Terra Uranium commences drilling at Parker Lake project in Athabasca Basin

Terra Uranium (ASX: T92) has begun a diamond drill program at its Parker Lake project, one of three projects it owns in Canada’s uranium headquarters.

The company’s three projects (Parker Lake, Pasfield Lake and Hawk Rock) cover 1,008 sq km located in the uranium rich Athabasca Basin of Saskatchewan — but have never seen a diamond drill bit till now.

The campaign will also drill multiple targets at the Pasfield Lake project in the current Spring-Summer period in Canada.

Diamond holes, with an average depth of 1,200m, will test both the basement unconformity and overly sandstones.

The rig is now working at Parker Lake and will then move to Pasfield Lake.

‘Classic’ Athabasca mineralisation

Terra Uranium holds a 100% interest in 22 claims forming the Hawk Rock, Parker Lake and Pasfield Lake projects which lie in the Cable Bay shear zone on the eastern side of the Athabasca Basin.

All three projects are about 80km from several large operating uranium mills and mines.

While the shear zone contains known uranium, the company says that it has seem limited exploration due its thicker transported sedimentary cover than exists at targets to the east of Terra’s ground.

The zone has 30km of “classic” Athabasca-style basement conductor, the company reports.

‘Best-in-class’ target to be drilled first

Executive chairman Andrew Vigar says that, over the past nine months, Terra has completed, in rapid time, multiple sophisticated geophysical and geochemical surveys throughout is 1,008 sq km portfolio.

“These have identified multiple best-in-class Athabasca unconformity targets,” he said.

The company’s first diamond drill hole will be at an anomaly at Parker Lake which has all the “correct responses for success” — a conductor that exceeds 30km in length and which has never before been tested.

Athabasca a premium uranium province

Canada’s Athabasca Basin is seen as a premium uranium province hosting the world’s largest and highest-grade uranium deposits.

Terra says it is using the very best people available and leveraging the company’s in-depth knowledge of the basin’s structures and deposits from its exploration headquarters in Saskatoon.

The targets are major discoveries under cover.

“We have a philosophy of doing as much as possible internally and working closely with the local communities,” the company stated.

Targeting Tier-1 deposits

The management and board team have, between them, more than 100 years of experience in the uranium sector.

The company says it aims to pursue cost-effective exploration.

Its aims are ambitious: Terra says it is looking for discoveries that will be in the same category as the huge McArthur River and Cigar Lake mines operated by Canada’s uranium major, Cameco.