- Auric Minerals (CSE:AUMC) has signed a non-binding letter of intent with an arms-length third party to option three uranium properties in Quebec
- Total consideration is $300,000 in cash or shares
- Auric is a mineral exploration company based in Oakville, Ontario
- Auric Minerals stock is up by 29.80 per cent trading at C$1.96 per share as of 11:06 am ET
Auric Minerals (CSE:AUMC) has signed a non-binding letter of intent with an arms-length third party to option three uranium properties in Quebec.
The junior miner will have the right to a 100-per-cent interest in the properties by paying $300,000 in cash or shares over a two-year period. Management has 30 days to conduct due diligence and draft a definitive agreement.
The Caboose Lodge uranium property
Caboose Lodge has yielded “a large expanse of intrusive pegmatite with uranium values” through visual inspection, according to Tuesday’s news release, including ten radioactive pink pegmatite dykes stretching for nearly 1000 metres. Historical sampling supports this observation, as highlighted by:
- 15,330 parts per million (ppm) triuranium octoxide (U3O8) with 1,300 ppm thorium (Th).
- 8,031 ppm U3O8 with 3,070 ppm Th.
- 7,559 ppm U3O8 with 590 ppm Th.
- 6,486 ppm U3O8 with 3,540 ppm Th.
The Manic uranium property
Historic sampling from the Manic property includes numerous high-value surface samples, such as:
| Showing C14R16 | Showing C14R13 |
| 16,500 ppm U3O8 (879 ppm Th) | 15,300 ppm U3O8 (1,072 ppm Th) |
| 11,200 ppm U3O8 (932 ppm Th) | |
| 5,330 ppm U3O8 (272 ppm Th) |
The property, easily accessed by road, hosts disseminated uranium minerals in pegmatite and granite, with numerous outcrops having been identified.
The Kawip uranium property
The 2,477.5-hectare Kawip property covers more than 15 kilometres of known pegmatites with strong uranium mineralization up to 2.17 per cent U308 (21,700 ppm), supported by dozens of samples returning more than 1,000 ppm.
Kawip is only 50 kilometres northeast of Newmont’s Eleonore mine and 70 kilometres southwest of Winsome Resources’ Cancet lithium project.
Leadership insights
“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,” Chris Huggins, Auric Minerals’ chief executive officer, said in a statement. “This builds on the uranium assets recently acquired in Labrador’s Central Mineral Belt, and highlights our regional strategy for Eastern Canada.”
About Auric Minerals
Auric is a mineral exploration company based in Oakville, Ontario. The company’s portfolio also includes options over the Route 500 and Bub uranium properties in Labrador and the Goodeye property in British Columbia.
Auric Minerals stock (CSE:AUMC) is up by 29.80 per cent trading at C$1.96 per share as of 11:06 am ET. The stock has added 96 per cent since March 2024.
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(Top image, generated by AI: Adobe Stock)