Bedford Metals has finalised an option agreement to acquire the Sheppard Lake Uranium Project, expanding its uranium exploration potential in Canada.

The agreement is subject to a net smelter returns royalty and adds more than 3,600 hectares (ha) of prospective ground to Bedford’s portfolio.

The Sheppard Lake Uranium Project, located just south of the Athabasca Basin’s lip, spans approximately 2,250ha and adjoins Bedford’s existing Ubiquity Lake Project.

This acquisition enables Bedford to conduct a more comprehensive exploration programme targeting high-potential uranium deposits.

The project area is known for its basement-hosted uranium mineralisation, typically found within shears or faults.

Bedford added that the main exploration target is a 4km northwest-trending electromagnetic (EM) conductor that intersects the Cable Bay Shear Zone, a promising sign for uranium discovery.

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Subsurface EM conductors within magnetic lows are considered prime targets for uranium exploration in northern Saskatchewan, a region with a history of significant uranium finds.

Bedford is reviewing its summer exploration plans to integrate the Sheppard Lake property.

Furthermore, Bedford emphasised its relationships with local communities and indigenous groups, adding that it is dedicated to collaborative efforts that yield positive benefits for these stakeholders.

Bedford Metals president Peter Born said: “I want to thank our dedicated team for their hard work in completing diligence over the past several months.

“The Sheppard Lake project expands the size and scope of the existing Ubiquity Lake Project, providing us with a further strategic advantage in this highly prospective region.”

In April this year, Bedford announced the acquisition of the Ubiquity Lake Uranium Project in Canada.