Alberta Star Development (ASX-V, ASXSF-O) delved deep into the Northwest Territories’ uranium past and is finding what could develop into the area’s future.
The Vancouver-based company has been aggressively poking holes in the tundra of the Northwest Territories and with each one, its knowledge of the iron oxide-copper-gold (IOCG) mineralization there grows.
The latest results came from the last four holes of a 17-hole drill program at its Camelback IOCG and uranium target and were highlighted by: 2.8 metres of 11.88 grams silver per tonne and 1.5 metres of 20.9 grams silver in hole 07-07; 3 metres of 25.3 grams silver including 1.5 metres of 36.4 grams silver in hole 07- 08; and 16.45 metres of 0.12% copper in hole 07-12.
Alberta Star says the drill program hit multiple zones of poly-metallic mineralization. The mineralization is associated with zones of hydrothermal alteration and brecciation that are locally enriched in silver, copper, lead, zinc, cobalt and vanadium.
Multiple zones of sulphide mineralization outcrop in semi-continuous gossanous zones that stretch over 3.5 km, the company says.
At present, Alberta Star estimates mineralization at Camelback to extend 3.5 km in length and 1 km wide.
Camelback sits 7.5 km east of the old Eldorado uranium mine and is one of 10 projects that fall within the company’s Eldorado and Contact Lake permit areas.
The permits cover roughly 390 sq. km on the eastern side of Great Bear Lake in the Northwest Territories– roughly 470 km north of Yellowknife.
Two past-producing mines — the Echo Bay silver mine, which produced 24 million oz. silver, and the Eldorado uranium mine, which produced 15 million lbs. uranium oxide and 8 million oz. silver — are located within the company’s territory.
The Eldorado mine, which was owned by Eldorado Mining, played a part in modern history, as the company gave Columbia University 5 tonnes of uranium oxide for experiments in the Manhattan Project. The mine closed in 1960 when uranium prices fell and all uranium exploration in the area stopped.
Alberta Star has rejuvenated the uranium tradition in the region as the first exploration company in 75 years to successfully stake, acquire and receive permitting on a land package in the Northwest Territories.
At presstime, Alberta Star’s shares were trading at 40. Its share price has fluctuated from 35 to $2 over the last 52 weeks, and the company has roughly 104 million shares outstanding.
Be the first to comment on "Alberta Star explores historic uranium area"