Australian mining company Thunderbird Resources, after a strategic review, has decided to focus on its high-potential uranium portfolio in and around the Athabasca Basin in Canada.
The company will prioritise uranium over lithium and discontinue its lithium ventures in Ontario.
It will cancel the Morrison River option agreements regarding three lithium projects in north-western Ontario, Canada, including the Morrison River lithium project.
The company has also signed a definitive purchase option agreement regarding its highly prospective Frazer Lake Lithium Project in Ontario, Canada (Frazer Lake option agreement).
Under the terms of the Frazer Lake option agreement, Valor would acquire 100% of Frazer Lake, upon completion of an initial exploration programme.
In addition to cancelling the Morrison River option agreement, Thunderbird has started discussions regarding the Frazer Lake option agreement, with all related work suspended.
Thunderbird executive chairman George Bauk said: “As part of a strategic review of the Company’s project portfolio, the Board has decided to focus on our uranium projects in and around the Athabasca Basin.
“With the price of uranium currently over US$90/lb and projected to go higher, there is a compelling case to focus our full attention and resources on these projects.
“We have recently received drilling permits for our number one project at Hidden Bay and we would like to make this our priority.
“We also have other great assets in the Athabasca Basin and diverting resources of both people and money to the lithium properties in Ontario simply doesn’t make sense.”
The Morrison River Project is located approximately 150km northeast of Frontier Lithium’s PAK Lithium Project, in a geologically analogous setting.
It lies north of the Muskrat Dam First Nation settlement and near the Bearskin Lake and Sachigo Lake First Nations communities and covers a land area of 55km2.
The project is located within a greenstone belt surrounded by granitic batholiths which are potentially fertile parental granites for spodumene-bearing pegmatites.
The Frazer Lake lithium project is located in north-western Ontario, Canada, covering 83.1km2 area, and has spodumene-bearing pegmatites mapped and channel sampled.
Bauk added: “As a small company, we need to make sure we allocate resources to projects that we believe will deliver the best shareholder returns.
“Until we have reached an agreement with PGA in relation to the Fraser Lake Option Agreement, the decision has been made to not allocate any more resources on this project.
“This makes it impossible to carry out the proposed on-ground field work, which included a small drill program, required to make an informed acquisition decision before September 30, 2024, when the option term expires.”
