Exploration company Thunderbird Resources on Wednesday announced its decision to concentrate all efforts on the high-potential uranium assets in Canada’s Athabasca basin, following a strategic review of its project portfolio.
The review highlighted a compelling case for prioritising uranium, leading Thunderbird to discontinue its lithium ventures in Ontario.
Consequently, the Morrison River option agreement will be cancelled and discussions regarding the Frazer Lake option agreement have started, with all related work currently suspended.
Under the agreement with PGA over Frazer Lake, Thunderbird will pay 1.2-million shares at A$0.10 a share before June 1. No further payments are required should the company withdraw from the option agreement.
The suspension of resources makes it challenging to conduct the necessary on-ground fieldwork, including a small drill programme, to make an informed acquisition decision before the option term expires on September 30.
Commenting on the board’s strategic direction shift, executive chairperson George Bauk cited uranium prices above $90/lb with projections for further increases.
“We have recently received drilling permits for our number one project at Hidden Bay and we would like to make this our priority. We also have other great assets in the Athabasca Basin and diverting resources of both people and money to the lithium properties in Ontario simply doesn’t make sense.
“As a small company, we need to make sure we allocate resources to projects that we believe will deliver the best
shareholder returns,” he said.