2023-05-03
Uranium explorer 92 Energy (ASX: 92E) reports that the winter drilling program at the Gemini target in Canada has produced uranium grades up to 9.66%.
The company says “significant” uranium has been intersected 65m south and 280m north of the Gemini mineralised zone.
In addition, dravite — a key mineral associated with world-class uranium projects — has been intersected 1km to the north of the main mineralised zone.
In February 92 Energy kicked off its winter drilling campaign at Gemini as it sought to increase strike length.
The Gemini prospect is known as the Gemini Mineralised Zone, or GMZ, and is located 27km southeast of the giant McArthur River uranium mine.
‘Significantly increased potential’
Uranium assays have now been received for all drillholes completed during the winter 2023 drill program with the results, the company says, having “significantly increased the potential of the Gemini discovery in the uranium-rich Athabasca Basin”.
Among the assays one hole returned 5m at 1.47% uranium oxide, including 0.5m at 9.66%. Another hole intersected 15.5m at 0.35 U3O8, including 2.5m at 0.93%.
“These results warrant a significant follow-up drill program, the company said.
Known mineralisation extended 65m
Managing director Siobhan Lancaster said the results are important for 92 Energy.
“They shed a new light on the potential grade and scale of the system at Gemini.”
She added that, by extending the known mineralisation another 65m along strike to the south, 92 Energy has expanded the footprint to at least 250m by 240m, and it remains open to the north, east and west.
The intersection 1km to north of major structures and a specific pathfinder clay mineral [dravite] commonly associated with large unconformity-associated uranium systems such as Cigar Lake, McArthur River and Arrow highlight the potential of 92 Energy’s project, said Ms Lancaster.
“Given the high-grade mineralisation, the open nature of the discovery, and the encouraging drilling to the north, we have immediately started planning a follow-up drilling program,” she added.
92 Energy made the first discovery at Gemini at with is fourth hole.
The company owns 100% of 40 mineral claims in the basin.