Uranium

92 Energy hits high grade uranium: "potential to be a globally significant discovery"

Fri 13 May 22, 12:07pm (AEST)
athabasca canada

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Key Points

  • 92 Energy has hit significant uranium grades of 1.0% at the Gemini Project
  • Grades of 1.0% are over 10 times the avg grade of mined uranium deposits around the world
  • More aggressive drilling will kick off in the first week of June

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.

More drilling

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.

2022-05-13 11 40 20-Window
Source: 92 Energy
2022-05-13 11 43 34-Window
92 Energy 12-month price chart

 

Written By

Kerry Sun

Finance Writer & Social Media

Kerry holds a Bachelor of Commerce from Monash University and was Vice President of the University Network for Investing and Trading (UNIT). He is an avid swing trader, and drawn to breakouts and technical set ups. Outside of writing and trading, Kerry is a huge UFC fan, loves poker and bouldering.

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