Vancouver — Shareholders of the newly renamed Trigon Uranium (TEL-V, TELWF-O) have to be happy with its diversification from diamonds into uranium earlier this year, especially in light of surging prices for the energy metal and the corresponding rally in the stock price.
The junior uranium explorer recently boosted its southeastern Utah land position around the Henry Mountains project to more than 70 sq. km in the district that hosts a number of significant deposits.
The move comes on the heels of the company’s plan to spin out its northern Canadian diamond assets into a new company.
Uranium deposits in the Henry Mountains region include the Tony M, Southwest, Copper Bench and Indian Bench deposits of Denison Mines (DML-T, DMLCF-O) as well as the Frank M deposit of Energy Metals (EMC-T, EMU-N).
Trigon also holds the Marysville uranium project in south-central Utah. From the 1950s through the mid-1960s, the district produced about 1.1 million lbs. of U3O8 at an average grade of 0.22% U3O8.
Shares in Trigon have rallied from the 20 level in October to recently soar to the $1.20 level, testament to the valuations placed on the uranium sector. With 41.9 million shares outstanding the junior posts a $50-million market capitalization.
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