The miner says the project shows potential for unconformity-style or deeper, basement-hosted uranium mineralization.

Commodities have seen four supercycles over the past 100 years — with the last one peaking in 2008 after 12 years of expansion.

Cameco is the commercial lead for the project and has an option to attain a majority interest of up to 75%.

The Toronto-based company intersected up to 11.035 wt% total rare earth oxide and 0.025 wt% gallium oxide over 2.8 metres.

Amid efforts to move the world away from fossil fuels, energy metals are a key pathway to tackling climate change and transition towards a low-carbon future.