Marking a major milestone, Terra Uranium Ltd (ASX:T92) has confirmed the presence of uranium mineralisation with a peak grade of 32.5 parts per million over 0.2 metres in diamond drilling at its Parker Project in Canada's Athabasca Basin.
Assays from the diamond drill hole outline uranium mineralisation in an altered and fractured zone in the basement as suggested by earlier reported downhole gamma radioactivity logs.
Notably, the 10 metres of sandstone immediately above the unconformity shows alteration and structural features associated with uranium deposition at other known deposits in the basin.
The Parker Project is about 50 kilometres west of Cigar Lake and 50 kilometres northwest of McArthur River, the world’s largest and highest-grade uranium mines, operated by Cameco.
Targeting major uranium discovery
Terra Uranium executive chairman Andrew Vigar said: “The presence of anomalous uranium and pathfinders in our first drill hole 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.”
Cross section showing the trace of drill hole PK-23–DD01a with down-hole gamma radiation, the basement unconformity.
Drill summary
This is the maiden diamond drill hole for T92, the first in the Parker Lake Project area and the first within this 25-kilometre zone of ZTEM basement conductors on this section of the Cable Bay Shear Zone.
In addition, this is the first of five targets along this prospective zone to be tested.
Parker’s stacked geoscience delineates focal points for geophysical and geochemical anomalies.
RC drill uranium anomalies are coincident with a very strong ZTEM conductor in the basement, which breached the unconformity over several kilometres of strike length, indicative of strong fluid movement into the sandstone as seen in the VTEM.
Forward plan
Further work is planned for the next six months in the Summer and Fall seasons with further reprocessing of all layers of geophysical data (gravity, magnetics and EM) using results from this drilling, a full district structural analysis and further helium sampling.
This will be completed with the construction of a 3D Earth Model to be used for targeting the next drill campaign.
Parker Lake is a 25-kilometre conductive zone that has been drill-targeted using 3D inverted ZTEM conductivity, RC drill hole geochemistry, clay mineralogy alteration, and breaks in conductors.
The company has so far identified five further priority target areas within the project that require a minimum of two drill holes per target.