92 Energy (ASX: 92E) is gearing up to drill the Gemini project in January where it will test the extent of mineralisation at the GMZ uranium discovery.
The program will comprise 6,600m of diamond drilling and follow up on the GMZ discovery hole which intersected 5.5m at 0.12% uranium oxide (1,200 parts per million), including 1m at 0.28% uranium oxide (2,800ppm).
This contained a 0.5m sub-interval containing 0.36% uranium oxide (3,600ppm) from 234.5m to 235m.
92 Energy has also identified a 1.8km-long trend immediately to the north of the discovery hole, which it considers highly prospective and has been named the Gemini Extension target.
Managing director Siobhan Lancaster said the company was excited to get back out to Gemini to follow up on the GMZ discovery and explore other high-priority areas.
The upcoming drilling program is fully permitted and planned with a team already formed. Access works for the program will begin next month.
Well-funded to advance Gemini
92 Energy closed out the September quarter with $4.38 million in the bank.
The company added to this with a $7.15 million placement to primarily institutional investors.
Ms Lancaster said the placement proceeds ensure the company is well-funded to follow up on the GMZ discovery as well as advancing its other projects.
Athabasca Basin
Gemini is located within Canada’s Athabasca Basin, which is known to host the highest-grade and lowest cost uranium deposits in the world including Cameco’s McArthur River mine which is only 27km away.
At Gemini and its other projects, 92 Energy is exploring for unconformity-style uranium mineralisation.
“In the Athabasca Basin, uranium deposits are often discovered by following up mineralised drill holes with substantial hydrothermal alteration and major structures,” Ms Lancaster explained.
“The recent Triple R, Arrow and Hurricane discoveries are all good examples of this.”
In addition to Gemini, 92 Energy has four other projects in the Athabasca Basin – Tower, Clover, Powerline Creek and Cypress River.
Get the wire before the market opens.
The ASX small-cap stories that matter, filed before 9am AEST. Curated by the Small Caps desk.