- Terra Uranium (T92) drilling assays have confirmed uranium mineralisation is present at its Parker project in Canada
- Assays from a diamond drillhole assays revealed a peak grade of 32.5 ppm over 0.2 metres in an altered and fractured zone in the basement
- The news follows soaring uranium prices at the start of September, now costing more than US$60/pound
- These results mark the first of five targets being tested along this prospective zone, with further work planned before winter
- T92 shares are down 34.7 per cent, trading at 9.8 cents at 12:04 pm AEST
Through its latest drilling assays, Terra Uranium (T92) has confirmed the presence of uranium mineralisation at its Parker project in Athabasca, Canada.
The company’s project is located 50 kilometres west of the world’s largest and highest-grade uranium mines, operated by Cameco.
Assays from one particular diamond drillhole revealed a peak grade of 32.5 parts per million over 0.2 metres in an altered and fractured zone in the basement.
The news follows soaring uranium prices at the start of September, which now exceed $60 a pound and extend gains for an eighth consecutive week to levels last seen in April.
Promisingly, the 10 metres of sandstone immediately above Terra’s discovery have exhibited alteration and structural features associated with uranium deposition at other known deposits in the basin.
“The presence of anomalous uranium and pathfinders in our first drill hole at Parker is very encouraging and bears similarities to that recently reported from IsoEnergy’s Hawk Project on the Cable Bay Shear Zone 40km to the northeast,” T92 Uranium Executive Chair Andrew Vigar said.
“We have only just begun to orientate ourselves on this fertile structure, having brought all the scientific data up to modern standards suitable for targeting of a major uranium discovery in this new domain.”
These results mark the first of five targets being tested along this prospective zone, with further work planned before winter to reprocess all layers of geophysical data.
This will complete the construction of a 3D Earth Model, ready for the company to target its next drill campaign in hopes of increasing its uranium resources.
T92 shares were down 34.7 per cent, trading at 9.8 cents at 12:04 pm AEST.