Terra Uranium confirms uranium potential with maiden Parker Lake diamond hole
Terra Uranium (ASX: T92) has been buoyed by positive geochemical test results from its inaugural diamond drill hole at the Parker Lake project in the world class Athabasca Basin in Canada.
The company’s executive chairman Andrew Vigar said the successful confirmation of the uranium potential at Parker Lake now sets the company up for an extensive, upcoming work program.
“The presence of anomalous uranium and pathfinders in our first drill hole at Parker is very encouraging and bears similarities to that recently reported from IsoEnergy’s Hawk Project on the Cable Bay shear zone 40km to the north east,” Mr Vigar said.
“We have only just begun to orientate ourselves on this fertile structure, having brought all the scientific data up to modern standards suitable for targeting of a major uranium discovery in this new domain.”
Elevated radioactivity recorded
Diamond drill hole PK23-DD-01A intersected 1.5m of elevated radioactivity with a downhole gamma probe survey obtaining readings of approximately 400 counts per second.
Further assessment found the readings averaged 1,050 counts per second over a 1.5m section enveloping the identified unconformity deposit, with readings as high as 2,000 counts per second at the unconformity.
Notably, the unconformity was confirmed at 956m down-hole, some 80m deeper than expected.
This was Terra Uranium’s maiden diamond drill hole in the Parker Lake project area as part of a program of 5 diamond holes aimed at testing targets along the Cable Bay shear zone in the company’s licence.
To date, Parker Lake has been identified to contain a 25km conductive zone.
Core sampling underway
A core from the hole has been sampled and sent for physical properties analysis with results expected within the next 4 weeks.
Terra is looking to gain a deeper understanding of the physical property and remnant magnetism through the sampling as it progresses an understanding of the geophysical characteristics of the rocks within the Cable Bay shear zone.
Chemical remnant magnetism measurements will also be used to help identify the several generations of hematite observed within the drill core.
Future work program
Terra is now fine tuning a further work campaign over the next six months in the northern summer and fall seasons utilising results from the initial drilling, a full district structural analysis and further helium sampling.
This work will assist in further reprocessing all layers of geophysical data as the company completes the construction of a 3D earth model to be used for targeting in the next drill campaign.
Planning is also underway to test five further priority target areas within the project area. These are expected to require a minimum of two drill holes per target.
The holes will examine sub-surface anomalies at depths exceeding 1,000m to greatly reduce resolution and precision to approximately 100m.
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.
The projects are approximately 80km to the northwest of multiple operating large uranium mills, mines and known deposits.
The Athabasca basin, located in north-eastern Saskatchewan, Canada, is best known as the world’s leading source of high-grade uranium and currently supplies about 20% of the world’s uranium.
Uranium prices soaring
Terra’s initial success at Parker Lake comes at a time when uranium prices are soaring with reports of potential supply risks at a time when long-term demand is growing.
Overnight the uranium jumped to just over US$60 per pound.
Recent reports from Canada’s Cameco note issues at its Cigar Lake mine and Key Lake mill, along with continuing tight supply margins related to concerns over the potential impacts to imports of nuclear fuel from Russia have had a significant impact on uranium markets.