Drilling by Cameco (CCO-T) on UEX Corp.’s Hidden Bay property in northern Sask., has turned up new prospective areas of shallow uranium resources to the east and west of the West Bear deposit.
The drilling was part of a $600,000 winter exploration program, which also included $450,000 worth of ground geophysical surveying. Drilling tested for lateral and down-dip extensions at West Bear and also tested several new geophysical targets.
Three of eleven holes (totalling 1,284 metres) returned uranium mineralization running more than 0.1% U3O8.
Hole 16 tested the down dip projection of southeast dipping uranium mineralization previously intersected at the Pebble Hill prospect (0.8% U3O8 over 1.5 metres in two holes). The hole failed to cut the target mineralization, but did encounter an iron-oxide-clay altered zone in pegmatite 7.1 metres below the Athabasca unconformity. The 2.2-metre (from 48.5 metres below surface) section averages 1.9% U3O8, the best ever intersection from the Pebble Hill area.
The find represents a, "significant uranium mineralization” on the property about 550 meters west of its West Bear deposit.
Hole 17 was collared on the West Bear deposit to test for the potential to upgrade the deposit’s resource using larger diameter diamond drilling techniques. Previous diamond and reverse circulation drilling on the West Bear deposit yielded poor core recoveries owing to the altered host rocks, and wet drilling conditions.
The hole returned a 9-metre section (from 16 m) running 1.7% U3O8 from a zone of intense clay alteration above and straddling the unconformity. Despite the lack of core from above 16 metres, radiometric dada indicates that mineralization is present as high as 13.9 metres in the hole, and is continuous over an 11-metre interval (from 13.9 m) grading 1.8% U3O8 equivalent, the thickest plus-1% U3O8 interval so far. Cameco says the hole may indicate that the thickness and tonnage of the deposit may be understated.
Hole 19 was designed to test potential eastern extensions of the West Bear deposit and cut an intense zone of clay alteration in basement rocks between 30.3 and 50.1 metres of depth. A 1.5-metre interval (from 43.5 m) runs 0.17% U3O8. Spot and continuous geochemical sampling along the alteration zone returned up to 9.2% cobalt, 2.9% nickel and 10.8% arsenic in a 20 cm spot sample at a depth of 33.8 m. The hole was spotted 200 metres east of the West Bear deposit.
An 8.5-metre (from 37 m) continuously sampled interval returned 0.38% cobalt, 0.68% nickel and 0.99% arsenic, and 0.35% cobalt, 1.1% nickel and 1.2% arsenic over 1.5 metres beginning at 43.5 metres.
Cameco plans a program of follow-up drilling on the zone, which may represent an extension of the West Bear deposit, or a new zone.
Holes 12 to 15 and 18, aimed at down dip and western extensions of the West Bear deposit, failed to cut uranium mineralization. Two other holes over the deposit’s northeast extensions also failed to return significant mineralization.
Follow-up drilling will also test for uranium mineralization on targets generated by 423 line km of ground geophysics on the West Bear, Raven-Horseshoe, Telephone, Rhino Lake, Wolf and Black Island target areas.
The Hidden Bay property was part of a deal inked late last year by Cameco and Pioneer Metals (PSM-T). That deal saw UEX Corp. spring to life as a new public vehicle focussed on uranium exploration in the Athabasca Basin of Saskatchewan. Cameco got a 40% stake in the new company for the property. Pioneer transferred all of its uranium exploration interests, including the Riou Lake project for a 60% interest.
Under the deal, Cameco is providing geological services to UEX on Hidden Bay until the end of 2003. The company also has a first right of refusal to provide financing for mine development and the first right to mill ore from the Hidden Bay assets at their nearby Rabbit Lake operation. Cameco also has the right to market UEX’s share of any uranium production.
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