T92 signs binding LOI for Amer Lake Project acquisition

Terra Uranium Limited (ASX: $T92) has signed a Binding Letter of Intent (LOI) to acquire a 100% interest in the 15.3M pound uranium Amer Lake Project located in Nunavut, Canada. The project contains a foreign non-JORC compliant resource estimate of 17,827,000 tonnes averaging 380 ppm U3O8, containing 15.3 million pounds U3O8 using a cut-off grade of 100ppm, as reported in 2012 in accordance with the Canadian National Instrument (NI) 43-101.

Executive Chairman's Commentary on Amer Lake Acquisition

Terra Uranium Executive Chairman, Andrew Vigar commented, 'Terra's Canadian team identified an excellent and extremely value accretive opportunity to acquire 6 claims at Amer Lake in the Canadian territory of Nunavut. These claims overlie the near-surface portion of the Amer Lake Uranium deposit which has a Canadian NI43-101 resource (foreign non-JORC compliant) of 15.3 million pounds of U3O8. This is a truly game-changing acquisition for Terra, as it transforms us into a company with real 'pounds in the ground'. Complimenting this, our Canadian team has staked two additional claims close to Amer Lake that we think are prospective. We look forward to upgrading the Amer Lake resource to JORC status and updating investors in the near future on the company strategy for this transformative deal and whilst maintaining a focus on our Core Athabasca Projects.'

Amer Lake Project Summary and Outlook

Terra Uranium (ASX: $T92) has made a significant move by signing a binding LOI to acquire a 100% interest in the 15.3M pound uranium Amer Lake Project in Canada. The acquisition presents a transformative opportunity for Terra Uranium, positioning the company as a significant player in the uranium sector. With plans to upgrade the Amer Lake resource to JORC status and continued focus on their Core Athabasca Projects, Terra Uranium aims to enhance its position in the market and deliver value to its investors. The company's ambitions and goals include developing plans for verification drilling, re-estimating the Main Zone resource, and reporting in accordance with JORC Code (2012). This strategic move reflects Terra Uranium's commitment to growth and expansion within the uranium exploration sector.