Assay results from 92 Energy (ASX: 92E) confirmed strong uranium mineralisation at the Gemini Project in the Athabasca Basin, Canada.
The company's stock briefly rallied 20% (66 cents) as the market opened before fading to a gain of 10% (61 cents) at noon.
92 Energy said that grades of more than 1.0% were intersected in two of the final four drillholes at the Gemini Mineralised Zone (GMZ) during the winter 2022 program.
The company noted that 1.0% grades are over 10 times the average grade of mined uranium deposits elsewhere in the world.
Assay results were received from four drillholes, which hit continuous uranium mineralisation between 0.14% and 0.38%.
“To intersect high-grade uranium mineralisation at this very early stage in the GMZ discovery is tremendous and adds to our confidence that the GMZ has potential to be a globally significant discovery,” commented managing director Siobhan Lancaster.
Assay results are still pending from the remaining 8 winter 2022 GMZ drillholes and 7 reconnaissance exploration drillholes at the broader Gemini Project.
92 Energy plans to commence its summer 2022 drill program at Gemini in the first week of June.
Priority drilling will be focused to the west and southwest where uranium grades and thickness are apparently improving at the GMZ.
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