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-type deposits, of which there are two main sub-types (1) unconformity and (2) basement hosted. The unconformity sub type (1) tends to be higher grade, however more costly to mine because of unfavourable ground conditions; whereas sub type (2) basement hosted tend to sit beneath the unconfomity, are lower grade and easier to mine.
Saskatchewan, Canada, has also 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.
The Gemini Project is an early-stage unconformity-type uranium exploration project located on the eastern margin of the Athabasca Basin, Saskatchewan, Canada, 60 km northeast of the Key Lake uranium mill and 780 km northeast of the regional centre of Saskatoon.
The Project consists of six granted mineral claims with a total area of 264.5 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 174m in the western part. In the eastern and north-eastern areas, where the unconformity is shallow or absent, there is potential for open-pittable basement-hosted uranium similar to that at the Arrow and Triple R deposits.
The Project is considered to be under explored despite 50 drill holes having been completed, mostly in the nineteen seventies. Most of these drill holes targeted air photo lineaments rather than EM conductors that are the focus of contemporary exploration in theAthabasca Basin.
Early exploration also 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).
The project area was covered by an airborne electromagnetic (GEOTEM) survey in 2005, however this survey appears to have been ineffective.
92 Energy’s exploration program will involve complete coverage of the Project with a modern high power and high resolution airborne electromagnetic system such as VTEM and follow-up of muskeg and lake sediment anomalies to generate drill targets that will be drill-tested in the summer of 2021.
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 definedby potential field datasets and the outcropping Powerline Creek and Spot Lake Faults. Thedominant rocks are quartzo-feldspathic gneisses and amphibolite of presumed Proterozoicage, part of the Zemlak lithotectonic domain. No rocks equivalent to the Athabasca Formationoutcrop in this area.Thirty-five occurrences of uranium are documented within the project area4. These includenumerous instances of outcropping uraninite (UO2) and uranophane (Ca(UO2)2(SiO3OH)2 ·5H2O) veins and radioactive breccia in metamorphic basement rocks (principally quartzfeldspathic gneiss). For example, Occurrence 26-1 is a 5m long outcropping vein of massiveuraninite within garnet-bearing gneiss. A 47m deep shaft and lateral workings were historicallycompleted 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.