Apogee Minerals Ltd. (“Apogee” or the “Company”) is pleased to announce that the Company shall acquire, through the Pine Channel Option Agreement dated May 11th, 2021, as amended (the “Underlying Agreement”), additional claims comprising the Shasko Bay Project (the “Project”). The Project consists of 2,571 ha and is located along the southeast shore of Lake Athabasca in Northern Saskatchewan, 20 km SE of Fond-du-Lac, and adjacent to the recently optioned Pine Channel Project.
Shasko Bay Project Map: https://www.apogeemineralsltd.com/_resources/news/Shasko-Bay-September-2023.png
- Multiple untested geophysical anomalies associated with favourable geology
- Targets for multiple deposit models (Orogenic Au and Unconformity-U)
- Encouraging exploration to date including mineralized drill intercepts
- Mineralization underexplored and open in both directions along strike and at depth
- Excellent access with existing winter road to within 1km and central portions of the property accessible by boat or float plane
Shasko Bay Project Summary:
The Project is located along the southeast shore of Lake Athabasca in Northern Saskatchewan, 20 km southeast of Fond-du-Lac, and proximal to the Company’s recently optioned Pine Channel Project. The claims are accessible by boat, barge, winter road or float equipped aircraft from the village of Stony Rapids, which has all season road access to it. The Project is currently owned 100% by Eagle Plains Resources Ltd. (TSX-V: EPL), with an underlying 2% NSR in favour of Eagle Royalties Ltd.
The Project was staked by Eagle Plains in early 2023 in recognition of both the gold potential (with basement-hosted auriferous quartz veins and associated shears that strike onto the property from the Pine Channel Project); and for the unconformity uranium potential that is so well known in the district, in close proximity to basal contacts of the Athabasca Formation. Apogee has acquired the right to earn-in up to an 80% interest in the Project from Eagle Plains under the terms under the Underlying Agreement for minimal staking costs as it lies within the Area of Mutual Interest (“AMI”) around the Pine Channel Project.
Between the late 1960’s to the early 2000’s the region was explored for uranium and gold by various companies. The Fond Du Lac Uranium deposit is the most significant discovery in the region to date and is located 24 km to the NW-W. Work in the area consisted of seismic reflection studies, multiple types of airborne and ground-based geophysical surveys, geochemical surveys, prospecting, mapping, trenching and four separate drill programs which intersected multi gram-per-tonne gold assays (up to 6.8 g/t Au over 2.1 m) from quartz stringers in the Athabasca sediments. The underlying basement metasedimentary rocks, starting at 226 m depth, also recorded mineralization in the form of disseminated pyrrhotite, pyrite, chalcopyrite and rare sphalerite, galena and molybdenite. The last drill program intersected anomalous uranium in the Athabasca sandstone (up to 18.4 ppm) concluding with recommendations to drill test several additional targets.