92 Energy achieves highest-grade uranium results to date from drilling at Gemini Mineralised Zone

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By Imelda Cotton - 
92 Energy ASX 92E Gemini Exploration Project uranium capital raise

Proceeds from 92 Energy’s $7.15 million placement will fund a major drill program in Canada’s Athabasca Basin.


92 Energy (ASX: 92E) has confirmed more strong uranium results from a summer drilling campaign at the Gemini Mineralised Zone (GMZ) within the Gemini project in Canada’s prolific Athabasca Basin.

The results include the highest-grade zone of mineralisation identified at GMZ to date.

Assays from six of a total 21 holes for 6,095 metres returned a best result so far of 43m at 0.62% uranium oxide, including 6m at 2.17% uranium oxide, within 18m at 1.16% uranium oxide.

Other intercepts were 34.5m at 0.32% uranium oxide, including 3m at 0.86% and 2.5m at 0.97%; and 11m at 0.35% uranium oxide, including 5m at 0.57% and 37m at 0.22% including 1m at 0.79%, 0.5m at 2.09% and 0.5m at 2.01%.

Mineralisation was intersected at depths as shallow as 60m vertically from surface and drilled to at least 210m.

It was defined over a 220 square metre area and remains open to the north, northwest, southeast and southwest, with 1.8 kilometres of additional prospective structural trend to the north of GMZ.

Exceeding expectations

Managing director Siobhan Lancaster said the results had exceeded the company’s expectations.

“The standout drill hole returned 43m at 0.62% uranium oxide … it is exceptional by global industry standards and demonstrates the potential of GMZ,” she said.

“Other holes also returned thick intervals of uranium mineralisation we believe significant upside remains at GMZ as the mineralisation remains open in multiple directions.”

Ms Lancaster said the company was planning a follow-up winter campaign at GMZ to target untested prospective areas within the zone and along strike.

Athabasca projects

92 Energy has 100% ownership of five projects in and around the Athabasca Basin, including Gemini which hosts the GMZ uranium discovery.

The company is aiming to make a discovery similar in size and grade to world-renowned deposits and operations in the area.

These include NexGen Energy’s Arrow project (currently Canada’s largest development-stage uranium deposit); Fission Uranium’s Triple R high-grade discovery; and Cameco’s Cigar Lake, McArthur River/Key Lake and Rabbit Lake operations.