Mamba’s intersection of anomalous radiation in a previously untested area is very encouraging for its uranium exploration efforts. Pic: Getty Images
Mamba’s Canary takes flight as drilling intersects anomalous radiation
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- Mamba Exploration’s initial drilling intersects anomalous radiation in previously untested area at Canary
- Drilling also intersected favourable alteration
- Core samples submitted to laboratory for geochemical assay
Special Report: Inaugural drill program at Mamba Exploration’s Canary joint venture project in Canada’s uranium-rich Athabasca Basin delivers early success with anomalous radiation intersected in one of four holes.
The drilling also intersected multiple zones of favourable alteration including hydrothermal silicification, clay, chlorite, and hematite.
Mamba Exploration (ASX:M24) had signed an agreement in January this year to acquire up to 75% in the Canary project in the eastern Athabasca, northern Saskatchewan, from Standard Uranium (TSX-V:STND).
The 73km2 project is 11km directly north of IsoEnergy’s (TSX-V:ISO) super high-grade Hurricane deposit which has a resource of 48.61Mlb at an impressive 34.5% U3O8.
It also covers more than 16 km of conductive corridors across three prospective exploration trends which locally host anomalous historical uranium occurrences.
Historical drilling has identified anomalous uranium with the Athabasca-basement unconformity interpreted to have been intersected between 84-230m from the surface.
More recent exploration by Standard Uranium, which will manage the exploration program on the company’s behalf, has identified a range of high priority drill targets.
This led M24 to launch a four-hole, helicopter-supported drill program to test the newly outlined resistivity-low anomalies along the northern conductor trend that were identified by Standard.
“Very encouraging” early results
This program has now returned promising early results with hole CAN-24-004 intersecting fracture-hosted elevated radioactivity of >300 counts per second (CPS) while drill core returned uranium:thorium ratios of >4:1 when measured with a handheld RS-125 scintillometer, which is indicative of hydrothermal uranium input.
Core samples have been submitted to the Saskatchewan Research Council Geoanalytical Laboratory in Saskatoon for geochemical assay.
“The Canary drilling program has been nothing short of exemplary, demonstrating a level of execution that surpassed all expectations,” M24 executive director Simon Andrew said.
“Thanks to the planning and efficient operations by our partners Standard Uranium, the program was completed ahead of schedule and under budget. We remain excited by the potential at Canary and eagerly await assay results from the laboratory.”
Standard Uranium president and VP Exploration Sean Hillacre added that intersecting anomalous radioactivity in a completely untested area on one of three conductive corridors on the project is very encouraging.
“The results from this program have revealed packages of the ideal host rocks for basement-hosted uranium mineralisation, in addition to a potential quartzite ridge which is an important feature present in other eastern Athabasca uranium deposits such as McArthur River and Phoenix,” he concluded.
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.
