92 Energy reveals up to 7,820ppm uranium at GMZ in final assay batch from winter program
A VTEM survey has identified multiple prospective conductors at 92 Energy’s Tower uranium project.
92 Energy (ASX: 92E) has now received all the assays from its winter drilling program that was completed in April at its Gemini project in Canada’s Athabasca Basin, with results returning up to 7,820 parts per million uranium.
Notable intercepts from the final assay batch were 8m at 2,526ppm uranium from 229m, including 1m at 7,820ppm uranium from 233.5m.
Another hole returned 2.5m at 1,690ppm uranium from 160.5m.
These holes are in addition to other highlight intercepts from the program of 17m at 3,760ppm uranium, including 8m at 6,170ppm uranium.
92 Energy managing director Siobhan Lancaster said 12 holes were completed at the Gemini Mineralised Zone (GMZ) discovery within the project, with nine of those hitting uranium.
Summer drilling program underway
The summer drilling program at GMZ is continuing, with Ms Lancaster saying results from this have returned thicker and higher-grade mineralisation.
Better assays from the summer program to-date comprise 41.8m at 5,000ppm uranium, including 6.4m at 20,000ppm uranium.
“We look forward to reporting the summer drill results as the program progresses.”
To fund ongoing drilling at GMZ, 92 Energy raised $8.7 million in mid-June.
Ms Lancaster said this program has initially 6,000m of drilling planned at GMZ and other high priority targets at Gemini.
Rising global uranium demand
The Canadian Government has designated uranium a critical mineral, which allowed 92 Energy to raise a larger amount of funds in the recent placement.
Ms Lancaster said this confirms the importance of uranium and nuclear as an avenue for governments to meet their decarbonisation and energy security goals.
One of the world’s largest uranium producers Cameco says years of underinvestment in uranium production capacity, along with the Russia-Ukraine situation have created an uncertain supply situation.
This comes amid increasing demand as the world transitions to decarbonisation and clean energies.
“There is increasing recognition that nuclear power, with its clean emissions profile, reliable and secure baseload characteristics, and low, levelised cost has a key role to play in achieving decarbonisation goals,” Cameco stated.