Australian uranium exploration company 92 Energy (ASX:92E) has begun a winter drilling program at the Gemini Uranium Project, located in the Athabasca Basin in Canada.
The company says the 2023 winter drill program will focus on extending the known uranium mineralisation at the project, and will test targets along a ‘highly’ prospective 2.8km trend identified by a recently completed geophysical program.
A diamond rig is now onsite, and it has commenced an initial 4,000 program. 92 Energy reports this drilling is planned 60m southeast of the currently defined mineralisation and aims to extend the wide zones of uranium intersected on drill line 060SW which includes GEM22-046 that recorded a highlight interval of 27m @ 0.29% U3O8.
“the new drilling program has potential to unlock substantial value”
Commenting on the winter drill program, 92 Energy Managing Director Siobhan Lancaster said: “This new drilling program is aiming at creating value for shareholders by growing the size of the Gemini uranium discovery.
92E (92 Energy) 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.
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.
Potential structural analogues to the Gemini uranium discovery have been identified at several locations along the 2.8km trend. Throughout the Athabasca Basin, many significant uranium deposits occur as a series of discrete mineralised zones along a trend which suggests excellent potential for additional discoveries at Gemini.”
92 Energy reports exploration drilling is planned along a ‘high-priority’ 2.8km trend extending from the Gemini uranium discovery identified by a geophysical program in October 2022. Drilling will focus on prospective structural intersections that are considered analogous to the structural setting hosting Gemini.
Additional exploration drilling will also be undertaken in an area 8km from Gemini, testing ‘significant’ interpreted structural trends coincident with electromagnetic anomalies identified in an airborne survey completed in 2021.
To refine drillhole planning along trend of the Gemini discovery, the company reports additional electromagnetic surveys are currently being conducted by Discovery Geophysics International over the interpreted fold structure that hosts Gemini.
92 Energy is an Australian, ASX-listed uranium exploration company focused on targeting ‘high-grade’ unconformity associated uranium in the Athabasca Basin, located in Saskatchewan, Canada.
The company owns a 100% interest in 40 mineral claims in this region, which makes up its 7 projects including the Gemini, Tower, Clover, Powerline Creek, Wares, Wormboiler, and Cypress River projects.
