Ground Geophysics Underway at Murphy Lake, 5 km From Isoenergy's Hurricane Deposit, Athabasca Basin
Executive Summary
- UraniumX is conducting a four‑line, 9.2 km Moving Loop Electromagnetic (MLEM) ground geophysical survey at the Murphy Lake property to refine drill targets for a planned spring 2026 drilling program.
- The company announced a non‑brokered private placement of up to 8,823,529 flow‑through shares at $0.17 each, targeting gross proceeds of $1.5 million to fund exploration at Murphy Lake and Zoo Bay.
- A grant of 1,500,000 Restricted Share Units (RSUs) was made to consultants, vesting four months after issuance.
Key Details
- Geophysical Survey
- Operator: F4 Uranium Corp.; funded entirely by UraniumX under its option agreement with F4.
- Method: Moving Loop Electromagnetic (MLEM) – four lines covering 9.2 km to tighten spacing between two known conductor corridors.
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Objective: Resolve conductor geometry for precise drill collar placement in the spring 2026 program.
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Previous Exploration Highlights
- 2022 drilling by F4: 14 holes, 6,850 m total.
- Hole ML22‑006: 0.065% U₃O₈ over 2.5 m (including 0.242% U₃O₈ over 0.5 m) within a 4.2 m deformation zone at the unconformity.
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Hole ML22‑012: Anomalous 56 ppm U over 0.5 m in sandstone above the unconformity, indicating strike extent of mineralization.
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Next Steps
- Process MLEM data, integrate with existing geophysical, geochemical, and drill results to update a 3‑D geological model.
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Provide target selection update ahead of the spring 2026 drilling campaign.
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Restricted Share Unit Grant
- 1,500,000 RSUs granted to certain consultants under the company’s equity incentive plan.
- Vesting: Four months after issuance; term of three years.
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Hold period on underlying shares expires July 18 2026 per CSE policy.
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Flow‑Through Financing
- Offering type: Non‑brokered private placement of up to 8,823,529 flow‑through (FT) shares.
- Price: $0.17 per FT share.
- Gross proceeds target: Up to $1,500,000.
- Use of proceeds: Canadian exploration expenses at Murphy Lake and Zoo Bay properties; expenses will be renounced to subscribers in an amount not less than the subscription price, effective Dec 31 2027.
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Conditions: Subject to regulatory approvals (including CSE), statutory hold period of four months plus one day from closing, possible finder’s fees.
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Qualified Person
- Technical information reviewed and approved by Ken Wheatley, P.Geo., Qualified Person under NI 43‑101.
Notable Quotes
“UraniumX is fully funding this work because Murphy Lake has already shown us the right indicators, and we believe disciplined target refinement before drilling is the fastest path to a potential discovery.” – Esen Boldkhuu, CEO, UraniumX Discovery Corp.