92 Energy kicks off maiden diamond drilling program at Tower uranium property
92 Energy’s drilling program will assess five eastern and western structural corridors defined from geophysical survey results and historical data.
Perth-based explorer 92 Energy (ASX: 92E) has commenced diamond drilling at its wholly-owned Tower Property in Canada’s prolific eastern Athabasca Basin uranium district.
The helicopter-assisted 1,600-metre maiden program will evaluate five highly-prospective eastern and western structural corridors defined from results of earlier airborne geophysical survey results combined with historical data.
The eastern corridor measures 6 kilometres in length and will be tested by three drill holes, with the unconformity expected to be within 150m of surface.
The western corridor measures approximately 4.5km and will be tested by two holes, with the unconformity expected to be within 275m.
The interpreted structural setting of both corridors is believed to bear some similarities to regional uranium deposits at Rabbit Lake/Eagle Point (owned by Cameco Corporation) and McClean Lake (owned by Orano Canada).
These deposits have historically produced 203 million pounds and 50Mlbs of uranium, respectively.
Tower location
Tower is located 10km from the world’s highest-grade uranium mine at Cigar Lake (also owned by Cameco), which has a total mineral reserve of 152.4Mlbs uranium oxide grading 15.41%.
It has been historically tested by four drill holes and has not been subject to any significant exploration effort since 2015.
Saskatchewan contractor Bryson Drilling will use one diamond rig to drill at Tower with a view to uncovering large, near-surface, high-grade uranium deposits in the Tier 1 jurisdiction.
Proven techniques
92 Energy managing director Siobhan Lancaster said the company is keen to put its proven exploration techniques to work at Tower.
“Detailed review and interpretation of available exploration data at Tower has identified compelling structural corridors which we believe have direct analogies to high-grade uranium deposits in the Athabasca Basin,” she said.
“Our objective is to discover a deposit similar in terms of size and grade to Cigar Lake.”