Fermi Exploration Ltd’s properties are split between in and around the Athabasca Basin, northern Saskatchewan, and the prolific Central Mineral Belt, in Labrador.
In Saskatchewan, the portfolio of nineteen properties, with a collective area of 110,317 ha (1103.17 km2) was assembled through staking – following detailed technical reviews, seven of the properties are located within the world famous Athabasca Basin itself, two in the Beaverlodge district, and eight around the Athabasca Basin, targeting pegmatite, intrusion and unconformity related uranium mineralisation.
In Labrador, the Drake Lake Silas Property lies within 1km of the Moran Lake ‘C’ Zone, which hosts a historical resource of over 5M lbs U3O8 (indicated) and 5.82M lbs U3O8 (inferred).
The portfolio enjoys substantial funding to capitalise on the exploration opportunities with high-impact exploration planned throughout 2025.
Badger Lake
Located in the southwest of the Athabasca Basin, 30 km east of the Patterson Lake Uranium Trend, this project is near world-class deposits such as Fission Uranium’s Triple R Project and NexGen’s Arrow Deposit, with which Badger Lake shares geophysical similarities. A major target in the center of the project remains untested. Recent fieldwork (October 2024) included soil, radon, and biogeochemical sampling, with results pending. Additionally, an airborne magnetic and electromagnetic survey was conducted in February 2025
Perch River
Located in the northeast of the Athabasca Basin, around 6 km from the basin edge, Perch River's principal target, the Rapids Zone, sits in a geophysically prospective area where modern surveys are still pending. Geochemical and radon sampling over the Rapids Zone in the summer of 2024 revealed uranium, lead isotopic, and radon anomalies, along with elements associated with unconformity-related uranium.
East Hawkrock
Located in the northeast of the Athabasca Basin, this project is in a structurally prospective area. Previous exploration near but not within East Hawkrock indicated the presence of potentially conductive lithologies, which are critical for uranium mineralization. However, no single survey has ever been conducted, and drilling has been limited.
West Hawkrock
Located approximately 10 km from the East Hawkrock Project, West Hawkrock contains multiple untested historical conductors. Overlying these conductors are instances of elevated uranium in lake sediments, as well as elevated arsenic, nickel, molybdenum, zinc, and lead—all recognised as tracers of unconformity-related uranium mineralization in the Athabasca Basin. Limited drilling has been carried out, and the project exhibits two radioactive springs.
Kernaghan
Located 11 km northeast of ISO Energy’s Hurricane Deposit and 13 km from the eastern edge of the Athabasca Basin, Kernaghan has seen limited exploration. However, elevated radon levels in lake water indicate a potentially prospective magnetic low.
In 2023, Power completed an electromagnetic survey, while Fermi Exploration Ltd conducted a geophysical analysis, with results pending.
Durrant Lake
Historical work identified eight northeast-southwest trending geophysical conductors in the northeastern part of the project, none of which have been drill-tested. Additionally, a historical helium-in-lake-water survey returned elevated results associated with these conductors.
In 2023, Power completed an electromagnetic survey, while Fermi Exploration Ltd conducted a geophysical analysis, with results pending.
Richards Lake
Located in the north of the Athabasca Basin, 14 km south of the Fond du Lac Uranium Deposit, this project is crossed by major fault structures similar to those found near the Fond du Lac deposit.
Thibault Lake
Located 15 km from the northern edge of the Athabasca Basin, Thibault Lake has historical exploration results of up to 6.6% U3O8 (5.6% U) from uranium-rich veins and a non-compliant resource estimate of 65,000 lbs at an average grade of 0.83% U3O8 . The principal targets lie near this resource in a location overlying a major crustal-scale fault structure, similar to the world-famous Beaverlodge District. Despite an exploration history dating back to the early 1950s, the project has never been assessed for this type of uranium mineralisation. In 2024, Fermi completed a combined magnetic and radiometric survey, supplemented by a small field campaign. Results are pending.
Clearwater
Located 15 km west of Uranium City, Saskatchewan, this project hosts multiple tested uranium occurrences associated with major faults, characteristic of Beaverlodge-type mineralisation. Following a geophysical survey in 2023, Fermi Exploration conducted a small field program in 2024 to test a target in the northeast of the project.
Tait Hill
Located 35 km from the northern edge of the Athabasca Basin, the Mullins Lake Target in the south of the project has been identified as geologically analogous to the Rössing Uranium Mine.
Following initial field campaigns in 2023 and 2024, combined radon in water, soil, biogeochemical sampling, and prospecting identified a significant area of uranium and 206/204Pb isotopic anomalism nearby to the edge of a significant igneous intrusion with a significant radiometric anomaly – a highly prospective location for intrusive hosted uranium.
Reitenbach
Located 120 km from the eastern border of the Athabasca Basin, historical exploration identified multiple uraniferous boulder trains and highly elevated lake sediment results (452 and 508 ppm U) in the north of the project. Following a 2023 magnetic and radiometric survey and sampling in 2024, a significant uranium target was identified under thick glacial cover, with exploration planned in 2025 to improve the company's understanding of this feature.
Cook Lake
Located southwest of the Athabasca Basin, this project is centred on anomalous uranium values in lake sediments. A magnetic survey in 2023 revealed multiple prospective fault structures, one of which was targeted in 2024 for a small combined soil and radon sampling campaign.
E-12
Located along a provincial highway, airborne magnetic surveys in 2023 revealed untested fault structures in the north of the project. In 2024, these structures were subjected to systematic soil and radon sampling.
Soaring Bay
Located approximately 100 km south of the Athabasca Basin, the principal target is a major shear structure where historical exploration indicated highly anomalous radon levels. Fieldwork in 2023 by Power Metal confirmed and expanded upon these findings. In 2024, Fermi conducted an airborne magnetic and radiometric survey to enhance the structural understanding of the project.
Old Woman Rapids
Located 120 km south of the Athabasca Basin edge, within the Mudjatik Domain (a highly prospective belt with ongoing exploration), this project contains multiple untested radiometric anomalies in the west.
Pardoe
Pardoe is located 35 km southeast of the Athabasca Basin, in a region with over 33 km of inferred geophysical conductors and multiple historical uranium occurrences. Despite this, the project has never undergone significant, targeted, or systematic exploration. Geophysical conductors are traditional targets for unconformity-related mineralisation inside and outside the Athabasca Basin. Five priority targets have been identified, with exploration set to begin following snowmelt.
Fortin River
Initial geophysical surveys at Fortin River have identified a potential impact crater on the property. Similar craters in Northern Saskatchewan are known to host unconformity-related uranium mineralisation, with the nearby Carswell Crater having produced over 62 million pounds of uranium. The company is currently conducting a detailed geophysical analysis of the property and evaluating exploration options
The Drake Lake-Silas Project is situated within the Central Mineral Belt (CMB) of Labrador, a 100 km by 30 km region known for its diverse geology and significant uranium mineralisation. The CMB, in contrast to the Athabasca Basin, has fewer operators, with Latitude Uranium (ATHA Energy Corp) and Paladin Energy holding the majority of claims. The belt spans multiple structural provinces, including the Archean Nain, Paleoproterozoic Makkovik and Churchill, and Mesoproterozoic Grenville provinces. While primarily recognised for uranium, the region is also prospective for copper, molybdenum, rare-earth elements, and potential Iron Oxide Copper Gold (IOCG) deposits.
The geology of the Drake Lake-Silas Project is dominated by the Helikian-age Heggart Lake Formation, consisting of sedimentary rocks such as sandstone and conglomerates, which overlie the Aphebian-age Joe Pond Formation. The latter consists of metamorphosed mafic volcanic rocks, including pillow basalts, and localised metasedimentary units like shales and iron formations.
Nearby uranium deposits highlight the project’s prospectivity. Within 1 km of the property, the Moran Lake ‘C’ Zone hosts a historical resource of over 5M lbs U3O8 (indicated) and 5.82M lbs U3O8 (inferred). This zone is subdivided into Upper and Lower ‘C’ Zones, Trout Pond, and Armstrong, with mineralisation hosted in altered mafic volcanics and shear zones, similar to those in the Joe Pond Formation. Additionally, the Lower ‘C’ Zone differs in its host rock, consisting of sandstone and conglomerates overlying volcanic sequences of the Bruce River Group. Alongside uranium, the area contains an inferred vanadium resource of 15.81M lbs V2O5.
The Drake Lake-Silas Project hosts two known uranium occurrences and one copper showing. The ‘No. 16’ prospect, located along strike from Moran Lake ‘C’ Zone, features a strong radiometric anomaly with assay results up to 2.02% U3O8 . It likely represents an extension of Moran Lake mineralisation. The ‘No. 15’ prospect, 1.7 km southwest of No. 16, contains uranium in east-west-trending fractures, with historic drilling intersecting 0.27% U3O8 over 0.20m. The ‘Northeast Silas Lake Copper showing’ includes chalcopyrite mineralization within shale.
In 2023, Xcaliber Multiphysics conducted an airborne gravity and magnetic survey over the property, this survey was supplemented by Fermi Exploration in 2024 by a combined radon, soil and biogeochemistry campaign across key targets on the project.
An eight-hole diamond core drill programme is planned to commence in June 2025 (following necessary permits) and is designed to test four initial targets. More information on the proposed drill programme are in the following RNS →
