Infini Resources has strategically expanded its Portland Creek Uranium Project in Newfoundland by acquiring adjacent mineral licences, increasing its landholding by 30% and reinforcing its position in a promising uranium district.
- Acquisition adds 7,700 hectares, expanding footprint to over 32,000 hectares
- New licences capture extensions of key structural corridors and radiometric trends
- Phase 2 drilling reveals visible uranium with spot pXRF grades up to 1.2% U
- Deal includes cash payment, shares issuance, and 2% net smelter royalty
- Airborne geophysics survey underway to refine targets for 2026 exploration
Strategic Expansion of Portland Creek
Infini Resources Ltd (ASX – I88) has announced a significant strategic acquisition that increases the footprint of its Portland Creek Uranium Project in Newfoundland, Canada, by approximately 30%. The company has secured two adjoining mineral licences totaling 7,700 hectares, expanding its total landholding in the region to over 32,000 hectares. This move consolidates Infini’s control over a promising uranium district and aligns with its broader exploration growth ambitions.
The newly acquired licences are situated immediately south of Infini’s existing tenements and cover geological extensions of key structural corridors and radiometric anomalies identified during recent exploration activities. These corridors have been the focus of Infini’s Phase 2 drilling program, which has already detected visible uranium mineralisation across multiple drill holes spaced over one kilometre apart, with spot portable X-ray fluorescence (pXRF) readings reaching up to 1.2% uranium.
Enhancing Exploration Potential
Infini’s CEO, Rohan Bone, highlighted the strategic importance of the acquisition, noting that Portland Creek is emerging as a potential district-scale uranium system. The expanded landholding allows the company to evaluate the mineralised corridor in its entirety, identify new structural and geophysical targets, and integrate these into an expanded exploration program planned for 2026.
Supporting this effort, an airborne geophysics survey is currently underway, with results expected in the first quarter of 2026. These data will be critical in refining drill targets and guiding the next phase of exploration. Meanwhile, assay results from the initial batch of Phase 2 drill holes are anticipated within four weeks, which will provide more definitive insights into the grade and continuity of the uranium mineralisation.
Transaction Details and Future Outlook
The acquisition was executed through Infini’s wholly owned Canadian subsidiary, Infini Newfoundland and Labrador Ltd, under a binding purchase agreement with FSSGM Investments Pty Ltd. Consideration includes a cash payment of AUD 50,000, the issuance of approximately 1.46 million fully paid shares valued at AUD 350,000 (subject to escrow), and a 2% net smelter royalty on future production from the acquired tenements.
Completion of the transaction is subject to regulatory approvals and is expected within 30 business days. This deal follows Infini’s recent expansions at Portland Creek, which have collectively increased the project footprint by 120% since the start of Phase 2 drilling.
While the preliminary pXRF results are encouraging, Infini cautions that these are qualitative and subject to confirmation by laboratory assays. The company emphasizes that further drilling and analysis will be essential to establish the economic viability and resource potential of the mineralisation.
Positioning in the Uranium Sector
Portland Creek sits within the Precambrian Long-Range Complex, a geological setting favourable for uranium mineralisation. Historical data and recent exploration have delineated significant uranium anomalies, including soil samples with grades up to 75,000 ppm U₃O₈. Infini’s ongoing work aims to unlock the full potential of this emerging district-scale system, which could position the company as a key player in the uranium exploration sector.
Bottom Line?
Infini’s expanded footprint and upcoming assay results set the stage for a pivotal year in defining Portland Creek’s uranium potential.
Questions in the middle?
- Will upcoming assay results confirm the high-grade uranium mineralisation indicated by pXRF readings?
- How will the airborne geophysics data influence the scope and targets of the 2026 drilling campaign?
- What are the potential timelines and hurdles for advancing Portland Creek towards resource definition and development?