92 Energy (ASX:92E) announces it has intersected the ‘highest-grade’ zone of uranium mineralisation identified to date at the GMZ discovery within the Gemini project in Canada.
The company reports that the update on the uranium assay results has been received from 6 of the 21 drillholes completed at the GMZ during the recent Gemini summer campaign.
A significant zone of uranium mineralisation was intersected in drillhole GEM22-025, returning 43.0m of continuous uranium mineralisation averaging 0.62% U3O8, including a subinterval averaging 1.16% U3O8 over 18.0m. Within the 18.0m subinterval is a ‘high-grade’ core averaging 2.17% U3O8 over 6.0m.
This interval is the ‘highest-grade’ zone of uranium mineralisation identified at the GMZ thus far and is superior to the eU3O8 grade previously reported.
Addressing the results, 92 Energy Managing Director Siobhan Lancaster said: “The uranium grades returned from the first batch of GMZ summer assays exceeded our expectations.
“The uranium grades returned from the first batch of GMZ summer assays exceeded our expectations”
The standout drillhole was GEM22-025 with 43.0m at 0.62% U3O8 (6,19ppm), which included an outstanding 18.0m wide interval of 1.16% U3O8 (11,620 ppm) with an even higher-grade core of 2.17% U3O8 (21,680 ppm) over 6.0m.
This is an exceptional drillhole by global industry standards, with a grade-thickness1 of 26.7, and demonstrates the potential of the GMZ.
GEM22-027 and 029 also returned thick intervals of uranium mineralisation with average grades and depths of mineralisation consistent with previously mined uranium deposits, such as Rabbit Lake, in the eastern Athabasca Basin.
We believe significant upside remains at the GMZ as the uranium mineralisation remains open in multiple directions. Planning is currently underway for a follow-up drilling campaign at the GMZ in winter 2022/23 targeting untested prospective areas at the GMZ and along strike.”
GEM22-027 targeted the projection of GEM22-025 uranium mineralisation 25m up-dip and intersected 66.0m of total composite4 uranium mineralisation including a 34.5m of interval averaging 0.32% U3O8.
Two subintervals of strong uranium mineralisation were cored within the 34.5m zone, returning 3.0m averaging 0.86% U3O8 and 2.5m averaging 0.97% U3O8.
GEM22-029 targeted the projection of GEM22-027 uranium mineralisation 25m up-dip and intersected 51.0m of total composite uranium mineralisation.
An 11.0m thick “upper” zone averaged 0.35% U3O8 with a 5.0m subinterval averaging 0.57% U3O8. Further downhole a “lower” zone was intersected, consisting of 37.0m averaging 0.22% U3O8 with three high grade subintervals returning up to 2.09% U3O8 over 0.5m.
To date drilling at the GMZ has defined uranium mineralisation over a 220m by 200m area, between 60m to 210m vertically from surface, with an 84% hit rate.
Compilation and review of 2022 drill data from the Gemini Project is ongoing.
Over the coming months, the 92 Energy technical team is planning to acquire additional high resolution geophysical coverage over the GMZ and GMX to aid in drill targeting further ‘high-grade’ uranium mineralisation, with the aim of further expanding the GMZ.
Drill planning for 2023 will follow the completion and synthesis of these geophysical surveys and will be announced once finalised.
All drill core samples from the Gemini Project have been sent to the Saskatchewan Research Council Geoanalytical Laboratory for chemical assays. Results are typically taking 6-8 weeks to be returned.
Images: 92 Energy Limited
