Special Report: Mamba Exploration’s inaugural drill program is expected to begin early-May at Canary, just 11km from TSX-listed IsoEnergy’s super high-grade Hurricane deposit in the Athabasca Basin.

Mamba Exploration (ASX:M24) inked a binding deal in January to buy 75% of the Canary project in the prolific Athabasca Basin – the ‘James Bay’ of uranium destinations.

IsoEnergy (TSX.V:ISO) is up +1500% since the 2018 discovery of the outrageously high-grade Hurricane deposit in the eastern Athabasca Basin, which measures 48.61Mlb at a barely believable 34.5% U3O8.

On average, one cubic metre of Hurricane’s high-grade domain weighs over 4.5 tonnes and contains over 5200lb of U3O8, the company said last year.

What a neighbourhood to be in.

At Canary, targets have already been defined by vendor and JV partner Standard Uranium (TSX.V:STND), with the upcoming drill program the first at the project since 2007.

This historical drilling identified anomalous uranium which, together with recently defined geophysical anomalies, suggests Canary is highly prospective for both unconformity-style and basement-hosted uranium mineralisation, M24 says.

The upcoming program will focus on high-priority unconformity-related uranium targets, which lie about 200-300m below surface.


‘Comparatively underexplored’

“The northeast portion of the eastern Athabasca Basin remains comparatively underexplored in terms of drilling,” says Neil McCallum, technical director of Standard Uranium.

“Immediately to the south of the project, in the well-explored greater eastern-Athabasca region, the drilling density is roughly 1.7 drill holes/km2.

“The Canary project contains two main conductive corridors, yet only contains three historical drill holes, or a drilling density of 0.04 drill holes/km2.

“I am incredibly enthusiastic to have our inaugural drilling beginning soon, after several years of methodical targeting work in preparation for this.”




This article was developed in collaboration with Mamba Exploration, a Stockhead advertiser at the time of publishing.


This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.