92 Energy acquires Wares uranium property in Canada’s prolific Athabasca Basin
A VTEM survey has identified multiple prospective conductors at 92 Energy’s Tower uranium project.
Perth-based explorer 92 Energy (ASX: 92E) has acquired 100% of the highly-prospective Wares uranium property located in the northern region of Canada’s prolific Athabasca Basin.
The property comprises two mineral claims over 12.84 square kilometres and sits approximately 6km south of the Basin’s northern edge.
It is directly adjacent to the Wares uranium occurrence discovered in 1979 by Shell Canada Resources and defined by a single drill hole which intersected 0.18% uranium oxide over 0.1m at the unconformity.
The property was last explored during the mid-2000s and despite encouraging historical results, the mineralisation was never followed up with drilling or modern exploration techniques.
92 Energy said historical airborne electromagnetic surveys had defined a broad series of conductors running through the Wares property and interpreted to extend through the occurrence.
Initial analysis suggests Wares is prospective for shallow, unconformity associated mineralisation which aligns with the company’s strategy of exploring for large, high-grade uranium deposits in the world-class Athabasca region.
92 Energy has an opportunity to revisit the historical data and plan a modern drilling program immediately adjacent to the occurrence.
Past exploration results
Managing director Siobhan Lancaster said the Wares acquisition was attractive due to its past exploration results.
“ historical intersection of uranium mineralisation at the unconformity immediately adjacent to the property boundary and within a broad zone of electromagnetic conductors,” she said.
“Several recent discoveries in the Athabasca Basin have been made by follow-up drilling next to anomalous historical drill holes with this in mind, we are keen to drill adjacent to the Wares uranium occurrence with the aim of repeating the success of these other companies.”
Similar discoveries
Ms Lancaster said the company was buoyed by similar discoveries at Roughrider (owned by Hathor Exploration) and Hurricane (IsoEnergy) in the same region.
“These deposits can be attributed to identifying and following up on prospective historical drill results previously passed over,” she said.
Roughrider was discovered in 2008 after a detailed historical re-logging program of drill core which guided subsequent ground geophysical programs.
The discovery drill hole intersected 11.9m averaging 5.29% uranium oxide.
In 2011, the deposit was reported to contain an indicated 17.2 million pounds of uranium oxide at an average grade of 1.98% and an inferred amount of 40.7Mlbs at an average 11.43%.
IsoEnergy identified Hurricane in 2018 within the Larocque Trend on its Larocque East property.
Drilling intersected thin, intermittent mineralisation along trend, including one hole which hit 0.06% uranium oxide over 0.5m in the lower sandstone.
Earlier this year, Hurricane’s indicated resource was reported to be 48.6Mlbs uranium oxide at an average grade of 34.5%, while the inferred totalled 2.7Mlbs at an average grade of 2.2%.
Hurricane is currently considered to be the world’s highest-grade uranium deposit.