Vancouver-based junior Pioneer Metals (PSM-T) is using results from a recently completed electromagnetic survey on its Riou Lake property in the Athabasca Basin of northern Saskatchewan to pinpoint areas with potential for uranium mineralization.
The survey revealed a zone of high conductivity in a corridor of low-magnetic basement rocks believed to represent a unit of metapelitic rocks. A number of stronger electromagnetic signatures occur in the overall anomaly and are reportedly similar to those of the Key Lake, MacArthur River and Cigar Lake unconformity-type uranium deposits.
Starting this summer, the company will begin a program of lithogeochemical sampling. This will be followed later in the year by geophysical surveying and diamond drilling. The total budget for the programs is $1 million.
Pioneer has spent a total of $750,000 on the property to date.
It is currently negotiating with an undisclosed company for a possible joint-venture agreement that could help fund further work on the property.
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