Australia-listed Infini Resources on Tuesday announced the acquisition of two new uranium projects in Canada's Athabasca basin, a region known for its high-grade uranium deposits.

Under the terms of the acquisition agreement, Infini will acquire U Energy Metals, the entity holding 100% ownership of the Reynolds and Boulding Lake projects. The transaction includes a cash payment of A$100 000, the issuance of 2.62-million fully paid Infini shares valued at A$1.5-million, and A$750 000 in performance rights, subject to specific vesting conditions.

"The opportunistic acquisition of the Reynolds and Boulding Lake properties provides Infini with a strategic foothold in the world-renowned Athabasca Basin," said MD and CEO Charles Armstrong in a statement.

"As global demand for clean, reliable energy grows, securing high-potential uranium exploration projects is increasingly vital to addressing the world's future energy needs. These new assets complement our vision of building a diversified portfolio of uranium targets, alongside our Portland Creek uranium project."

The Reynolds Lake project covers an area of 677 km² in the Athabasca Basin and presents an opportunity for shallow unconformity-style uranium exploration. The site is characterised by a regional fault structure, multiple surface showings along strike, and the presence of radioactive boulders, which indicate potential uranium mineralisation.

Boulding Lake, located 32 km west of the Cigar Lake mine in Saskatchewan, offers exposure to several unconformity-style uranium targets. It lies adjacent to claims with a significant number of radioactive boulders, indicating potential uranium sources within the project area. The site’s geology includes interpreted basin sediments and favourable ice flow directions, enhancing its exploration potential.

Infini remains committed to its flagship Portland Creek project, in Newfoundland, with drilling activities set to intensify in the coming weeks, weather permitting.