Join today and have your say! It’s FREE!

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Please Try Again
{{ error }}
By providing my email, I consent to receiving investment related electronic messages from Stockhouse.

or

Sign In

Please Try Again
{{ error }}
Password Hint : {{passwordHint}}
Forgot Password?

or

Please Try Again {{ error }}

Send my password

SUCCESS
An email was sent with password retrieval instructions. Please go to the link in the email message to retrieve your password.

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.

Sienna acquires Saskatchewan uranium project next to Cameco asset

Jonathon Brown Jonathon Brown, The Market Online
0 Comments| January 17, 2024

{{labelSign}}  Favorites
{{errorMessage}}

  • 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.

Join the discussion: Find out what everybody’s saying about this stock on the Sienna Resources Bullboard, and check out the rest of Stockhouse’s stock forums and message boards.

The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.




{{labelSign}}  Favorites
{{errorMessage}}