New wave uranium explorer 92 Energy (ASX: 92E) has intersected mineralised zones areas with grades greater than 1% uranium oxide in two of the final drill holes at its GMZ target in Canada’s Athabasca Basin.
As the company explains, 1% uranium oxide is more than 10 times the average grade of mined uranium deposits elsewhere in the world.
92 Energy is exploring in the Athabasca Basin, Saskatchewan, of which the company owns 100% interest in its 21 mineral claims that make up its five projects: Gemini, Tower, Clover, Powerline Creek and Cypress River.
The Gemini prospect is known as the Gemini Mineralised Zone, or GMZ, and is located 27km southeast of the world renowned McArthur River uranium mine.
92 Energy has now received assays from the four final drill holes of the winter season.
Potential to be ‘globally significant discovery’
Hole 022 returned 17m of continuous uranium mineralisation, averaging 0.38% with a sub-interval of 1m at 1.06%.
Another hole (Hole 017) hit 20.5m of continuous mineralisation averaging 0.14%, including 1.5m at 0.54% uranium oxide.
Hole 019 returned 19m at 0.22%, including 0.5m at 1.73% uranium oxide.
The fourth hole (Hole 023) went through 12m of mineralisation assaying 0.19% with 1.5m at 0.51% of uranium oxide.
92 Energy managing director Siobhan Lancaster said that, with the tenor and thickness of mineralisation improving to the west and southwest, the company is looking forward to an aggressive follow-up drill program.
That program will begin next month.
“To intersect high-grade uranium mineralisation at this very early stage in the GMZ discovery is tremendous and adds to our confidence that the GMZ has the potential to be globally significant discovery,” Ms Lancaster added.
Pending shortage of uranium
She said that, with a pending shortage of uranium supply due to 10 years of under-investment in exploration and development, and the increasing push by governments around the globe for secure, base load, carbon-free nuclear energy, the timing for a new uranium discovery “has never been better”.
92 Energy is targeting high-grade unconformity associated uranium in the Athabasca Basin, Saskatchewan.
On the fourth hole of its inaugural exploration drilling program, 92 Energy made a uranium discovery at its Gemini project last September.
92 Energy has previously noted that 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.