Terra Uranium Ltd (ASX:T92) has intersected 1.5 metres of elevated radioactivity during its maiden diamond drill program at the Parker Lake Project in the Athabasca Basin of Canada.
Notably, readings averaged 1,050 counts per second (cps) over the 1.5-metres enveloping the unconformity, with a high of 2,000 cps at the unconformity.
The elevated radioactivity is associated with bleaching and weak hematitic alteration, a fault structure with pyrite and silica was intersected 30 metres below the basement unconformity.
Further work is planned for the next few months, including ambient noise tomography (ANT) surveys and reconnaissance sampling and mapping, reprocessing all layers of geophysical data.
Moving forward, the full district-scale structural analysis and helium results will complete the construction of a 3D earth model ready for the next drill campaign.
Fertile structure
Terra executive chairman Andrew Vigar said: “The presence of elevated radioactivity in our first drill hole at Parker, subject to confirmatory assays, is a very encouraging result and confirms that the Cable Bay Shear Zone is a fertile structure to host major uranium deposits, which are the focus of the T92 exploration effort.”
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. This is the first of five targets along this zone to be tested.
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 mine operated by Cameco.
Forward plan
Further work is planned for the next six months in the summer and fall seasons with further ANT geophysical surveys and associated reconnaissance sampling and mapping.
Reprocessing of all layers of geophysical data (gravity, magnetics and EM) using results from this drilling, a full district structural analysis and further helium results are yet to be received.
This will be completed with the construction of a 3D Earth Model to be used for targeting the next drill campaign.
The deep drill rig has now been demobilized, with drilling planned to resume in the winter season.
Furthermore, the core has been sampled and sent for geochemical analysis, with results expected within the next four weeks.