The Company is also pleased to announce high-grade1 uranium assays returned from surface grab samples collected during a site visit on
1 The Company considers uranium mineralization with concentrations greater than 1.0 wt% U3O8 to be “high-grade”.
Key Focus Points
- Final results are presented for the remaining 3 holes of the 11-hole summer program; and confirm geochemical pathfinder elements near altered and sheared basement structures that were observed in the drill core.
- The Information from the 2020-2021 drilling has added to the geological framework of the property and has added the Company’s confidence in continued drilling, which is scheduled for this spring and summer.
- Additional high-grade sampling from boulder grab samples at the
Sun Dog Project confirms the motivation to proceed with the winter exploration program of a UAV magnetic survey, ground gravity survey and an inaugural drilling program.
Davidson River – Final Analytical Results from Summer 2021 Program
The summer portion of the Davidson River Phase II program comprised thirteen (13) drill holes totalling 3,828 metres of diamond drill core across all four of the major conductive trends on the Project (Figure 1), revealing high priority follow up targets for the 2022 spring/summer drill program.
Figure 1. Plan map highlighting summer Phase II 2021 drill holes at Davidson River is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e3fea0e3-34b9-476f-839e-eb87db9a7013.
Reactivated and strongly graphitic basement structures along the previously untested Bronco trend were successfully intersected in drill holes DR-21-027, -028, -030, and -031. Highlights from these final holes from the Phase II summer program include:
Rock types and structure
- Deep seated, strongly graphitic structural zones were intersected within all four drill holes on the Bronco trend, exhibiting 1.3 km of continuity along strike between holes DR-21-027, -031 and -028 (Figure 1); and
- Stacked structures exhibit evidence of brittle reactivation in shear zones and hydrothermal fluid flow through fault conduits including moderate clay alteration and fault gouge at depth (Figure 2).
Figure 2. Core photos of structural zones intersected in the final Bronco drill holes of the Phase II summer drill program are available at https://www.globenewswire.com/NewsRoom/AttachmentNg/227f1763-ed4a-4093-a5e8-bca4d23db121. A) Clay-chlorite altered fault gouge zone intersected in DR-21-028 at 272.6 m. B) Chlorite-healed cataclasite with graphitic shear bands in DR-21-028 at 298.6 m. C) Graphitic protocataclasite intersected in DR-21-030 at 373.7 m. D) Graphitic fault gouge zone in DR-21-030 at 393.6 m. E) Graphitic-clay fault gouge overprinting a shear zone at 408.2 m in DR-21-031. F) Intensely graphitic shear zone intersected at 365.4 m in hole DR-21-031.
Geochemistry Highlights
- Results of summer 2021 holes DR-21-020 to DR-21-027 were previously released on
November 9 th, 2021. - DR-21-028:
- Anomalous U (14.0 ppm) from 350.0 to 350.5 m associated with a pegmatitic melt zone and minor clay-carbonate fault gouge. The sample interval also returned elevated Rare Earth Element (“REE”) values including 798 ppm Ce, 293 ppm La, 259 ppm Nd, and 68.3 ppm Pr. Anomalous alkaline element compounds and Ba (2,600 ppm) were also returned, correlating with the elevated REE returned in hole DR-21-027 southeast along strike of the Bronco trend.
- DR-21-029 & 029A: Hole restarted and abandoned
- DR-21-030:
- Elevated U (5.46 ppm) and B (104 ppm) within a chloritized fault breccia from 95.0 to 96.0 m.
- Anomalous U (10.9 ppm) from 182.0 to 182.5 m within a carbonate-chlorite crackle breccia in altered granodioritic gneiss.
- Anomalous U (20.0 ppm) and elevated pathfinder elements including V (226 ppm), Cu (50.0 ppm), and Ni (82.3 ppm) from 369.5 to 370.0 m within chlorite-sericite altered granodioritic gneiss.
- DR-21-031:
- Several elevated U intercepts throughout the hole with maximums of 7.88 ppm and 7.87 ppm from 214.5 to 215.0 m and 356.5 to 357.0 m, respectively. The interval from 356.5 to 357.0 m also returned elevated pathfinder elements including Mo (17.7 ppm), Cu (390 ppm), and Co (63.4 ppm). Several of the elevated intercepts are associated with reactivated basement structure and local alteration and veining.
- Several elevated U intercepts throughout the hole with maximums of 7.88 ppm and 7.87 ppm from 214.5 to 215.0 m and 356.5 to 357.0 m, respectively. The interval from 356.5 to 357.0 m also returned elevated pathfinder elements including Mo (17.7 ppm), Cu (390 ppm), and Co (63.4 ppm). Several of the elevated intercepts are associated with reactivated basement structure and local alteration and veining.
Schematic cross-sections through the Saint, SE Warrior, and Bronco trends are provided in Figure 3 highlighting selected drill holes from the Summer 2021 drill program. Highlighted drill holes traces are projected to section and displayed with total digestion uranium assays in parts per million (“ppm”) and peak basement values >5.0 ppm annotated. Geology and major structures are projected through section from the 3D geological model of Davidson River.
Table 1. Summary of all Summer Phase II 2021 drill holes,
Drill Hole ID | Trend | UTM mE | UTM mN | Dip (°) | TN Azimuth (°) | Elevation (m) | EOH (m) |
DR-21-020* | Saint | 574768.71 | 6392491.82 | -65 | 060 | 557.9 | 60.0 |
DR-21-022 | Saint | 573838.48 | 6394312.33 | -65 | 075 | 460.8 | 368.0 |
DR-21-023* | Saint | 574392.36 | 6393134.20 | -65 | 061 | 534.7 | 247.0 |
DR-21-024 | Saint | 574051.03 | 6393865.68 | -65 | 100 | 470.4 | 401.0 |
DR-21-025* | Warrior | 573257.29 | 6387127.64 | -70 | 065 | 539.2 | 149.2 |
DR-21-025A | Warrior | 573257.16 | 6387127.71 | -70 | 065 | 538.1 | 294.0 |
DR-21-026 | Warrior | 573265.14 | 6386169.02 | -70 | 065 | 524.8 | 324.0 |
DR-21-027 | Bronco | 569191.00 | 6387471.55 | -65 | 072 | 525.8 | 480.5 |
DR-21-028 | Bronco | 568795.33 | 6388717.15 | -65 | 070 | 478.7 | 432.0 |
DR-21-029* | Thunderbird | 561167.42 | 6391388.30 | -65 | 049 | 503.7 | 120.0 |
DR-21-029A* | Thunderbird | 561167.84 | 6391388.58 | -65 | 049 | 503.2 | 111.0 |
DR-21-030 | Bronco | 567350.15 | 6392325.01 | -70 | 065 | 456.2 | 411.0 |
DR-21-031 | Bronco | 569099.58 | 6387732.80 | -65 | 072 | 496.7 | 432.0 |
Figure 3 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6e7f1fd9-28df-4e8b-8de6-1d22ad88dce0. A) Schematic cross-section through the Saint trend, highlighting drill holes DR-21-022 and -024. B) Schematic cross-section through the Warrior trend, highlighting drill holes DR-21-025A and -026. C) Schematic cross-section through the Bronco trend, highlighting drill hole DR-21-027 and -031.
Sun Dog – Skye Target Grab Sample Analytical Results
In
The inaugural Sun Dog drill campaign is on track to begin in early
Figure 4. Plan map of Sun Dog highlighting historical drill holes, geophysical conductors, and high-priority drill target areas is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bcfe6296-cbe3-4965-be1a-0eb2c739eb67. Grab samples noted in this release were taken from the Skye target area.
High-resolution ground gravity and UAV magnetic surveys will be completed over Sun Dog drill target areas during
Samples collected for analysis are sent to
The scientific and technical information contained in this news release, including the sampling, analytical and test data underlying the technical information contained in this news release, has been reviewed, verified, and approved by
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Cautionary Statement Regarding Forward-Looking Statements
This news release contains “forward-looking statements” or “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as of the date of this news release. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as “expects”, “is expected”, “anticipates”, “believes”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives”, “forecasts”, “budget”, “schedule”, “potential”, “possible” or variations thereof or stating that certain actions, events, conditions or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.
Forward-looking statements include, but are not limited to, statements regarding: the timing and content of upcoming work programs; geological interpretations; timing of results from the Company’s drill programs; and estimates of market conditions.
Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by forward-looking statements contained herein. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Certain important factors that could cause actual results, performance or achievements to differ materially from those in the forward-looking statements include, among others: general economic conditions in
Forward-looking statements are necessarily based upon a number of factors and assumptions that, if untrue, could cause actual events or results to differ from those expressed or implied by forward-looking statements contained herein. Forward-looking statements are based upon a number of estimates and assumptions that, while considered reasonable by the Company at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies that may cause the Company’s actual financial results, performance, or achievements to be materially different from those expressed or implied herein. Some of the material factors or assumptions used to develop forward-looking statements include, without limitation: the future price of uranium; anticipated costs and the Company’s ability to raise additional capital if and when necessary; volatility in the market price of the Company’s securities; future sales of the Company’s securities; the Company’s ability to carry on exploration and development activities; the success of exploration, development and operations activities; the timing and results of drilling programs; the discovery of mineral resources on the Company’s mineral properties; the costs of operating and exploration expenditures; the Company’s ability to identify, complete and successfully integrate acquisitions; the Company’s ability to operate in a safe, efficient and effective manner; health, safety and environmental risks; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); uncertainties related to title to mineral properties; assessments by taxation authorities; fluctuations in general macroeconomic conditions.
The forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Any forward-looking statements and the assumptions made with respect thereto are made as of the date of this news release and, accordingly, are subject to change after such date. The Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Neither TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
Figure 1.
Plan map highlighting summer Phase II 2021 drill holes at Davidson River.
Figure 2.
Core photos of structural zones intersected in the final Bronco drill holes of the Phase II summer drill program. A) Clay-chlorite altered fault gouge zone intersected in DR-21-028 at 272.6 m. B) Chlorite-healed cataclasite with graphitic shear bands in DR-21-028 at 298.6 m. C) Graphitic protocataclasite intersected in DR-21-030 at 373.7 m. D) Graphitic fault gouge zone in DR-21-030 at 393.6 m. E) Graphitic-clay fault gouge overprinting a shear zone at 408.2 m in DR-21-031. F) Intensely graphitic shear zone intersected at 365.4 m in hole DR-21-031.
Figure 3.
A) Schematic cross-section through the Saint trend, highlighting drill holes DR-21-022 and -024. B) Schematic cross-section through the Warrior trend, highlighting drill holes DR-21-025A and -026. C) Schematic cross-section through the Bronco trend, highlighting drill hole DR-21-027 and -031.
Figure 4.
Plan map of Sun Dog highlighting historical drill holes, geophysical conductors, and high-priority drill target areas. Grab samples noted in this release were taken from the Skye target area.
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