URC secures royalty on Forum’s Aberdeen project in Thelon basin
Publicly traded uranium royalty and streaming company Uranium Royalty Corp (URC) has announced the acquisition of a 2.0% gross overriding royalty on the Aberdeen project in Nunavut, operated by Forum Energy Metals.
The deal, valued at C$1-million, will be funded from URC’s cash reserves and is expected to close by the end of May.
Located on the north-east edge of the Thelon basin, the Aberdeen project lies directly west of Orano’s Kiggavik project, one of the biggest undeveloped uranium deposits globally, with more than 132-million pounds of uranium oxide (U₃O₈) in indicated and inferred resources, according to Orano’s latest annual report.
Aberdeen spans over 95 000 ha and is seen as a highly prospective property in what is increasingly viewed as Canada’s next Athabasca analogue.
Drilling to date at Aberdeen has returned promising high-grade intercepts, including 1.15% U₃O₈ over 2.4 m, 0.62% over 17.9 m, and 0.11% over 35.3 m, as reported by Forum in a November 2024 news release.
The agreement gives Forum the option to buy back 0.5% of the royalty for C$1-million within six months of a successful prefeasibility study. This repurchase right expires seven years after the royalty is issued.
URC, which is listed on both the Nasdaq and TSX, focuses exclusively on uranium royalties and streaming.
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