The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
North of 60 Mining News - May 23, 2024
A recent pledge by global leaders at the United Nations Climate Change Conference (COP28) to triple nuclear power generating capacity by 2050 has spurred exploration of projects with the potential to produce yellowcake, a concentrate used in the preparation of uranium fuel for nuclear reactors.
Greenridge Exploration Inc. May 22 announced a regional review of its Nut Lake, a project in the Thelon Basin of Nunavut that is highly prospective for uranium that has garnered global attention since a recent pledge by global leaders to triple worldwide nuclear power generation by 2050.
Located approximately 55 kilometers (34 miles) from Atha Energy Corp.'s recently acquired Angilak uranium deposit with a historical resource of 2.8 million metric tons averaging 0.69% (43 million pounds) uranium oxide (U3O8), and roughly 135 kilometers (84 miles) from the Kiggavik uranium deposit operated by Orano SA with a historical resource of 10.4 million metric tons averaging 0.47% (127.3 million lb) U3O8, Nut Lake is a relatively small 4,036-hectare (9,973 acres) project nestled in the highly prospective Thelon Basin.
"The Thelon Basin has many similar geological attributes to the Athabasca Basin but is very underexplored," said Greenridge Exploration CEO Russell Starr. "It has been proven that there are at least two significant uranium deposits in the Thelon Basin that have very similar characteristics to that of the prolific Beaverlodge Uranium District in the Athabasca Basin."
Found at the northern tip of the Yathkyed Basin, a sub-basin of Thelon, Nut Lake sits at the intersection of the basin unconformity and a major tectonic lineament.
Historical drilling at Nut Lake intersected up to 2.7 meters averaging 0.69% U3O8, including 0.3 meters averaging 4.9% U3O8 from surface. High grade samples collected from the project also include 4.36% U3O8, 53.16 ounces per ton silver, 1.15% lead, and 7% nickel.
Optioning Nut Lake in January, Greenridge has spent the ensuing months organizing historical data and preparing its own affairs to truly tackle this highly prospective property.
"Historical data from the Nut Lake property and academic studies suggest that the project has the potential to host significant unconformity vein type mineralization that could be the start of building the tonnage of a large uranium system," said Starr. "We look forward to continuing to prepare for an exciting 2024 exploration season at the Nut Lake property."
In 1979, Pan Ocean Oil Ltd. performed an exploration program consisting of ground geophysics, geological mapping, prospecting, and Winkie diamond drilling as follow up to previous sampling with elevated uranium in dyke swarms, fractures, and contacts between syenites (igneous rocks) and trachytes (volcanic rocks).
During the 1979 field season, geological mapping and prospecting activities led to the discovery of significant uranium showings, including the notable Heartbreak Showing, with samples assaying up to 4.36% U3O8. Follow-up geophysical surveys identified irregular responses and northwesterly trending anomalies, prompting recommendations for further drilling.
Subsequent drilling efforts, totaling approximately 245.4 meters of Winkie drilling and 2,109.9 meters of diamond drilling, intersected significant uranium mineralization, notably at the "Tundra Showing" with a highlight of 2.7 meters of 0.69% U3O8, showcasing the project's prospectivity.
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