92 Energy (ASX:92E) has started drilling at the company’s 100% owned Tower Property, located 10km from Cameco Corp.’s (NYSE:CCJ) ‘world-class’ Cigar Lake Uranium Mine, located in northern Saskatchewan, Canada.
The company reports that its technical team is now on site and drilling in a program that will consist of about 1,600m of diamond drilling to evaluate 5 target areas.
Drilling will be carried out by Bryson Drilling of Archerwill, Saskatchewan and will be helicopter-assisted.
The Tower Property is located in the prolific eastern Athabasca Basin uranium district, approximately 10km southeast of Cameco’s Cigar Lake uranium mine, which has a total mineral reserve of 152.4 Mlbs U3O8 at a grade of 15.41% U3O8.
Exploration at Tower is aligned with 92 Energy’s strategy to uncover large, near-surface, high-grade uranium deposits in the tier one jurisdiction of the Athabasca Basin.
Addressing the drilling campaign, 92 Energy Managing Director Siobhan Lancaster said: “We are extremely excited to put our proven exploration techniques to work at Tower. Detailed review and interpretation of available exploration data at Tower has identified compelling structural corridors which we believe have direct analogies to high-grade uranium deposits in the Athabasca Basin.
“Not only is Tower located in the tier one jurisdiction of the Athabasca Basin, but it is also located just 10km from the highest-grade uranium mine in the world, Cameco Corp.’s Cigar Lake”
Not only is Tower located in the tier one jurisdiction of the Athabasca Basin, but it is also located just 10km from the highest-grade uranium mine in the world, Cameco Corp.’s Cigar Lake.
Our objective is to discover a similar deposit in terms of size and grade. Alongside the current Tower drilling program, we continue to focus on the emerging GMZ uranium discovery at Gemini where follow-up drilling is planned for early next year, aiming to further expand this exciting discovery.”
92 Energy notes that despite its prospective location, the Tower Property has only been historically tested by four drillholes and has not seen any significant exploration work since 2015.
The company is an Australian, ASX-listed, uranium exploration company targeting ‘high-grade’ unconformity associated uranium in the Athabasca Basin, Saskatchewan, Canada.
On the fourth hole of its inaugural exploration drilling program, 92 Energy made a uranium discovery at its Gemini Project, known as the Gemini Mineralization Zone or GMZ.
The company owns a 100% interest in its mineral claims in the world-class Athabasca Basin. These 35 claims make up the company’s 6 projects, being Gemini, Tower, Wares, Clover, Powerline Creek, and Cypress River.
Write to Adam Orlando at Mining.com.au
Images: 92 Energy Limited
