92 Energy locks in new drilling program at Gemini uranium discovery in Athabasca Basin

After finishing up a winter program of 16 drill holes, 92 Energy (ASX: 92E) is already planning to get the rigs working again next month (reports Small Caps).

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This new drill program will follow up the high-grade intersections reported recently, the highest being 9.66% uranium oxide.

This August drilling, the first in the summer program, will follow up the success of holes 65m south of known mineralisation and returning 5m at 1.47% uranium oxide (including 0.5m at 9.66%) and 15.5m at 0.35% (including 2.5m at 0.93%).

92 Energy is exploring in the Athabasca Basin, Saskatchewan.

In its latest quarterly report, 92 Energy states that $2.4 million was spent at Gemini in the three months to June 30.

Gemini is located 27km southeast of McArthur River, one of the world’s largest uranium mines. The project is also 60km from the Key Lake uranium mill.

Since the company listed in April 2021, Gemini has been the main focus of its work in Saskatchewan.

This is down to the discovery of uranium mineralisation in the fourth drill hole of the maiden 2021 program.

Uranium mineralisation at Gemini is entirely basement hosted and, so far, has been defined over an area measuring 250m by 240m

In the June quarter, 92 Energy carried out 11km of ground electromagnetic (EM) surveys at the Clover project.

Three EM conductors were identified, and they are located at what the company describes as a major structural intersection.

These represent high priority drill targets, according to the company.

The June quarter also included another advance for the company: the acquisition of three more projects in the Athabasca Basin.

The Murphy project consists of three non-contiguous claims in the eastern part of the basin and are located 15km from the Hurricane uranium project owned by Toronto Venture Exchange-listed IsoEnergy.

The Canadian company has published a resource in the indicated category of 48.61 million pounds of uranium oxide at a grade 34.5%, and IsoEnergy describes Hurricane at “the world’s newest high-grade uranium deposit”.

Cable and Snowbird were the two other acquisitions, joining Gemini and Clover, along with Tower, Powerline Creek and Cypress River, in 92 Energy’s portfolio.

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