The latest batch of diamond drill results from partners International Uranium (IUC-T) and JNR Resources (JNN-V) includes the best ever hole from the Moore Lake uranium project in northern Saskatchewan’s Athabasca basin.
Hole no. 55, collared on the Maverick zone, returned 6.2 metres (from 263 metres below surface) grading 5.1% U308, including a 4.4-metre interval running 7% U308.
Some 17 metres to the east, hole 54 cut 5 metres (from 264.5 m) grading 3.5% U308, including 2.5 metres of 6.5% U308. The 5-metre interval also contained 2.4 grams gold per tonne.
The holes were collared about 92 metres and 72 metes west of the Maverick zone’s discovery hole, no. 25, which returned 9.1 metres of 0.6%, including a 4.8-metre interval of 1.2% U308 and 0.4 of a metre running 12%.
Uranium mineralization in both holes is associated with pitchblende occurring in a sandstone matrix, and as irregular veinlets throughout the host rock. The mineralization in hole 54 occurs at an unconformity, while that in no. 55 occurs in the sandstone immediately above the unconformity.
International Uranium can earn a 51% interest in Moore Lake by spending $2.2 million over two years; it can thereafter boost its stake by another 24% by spending $2.2 million over two more years.