Uranium explorer 92 Energy (ASX:92E) is planning a ground gravity survey over the greater Gemini Mineralised Zone (GMZ) area, covering the GMZ, the northern extension, and the parallel structural zone.
The $35.63 million market capitalisation company says the survey will better define structural trends to identify potential targets for an upcoming drilling program at the Gemini project.
Assays from its 2023 summer exploration program, which comprised a total of 13 drillholes totalling 3,659m across the GMZ and exploration areas, mapped a new parallel mineralised zone about 300m east of the GMZ.
The zone is considered prospective for uranium and ‘high-grade’ copper mineralisation and has been flagged as a ‘high priority’ exploration target for upcoming drilling.
92 Energy notes the surveys will be designed to constrain targets for upcoming drilling programs.
Drilling within the GMZ is reported to have intersected ‘thick’ zones of continuous mineralisation, extending the footprint of the area.
Uranium mineralisation is now defined over an area of 250m by 290m.
Managing Director Siobhan Lancaster says the results demonstrate the possibility of uncovering another potential GMZ discovery.
“These assays are highly significant as they reveal that the parallel structure holds strong potential for replicating the discovery of the GMZ.
Results to date highlight the possibility of uncovering other additional mineralised zones along the northern extensions of Gemini and the area around the recently identified radioactive boulder in the southern part of the project.
“The Gemini project covers a vast area, much of which remains virtually unexplored, and there is clearly immense growth potential in several directions, as these results show”
The Gemini project covers a vast area, much of which remains virtually unexplored, and there is clearly immense growth potential in several directions, as these results show.”
Key results from both the new zone and within the GMZ include hole GEM23-075 with 1.5m @ 0.20% triuranium octoxide (U3O8) (1,957 parts per million) (ppm) and 0.5m @ 3.8% copper; and hole GEM23-72A with 17.5m @ 0.38% U3O8 (3,802ppm) including 2m @ 0.82% U3O8 (8,213ppm) and 0.5m @ 0.94% U3O8 (9,400ppm).
Meanwhile, the company notes a radioactive boulder, which can be used to vector towards source uranium mineralisation, was uncovered about 18km southwest of the GMZ during summer exploration and returned an assay of 0.39% U3O8.
92 Energy is targeting high-grade unconformity-associated uranium in the prolific Athabasca Basin in Saskatchewan, Canada.
The company owns a 100% interest in its 58 mineral claims in the Athabasca, which make up the company’s 9 projects: Gemini, Tower, Clover, Powerline Creek, Wares, Wormboiler, Snowbird, Cable, and Murphy.
The company had $6.230 million cash and cash equivalents at hand as of 30 September 2023, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: 92 Energy
