A new high-grade uranium discovery has been confirmed by Cameco on its 44% owned McArthur River joint venture project in the Athabasca Basin of northern Saskatchewan. The discovery is about 70 km northeast of the company’s Key Lake uranium mining operation.
Preliminary calculations based on exploration completed to date indicate a deposit with more than 100 million lb. U/c3h/O/c8h/ at an average grade of 3% U/c3h/O/c8h/. Further drilling is planned for this summer.
Other partners in the joint venture are Uranerz Exploration and Mining with 29.4% and Agip Resources with 10%. The remaining interests are held by Interuranium Canada with 9.1%, Cogema Canada with 6.5% and Imperial Metals (TSE).
Initially discovered in 1989, the deposit has so far been tested with 26 vertical holes along a strike length of 1,700 metres to a depth of 550 metres below surface. Several holes encountered two or three mineralized horizons, the company says.
About two-thirds of the mineralized intersections have graded better than 1% U/c3h/O/c8h/ with the best intersection yielding 16.4% U/c3h/0/c8h/ over 29.5 metres. Most of the mineralization is associated with a thrust fault in silicified sandstone.
According to Cameco, the deposit does not contain the extensive clay alteration and nickel-arsenide minerals commonly found in other Saskatchewan deposits.
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