Vancouver — Drilling by RPT Uranium (RPT-V, RMPVF-O) to test Archean iron formation rocks on its Split Rapids project, in northwestern Ontario’s Sibley basin, cut 6.5 metres of 0.22% U3O8.
The intercept, from hole 31, came within a wider 9.65-metre interval (from 57 metres down-hole) grading 0.16% U3O8.
Three holes were drilled in a fan to test the mineralized veins and fractures that cut a band of Archean iron formation and the greywacke-type metasediments on either side of it.
Mineralization in hole 31 does not appear to outcrop but is located about 25 metres northeast of a uranium-bearing vein exposed by stripping in 2005, referred to as Zone C.
In early April, RPT released initial results from its first-phase winter drill program at Split Rapids including a high-grade interval of 4.68% U3O8 over 0.72 metre in hole 2.
Uranium mineralization discovered at Split Rapids occurs in or immediately adjacent to a 900-metre-long band of Archean iron formation. Mineralization is of Proterozoic age, and believed to be associated with an unconformity at the base of the Sibley group sediments, which have been removed by erosion in the Split Rapids area.
RPT draws analogies between the Sibley basin and northern Saskatchewan’s Athabasca basin, as both are similar-aged, unmetamorphosed continental sedimentary basins.
Shares of RPT Uranium traded down 3 on the drill results to close at 64 apiece. The stock posts a 52-week trading range of 22-79.
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