The company made the promising Gemini discovery with the fourth drill hole of a maiden program in 2021.
With new vice president of exploration Serdar Donmez on hand, 92 Energy is following that find up with an aggressive focus as it moves to further confirm Gemini’s potential with a two pronged diamond drill rig attack and a 4,000m program.
Uranium mineralisation at Gemini has been defined over an area measuring 250m by 240m to date, with the discovery remaining open along trend.
To obtain the best assessment of the potential of the Gemini find, 92 Energy has sent one rig to the Gemini mineralised zone looking to expand the known extend of the thick, high-grade mineralisation into open areas north and south of the main discovery and follow-up significant intersections in the previous program which included 5m at 1.47% uranium including 0.5m at 9.66% uranium.
The second rig will test high-priority exploration areas along the Gemini uranium discovery trend and the western trend.
Recent tests identified uranium mineralisation and intense hydrothermal alteration 280m north of the mineralised area of the initial discovery area at Gemini where a high-grade, basement-hosted uranium deposit has been identified to date.
92 Energy’s managing director, Siobhan Lancaster, says the mineralisation at Gemini remains open along trend, providing the company with numerous high priority targets to test.
Drilling is expected to continue through to the end of September and 92 Energy will utilise calibrated gamma probe-derived methods to assess equivalent uranium results as drilling progresses.
In late July, 92 Energy received strong support from investors in a capital raising held to support the current drill program.
Through that raising the company received binding commitments to raise approximately $5.5 million via a combination of a placement of flow-through shares and an institutional placement of fully paid ordinary shares, together with a FT Shares Placement.
Approximately $5m was raised via the issue of 12.3m new fully paid ordinary shares qualifying as “flow-through shares”.
92 Energy raised a further $500,000 via the issue of 1.67m new fully paid ordinary shares to institutional investors.
Significant local experience:
Mr Donmez, who joined 92 Energy earlier this month, comes to his new exploration role with significant Athabasca Basin experience.
A registered professional geoscientist with the Association of Professional Engineers and Geoscientists of Saskatchewan (APEGS) he has been actively involved in a large number of uranium exploration and development projects over the past 17 years.
This has included projects operated by Denison Mines in northern Saskatchewan and Zambia, most notably the Wheeler River project, which hosts the Phoenix and Gryphon uranium deposits.
Recently, he held the position of resource geology manager at Denison Mines where he made significant contributions to the development of mineral resource estimates and 43-101 technical reports.
Notably, Mr Donmez was a member of a team that investigated the application of the in-situ recovery mining technique in high-grade uranium deposits in the Athabasca Basin.
