically deploying advanced machine-learning to distill those 140 targets into a set of high-priority targets for boots-on-the-ground exploration, and, with permits now in-hand, it’s all-systems-go.
Plus, having recently raised approximately C$10 million via private placement, the company is well-funded to put its plans in motion to the benefit of LUR shareholders.
Yours in profits,
Mike Fagan
Editor, Resource Stock Digest
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