Four months after listing on the ASX, new wave uranium explorer 92 Energy (ASX: 92E) has completed surveys across two of its Canadian projects and identified multiple prospective conductors.
The versatile time domain electromagnetic (VTEM) surveys at the Gemini and Tower projects were to map conductive graphitic rocks that are potential hosts for high-grade, unconformity-style uranium, as well as to define targets for future drilling programs.
92 Energy is exploring in the Athabasca Basin, Saskatchewan. The company owns 100% interest in its 21 mineral claims that make up its five projects: Gemini, Tower, Clover, Powerline Creek and Cypress River.
Tower is 11 km from Cameco’s Cigar Lake uranium mine, one of the largest and highest-grade uranium deposits in the world, and within a highly prospective part of the Athabasca Basin.
Uranium reported at adjacent project
Extensive clay alteration and anomalous uranium and nickel, similar to the Cigar Lake signature, have been reported by Toronto Venture Exchange-listed CanAlaska Uranium in a recent drill hole at the Waterbury South project, which is adjacent to the 92 Energy’s Tower ground.
92 Energy says that, “significantly”, the VTEM survey at Tower identified two strong linear bedrock conductors and a third conductor which may reflect a zone of hydrothermal clay — and that could be an indicator of uranium mineralisation.
Preliminary VTEM geophysical processing by Southern Geoscience Consultants had already identified several linear conductors at Tower, three of which are considered high priority.
The positive results from the northern part of Gemini are in addition to the previously reported results from the southern portion of this project which identified multiple prospective conductors and are now being drilled.
Up to 17 holes being drilled at Gemini
Late last month contractor Minotaur Drilling began on the 2,200m diamond drilling to test up to 12 high priority targets, with between 12 and 17 holes depending on depths reached.
The targets are coincident with bog and lake sediment uranium anomalies that are close to a radioactive boulder field.
92 Energy has previously noted that this scenario is similar to what led to the discovery of Cameco’s world-class Key Lake uranium operations 60km away.
The company 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.