92 Energy to drill Tower project close to Cameco’s Cigar Lake uranium mine

Following exploration success at the Gemini uranium project, 92 Energy (ASX: 92E) is preparing for a maiden drilling program at the Tower project, which is close to Cameco’s world-renowned Cigar Lake mine in Canada’s Athabasca Basin.

The maiden drilling program will comprise 1,500m and kick-off in mid-September.

Tower is 10km east of Cigar Lake, which has an average reserve grade of 15.4% uranium.

Despite its proximity to Cigar Lake, Tower remains underexplored with only four holes historically drilled at the property.

Drilling will test geophysical anomalies that were identified in an airborne versatile domain electromagnetic (VTEM) survey completed last year. Drill targets were also refined using historical airborne gravity data and magnetic surveys.

92 Energy has firmed up three high-priority exploration corridors at Tower, and the upcoming drill program will focus on these.

Managing director Siobhan Lancaster said the company had been keen to drill Tower since it listed on the ASX in April last year.

“With minimal historical drilling, we consider Tower to be underexplored and highly prospective for uranium.”

Tower comprises two mineral claims covering 63 square kilometres.

Gemini success

Drilling will begin at Tower once the currently campaign at Gemini winds up.

“We look forward to testing more of our exploration models, which, to-date, have proven successful with the discovery of the Gemini Mineralised Zone (GMZ).”

92 Energy’s campaign at GMZ, within the wider Gemini project, has continued to yield success – with nine out of 12 holes from a winter 2022 program hitting uranium.

Notable results from this program were 19m at 0.22% uranium, including 0.5m at 1.73% uranium; and 17m at 0.38% uranium, including 1m at 1.06% uranium.

Meanwhile, the current summer program, which began in June has returned some of the shallowest, thickest and highest-grade mineralisation so far at the discovery.

Better results comprise 41.8m at 0.5% uranium, including 6.4m at 2% uranium; and 34.4m at 0.2% uranium.

Making up Gemini are 13 mineral claims spanning 445.3sq km.

Athabasca Basin assets

In addition to Tower and Gemini, 92 Energy also owns the Clover, Powerline and Cypress projects.

Clover is 35km west of Cigar Lake and 30km from Cameco’s other uranium operation McArthur River.

Covering 267.5sq km, Clover consists of six mineral claims.

92 Energy secured a work permit for Clover in the June quarter and has scheduled a geophysical work program for April 2023.

Powerline is only 2.5km west of Uranium City and is within 10km of 12 past producing uranium operations.

The project comprises eight claims covering 205.3sq km.

Historical rock chip sampling uncovered up to 1.8% uranium at the project.

The small Cypress project has one mineral claim encompassing 34.7sq km.

A previous VTEM survey at the asset identified a 2.4km-long conductor, which remains undrilled.