Basin Uranium Corp. (“Basin Uranium”), a partner of Skyharbour Resources Ltd., has announced the completion of the second diamond drill hole at the Mann Lake uranium project in Saskatchewan’s renowned Athabasca Basin.
Mann Lake Uranium Project. Image Credit: Skyharbour Resources Ltd.
The Mann Lake project lies 25 km southwest of the world’s biggest high-grade uranium resource, the McArthur River Mine, and 15 km northeast of Cameco’s Millennium uranium deposit.
Highlights:
- At 660 m down, abnormal gamma probe and scintillometer values were reported, along with visible uranium mineralization (allanite).
- The second diamond drill hole reached a depth of 683 m.
- Samples from the first two holes are being prepped for shipping to Saskatoon as core logging and sampling continues.
- The third diamond drill hole is now being collared in preparation for drilling to a depth of 700 m.
- All historical exploration is still being assimilated and reviewed, and old drilling is being digitized.
We are pleased with the drilling progress to date, with the intersection of local visible mineralization in the second drill hole, especially considering the lack of historical drilling on the project. The multi-phase drill program remains on time and budget, in addition to being fully funded. We eagerly await the results from the first samples which are being shipped for analysis.
Mike Blady, CEO, Basin Uranium Corp.
The second hole was drilled and finished to a target depth of 683 m after crossing the unconformity at a vertical depth of about 631 m and entering a metasediment horizon that lasted 30 m before changing to granitic gneiss.
A 5-m section of sericite-chlorite-hematite altered psammite was intersected inside the metasediment horizon. Within this horizon, there was local allanite mineralization surrounded by intense hematite alteration.
The hole was dug to test an interpreted basement conductor that correlates to a ground UTEM conductor and magnetic low (interpreted metasediment basement) and runs along the margin of a gravity low, as detected by a 2014 magnetotellurics (MT) resistivity survey.
The hole is currently being documented, sampled and submitted to the Saskatchewan Research Council for chemical analyses with the initial shipment of samples. The rig has now been relocated to the third location, where it will be collared and cored to a projected depth of 700 m.
About Mann Lake:
Skyharbour and Basin Uranium have agreed to an Option Agreement (the “Agreement”) under which Basin Uranium has an earn-in option to purchase a 75% stake in the Mann Lake Uranium Project.
Basin Uranium Corp will provide CAD $4,850,000 in cash and exploration expenditure consideration over a three-year term under the Option Agreement (“Project Consideration”). The Project Consideration will consist of $850,000 in cash payments to Skyharbour and $4,000,000 in project exploratory costs.
To complete the earn-in, Basin Uranium Corp will additionally issue the equivalent of CAD $1,750,000 in Basin Uranium shares to Skyharbour over three years.
The Mann Lake Uranium Project is 25 km southwest of the world’s biggest high-grade uranium resource, the McArthur River Mine, and 15 km northeast of Cameco’s Millennium uranium deposit.
The Mann Lake project is also near the Mann Lake Joint Venture, which is jointly owned by Cameco (52.5%), Denison Mines (30%), and Orano (17.5%). After a 2014 winter drill campaign found high-grade, basement-hosted uranium ore at this adjacent venture, Denison Mines purchased International Enexco and its 30% stake in the project.