92 Energy to begin drilling GMZ uranium discovery in Athabasca Basin

92E Energy ASX Gemini Mineralised Zone Winter Drill Program GMZ Uranium Discovery Athabasca Basin
The GMZ discovery hole intercepted 0.5m at 3,600ppm uranium from 234.5m.

Later this week 92 Energy (ASX: 92E) will begin its much-anticipated drilling program at the GMZ uranium discovery within its wholly-owned Gemini project in Canada’s Athabasca Basin, which is known to host the worlds highest-grade uranium deposits.

The company revealed this morning two diamond rigs, equipment and personnel have arrived at the site.

Drilling will comprise 6,600m and start this weekend, with the first rig to focus on following up the discovery hole at GMZ that was made during 92 Energy’s inaugural program in September last year.

The discovery hole intersected 5.5m at 1,200 parts per million uranium, including 1m at 2,800ppm uranium, with a highest-grade sub-interval of 0.5m at 3,600ppm uranium from 234.5m.

GMZ is on the east side of the Athabasca Basin in northern Saskatchewan.

Other high priority targets

A second rig will evaluate other high priority targets across Gemini, including a 1.8km-long trend north of GMZ.

Collectively, 92 Energy has named this area the Gemini Extension Target (GMX).

The second rig will also follow up on historic holes that returned significant alteration at Camp West and Wilfried.

92 Energy noted low levels of uranium were also unearthed at Wilfried.

In good company

The Athabasca Basin is known to host the world’s highest-grade and lowest cost uranium deposits, including Cameco’s McArthur River mine, which is 27km from Gemini.

Gemini is also only 60km northeast of the Key Lake uranium mill.

As well as McArthur River, other world renowned assets in the region include NextGen Energy’s Arrow deposit and Rio Tinto’s (ASX: RIO) Roughrider project.

“In the Athabasca Basin, uranium deposits are often discovered by following up mineralised drill holes with substantial hydrothermal alteration and major structures,” 92 Energy managing director Siobhan Lancaster explained.

The company’s other projects in the basin include Tower, Clover, Powerline Creek and Cypress River where it is looking for unconformity-style uranium mineralisation.

All-up, 92 Energy owns 100% of 30 mineral claims in the McArthur Basin.

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