92 Energy hits elevated radioactivity at Athabasca Basin uranium project
Proceeds from 92 Energy’s $7.15 million placement will fund a major drill program in Canada’s Athabasca Basin.
Uranium explorer 92 Energy (ASX: 92E) has intersected 14m of composite elevated radioactivity at the Gemini Mineralised Zone (GMZ) within its Gemini uranium project in Saskatchewan, Canada.
The first three holes from the winter drill program all intersected elevated mineralisation.
92 Energy is exploring in the Athabasca Basin and owns 100% interest in its 21 mineral claims that make up its five projects — Gemini, Tower, Clover, Powerline Creek and Cypress River.
Gemini is located 27km southeast of the McArthur River uranium mine.
Three weeks ago, Saskatoon-based uranium producer Cameco announced it was re-opening the mine, having placed it on care and maintenance in January 2018 due to low uranium prices.
Radioactivity over 84m, open in all directions
It was one of the three holes at GMZ that intersected the 14m of composite elevated radioactivity, increasing that zone of radioactivity that has been defined to 84m across strike.
The company says all holes being drilled as part of the winter program are targeting a section associated with a strong and broad zone of clay, hematite and quartz alteration, with common fault breccias and other structures.
Drilling continues both up and down dip on this section, as well as along strike to the north and south.
92 Energy will complete 6,600m of drilling in this program.
The company says all drill holes at GMZ are hosted in intensely altered and structurally deformed basement hosted rocks.
Exploration strategy similar to those which led to major uranium discoveries
“The GMZ is open in all directions and follow-up drilling is ongoing,” the company added.
92 Energy is targeting high-grade unconformity associated uranium in the Athabasca Basin.
On the fourth hole of its inaugural exploration drilling program at Gemini last year, 92 Energy made the GMZ uranium discovery.
The company has previously noted its exploration strategy is similar to that which led to the discovery of Cameco’s world-class Key Lake uranium operations 60km away.
92 Energy is hoping to uncover a discovery similar to other notable uranium deposits in the region including NextGen Energy’s Arrow and Fission Uranium’s Triple R.