The market may be under pressure today but one ASX uranium stock isn't letting that hold it back.
In early trade, Infini Resources Ltd (ASX: I88) shares are 84% to a new record high of 90 cents.
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Why is this ASX uranium stock rocketing today?
Investors have been fighting to get hold of this small cap ASX uranium stock today after it released an update on the Portland Creek project in the uranium-friendly jurisdiction of Newfoundland, Canada.
According to the release, the re-assaying of 17 soil samples above laboratory limit of detection reveals outstanding surface geochemistry. In fact, it highlights a peak assay result of 74,997 ppm U3O8. This peak result is "9,375 times background."
Management notes that the exceptionally high-grade uranium soil assays confirmed within the ~235 metre x 100 metre zone coincide with a historic radon gas anomaly. And pleasing, the zone remains open to the east and west.
It believes these results validate the initial soil assay results received, with all values exceeding the previous limit of detection of >11,792 ppm U3O8. It highlights that this confirms the soil geochemistry results at Portland Creek as some of the highest recorded globally.
Geochemical pathfinder studies have now commenced to identify any vectors that may point towards a primary uranium source proximal to the anomaly.
The good news is that there are numerous large historical radon gas anomaly contours at the project. This could indicate the potential for multiple areas of undercover uranium mineralisation to exist within the ~3.2km radiometric corridor.
Unmanned aerial vehicle magnetic survey data processing is underway to assess any structural controls tied to the "extraordinary soil geochemistry," with results expected in the coming weeks.
'World class grades of uranium'
The ASX uranium stock's CEO, Charles Armstrong, was delighted with the results and believes it could be the first of its kind for a maiden program. He commented:
These follow-up assay results confirm that the Company has encountered world class grades of uranium in soil samples at Portland Creek. I am not aware of any other explorers that have returned results close to what we are seeing here in our maiden fieldwork program. We now eagerly wait for processing of the UAV drone magnetic survey that was flown over Talus to see what potential structural controls exist linked to this special anomaly.
Infini Resources' shares are now up over 450% since this time last month.
