Labrador Uranium Inc. is a Canadian junior exploration and development company focused on the advancement of its projects located in the region of Labrador, Canada. The company’s asset portfolio consists of its CMB project, Moran Lake deposit and Mustang Lake project, located in the central mineral belt of Labrador.
Labrador Uranium Inc. recently concluded a marketing campaign in Europe, consisting of 7 cities in 4 countries within 5 days. The company believes that the campaign was successful, with the interest in the company supported through the volume of its shares traded. The volume rose to as high as 300,000 shares a day from an average of approximately 40,000 to 50,000 shares a day.
The company announced on the 25th of November 2022, that it had concluded with the acquisition of the Anna Lake project and the Moran Lake B-Zone prospect. The acquisition consisted of the issuing of 5 million common shares of the company at CAD$ 0.32 per common share. The acquisition also included Labrador Uranium Inc. assuming a 2% net smelter royalty regarding the projects which is payable to a third party.
The newly acquired Anna Lake project is located approximately 35 km southwest of Postville a coastal community in Labrador and approximately 15 km northwest of the Michelin deposit owned by Paladin Energy Ltd. The project has a NI 43-101 defined historical mineral resource estimate of 4.91 million pounds of U3O8 in the inferred category. The Moran Lake B-Zone prospect is located 3 km to the northeast of the Moran Lake deposit and has in previous exploration initiatives shown surface mineralisation through chip sampling of 0.087% U3O8, 0.28% copper and 13.23 g/t silver over 11.8 m.