(Alliance News) - Fulcrum Metals PLC on Tuesday said it is increasing its stake in the Charlot-Neely Lake uranium-gold project in northern Saskatchewan by 63%.
Fulcrum Metals is a Canada-focused mineral exploration and development company.
Fulcrum said it had added three new claim cells, totalling 4,856 hectares, to the project. This thereby enlarged the Charlot-Neely project area to 12,481 hectares.
It said the acquisition is based on "encouraging" preliminary results from phase one exploration. In September, Fulcrum said it has identified multiple areas of strong radioactive outcrop at Charlot-Neely lake.
Fulcrum paid CAD3,174 for the stake.
Panther Metals PLC, a Canada-focused mineral and exploration company, noted the announcement. It holds 20% interest in Fulcrum.
Fulcrum Chief Executive Ryan Mee said: "The additional claim blocks cover a significant length of the Black Bay Fault along with noted historical extensive EM conductors and high priority hyperspectral targets which add to overall prospectivity of the Charlot-Neely Lake project."
Shares in Fulcrum were up 0.8% to 16.18 pence each in London on Tuesday afternoon.
By Sophie Rose, Alliance News reporter
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Panther Metals (PALM)
Fulcrum Metals (FMET)