92 Energy drilling highlights substantial scale and high grades at Gemini uranium discovery

Results from 92 Energy’s (ASX: 92E) winter drilling campaign at the Gemini uranium discovery in Canada’s Athabasca Basin have highlighted scope for substantial scale and high grades.

Mineralisation containing up to 6% uranium oxide equivalent was intersected during the campaign, which comprised 16 holes for a total 4,295 metres of a planned 4,000m program.

Of this program, 1,419m was located at Gemini and 2,876m tested regional exploration areas.

Best assays were 3.8m averaging 1.3% uranium oxide equivalent including a sub-interval of 6% over 0.5m; and 14.4m averaging 0.3% uranium oxide equivalent including sub-intervals of 2.2m averaging 0.6% and 1.3m averaging 0.5%.

Three holes located 280m to the north of Gemini intersected highly anomalous mineralisation, including up to 0.6m of 0.1% uranium oxide equivalent associated with intense hydrothermal alteration and structural disruption.

Drilling 450m and 1,050m north of the discovery also encountered wide zones of hydrothermal alteration and brecciation, which appear similar to Gemini in intensity and style.

Gemini expansion

92 Energy managing director Siobhan Lancaster said there was a strong possibility of expanding Gemini to the north and planning was underway for aggressive follow-up drilling.

“It is clear that we have an important discovery and a huge opportunity at Gemini … the results demonstrate the excellent potential to host a deposit with genuine scale and high grades,” she said.

“We are particularly encouraged by drilling 280m north of the mineralised zone, where we intersected radioactivity and strong alteration reminiscent of the discovery drill hole at Gemini.”

She said the follow-up program would test promising targets with a view to unlocking the full value of the rapidly-growing asset.

Ground survey

Earlier this year, 92 Energy contracted Discovery Geophysics International and Convolutions Geosciences Inc to complete a ground electromagnetic survey over a prospective exploration area west of the Gemini discovery.

The survey identified a northeast-oriented conductor trend 1.9 kilometres in length and interpreted to represent a major graphitic fault zone.

The zone is crosscut by several north-northwest trending magnetic lows (believed to represent additional fault zones), representing high priority areas for follow up drilling.

92 Energy said there has been no history of drill testing along the western conductive trend.