In a maiden diamond drill hole at the Parker Lake Project, Terra Uranium (ASX: T92) has identified promising radioactivity returns in Canada’s uranium rich Athabasca Basin.
Executive chairman, Andrew Vigar, said the identification of elevated radioactivity in the early stages of exploration at Parker Lake was a positive outcome.
“The presence of elevated radioactivity in our first drill hole at Parker, subject to confirmatory assays, is a very encouraging result and confirms that the Cable Bay Shear Zone is a fertile structure to host major uranium deposits, which are the focus of the T92 exploration effort.”
However, the company also revealed that the hole may not have intersected its optimal target which was defined by a strong Ground EM response.
Terra reported that potentially the maiden hole has intersected FW basement rocks, as the unconformity was intersected 80m deeper than the depth the drill hole targeted. The company aims to confirm that theory with further work.
The results will also be assessed with study of core samples sent for geochemical analysis with results expected within the next 4 weeks.
Terra has also collected physical property and remanent magnetism samples for testing in a bid to advance its understanding of geophysical characteristics of the rocks within the Cable Bay Shear Zone with respect to density, magnetics, electrical conductivity and acoustic velocity.
Chemical remanent magnetism measurements will also be used to help identify the several generations of hematite observed within the drill core.
Initial drilling plans
Terra’s maiden diamond hole in the Parker Lake Project area is also the first within a 25km zone of ZTEM basement conductors on this section of the Cable Bay Shear Zone.
It is the first of 5 targets along this zone to be tested by the company.
The company noted that the presence of a strong basement conductor hosted in non-magnetic basement rocks is analogous to the geophysical responses observed at both the rich McArthur River and Cigar Lake unconformity uranium deposits.
Upcoming work program
Terra has now demobilised the deep drill rig with drilling currently planned to recommence in the northern winter season.
Terra’s upcoming work schedule for the next six months includes further ANT geophysical surveys and associated reconnaissance sampling and mapping, reprocessing of all layers of geophysical data (gravity, magnetics and EM) using results from this drilling, a full district structural analysis and further helium results yet to be received.
The company is aiming to complete this with the construction of a 3D Earth Model to be used for targeting of the next drill campaign.
Major Athabasca land holding
Terra holds a 100% interest in 22 Claims covering a total of 1,008 sq. km forming the Hawk Rock Project, the Parker Lake Project and the Pasfield Lake Project located in the Cable Bay Shear Zone (CBSZ) on the eastern side of the Athabasca Basin in north-eastern Saskatchewan.
The projects are approximately 80 km to the northwest of multiple operating large uranium mills, mines and known deposits.
The Athabasca Basin is famed globally as the richest uranium region in the world and home to numerous high-grade discoveries and developments.
