Uranium prices are running hot again. For one, "Geopolitical uncertainty and concerns about the security of uranium supply continue to be the driving forces behind the ongoing uranium rally," noted Jacob White, Sprott Asset Management ETF product manager, as quoted by ETFTrends.com. Two, "Miners are struggling to get enough uranium out of the ground. That is helping to push prices of the nuclear fuel to nearly 16-year highs,” they added. All of which is serving as a strong catalyst for stocks, such as Lexston Mining Corporation (CSE: LEXT) (OTC: LEXTF), Uranium Energy Corp. (NYSE: UEC), Energy Fuels Inc. (NYSE: UUUU) (TSX: EFR), Cameco Corp. (NYSE: CCJ) (TSX: CCO), and Atha Energy (TSXV: SASK) (OTCQB: SASKF) even higher. In addition, about 22 countries, including the U.S., Canada, the UK, and France just pledged to triple their nuclear capacity by 2050 at the 28th Annual UN Climate Change Conference.
Look at Lexston Mining Corporation (CSE: LEXT) (OTC: LEXTF), For Example
Lexston Mining Corporation announced that further to its news release dated November 27, 2023, the Company has issued 1,000,000 common shares and made a $90,000 payment pursuant to the Project 176 and Project Itza Option Agreement dated November 27, 2023. The common shares issued pursuant to the Agreement are subject to a four month and one day statutory hold period.
Jag Bal, President, and CEO of Lexston states, “This acquisition in the Thelon Basin represents a good opportunity in a uranium rich basin that has similar potential to the Athabasca Basin. Historical data shows the potential for high-grade uranium deposits in the region and has triggered a staking rush at the basin, with other companies including Atha Energy (TSXV: SASK) active in the region.”
Project 176 – 1708Ha / 17km2
Located inthe Northeastern portion of the Thelon Basin - 176 is within the most prospective region of the Thelon Basin that contains the highest-grade uranium sample – 380,000ppm uranium.
Project 176 was previously owned and explored by NexGen Energy who purchased the project from Mega Uranium in 2012.
Project Itza – 3955ha / 39.6 km2
Located in the Northeastern portion of the Thelon Basin - Itza was identified before the staking rush took place and is within the most prospective region of the Thelon Basin that contains the high-grade uranium oxide samples.
At least 3 radioactive boulder trains are located, and the source is yet to be tested. Project Itza sits at the mapped unconformity between the Thelon Formation and the underlying Amer Lake Metasediments. It contains reactivated faults identified in 2013 - not identified when the properties were last explored (2012). The intersection of reactivated faults and unconformities is highly prospective for uranium deposits. e.g. Cigar Lake, Key Lake. Multiple radioactive boulders were measured, including a 10,400ppm Uranium / 1.27% uranium oxide.
The Company is a Canadian mineral exploration company, focused on the acquisition and development of mineral projects, with the objective to enhance value to all its stakeholders. The Company has a mineral exploration project in British Columbia, Canada.
The technical information contained in this news release has been reviewed by Mr. Richard Walker, a director of the Company and a Certified Professional Geologist with the American Institute of Professional Geologists and a member of the Geological Society of Nevada, a Qualified Person for the Company as defined in National Instrument 43-101.
Other related developments from around the markets include:
Uranium Energy Corp.’s President and Chief Executive Officer, Amir Adnani, spoke at COP28 on sustainable uranium mining and on the growing role of carbon-free nuclear power to meet the increasing global demand for low-cost and net-zero energy supply. Mr. Adnani was also featured in the COP28 Leadership Interviews to discuss UEC's role as the fastest growing uranium company in the world, adopting best practices to enhance sustainability and the Company's 18-year evolution, developing into a long-term and low-carbon supplier with stable North American assets. Additionally, UEC is one of 120 companies endorsing the Net Zero Nuclear Industry Pledge, launched at COP28 on December 5, 2023, committing to industry support for at least a tripling of global nuclear capacity by 2050. Led by the United States, 22 countries including France, the United Kingdom, the United Arab Emirates, Japan, South Korea, and Canada declared to triple global nuclear energy capacity by 2050 from the 2020 base in support of their net-zero transitions.
Energy Fuels Inc., a leading U.S. producer of uranium, rare earth elements, and vanadium, announced that it has entered into a non-binding Memorandum of Understanding with Astron Corporation Limited to jointly develop the Donald Rare Earth and Mineral Sands Project, located in the Wimmera Region of the State of Victoria, Australia. The MOU describes indicative commercial terms and provides Energy Fuels with a binding exclusivity period to end on March 1, 2024, during which Energy Fuels will be entitled to conduct due diligence and the parties will negotiate definitive agreements. The Donald Project is a world-class, world scale, 'shovel-ready' critical mineral deposit that Energy Fuels believes would provide it with another near-term, low-cost, and large-scale source of monazite sand in an REE concentrate that would be transported to the Company's White Mesa Mill in Utah, USA for processing into REE oxides and other advanced REE materials and recovery of the contained uranium.
Cameco Corp. announced that the acquisition of Westinghouse Electric Company (Westinghouse) in a strategic partnership with Brookfield Asset Management alongside its publicly listed affiliate Brookfield Renewable Partners (Brookfield) and institutional partners closed. Cameco now owns a 49% interest and Brookfield owns the remaining 51% in Westinghouse, one of the world’s largest nuclear services businesses.
Atha Energy, the holder of the largest uranium exploration portfolio in the highest-grade uranium district in the world, announced results from its large-scale electromagnetic surveys at its 100%-owned Apex project, located in Saskatchewan’s Athabasca Basin, within the Company’s East Rim Exploration District. The completed survey is part of the Company’s maiden 2023 exploration program, which comprises a total of seventeen EM surveys being conducted across the Athabasca Basin on ATHA’s 3.4-million-acre exploration portfolio. The Company’s Athabasca Basin projects are organized into four distinct exploration districts: North Rim District, East Rim District, West Rim District, and Cable Bay District – encompassing all major producing, past producing, and developing uranium mining camps within the Basin.
Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Winning Media is only compensated for its services in the form of cash-based compensation. Pursuant to an agreement Winning Media has been paid three thousand five hundred dollars for advertising and marketing services for Lexston Mining Corporation by Lexston Mining Corporation. We own ZERO shares of Lexston Mining Corporation. Please click here for disclaimer.
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