Explorer Discovers Significant Uranium Mineralization in Saskatchewan

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Terra Clean Energy Corp. (TCEC:CSE; TCEFF:OTC; T1KC:FSE) announced results from the first three holes drilled at the South Falcon East Uranium Project in Saskatchewan this winter, including one hole that found 51 meters of continuous mineralized pegmatites.

Hole SF063 was drilled to a depth of 393 meters and intersected multiple structures and the interval of mineralized granitic pegmatites and zones within altered graphitic pelitic gneiss, the company said.

"Based on the initial results from Hole SF063 we have decided to reorganize the remaining meters of this program to focus on further defining this new area of interest and chasing clay alteration not yet seen on the property to date, with hopes of finding a high-grade unconformity uranium deposit," Chief Executive Officer Greg Cameron said.

Highlights from the hole include 0.03% eU3O8 over 12 meters from 173.55 to 185.55 meters, including 0.06% eU3O8 over 0.7 meters from 180.35 to 181.05 meters, and 0.03% eU3O8 over 3 meters from 213.65 to 216.65 meters, including 0.07% eU3O8 over 0.5 meters from 215.95 to 216.45 meters.

"The results from the drilling so far are very encouraging," said Vice President of Exploration Trevor Perkins. "The first two holes have shown that the deposit is still open down dip to the north and northwest. Hole SF0063 has shown that there is significant potential for upgrading the deposit on the east end. We are excited to see where this can lead."

Terra Clean has mobilized crew and equipment and is continuing an extensive winter drilling program at the project, which is just 18 kilometers outside the Athabasca Basin, known for hosting the world's highest-grade uranium deposits. South Falcon East's Fraser Lakes B Uranium deposit is also about 50 kilometers from the Key Lake uranium mill and former mine.

The program is consisting of up to 2,500 meters of drilling executed by Terralogic Exploration Inc. under the supervision of TerraLogic Project Manager Brett Lavigne and Perkins.

Efforts Underway to 'Follow the Alteration'

The first structure intersected from 18 m to 47.5 meters in the hole contained zones of intense clay alteration typically found in relation to unconformity uranium deposits, Terra Clean said.

The presence of this alteration is a good indication that hydrothermal fluids suitable for deposition of higher-grade uranium deposits moved through the rocks. The second structure from 306 to 315 meters is a brecciated pelitic gneiss situated between two intervals of Archean gneiss, the company said. This structure is interpreted to be responsible for the geological offset being targeted and will assist in updating the target model in this area.

On March 6, Technical Analyst Clive Maund updated to say that the company's "charts present an exceptionally strong setup."

Hole SF061 was planned to test for a down-dip extension of mineralization intersected in hole FP-15-05 and was drilled to a depth of 209 meters. Drilling intersected a 35-meter interval containing multiple mineralized granitic pegmatites and zones within altered and graphitic pelitic gneiss, including an equivalent grade of 0.02% eU3O8 over 2.2 meters from 150.25 to 152.45 meters, including 0.05% eU3O8 over 0.6 meters from 151.65 to 152.25 meters.

Historical diamond drill hole FP-15-05 was drilled by Skyharbour in 2015 and returned multiple zones of mineralization over a 14-meter interval, including 6 meters of .10% U308 (including a 2-meter interval of 0.165% U3O8 from 135 meters and 2.5 meters of 0.172% U3O8 from 145 meters).

Hole SF062 was planned to test for an along strike extension of mineralization intersected in holes FP-15-05 and SF0061 and was drilled to 200 meters, Terra Clean said. Drilling intersected a 21-meter interval containing multiple mineralized granitic pegmatites and zones within altered and graphitic pelitic gneiss. The company said the most notable zone returned an equivalent grade of 0.03% eU3O8 over 2.2 meters from 141.75 to 144.15 meters, including 0.05% eU3O8 over 0.4 meters from 143.15 to 143.55 meters.

Drilling is continuing with one hole in progress in the T-Bone lake area to examine the conductive package and alteration intersected in the area in historical drilling, the company said. Pad preparation is underway to return to the area around SF0063 and follow up on the clay alteration and pegmatites.

"Efforts will be made to follow the alteration and pegmatites to where they intersect, as this should be an area of fluid pooling and upgrading of mineralization within the deposit," the company said.

Analyst: An 'Unencumbered' Return to Exploration

Terra Clean Energy Corp. entered into an option agreement with SkyHarbour Resources Ltd. in 2022 to earn up to a 75% interest in the 12,234-hectare South Falcon East property. It has a historical Inferred resource of about 7 million pounds (7 Mlb) of U3O8 at 0.03% and 5.3 Mlb of thorium dioxide at 0.023% within 10,354,926 tons using a U3O8 cutoff grade of 0.01%.

"Both infill and step-out drilling will culminate with the preparation of an updated NI43-101 compliant resource expected by this summer," wrote HoldCo Markets Inc. wrote in an updated research note on the company on February 18.  HoldCo set a 12-month price target for the stock at CA$.033, a 16% return over when the note was issued.

"Combined with a recently closed financing, share consolidation, debt settlement, and management change, we feel that the numerous overhangs which plagued the company of late have now been addressed," the firm said. "We now see an unencumbered return to the primary objective of the company — drilling, de-risking, and updating the Fraser Lakes B uranium deposit. We continue to believe that at the current microcap valuation, the risk remains on the upside, provided future drilling success."

HoldCo continued, "Turnaround should be relatively quick with assay results likely to be returned in Q2/2025 followed by an updated resource estimate expected by the summer. Seeing that the deposit remains open in most directions, additional work spent may lead to an increase in both grade and resource size."

'Best Place in the World' to Look for Uranium

"The Athabasca Basin is the best place in the world to explore for uranium," Technical Analyst Clive Maund noted in a report on the company in January.

After big changes to the leadership of the company, Maund said Terra Clean's stock is "believed to have considerable upside potential."

*On March 6, the analyst updated to say that the company's "charts present an exceptionally strong setup."

"This year to date . . . we have seen much more dramatic and overt evidence that a major bull market is close at hand with increasingly aggressive 'smart Money' buying of stock that has driven the On-balance Volume line steeply higher," Maund wrote. "All that has stopped the stock from really taking off higher already is the remaining weak holders being flushed out, symbolized by the 200-day moving average still falling — but it won't be for much longer."

"The conclusion is that Terra Clean Energy is on the cusp of a clear breakout into a major bull market," the analyst said. "Holders should, therefore, stay long, and it is rated a strong buy here for all time horizons, and this is a good point to add to positions."

The Catalyst: Expanding Power Needs

To keep up with expanding power needs, countries around the world are building new nuclear reactors and recommissioning old ones, including Microsoft Corp. (MSFT:NASDAQ) recently announcing a deal with Constellation Energy Group (CEG:NYSE) to restart and buy all of the power from one of the shut-down reactors at its infamous Three Mile Island plant in Pennsylvania.

According to an October report on CarbonCredits.com, BMO Capital Markets projects a strong outlook for uranium demand. BMO projected it to grow at an annual rate of 2.9% through 2035, largely driven by China's aggressive push to build new nuclear reactors and the potential for reactor restarts in North America. 

BMO Analyst Alexander Pearce emphasized the long-term demand outlook, noting that they foresee a potentially higher uranium demand over the medium to long term, CarbonCredits.com reported. This optimism is fueled by several factors, including geopolitical shifts, growing global demand for clean energy, and new nuclear technologies such as small modular reactors (SMRs).

According to Jacob White of the Sprott Uranium Report on February 11, prices for the element were down 3.09% in January, finding support at around US$70 per pound.

"Despite January's challenges, we believe that structural supply deficits, an increasing term price, and record nuclear generation expectations for 2025 reinforce a bullish long-term outlook for uranium," wrote White. "Although there has been ample short-term volatility, the uranium market remains well-supported by rising global nuclear commitments and persistent supply constraints."

But White said a "longstanding primary supply deficit and renewed interest in nuclear energy" should bring the market back into balance.

Ownership and Share Structure

Management and Insiders own approximately 8.3% of the company after the December private placement, with institutional shareholders participating for over half of the CA$3.4 million raised, the company noted. 

Terra Clean Energy has a market cap of CA$10.58 million with a strong balance sheet and shareholder base.