08:48 AM EDT, 08/12/2024 (MT Newswires) -- Bedford Metals ( URGYF ) reported on Monday the results of satellite investigation at its Sheppard Lake uranium project that adjoins the Ubiquity Lake uranium project in Saskatchewan.

The results identified several positive indicators, including the identification of methane gas, which is believed to be produced by altered clays, particularly illite. Bedford said this finding is significant as unconformity-style uranium deposits in the Athabasca Basin are often associated with hydrothermal events that produce illite.

"The results of the satellite survey at Sheppard Lake are highly encouraging," Bedford President Peter Born said. "The identification of key methane and hydrogen anomalies along the northwest-trending fault provides us with a clear exploration focus. We are excited to begin field investigations in this newly identified corridor and build on these promising findings."

Bedford's share price jumped 9.6% last Friday to $2.06.