Shares in
Under the deal, Cameco can take an initial 51% interest in the 41-sq.-km project by spending $6 million on exploration over six years; thereafter, the world’s largest uranium producer can boost its stake to 60% by covering another $4-million worth of exploration. In either case, the two companies will form a joint venture after Cameco earns in; future exploration would be funded on a pro-rata basis. Cameco can take over as operator after two years.
The deal also covers around 2,100 sq. km of adjoining uranium pros-pects straddling the western margin of the Thelon basin. Uravan staked those properties late last year, and says the properties have not been explored since the early 1980s.
The Boomerang mineral leases centre on the Boomerang unconformity-related polymetallic uranium prospect. The Thelon basin is the same age as the paleoproterozoic Athabasca basin in Saskatchewan and the Kombolgie basin in northern Australia; all three basins host world-class unconformity-related uranium deposits.
The partners plan an initial four-week program of 7,600 line-km of deep-penetrating, high-resolution Megatem II electromagnetic and magnetic surveying.
Previous exploration at Boomerang focused on a set of sub-parallel graphitic electromagnetic conductors hosted in pelitic gneisses overlain by Thelon sandstone. Diamond drilling in the early 1980s included a 0.5-metre interval running 0.5% U3O8, 22.4 grams gold and 12.3 grams silver per tonne in strongly altered Thelon sandstone at the faulted unconformity. The intersection represents the first unconformity-related polymetallic uranium mineralization in the Thelon Basin. Fifty-eight widely spaced holes sunk in the 1990s to test conductive zones around the sandstone-basement in-terface encountered lower values.
Uravan’s shares jumped by about 30% in mid-July to sit at about $1.25 in a 52-week range of 65 to $1.28.
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