92 Energy's five uranium exploration projects, Gemini, Tower, Clover, Powerline and Cypress River are located in the Athabasca Basin district, Saskatchewan, Canada.
The Athabasca Basin hosts some of the highest grade and lowest cost uranium deposits in the world including the famous Cigar Lake, McArthur River and the more recently discovered Arrow, and Triple R. These deposits are all high grade unconformity-related deposits, of which there are two main sub-types (1) unconformity (Cigar Lake) and (2) basement hosted (such as the Arrow deposit). Saskatchewan, Canada, has been voted the third best mining and exploration jurisdictions in the world by the 2020 Fraser Institute Survey. This makes it a premier location in which to do business. All of 92 Energy's projects were selected using its proprietary prospectively model over the Athabasca Basin.
Located at the Gemini Project is 92 Energy's recent GMZ uranium discovery. The GMZ uranium discovery was made on 92 Energy's fourth hole of its inaugural drilling project.
Drill hole GEM 004 intercepted 5.5 m of 0.12% U3O8 (1,200 ppm U3O8), including 1.0 m of 0.28% U3O8 (2,800 ppm U3O8). The highest grade assay within the sub interval is 0.5 m of 0.36% U308 (3,600 ppm U3O8) from 234.5 to 235 m. (Refer to ASX Announcement 20 September 2021).
The uranium mineralisation is basement-hosted, starting at approximately 190 m vertically below surface and is associated with a board and strong zone of bleaching, clay and hematite alteration controlled by fault breccia and other structures.
The Gemini Project is an early-stage unconformity-related uranium exploration project located on the eastern margin of the Athabasca Basin, Saskatchewan, Canada, 40 km east of the McArthur River uranium mine, 72 km northeast of the Key Lake uranium mill and 780 km northeast of the regional centre of Saskatoon. The Project consists of thirteen granted mineral claims with a total area of 387 km2. It covers a 40 km section of the sub-Athabasca unconformity which sub-crops beneath glacial sediments in the eastern and north-eastern parts of the project area but reaches depths of up to 174 m in the western part. In the eastern and north-eastern areas, where the unconformity is shallow or absent, there is potential for basement-hosted uranium similar to that at the Arrow and Triple R deposits.
Early exploration identified numerous radioactive boulders in the southern part of the Project area indicating a radioactive source up-ice to the north, possibly coincident with elevated uranium values (ranging between <1 to 663 ppm U) encountered in muskeg (bog) and lake sediment samples (see map). These radioactive boulders and lake and muskeg uranium anomalies aided in the discovery of the GMZ.
Follow up drilling will be prioritised in 92E's next program commencing in the Canadian winter. The aim of the program will be to determine the extent of the uranium mineralisation at the GMZ.
The Tower Project is an early-stage unconformity-type uranium project located in the eastern part of the Athabasca Basin,Saskatchewan, Canada. The Project is 10 km southwest of the Cigar Lake uranium mine operated by Cameco Corporation and approximately 820 km northeast of the regional centre of Saskatoon. The Project consists of two granted mineral claims with a total area of 63.0 km2.
Four drill holes have been completed within the project area and only one of these was targeted on a conductivity anomaly, the other three having been designed to test magnetic features. These drill holes confirm a prospective corridor of meta-sedimentary rock extending over 6 km within the project area which has not been tested by modern geophysical methods. The drilling has shown that the glacial cover is between 3 m and 28 m thick and the vertical depth to the unconformity ranges from 167 m to 261 m. The project area was partially covered by the same GEOTEM® survey that includedGemini, and the same limitations apply.
The Project is under explored with untested potential to host unconformity-type uranium mineralisation. The company’s exploration program will involve complete coverage of the Project with a modern high power and high resolution airborne electromagnetic system (VTEM). Any conductive bodies detected by this survey will be further surveyed using ground geophysical methods and drill-tested during the winter of 2022.
The Clover Project is an early-stage unconformity-type uranium project located in the eastern part of the Athabasca Basin, Saskatchewan, Canada. The Project is 30 km north west of the McArthur River uranium mine and 35 km west of the Cigar Lake uranium mine (both operated by Cameco Corporation) and approximately 780 km northeast of the regional centre of Saskatoon.
The Project consists of six granted mineral claims with a total area of 267.5 km2. It has been partially covered by several airborne and ground EM surveys (including a ZTEM™ airborne EM survey in 2010) and a magneto-telluric resistivity (MT) survey. The main objective of these surveys was to delineate conductive bodies in the sub-Athabasca basement that may reflect the presence of prospective graphitic host-rock. These surveys have outlined several conductors that require follow up.
Only three drill holes have been completed to date, and these indicate that the depth to the unconformity is >700m. Additional target refinement is required through further ground-based geophysics programs, and exploratory drilling will be undertaken in 2022.
The Powerline Project is an early-stage unconformity-type uranium project located in the north-eastern part of the Athabasca Basin district, Saskatchewan, Canada. The Project area is located immediately to the west of the historic Beaverlodge uranium district, which contained the Eldorado and Gunnar mines. The Project consists of six granted mineral claims with a total area of 195.72 sq kms, and was identified as highly prospective for unconformity-type uranium deposits using the Company's mineral prospectivity analysis.
The Powerline Creek project straddles a prominent NE-SW trending structural corridor defined by potential field datasets and the outcropping Powerline Creek and Spot Lake Faults. The dominant rocks are quartzo-feldspathic gneisses and amphibolite of presumed Proterozoicage, part of the Zemlak lithotectonic domain. No rocks equivalent to the Athabasca Formation outcrop in this area.Thirty-five occurrences of uranium are documented within the project area4. These include numerous instances of outcropping uraninite (UO2) and uranophane (Ca(UO2)2(SiO3OH)2 ·5H2O) veins and radioactive breccia in metamorphic basement rocks (principally quartz feldspathic gneiss). For example, Occurrence 26-1 is a 5m long outcropping vein of massive uraninite within garnet-bearing gneiss. A 47m deep shaft and lateral workings were historically completed at the Beta-Gamma mine and 50 tons of 0.77% U3O8 produced (refer to ASX Announcement 17 May 2021).
The Cypress River project straddles another prominent NE-SW trending structural corridor defined by potential field datasets and includes metamorphic basement rocks out cropping immediately north of the edge of the Athabasca Basin. These rocks are mainly leuco granite and garnet leuco granite commonly showing the effects of mylonitisation and fracturing. This is regarded as a favourable indication of the structural preparation that is essential for the formation of unconformity-type deposits.
There are six known uranium occurrences within this project area, all of which are described as unconformity-type.