- Sienna Resources Inc. has acquired the Dragon Uranium Project in the Athabasca Basin of Saskatchewan
- The project is 43.88 contiguous square kilometres and borders the world’s highest-grade uranium mine, Cameco Corp.’s Cigar Lake mine
- Uranium prices have hit a 16-year high this week after the world’s biggest miner of nuclear fuel, Kazatomprom, warned it could miss production targets for up to two years
- Sienna Resources stock opened trading at $0.04 per share
Sienna Resources Inc. (TSXV:SIE) has acquired the Dragon Uranium Project in the Athabasca Basin of Saskatchewan.
The project is 43.88 contiguous square kilometres and borders Cameco Corp.’s (NYSE:CCJ) Cigar Lake mine. That is the highest-grade uranium mine in the world with an average grade of 14.69 per cent U3O8, according to World Nuclear Association data.
In 2021, the Fraser Institute ranked Saskatchewan as number one in Canada, the second-best jurisdiction globally.
This comes as uranium stocks have gathered much investor attention of late, after the world’s biggest miner of nuclear fuel, Kazatomprom, warned it could miss production targets for up to two years, driving the value of other uranium stocks higher.
“Uranium prices have hit a 16-year high this week and management feels that diversifying into uranium while keeping our lithium focus makes sense,” Sienna Resources’ president, Jason Gigliotti, explained in a news release. “Establishing a large footprint in the most prolific uranium address on the globe bordering the biggest name in uranium, Cameco, provides Sienna and Sienna shareholders with exposure to the best-performing sector in mining in the past year.”
The company’s focus had been on lithium mining, and it recently increased its acreage for a total of 7.44 contiguous square km on its Elko Lithium Project in Elko County, Nevada.
Sienna Resources Inc. explores and develops high-grade deposits and is one of the larger lithium landholders in Clayton Valley, Nevada.
Sienna Resources stock is up 33.33 per cent this week and opened trading at $0.04 per share.
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