Uranium explorer 92 Energy (OTCQX: NTELF) has kicked off the winter drilling campaign at its Gemini uranium discovery target within Canada’s world-class Athabasca Basin, as it seeks to increase strike length.
Initially, the program will comprise 4,000m of diamond drilling.
To date, the Gemini uranium discovery has been defined over a 200m by 220m area and is described by 92 Energy as “a high-grade, near surface” uranium discovery that remains open in all directions.
The Gemini uranium discovery is also known as GMZ (Gemini Mineralised Zone) and is located 27km southeast of the giant McArthur River uranium mine.
Potential analogues to Gemini discovery
92 Energy is targeting high-grade unconformity associated uranium in the prolific Athabasca Basin, Saskatchewan.
In exploring the world-class basin, the company is hoping to make a discovery similar to other notable uranium deposits in the region including NextGen Energy’s Arrow and Fission Uranium’s Triple R.
The drilling at GMZ will test what the company calls a highly prospective 2.8km trend.
So far, only 220m of strike length has been drilled along that 2.8km trend.
High priority targets for the current campaign were identified during the geophysical program last October.
Based on geophysical signature and structural setting, these areas are interpreted as potential analogues to the Gemini discovery.
Will unlock ‘substantial’ value
Managing director Siobhan Lancaster says the new drill program is aimed at creating value for shareholders by increasing the size of the discovery.
“92E is in the ‘investor sweet spot’ because we have already established the presence of significant high-grade mineralisation and it remains open in all directions,” she added.
“Given the open nature of the discovery, the prospective 2.8km trend and the highly promising targets identified in the recent geophysical program the new drilling program has potential to unlock substantial value.”
Ms Lancaster adds that, throughout the Athabasca Basin, many significant uranium deposits occur as a series of discrete mineralised zones along a trend.
A rig is now on site and will drill 60m southeast of the currently defined mineralisation.
92 Energy made the initial discovery at Gemini at with its fourth hole.
The company owns 100% of 40 mineral claims in the basin.