Utah's Uranium Ghost Mines Revived for US Energy Push

VANCOUVER, BC – January 26, 2026 – In a strategic move capitalizing on a global push for energy security, Terra Clean Energy Corp. has announced a deal to acquire a 100% interest in a historically significant uranium project in Utah. The agreement targets the Prospector Freedom Mines Project near Marysvale, a site that once played a pivotal role in America's uranium production before falling silent for over half a century.

The acquisition positions the Canadian exploration company to apply modern technology to a district that was abandoned not for lack of resources, but due to a market collapse in the late 1960s. With uranium now officially on the U.S. list of critical minerals and strong government support for nuclear power, Terra's venture represents a significant bet on the revival of domestic uranium supply chains.

A Legacy Unearthed in a Favorable Climate

The Marysvale mining district, where the project is located, is steeped in history. Between 1949 and 1969, the area was a hotbed of activity, producing over 1.33 million pounds of U3O8. According to historical records from the U.S. Atomic Energy Commission, the mines within Terra's new project area—including the Prospector 1, Prospector 4, and Freedom Mines—were responsible for more than 75% of that output. These were not small-scale operations; by the mid-1950s, several of the mines were interconnected by underground drifts, operating as a single, consolidated entity.

Mining operations ceased abruptly in 1969 as the uranium market cratered, leaving substantial resources in the ground. This historical context is central to the project's modern appeal. “The opportunity here is you have an historic uranium district that was never systematically drilled and after decades it will finally get modern mining technology,” stated Greg Cameron, CEO of Terra Clean Energy. “It is clear from the moment you arrive you are in a uranium district with many old workings, adits, shafts and old infrastructure.”

The timing of the acquisition is critical. The U.S. government's recent designation of uranium as a critical mineral is designed to bolster domestic production and reduce reliance on foreign suppliers like Russia and Kazakhstan. This policy shift can streamline permitting, fast-track regulatory approvals, and unlock eligibility for federal funding and grants, creating a favorable tailwind for projects like the Prospector Freedom Mines.

Blending History with Modern Exploration

While the project's past is a major draw, its future hinges on modern science. Terra Clean Energy plans to deploy advanced exploration techniques to re-evaluate and potentially expand the known mineralization. The company's strategy moves beyond simply re-examining old data; it involves creating a comprehensive new picture of the deposit.

“We believe strongly that we can expand on the previous work through modern exploration technologies like 3D modelling,” said Trevor Perkins, the company's Vice President of Exploration. This approach will be complemented by air and ground-based radiometric surveys to detect near-surface uranium signatures and trenching to analyze anomalies.

The geological setting is promising. The uranium deposits in the Marysvale district are high-grade, vein-style systems. Historical drilling conducted in the 1970s, after the mines had closed, suggested that the ore bodies continue for at least another 600 feet below the deepest historical workings, which reached depths of 700-900 feet. Terra’s initial exploration program will aim to confirm and delineate these deeper extensions, potentially adding significant new resources to the historical estimates. By digitizing all available historical mining and production data, the company aims to build a robust structural model to guide efficient and targeted drilling.

The Financial Blueprint for Revival

Terra Clean Energy has structured the acquisition through a staged earn-in agreement, a common strategy in the mining industry that allows for prudent capital deployment and risk management. To secure a 100% interest in the 39.5-hectare property over five years, the company will make phased cash payments totaling USD$417,500, issue 3.75 million common shares, and invest USD$950,000 in on-site exploration expenditures.

This tiered structure allows the company to advance the project based on positive results at each stage, ensuring that shareholder capital is deployed effectively. As part of the deal, the original vendors will retain a two percent net royalty on future production. Terra holds an option to purchase half of this royalty for USD$500,000, giving it a path to increase its stake in the project's long-term economic output.

To support the project and enhance its market visibility, Terra has also initiated new marketing campaigns. The company has engaged Florida-based Ares Capital Markets Group for a three-month, US$100,000 digital marketing campaign in North America, and Germany-based Aktien Check for a one-month, 25,000 Euro campaign targeting European investors. These agreements are designed to broaden investor awareness as the company adds this promising U.S. asset to its portfolio.

Navigating the Path Forward

The Prospector Freedom Mines Project adds a third key jurisdiction to Terra's portfolio, which already includes the developing South Falcon East project in Canada's prolific Athabasca Basin and exploration properties in Wyoming. This diversification across top-tier North American uranium districts positions the company to capitalize on the growing demand for nuclear fuel.

Moving forward, the project will be subject to regulatory oversight from the Bureau of Land Management (BLM), which governs the unpatented mining claims. The company will need to navigate modern environmental standards, a stark contrast to the regulations of the 1950s. The site's proximity to the Fishlake National Forest will necessitate careful planning and adherence to strict environmental protocols to mitigate the impact of renewed exploration activities.

Company leadership remains confident that the project's potential outweighs the challenges. “This project offers significant upside as it is clear that these old mines were abandoned in the 1970’s due to a uranium market collapse not because they ran out of uranium to mine,” Cameron stated. With a clear exploration plan and a supportive policy environment, Terra Clean Energy is poised to begin the work of determining just how much uranium was left behind in the mountains of Utah.