This morning the news started flowing again out of the Athabasca uranium Basin in Saskatchewan where millions of speculative dollars have been invested in the hopes of finding more of the highest grade uranium in the world. Aldrin announces the reason why they were halted yesterday and NexGen receives their drill permits for the Arrow discovery.
After being halted yesterday, Aldrin Resource (ALN:TSXV) announced an early-stage sniff at their Triple M property which sits adjacent to Fission’s Patterson Lake South discovery. The company encountered radioactive mineralization in the first holes drilled into the Anticline target.
The down-hole gamma logger identified nine zones between 176.6 metres and 246.2 m depth spanning a total of 14.6 m which read values above 300 counts per second (cps) over greater than 0.3 m. The two highest count zones reached maximum values 1,380 cps over 6.6m (between 176.6 m and 183.2 m) and 1,850 cps over 3.1m (between 243.1 m and 246.2 m).
Although these early readings are just that, early, they do indicate the company is in the right area for uranium mineralization. Furthermore, they have encountered good widths of elevated radioactive readings which is also positive in these immature days.
Dr. Harrison Cookenboo, PhD, PGeo, and Aldrin’s VP Ex, remarked: “I am excited to see the first half of the first drill hole testing our Anticline target coming in with such significant high counts from the gamma log, and strong indications of uranium from the spectrometer analyses.”
They believe drilling will continue throughout the summer and into October and will focus on expanding the area of basement mineralization at Arrow which they discovered in February by intersecting 26.2m of highly anomalous radioactivity. NexGen has identified the Arrow target extending to 215m depth along a northeast-southwest strike. It remains completely open.
Leigh Curyer, NexGen’s CEO, commented: “The team has been eagerly awaiting the recommencement of drilling at Arrow. The results at the end of the winter drilling program at Arrow are extremely encouraging with respect to the system hosting substantial basement mineralization at shallow depth. Assays from the winter program at Arrow are expected shortly. Further, the team is looking forward to testing the other land-based identified geophysical targets on the highly prospective Rook I project.”
Shares in Aldrin were up 15.4% to $0.075/share on 2.5 million shares at the time of writing and NexGen was up 10% on 210,000 shares to $0.30/share (remember NexGen closed an $11.5 million bought deal financing with savvy institutions at $0.45 only 2 months ago).
The two explorers have mirrored eachothers performance which is essentially even for the year even as U308 prices tumble (currently spot is $28.25 per pound):
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