92 Energy (92E) has expanded its portfolio in the Athabasca Basin in Canada after purchasing two uranium exploration projects.
The projects cover a combined area of 23,000 hectares and were identified using 92E's prospectivity modelling.
Notably, there has been a significant historical exploration in and around the project areas, most of this was conducted prior to the 1980s and without the use of modern techniques.
Initial analysis suggests the new projects are prospective for shallow, basement-hosted unconformity-type uranium deposits.
CEO Siobhan Lancaster is pleased with the two new projects to expand 92E's footprint in the Athabasca Basin.
"The abundance of uraninite vein occurrences, and limited exploration activity over the past 35 years, adds weight to the selection of these projects," she said.
"We are in the process of carrying out further analysis, based on historical data, to classify the significance of these uranium occurrences. This analysis will assist the company in determining our exploration plans and priorities within these projects," she added.
Further comprehensive analysis of the historical exploration is currently underway.
92 Energy is up 5.08 per cent and is trading at 31 cents per share at market close.