Canada-focused explorer 92 Energy (ASX: 92E) has announced the discovery of a new zone of uranium mineralisation at its wholly-owned Gemini project in the Athabasca Basin, Saskatchewan.
It has been appropriately named the ‘Gemini Mineralised Zone’ until the full extent of the discovery is determined.
The zone was identified through chemical assays of samples from a drill hole which intersected 5.5m of 0.12% uranium oxide (1,200 parts per million uranium oxide) including 1m at 0.28% uranium oxide. The highest grading assay within the sub-interval returned 0.5m of 0.36% uranium oxide (3,600 ppm) from 234.5m.
92 Energy managing director Siobhan Lancaster called the discovery an “extraordinary result”.
“The success of this program is testament to our technically-driven strategy and the world-class exploration team that designed and delivered this program.”
“We are extremely encouraged by the presence of intense hydrothermal alteration, significant structures and uranium mineralisation from drill hole GEM004,” Ms Lancaster added.
Assays show similarities to nearby major discoveries
Analysis shows the uranium mineralisation is basement-hosted, starting at about 190m vertically below the surface, and is associated with a broad and strong zone of bleaching, clay and hematite alteration controlled by fault breccias and other structures.
GEM004 was the first drill hole completed in the target area and the mineralised zone is wide open, both on section and plan view.
Ms Lancaster said the drill assays display similarities to other early holes at major Athabasca Basin uranium discoveries in terms of grade, width, alteration types and intensity.
92 Energy’s 387sq km Gemini project lies 27km southeast of the McArthur River uranium mine, one of the largest and highest-grade uranium deposits in the world. It also located 60km northeast of the Key Lake uranium mill.
Follow-up drilling planned
92 Energy will prioritise follow-up drilling in the next field program due to begin in the Canadian winter (typically January to March), with the aim to determining the extent of the mineralisation.
“The next step is to forensically review the data for insights into the geology, mineralogy and structure, update our models and be ready for a concentrated effort to gain a comprehensive understanding of this zone as soon as possible,” Ms Lancaster said.