Infini Sources Soars on Extraordinary Uranium DiscoveryInfini Sources Soars on Extraordinary Uranium Discovery Despite market pressures, Infini Sources Ltd. (ASX: I88) has surged 84% to a record high of 90 cents in early trading. This surge is attributed to an update on its Portland Creek project in Newfoundland, Canada. Reanalysis of soil samples revealed exceptionally high-grade uranium surface geochemistry, including a peak result of 74,997 ppm U3O8, which is 9,375 times background. This confirms previous soil analysis results as some of the highest recorded globally. The company notes that these high-grade uranium assays coincide with a historic radon gas anomaly, indicating the potential for multiple areas of undercover uranium mineralization within a 3.2km radiometric corridor. Geochemical explorations and unmanned aerial vehicle magnetic surveys are underway to identify potential indications of a primary uranium source and assess structural controls associated with the soil geochemistry. Infini Sources CEO Charles Armstrong expressed delight at the results, stating that they could be the first of their kind for a first program. He believes the company has found “world-class uranium” at Portland Creek. The discovery has fueled investor excitement, with Infini Resources shares rising more than 450% since last month.
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The market may be under pressure today, but one ASX uranium company isn’t letting that stop it.
In early trading, Infini Sources Ltd (ASX: I88) shares have risen 84% to a new record high of 90 cents.
Why is this ASX uranium stock soaring today?
Investors have been scrambling to get their hands on this small cap ASX uranium stock today after it published an update on its Portland Creek project in uranium-friendly jurisdiction Newfoundland, Canada.
According to the press release, reanalysis of 17 soil samples above the laboratory detection limit reveals excellent surface geochemistry. It even highlights a peak analysis result of 74,997 ppm U3O8. This peak result is “9,375 times background.”
Management notes that the exceptionally high-grade uranium soil assays confirmed within the ~235m x 100m zone coincide with a historic radon gas anomaly. And, pleasingly, the zone remains open to the east and west.
It believes these results validate the initial soil analysis results received, with all values exceeding the previous detection limit of >11,792 ppm U3O8. It emphasises that this confirms the soil geochemical results at Portland Creek as some of the highest recorded globally.
Geochemical explorations have now been initiated to identify possible indications of a primary uranium source near the anomaly.
The good news is that there are numerous large historical radon gas anomaly contours at the project. This could indicate the potential for multiple areas of undercover uranium mineralization within the ~3.2km radiometric corridor.
Processing of data from a magnetic survey using unmanned aerial vehicles is currently underway to assess any structural controls associated with the ‘extraordinary geochemistry of the soil’. Results are expected in the coming weeks.
‘World class uranium’
The ASX uranium share’s CEO, Charles Armstrong, was delighted with the results and believes it could be the first of its kind for a first program. He commented:
These follow-up test results confirm that the company has found world-class uranium in soil samples at Portland Creek. I am not aware of any other explorers who have produced results that come close to what we are seeing here in our initial field program. We are now anxiously awaiting processing of the UAV drone magnetic survey that flew over Talus to see what potential structural controls there are that are associated with this particular anomaly.
Infini Resources shares have risen more than 450% since last month.
