92 Energy to restart drilling at Gemini uranium discovery
92 Energy’s GMZ uranium discovery is 27km southeast of the McArthur River uranium mine.
Perth-based uranium explorer 92 Energy (ASX: 92E) is preparing to resume drilling at its Gemini uranium discovery in Canada’s Athabasca Basin.
The company today confirmed an initial 4,000-metre diamond drilling program will start in the first week of February. The program aims to expand the Gemini Mineralised Zone (GMZ), which has already been defined over an area of 220m by 200m with uranium mineralisation identified between 60-210m below surface.
The work will also test prospective areas highlighted by a geophysical program that was completed during the last quarter.
Processing and interpretation of the ground electromagnetic and drone magnetic survey data is currently underway with identified high-priority drilling areas to be revealed once final data is received and reviewed.
Recent drilling at GMZ confirms continuity and thickness of uranium mineralisation
Meanwhile, final assays were received from the (Canadian) summer 2022 drilling program, confirming continuity and thickness of uranium mineralisation at the GMZ.
Significant intercepts from this program included 43m at 0.62% uranium oxide (6,190 parts per million) including 6m at 2.17% (21,680ppm) and 56.5m at 0.28% (2,801ppm) including 1m at 1.13% (11,250ppm).
92 Energy managing director Siobhan Lancaster said Gemini is emerging as a “substantial high-grade uranium discovery with significant growth potential”.
“In light of these results, we moved quickly to prepare for a new round of drilling which is set to start in a fortnight.”
“This drilling is aimed at extending the known high-grade mineralisation and therefore has the potential to generate substantial value for shareholders,” she added.
A total 10,187m has been drilled at the GMZ to date in 34 holes.
Drilling completed at Tower prospect
Also during the December quarter, a maiden drilling program was completed at the company’s Tower prospect with anomalous uranium concentrations intersected in two of four drill holes.
One hole that cored a composite of 2m of anomalous uranium was associated with elevated concentrations of unconformity-associated uranium pathfinder elements arsenic, boron, cobalt, lead and nickel.
Share placement completed
In December, 92 Energy announced a placement to raise $2.2 million to help fund its exploration at the Gemini project with a focus on the GMZ and along strike to the north at the Gemini Extension Zone (GMX).
The placement was completed at $0.50 per share, representing a 9% premium to the last closing price and a 6% premium to the five-day volume weighted average price at the time.