92 Energy expands Gemini Mineralised Zone uranium discovery with more drill intercepts
92 Energy’s GMZ uranium discovery is 27km southeast of the McArthur River uranium mine.
92 Energy (ASX: 92E) has expanded its Gemini Mineralised Zone (GMZ) discovery in Canada’s Athabasca Basin, with drilling uncovering more near-surface mineralisation.
The summer drilling program is underway at the discovery where 12 of 14 holes have hit uranium mineralisation.
Notable results were 32.6m of total composite mineralisation in holes GEM22-035 and 34.2m of composite mineralisation in hole GEM22-037.
92 Energy managing director Siobhan Lancaster said drill results from GMZ “continued to impress” as the company expands the scale of mineralisation and its geological understanding.
“Our exploration so far indicates that the GMZ remains open in several directions, which is highly encouraging in light of the high-grade hits already encountered.”
Drilling is continuing at the project and is expected to be completed by late August.
Assays from the program are expected in four-to-six weeks.
Gemini uranium project
GMZ is part of the wider Gemini project, which is prospective for high-grade unconformity uranium mineralisation.
The company’s aim is to make a similar discovery to world renowned deposits and operations in the Athabasca Basin including NextGen Energy’s Arrow, Fission Uranium’s Triple R, and Cameco’s Cigar Lake, McArthur River/Key Lake and Rabbit Lake operations.
Final assays from the winter drilling program at GMZ were received last week.
Highlight results from this program were 8m at 2,526 parts per million uranium from 229m, including 1m at 7,820ppm uranium from 233.5m; and 2.5m at 1,690ppm uranium from 160.5m.
Other notable results from that campaign were 17m at 3,760ppm uranium, including 8m at 6,170ppm uranium.
Meanwhile, preliminary assays from the summer program that is underway have returned 41.8m at 5,000ppm uranium, including 6.4m at 20,000ppm uranium.
To fund its fast-tracked exploration at Gemini and other claims in the Athabasca Basin, 92 Energy raised $8.7 million last month.
92 Energy says the Canadian Government is supportive of uranium exploration and development and has designated uranium a critical mineral.