Nuinsco Resources Limited (TSX:NWI), today announced that drilling has begun at its Diabase Peninsula uranium project in the Athabasca Basin of northern Saskatchewan.
The minimum 2,000 metre program will follow up on past results that have returned strongly anomalous uranium mineralization, peaking at 0.07% uranium (0.083% U3O8), and other key elements indicative of a uranium mineralizing event common to deposits in the Athabasca basin.
"The drilling we've done to date has identified all of the right indicators – highly-anomalous uranium, deformed graphite and sulphide-bearing basement rocks, graphite, arsenic, cobalt, nickel, boron and clay mineralization – all found in conjunction with uranium deposits in the Athabasca basin," said Paul Jones, President. "These results, along with geophysics that shows characteristics similar to deposits such as Key Lake, Rabbit Lake, Midwest Lake and Sue, have led the Diabase Peninsula project to be independently ranked as a premiere exploration project in the region."
The program will comprise a series of drill holes of 400m – 500m in depth to be drilled near the core of the property where numerous factors point to the possibility of a nearby uranium deposit. The holes are designed to test for alteration and mineralization (uranium and other indicator elements) in the rocks above, at and below the unconformity at the base of the Athabasca Basin (the prime target area for uranium deposits). These holes will be collared near to other drill holes in which geochemical, mineralogical and structural features often associated with, or indicative of, a uranium mineralizing event, have been identified.
Exploration work on the 21,900 hectare Diabase Peninsula Project, located approximately five kilometres north of the southern boundary of the Athabasca Basin, has included 28 widely-spaced drill holes totalling 11,205 metres, airborne and ground geophysical surveys, geochemical surveys and mapping. Nuinsco is the operator, currently owns an approximate 82% interest in the property and is partnered with Trend Mining Company of Hilton Head, SC (OTC: TRDM.pk). Paul Jones, President of Nuinsco, who acts as a QP for the project under National Instrument 43-101, has read and approved the contents of this press release.
As previously reported, notable results include:
- The combination of uranium-arsenic-nickel-cobalt-magnesium oxide, which typifies several of the mines in the Athabasca district, was present in drill holes and indicates the influence of a mineralizing system in the area – pointing to the presence of some form of unconformity mineralization nearby.
- The widespread presence of significant clay alteration in the sandstone which indicates the passage of hydrothermal fluids capable of transporting uranium mineralization.
- Uranium/lead ratios which provide evidence of local excess uranium in the sedimentary pile and suggest upward leakage of uranium-bearing hydrothermal fluid into the sediments.
- The presence, established by more than 100m vertical displacement of the unconformity occurring between adjacent drill holes, of reactivated faults which are prime exploration targets as they provide permeable conduits for the concentration of uranium-bearing mineralizing fluids.
Source: Nuinsco Resources Limited