06:49 AM EDT, 07/03/2024 (MT Newswires) -- Bedford Metals ( URGYF ) on Wednesday said it has accelerated its due diligence on the Sheppard Lake uranium project as recent developments underscored increasing M&A activity in the Athabasca Basin.

The recent takeover offer by Paladin Energy for Fission Uranium highlighted the growing strategic importance of uranium and reinforced Bedford's belief that the uranium industry in Canada is poised for significant expansion as nuclear energy is likely to play a key role in the clean energy transition.

"This reinforces our belief that the Sheppard Lake project and our Ubiquity Lake and Close Lake projects are strategically valuable and warrant accelerated due diligence and exploration efforts," said Bedford President Peter Born.

Sheppard Lake's strategic location and promising results from recent surveys at nearby Ubiquity Lake boosts its potential, and identifying key uranium markers provides a solid foundation for targeted exploration, the company said.