Exploration company 92 Energy (ASX:92E) reports that it has discovered a new zone of uranium mineralisation dubbed the Gemini Mineralised Zone (GMZ) within its 100%-owned Gemini Project in Saskatchewan, Canada.
The result comes from the fourth hole (GEM-004) of the company’s inaugural drilling program at Gemini, targeting a VTEM conductor up-ice from radioactive bog samples, anomalous lake sediment samples, and radioactive boulders. Results from the hole include:
- 5.5m of 0.12% U3O8 (1,200 ppm U3O8), including 1.0m of 0.28% U3O8 (2,800 ppm U3O8); including
- 0.5m of 0.36% U3O8 (3,600 ppm U3O8) from 234.5 to 235.0m.
Of note, this hole was the first drilled in the GMZ.
“To identify 5.5m of 0.12% U3O8 on the fourth drill hole of our inaugural drilling program is an extraordinary result”
Addressing the results, 92E Managing Director Siobhan Lancaster said: “To identify 5.5m of 0.12% U3O8 on the fourth drill hole of our inaugural drilling program is an extraordinary result for 92 Energy. The success of this program is testament to our technically-driven strategy and the world-class exploration team that designed and delivered this program.”
The project is located within the Athabasca Basin, 27km southeast of the McArthur River uranium mine, which is one of the largest and highest-grade uranium deposits in the world. The basin is estimated to have produced around a quarter of the world’s uranium from 2016 to 2018.
The GMZ sits 190m vertically below surface and 160m vertically below the top of the bedrock, and is open in all directions
The company reports that geochemical and geological data collected from drill core during the recently completed summer drilling program is being integrated with other datasets to optimise targets for follow-up drilling, set to commence during the Canadian winter.
Images: 92 Energy Limited