From initial public offering to a major discovery in five months, uranium exploration company 92 Energy (ASX: 92E) has been placed on many investor radar screens.
92 Energy is the 100 per cent owner of 35 mineral claims in the Athabasca Basin in Saskatchewan, Canada, which comprises the company’s six projects, including Gemini and Tower.
The Athabasca Basin is known for having the highest-grade uranium deposits in the world, including Cameco’s Cigar Lake, which has an average grade of 15.41 per cent triuranium oxide (U3O8). The grades are so high that the Canadians talk U3O8 in percentages, as opposed to the African parlance of parts per million.
In September 2021, 92 Energy encountered a new zone of uranium mineralisation in the fourth drillhole of the maiden program at the Gemini project. Drillhole GEM-004 intersected 5.5 metres of 0.12 per cent U3O8 in what was named the Gemini Mineralised Zone (GMZ).
As we all know, one drillhole does not a discovery make, and 92 Energy has continued drilling at the GMZ. Since the discovery, 92 Energy has completed 49 drillholes and more than 12,000 metres of drilling at Gemini in two drill programs.
To date, uranium assay results have been received for six out of the 21 drillholes from the recently completed summer 2022 drill program at the GMZ uranium discovery. It had significant intercepts, including 43 metres at 0.62 per cent U3O8, inclusive of six metres at 2.17 per cent U3O8,and within 18 metres at 1.16 per cent U3O8 in GEM22-025. Mineralisation at the GMZ has now been intersected as shallow as 60 metres vertically from the surface. At the time of writing, 92 Energy is awaiting the final remaining uranium assay results from this program.
High-resolution geophysical coverage over the GMZ and the prospective 1.8 kilometres of strike to the north is currently being undertaken to aid in drill targeting for the next drill program. The aim of the surveys is to fingerprint the uranium mineralisation at the GMZ, and to identify areas with similar geophysical signatures along trend.
‘We’ve had a lot of success with the drill bit,’ 92 Energy Managing Director Siobhan Lancaster says.
‘That success can be attributed to our technically driven strategy and the world-class exploration team.
‘Results from the summer drill program show that the GMZ remains open, with a further 1.8 kilometres of highly prospective strike still to be explored.
‘We look forward to getting back on the ground at Gemini as soon as possible to continue the expansion of the GMZ uranium discovery,’ says Lancaster.
92 Energy carried this success over to its Tower Property, where elevated radioactivity was detected in three out of four drillholes during the maiden drill program in September 2022.
Of these, drillhole TOW22-004 intersected the highest level of radioactivity, recording a max of 960 counts per second on a handheld scintillometer hosted in basement rocks.