Infini Resources chief executive officer Rohan Bone said: “This heavily subscribed placement is a powerful endorsement of Infini’s active exploration strategy and the outstanding potential of our uranium portfolio. With a strengthened balance sheet, we are now positioned to aggressively advance exploration programs aimed at unlocking potential new discovery opportunities at Portland Creek, Reynolds Lake and Reitenbach Lake projects located in the tier-1 mining jurisdictions of Newfoundland and the Athabasca region.”
Two weeks ago Infini’s share price lit up like a Christmas tree, soaring almost 300 per cent to 71.5c after unveiling massive XRF readings from its phase-two drilling program at the company’s Portland Creek project in Newfoundland.
One standout hole cut an extraordinary 284-metre stretch loaded with elevated uranium, including peak portable X-ray Fluorescence (XRF) hits of 12,000 parts per million (ppm) uranium at 270m and 11,700ppm at 289m. To top it off, visible yellow uraninite was logged along joint surfaces, grading up to a dazzling 1.17 per cent uranium.
In what could be a potentially game-changing discovery, almost all the readings taken from the 284m intercept, which started just below the surface at 28m, registered between 1,000ppm and 12,000ppm uranium. The staggering consistency has the market waiting with bated breath for the final laboratory assays.
The results come from the first holes of Infini’s 2500-metre phase-two diamond drilling program, designed to test a dozen high-priority targets within a structural corridor stretching more than six kilometres. The corridor is riddled with uranium-in-soil anomalies – and big ones too, making it one of the most compelling greenfield uranium addresses in Canada’s eastern exploration frontier.
It’s not the first time Portland Creek has made punters sit up either. Last year, the company blew their doors off with uranium oxide readings soaring as high as 74,997ppm from surface samples.
With its saddle bags now brimming, the company plans to funnel part of the proceeds into an expanded drilling assault at Portland Creek to test up to 12 new high-priority targets and see whether it can deliver a repeat performance of the recent results.
It will also launch maiden drill campaigns at Reynolds Lake and Reitenbach Lake in Canada’s famed Athabasca Basin, which is a region synonymous with some of the world’s highest-grade uranium deposits. Field programs completed during the September quarter outlined a string of promising geophysical anomalies, prompting management to fast-track the move from groundwork to drilling.
Infini’s current resource base includes the Des Herbiers deposit in Quebec, with an inferred 43.95 million pounds of contained uranium oxide at 123ppm uranium. The addition of potential new discoveries across its Canadian portfolio – and with some serious grades – could reshape the company’s growth profile as the uranium market tightens.
With a war chest now bursting and rigs humming across three uranium-rich fronts, Infini is gearing up for its next leap. The mix of a premium-priced raise, soaring market confidence and two fresh exploration campaigns has put it firmly in the spotlight. And with more rigs heading to Portland Creek, all eyes are on whether Infini can back up its recent headline-grabbing hits with another round of explosive results.
If it can deliver, the payoff could be transformational. The company’s expanding footprint across Canada’s uranium belts, from Newfoundland to the Athabasca Basin, is positioning Infini as one of the sector’s rising forces just as global demand for nuclear fuel tightens.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
