Mega Uranium and Forum Uranium have begun a 16-hole drilling program at the Northwest Athabasca property. This program includes a 4,000 m of drilling.
The companies completed a gravity survey during 2011 and outlined eight high priority targets. Further seven new targets, obtained from Cameco’s electromagnetic surveys, have enhanced these targets.
The primary drill targets that need to be analyzed will be located in the Maurice Bay deposit area. The company has specially shown interest in Zone 2A, which formerly intersected up to 5.68% U3O8 over 8.5 m and indicated the presence of Athabasca unconformity-style mineralization with high grade. The unconformity target depths at the property are shallow, which ranges from 0 to 200 m.
The location of this project is in the west Athabasca basin, where large deposits like Shea Creek deposit of UEX and decommissioned Cluff Lake mine of Areva are present.
Previous work was completed at the Northwest Athabasca project and focused on regions having radioactive surface expressions. New theories of unconformity style deposition of uranium and recent improvements in geophysical techniques are applied to the Athabasca property.
Mega and Forum Uranium have inked a 50/50 joint venture contract in order to supervise the exploration conducted in the earn-in period. Forum Uranium is the first operator of the project. Mega and Forum can get a 60% interest on the northwest Athabasca project from Cameco.