Infini Resources Unveils Strong Uranium Drilling Results and Strategic Athabasca Acquisitions

Exploration Breakthrough at Falls Lake

Infini Resources Limited (ASX: I88) has delivered a significant update on its uranium exploration activities with promising early results from its maiden diamond drilling program at the Falls Lake prospect, part of the Portland Creek Uranium Project in Newfoundland, Canada. Despite challenging weather conditions, the company completed four drill holes, encountering elevated uranium assays measured by portable XRF, including standout readings such as 9,391 ppm eU3O8 at 94.25m depth.

The drilling has confirmed the presence of a substantial uranium-mineralised hydrothermal system, with multiple wide zones of brecciated biotite granite and hydrothermal alteration consistent with shear-hosted uranium deposits. This supports Infini’s thesis of a proximal shear-hosted uranium system, comparable to notable deposits like Lagoa Real in Brazil.

Strategic Expansion in the Athabasca Basin

Complementing its Newfoundland activities, Infini completed the 100% acquisition of the Reynolds and Boulding Lake Uranium Projects in Saskatchewan’s Athabasca Basin, a globally renowned high-grade uranium district. The combined 931 km² landholding situates Infini near world-class deposits such as McArthur River and Eagle Point, significantly enhancing its Canadian uranium portfolio.

The acquisition involved a mix of shares, cash, and performance rights, reflecting a strategic investment in high-potential assets that align with Infini’s growth ambitions. This move positions the company to leverage the Athabasca Basin’s rich uranium endowment alongside its flagship Portland Creek project.

Capital Raising and Leadership Changes

To support its accelerated exploration program, Infini successfully raised approximately AUD 3.4 million through the issuance of Canadian flow-through shares, a tax-advantaged mechanism popular in the Canadian mining sector. This capital injection is earmarked primarily for advancing the Portland Creek Uranium Project’s drilling and development activities.

On the management front, the company announced the resignation of Managing Director and CEO Charles Armstrong. Executive Director Dr David Pevcic will oversee day-to-day operations during the transition period. Additionally, Infini appointed Nicholas Mitchell as Exploration Manager based in Canada, bringing over 23 years of uranium exploration experience to the team, including senior roles at prominent uranium-focused companies.

Broader Portfolio and Financial Position

Beyond uranium, Infini maintains a diversified portfolio with lithium projects in Canada and Western Australia, although no new work was reported on these during the quarter. The company ended the quarter with a cash balance of AUD 2.7 million and exploration expenditure of AUD 2.6 million, reflecting an accelerated focus on its uranium assets.

Infini’s exploration strategy is underscored by ongoing soil geochemical anomalies and planned follow-up drilling, particularly at the Falls Lake prospect where further holes are scheduled to test extensions along the Trident Lake fault corridor.

Outlook and Market Implications

Infini Resources is clearly positioning itself as a rising player in the uranium sector, combining early-stage exploration success with strategic acquisitions in world-class jurisdictions. The pending laboratory assay results will be critical to validating the encouraging portable XRF data and guiding next steps.

With uranium demand dynamics tightening globally amid energy transition imperatives, Infini’s expanding footprint in premier uranium provinces and strengthened management team could attract increased investor attention. However, the company’s near-term funding runway, currently under one quarter based on cash burn, will require careful management or further capital raising to sustain momentum.