Terra Uranium (ASX:T92) has confirmed uranium mineralisation following an inaugural diamond drill program,at the Parker Lake Project in Canada.
The $8.88 million market capitalisation company reports assays from drillhole PK23-DD-01A returned a peak value of 32.5 parts per million (ppm) over 0.2m in an altered and fractured zone in the basement, as suggested by earlier reported downhole gamma radioactivity logs.
Drillhole PK23-DD-01A is the maiden drillhole for Terra and the first within the 25km zone of z-axis tipper electromagnetic (ZTEM) basement conductors on this section of the Cable Bay Shear Zone.
The company says this is the first of 5 targets along this prospective zone to be tested.
Commenting on the drill results, Terra Uranium Executive Chairman Andrew Vigar says: “The presence of anomalous uranium and pathfinders in our first drillholes at Parker is very encouraging and bears similarities to that recently reported from IsoEnergy’s Hawk Project on the Cable Bay Shear Zone, 40km to the northeast.
We have only just begun to orientate ourselves on this fertile structure, having brought all the scientific data up to modern standards suitable for targeting a major uranium discovery in this new domain.”
Further work is planned before the North American winter season. This includes reprocessing all layers of geophysical data using core sample physical property data and a full district scale structural analysis.
Terra adds this will complete the construction of a 3D Earth Model ready for targeting the next drill campaign.
The Parker Lake Project is located in the Athabasca Basin in Canada, with 27km-square of ‘favourable’ units.
Terra Uranium is an ASX-listed uranium explorer, with ‘high-quality’ assets situated in the Athabasca Basin of Canada. As of 30 June 2023, the company had $1.6 million cash at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Terra Uranium