- Uranium explorer 92 Energy (92E) defines new priority unconformity-type targets at its Powerline and Cypress projects in Canada
- The targets have been determined using a comprehensive GIS database
- Importantly, these new areas have not been subjected to modern exploration techniques nor any prior drill testing
- CEO Siobhan Lancaster says the company will use the GIS database to define high priority targets during the September quarter ahead of drilling
- Shares have closed 6.35 per cent down at 29.5 cents
Uranium explorer 92 Energy (92E) has defined new priority unconformity-type targets at its Powerline and Cypress projects in Canada’s Athabasca Basin.
The Australian company owns 21 claims both within and adjacent to the basin, making up its five projects, those being Gemini, Tower, Clover and the two mentioned above.
Its new targets were determined through the compilation of an extensive GIS database. This includes 268 radioactive bedrock occurrences, conductors, lake sediment sampling, versatile time domain electromagnetic surveys, limited historical drilling and 136 rock chip samples with uranium content of between five parts per million and 7.31 per cent triuranium octoxide.
Importantly, 92E said the recently confirmed areas had not yet been subjected to modern exploration techniques nor had they ever been drill tested.
92 Energy CEO Siobhan Lancaster commented on the discovery: “The company’s data review has confirmed the prospectivity of the Powerline and Cypress project areas, particularly in view of the widespread occurrence of thin uraninite veins and has elevated multiple areas to priority targets for the exploration team.”
Looking ahead, 92E will use the GIS database define high priority targets via geophysical data re-processing during the September quarter ahead of drilling.
At market close on Wednesday, 92 Energy shares were down by 6.35 per cent to trade at 29.5 cents.