Recharge buys ‘highly sought-after’ Newnham Lake uranium project

4TH MARCH 2024 BY: CREAMER MEDIA REPORTER

Australia-listed Recharge Metals on Monday announced a binding agreement to acquire 100% of Newnham Lake uranium project in the Athabasca basin of Canada.

“The ongoing collaboration between Recharge and DGRM, which vended our Express lithium project, has forged a strong working relationship over the last year, resulting in the valuable opportunity for Recharge to successfully bid for the highly sought after Newnham Lake uranium project in the Athabasca basin,” commented Recharge MD Felicity Repacholi.

Historical drilling at Newnham Lake has confirmed the presence of uranium inthe system. However, drilling has only focused on the shallow Athabasca basin unconformity, with minimal drilling done in the underlying basement rocks.

“Advancements in the understanding of basement-hosted mineralisation has helped uncover some spectacular deposits, such as NexGen’s Arrow deposit. This basement-hosted geological model adds weight to the prospectivity of Newnham
Lake, as does the scale of the coincident low resistivity anomaly which is analogous to Arrow, and will be Recharge’s primary target,” said Repacholi.

Newnham Lake is near the north-east margin of the Athabasca basin and is about 56 km north-west of TSX-V-listed IsoEnergy’s Hurricane deposit, which has an indicated resource of 48.6-million pounds of uranium oxide (U3O8), based on 63 800 t grading 34.5% U3O8.

Recharge has received firm commitments for a A$1.44-million share placement to fund the acquisition and accelerate exploration activities at Newnham Lake project, with an additional A$50 000 to be placed to directors, subject to shareholder approval.