Bedford drills 0.133% U3O8 at Sheppard Lake
Bedford reported a narrow 0.133% U3O8 intercept at ultra-shallow depths within its Athabasca basin exploration portfolio.
Bedford Metals Corp. (BFM) has released results from its spring 2026 diamond drill program at the Sheppard Lake uranium project in Saskatchewan. The program included four holes totaling 1,135.7 m, which tested conductive anomalies designated TZ‑1 and TZ‑2.
Hole SHP‑26‑05 returned 0.133% U3O8 over 0.6 m from 21.4 m depth, with an adjacent 0.04% U3O8 interval. Hole SHP‑26‑06 intersected a broad zone of low‑grade mineralization (0.014–0.049% U3O8) over 28.5 m from 19.5 m, including 0.049% U3O8 over 1 m. The company’s release emphasizes shallow depths, lateral continuity, and encouraging radiometric readings.
Bedford Metals Corp. (BFM) reported drill results that do not establish a resource or reserve, nor do they alter the geological understanding or economic potential of the Sheppard Lake project. The company states the results are too low-grade and narrow to justify a scoping study or a 43-101 technical report.
The stock has declined from $0.32 to $0.14 over the past year. The market had previously discounted the project after earlier radiometric hype, which saw Phase 3 CPS readings up to 10,609 on grab samples, failed to convert into meaningful intercepted grades. The latest assay numbers confirm the system lacks the high grades found in producing Athabasca deposits.
Bedford Metals is a grassroots explorer with no revenue or resources, relying on promotions and financings. The company noted that any drill result failing to demonstrate potential for a significant resource is viewed negatively.
Bedford Metals Corp. is a C$12-million-market-cap junior uranium explorer focused on the Sheppard Lake and Ubiquity Lake projects in Saskatchewan’s Athabasca Basin region. The company completed a small drill program (1,135 m) in spring 2026, following earlier geophysics and limited drilling in late 2025. It has no mineral resources, no revenue, and is funded primarily through flow-through share placements ($1M at $0.20 in April 2026). Cash at March 2026 was $2.16M; ongoing burn rate ~$0.4M/quarter SG&A (excluding exploration). The company is a classic pre-resource explorer with no path to production.