Terra Clean Energy Corp. Announces Agreement to Earn 100% Interest in The Prospector Freedom Mines Project in Marysvale, Utah, United States

Core Viewpoint - Terra Clean Energy Corp. is set to acquire up to a 100% interest in the Freedom & Prospector Mines Project, which includes 6 unpatented Lode Mining Claims covering 39.5 hectares in a historic uranium mining district [1][3]. Transaction Highlights - The acquisition involves a staged earn-in structure, requiring cash payments, share issuances, and exploration expenditures to gradually increase ownership from 20% to 100% [14]. - The project is located in Piute County, Utah, near the Fishlake National Forest, with good access to infrastructure [5][8]. Rationale Behind the Acquisition - Historical production from the Marysvale district recorded over 1.33 million pounds of U3O8, with over 75% sourced from the Freedom and Prospector Mines [3][8]. - The mines were abandoned in the 1970s due to a market collapse rather than depletion of resources, indicating potential for future exploration [4][3]. - Modern exploration technologies, such as 3D modeling, are expected to enhance resource identification and extraction [4]. Project Overview - The project consists of 6 contiguous claims with a history of uranium production, situated in a favorable location with access to roads, power, and water [5][8]. - The area features nearly vertical fissure veins and is characterized as an epithermal vein-style uranium system [7]. Government and Market Context - Uranium has been added to the U.S. List of Critical Minerals, which may facilitate permitting and access to federal funding for uranium projects [8]. - There is strong government support for nuclear power and uranium mining, aiming to reduce reliance on foreign nuclear fuel [8]. Exploration Potential - Preliminary assessments indicate significant remaining ore and resource potential on the property, with plans for further exploration and data acquisition [9]. - The company aims to utilize both air and ground-based radiometric surveys to develop an updated structural model for efficient drilling [9]. Marketing Agreements - Terra has engaged Ares Capital Markets Group for marketing services, with an upfront payment of USD 100,000 for a three-month period [18][19]. - Additionally, an agreement with Aktien Check for European marketing activities has been established, with a payment of 25,000 Euros for one month of services [21]. Company Background - Terra Clean Energy is a Canadian-based uranium exploration and development company, also involved in developing the South Falcon East uranium project in Saskatchewan, Canada [23].