Infini Resources Starts Maiden Drilling and Confirms Uranium System at Portland Creek

Maiden Drilling Targets High-Grade Uranium at Athabasca Margin

Infini Resources Ltd (ASX:I88) has taken a significant step forward in its uranium exploration strategy by commencing maiden diamond drilling at its Reynolds Lake and Reitenbach Lake projects in northern Saskatchewan. This marks the first-ever drill testing of a large, underexplored uranium system located on the eastern margin of the Athabasca Basin, a region renowned for high-grade uranium deposits.

The drilling program is focused on priority targets where electromagnetic (EM) conductors, magnetic lows, structural corridors, and uranium geochemical anomalies converge. A key highlight is the high-grade 1.90% U3O8 Titus Prospect, which is receiving particular attention. Drill collars are strategically positioned to test structural intersections and zones of hydrothermal alteration, aiming to rapidly identify the most prospective parts of this structurally complex system.

Portland Creek Phase 2 Drilling Confirms Extensive Uranium Mineralisation

Meanwhile, at the flagship Portland Creek Uranium Project in Newfoundland, Infini has received final assays from its 5,310-metre Phase 2 diamond drilling campaign comprising 17 holes. The results confirm elevated uranium anomalism, including a peak assay of 192 ppm U3O8 over 0.5 metres, extending over more than 6 kilometres of strike. This supports the interpretation of a structurally controlled, multi-stage hydrothermal uranium system developed within granite host rocks.

Integration of geochemical and structural data has refined the geological model, revealing uranium mineralisation preferentially developed at fracture intersections and associated alteration zones. These insights are directly informing the design of an expanded 5,000-metre Phase 3 drilling program scheduled to commence in the third quarter of 2026.

First Modern Airborne Geophysical Survey Advances Targeting

To complement drilling, Infini completed a 2,230 line-kilometre helicopter-supported airborne electromagnetic and magnetic survey across approximately 252 square kilometres of the Portland Creek tenement package. This represents the first modern geophysical survey at the project and has delivered a high-resolution dataset that materially enhances structural interpretation and uranium target generation.

The magnetic data is being used to map major fault sets, structural intersections, and demagnetised zones indicative of hydrothermal alteration. A high-resolution airborne radiometric survey covering 737 line kilometres was also initiated during the quarter to further refine targeting. Field activities, including ground-truthing through mapping and sampling, are planned for Q3 2026 ahead of the Phase 3 drill campaign.

Financial Position and Corporate Update

Infini closed the quarter with a healthy cash balance of $6.364 million, maintaining a strong financial footing to support its exploration programs. Exploration expenditure during the quarter was $1.37 million, reflecting active fieldwork and survey costs.

The company announced a key management change with the appointment of Jay Stephenson as Chief Financial Officer effective 1 August 2026, succeeding Paul Hughes who will transition out of the role by mid-August. Stephenson brings over 35 years of finance and corporate advisory experience, including extensive roles in the resources sector.

Other Projects Remain on Hold

No significant exploration activities were reported during the quarter at Infini’s other uranium and lithium projects, including Des Herbiers in Quebec, Yeelirrie North and Bellah Bore East in Western Australia, Tinco Uranium-Niobium in Saskatchewan, and lithium projects at Paterson Lake and Valor in Canada.