Infini Resources chief executive officer Rohan Bone said: “The Phase 2 drilling program at Portland Creek continues to surpass our expectations. We are now seeing visible uranium and elevated U readings across multiple targets over a kilometre apart, demonstrating the potential scale of this emerging district. The additional presence of zinc, copper and molybdenum further reinforces the potential for a significant polymetallic uranium system. With nearly 4000 metres drilled already and several high-priority structures still to be tested, Portland Creek is quickly shaping into one of the most compelling early-stage uranium projects in Canada.”
The company’s Portland Creek project spans a 149-square-kilometre area within the Precambrian Long-Range Complex of Canada’s Humber Tectonic-Stratigraphic Zone in the pro-mining province of Newfoundland, Canada.
The area is a historical mining region with the Daniel’s Harbour Mine, located about 15km to the north, having been in operation from 1975-1990. A large regional uranium anomaly was identified in the 1970s through a Newfoundland government lake sediment sampling program.
Uranium is firmly back in focus too, with the US government outlining plans to quadruple the country’s nuclear-powered electricity generation by 2050. The move is backed by a landmark US$80 billion partnership with Westinghouse to accelerate the roll-out of nuclear power across the country.
In its latest nuclear fuel report, the World Nuclear Association forecasts an annual growth rate of 5.3% in nuclear reactor uranium requirements to 2040.
Against a backdrop of accelerating nuclear investment and surging global demand, Infini has timed its early success at its Portland Creek project perfectly. With additional targets still to feel the bite of the drill bit and more assays due before year-end, the company is steadily positioning itself as a potential new entrant in the coveted North American uranium supply chain.
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