Recharged with a $A5.3 million IPO in January, Infini Resources (ASX: I88) is accelerating exploration across its diverse portfolio of energy metals, underpinned by uranium and lithium assets in the top-tier mining jurisdictions of Australia and Canada (Figure 1).
The company has a strong presence in four Canadian provinces, where it pursues uranium exploration through its Portland Creek, Tinco, and Des Herbiers projects, and delves into lithium with its Patterson Lake and Valor operations.
In Western Australia, the company holds lithium ventures at Pegasus and Parna, along with a uranium project at Yeelirrie North - reflecting a strategic balance in its resource development portfolio amidst record highs for uranium and record lows for lithium.
Figure 1: Infini project locations (Source: I88 website)
Commenting on the company’s ongoing exploration program, Infini CEO Charles Armstrong said: “Our strategy is to move quickly to add value to the projects through on-ground exploration activities including geophysical and geochemical work programs.”
After the initial fanfare where the share prices clocked up to A$0.56 intraday, Infini’s shares are currently trading at A$0.18 with a market cap of A$10.68 million - two cents lower than its offer price (Figure 2).
Figure 2: Share price chart (Source: ASX.com)
Fieldwork kicks off at Portland Creek Uranium Project
With approvals in place, Infini is “aggressively” taking on Portland Creek, kicking off with fieldwork that includes prospecting, channel sampling and geochemical surveying at its priority targets at the Newfoundland Project.
Previously, multiple large uranium targets were identified at Portland Creek with desktop analysis narrowing down on 8 exploration targets to date, with known uranium showings the property grading up to 2,180 ppm U3O8.
Armstrong said: “The company is now aggressively pursuing its exploration efforts at T1-T8 with a field crew currently being mobilised to site to undertake initial reconnaissance and potential sampling if ground conditions permit.
“The Talus prospect remains the key focus of any ongoing field activities where high-grade grab samples coincident with a massive U/Th anomaly suggest the potential for an undiscovered uranium deposit to exist on the 100% owned project.” (Figure 3)
Figure 3: The location of the Talus prospect and other exploration targets overlain with radiometrics and rock sample geochemistry (Source: ASX release)
“Outstanding opportunity”
The Portland Creek Project represents an “outstanding opportunity” with the company recently expanding its tenure by 58% to 113 square kilometres.
Moreover, Uranium is one of the 34 critical minerals listed by the Newfoundland Government and as such, the company will be eligible to apply for Junior Exploration Assistance (JEA) grants up to CAD$150,000 for future greenfield exploration activities.
Newfoundland was ranked as one of the top 10 mining investment jurisdictions by the Fraser Institute’s latest annual survey of mining companies and is known to be in favour of uranium exploration.
About Portland Creek
The Portland Creek Project is situated in the Precambrian Long-Range Complex of the Humber Tectonic – Stratigraphic zone.
These members include metaquartzite and a suite of paragneisses, intruded by leucocratic pink granite, which have likely been thrust westwards over Palaeozoic carbonate-dominant sediments.
The claims are situated over a large regional uranium anomaly that was identified in the 1970s by a Newfoundland government stream sediment sampling program.
There is one uranium showing on the property as listed in the Newfoundland Mineral Deposit Index inventory with 2,180 ppm U3O8.
Lithium targets at Paterson Lake
Early last month, Infini identified three major greenstone corridors of interest ~6 km, ~6km and ~5 km in length at its Paterson Lake Lithium Project in Ontario.
Subsequently, the company delineated 40 microgravity targets interpreted to be LCT pegmatites.
Microgravity survey results show excellent correlation with existing lithium trends and may be used to successfully predict extensions to existing mineralisation and new lithium-bearing pegmatites under soil and vegetation cover.
Follow-up exploration includes focused geological mapping and infill soil sampling to identify new outcropping mineralised pegmatites in combination with diamond drilling along strike targets.
Figure 4: Location of the Paterson Lake Lithium Project depicting the microgravity survey locations overlain with 1VD drone magnetics, MMI soil sampling, mineralised outcropping pegmatites and historical drill hole mineralisation (Source: ASX release)
Samso's Thoughts
Infini is one of the many companies that are applying their trade in Canada as they seek greater pastures. The lack of funding for companies on the TSX-V or TSX has given many ASX companies the opportunity to get access to projects that are not available in Australia or any other hunting grounds that are commonly visited by ASX companies.
The storyline is that the Canadian projects are better and the administrative pathway is simpler which is true in some cases. I am not a lithium bull as I don't think that the market can sustain the hundreds of aspiring players in this space.
However, I do like uranium. Uranium in Western Australia has an added upside in the potential policy changes to allow uranium mining in Western Australia. This may be a risk, a calculated risk or not, but the narratives in Australia and that of Western Australia appears to be softening.
If this is the case, then this will be a boost to companies like I88 with their uranium projects. This does not mean that it is an automatic boost as I88 still needs to have a project that is worthy of mentioning. Only time will tell if this will be the case.
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