Paladin Energy Ltd has announced a significant high-grade uranium discovery at its Patterson Lake South (PLS) project in Saskatchewan's Athabasca Basin. The Atlas discovery, identified during the 2026 winter drilling program, is located 3.5 kilometres south of the company's Triple R deposit and 4.5 kilometres southwest of Saloon East.
Drilling Results and Key Intercepts
Eight exploration drillholes were completed, totalling 2,408 metres, with seven intersecting significant uranium mineralisation. Key intercepts include 17.5 metres of total composite mineralisation in discovery hole PLS26-708B, with a peak interval of 8.0 metres averaging 1.75% U3O8, including 3.0 metres at 4.25% U3O8 from 190.0 to 193.0 metres. Hole PLS26-718 returned 21.5 metres of composite mineralisation across two intervals, the largest being 14.5 metres averaging 1.70% U3O8, including 5.5 metres at 2.86% U3O8. Hole PLS26-722 intersected 30.0 metres of composite mineralisation across seven intervals, with a top interval of 11.0 metres averaging 1.79% U3O8, including 5.0 metres at 2.94% U3O8.
Discovery Method and Geological Context
The Atlas discovery was identified following a large-scale ground geophysical survey conducted from February to June 2025, which revealed a highly prospective anomaly within the broader Saloon Trend. This anomaly was located 4.5 kilometres southwest of anomalous uranium concentrations previously identified at Saloon East. Drill testing of the geophysical target intersected new high-grade basement-hosted uranium mineralisation starting approximately 160 metres downhole. The mineralisation remains open along strike and at depth, indicating potential for further expansion.
Ongoing Exploration and Resource Development
The 2026 winter drilling program also included resource conversion and extension drilling at the Triple R deposit, as well as further drilling on the Saloon Trend and regional exploration. After a short seasonal break, drills and field crews were re-mobilised to the PLS project in May to continue work at Atlas and other priority target areas. All currently identified trend targets, including Atlas, are land-based, allowing drilling to continue uninterrupted through the summer months.
CEO Statement
Paladin CEO Paul Hemburrow commented: "The Atlas discovery is a significant and very positive result for Paladin's exploration strategy and builds on our success in 2025 with the Saloon East discovery. The initial Atlas results reinforce the potential of the PLS project across multiple prospective mineral corridors and demonstrates the effectiveness of the Company's systematic targeting approach that is now focused on the land-based trends surrounding Patterson Lake. We also continue drilling the Triple R deposit to upgrade confidence in that resource, focusing on resource to reserve conversion to add value to the life of the mine."
