Uranium mineralization was discovered during drilling at the Key Lake district in northern Saskatchewan where the Saskatchewan Mining Development Corp. is involved with five joint venture partners, an SMDC announcement says.
The partners include Anglo- Bomarc Mines, and Thor which share a combined 20% interest, Agip Resources (20%), Uranerz Exploration (20%) and Chevron Canada Resources (20%). SMDC holds the remaining 20%.
According to SMDC, the partners are looking for high grade uranium deposits like the rich Key Lake uranium orebody, 40 miles further south.
While no assays are available yet, results from a hole drilled in the centre of a 6-km-long, highly altered conductive zone, suggest that the partnership may be on the right track.
In this area, drilling is designed to test the strike extension of the graphite gneiss and brecciated anatexite and pegmatite hosted uranium mineralization intersected in a 1985 drill hole.
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