The property has no name and the company has neither geologist nor website yet, but with the markets recent infatuation with uranium, Icon Industries (ICN-V) new uranium property in the Otish basin of Quebec has forced the company into action.
The dormant Icon had been trading consistently around 15 for the last year, but news of the property in mid-March caused Icon shares to soar to a closing high of 98 in less than two weeks. At press time, the stock price was 86.
Chief financial officer Tom Wilson says the markets reaction to the companys first uranium property took him by surprise.
Uranium was the topic of the day it looked good so we took it, Wilson says.
Now Icons got a website in the making and a vice-president exploration set to join the team by the end of the month, though theres no word on a name for the property.
Weve basically been scrambling just to get our ducks in a row, says Wilson. For the last year and half weve really done no work at all in the company, weve just been looking for projects.
Aside from the new property, Icon, has a gold property in Manitoba called Beresford Lake. Icon hasn’t touched Beresford recently and has plans to get rid of it in the near future.
The Vancouver company had its initial public offering in 1988, was known as Ghana Goldfields until 2000 and shares an office with its sister company Tri Gold Resources (TAL-V), which is also run by Wilson and Icon president Barry Coughlin.
The Otish Basin property is comprised of 85 claims over 45 sq. km and is 4 km west of Strateco Resources (RSC-V, SRSIF-O) Matoush property, which recently announced positive drill results such as 16 metres grading 2% U3O8, including 3.55 metres grading 4.02% U3O8.
Several other juniors have also picked up properties surrounding Matoush recently, including Consolidated Pacific Bay Minerals (CBP-V, CPBMF-O), Melkior Resources (MKR-V, MKRIF-O), Santoy Resources (SAN-V, SANRF-O) and Majescor Resources (MAJ-V)
Uranerz Exploration and Mining did mapping, airborne radiometric and geochemical surveys and prospecting around the Otish Basin in the 1970s, including Icons uranium property.
In 1978 a large uranifierous boulder field in overburden was discovered on Icons property, which covered an area of 500 metres by 200 meters, north of the Otish Basin around the north-central part of the property.
Uranerz sampled 49 boulders which returned an average grade of 0.11% U3O8, with several greater than 0.25% U3O8.
The boulders are made of brecciated biotite gneiss and pegmatite with little thorium content, similar to the style of known vein and fault-hosted deposits in the Otish region.
Uranerz mapped a north-northeast trending fault that crosses northeastern portions of the property, which based on topographic and geological lineaments, suggest that the fault could extend south-southwest through central parts of the property.
Once Icons new vice-president exploration takes post, a summer exploration program will be developed that will include surface prospecting and mapping around the uraniferous boulder field and along the fault, followed by drilling in the fall or winter.
But before the company can do much, Wilson says Icon needs money. The company has about $50,000 in the bank at the moment, but Wilson says the recent rise in share price will help Icon finance at a higher level. The company has about 10.4 million shares outstanding and a market capitalization of $9 million.
Wilson says Icon is keeping its eyes open for other properties but says the hype surrounding uranium wont blind the company.
I dont know that well be totally into uranium, says Wilson. If other good properties come along we certainly wont turn our nose up at them.
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