Thunderbird Resources Limited (ASX: THB) — an Australian company focused on uranium, lithium and copper assets in Canada — has started an exploration campaign and survey program at its Hidden Bay property in the Athabasca Basin.
The company will employ a spatiotemporal geochemical hydrocarbons (SGH) survey to examine previously identified high-priority uranium targets. This type of survey, which looks at near-surface samples, was developed by Ontario’s Activation Laboratories.
It has been utilized for soil examination by companies like Orano Canada, Skyharbour Resources Ltd. (TSX-V: SYH) and others in the past.
“The main initial priority is the implementation of a maiden drilling program to test the exciting basement type uranium targets at Hidden Bay,” Thunderbird’s Executive Chairman George Bauk said Tuesday. He added that it’s a great time to be active in the uranium sector.
The company obtained a drill permit for Hidden Bay last month, which will be valid until 2027.
Thunderbird will also employ geological mapping techniques, scintillometer surveying and reconnaissance this summer. A scintillometer survey is a common type of assessment used to measure radioactivity in soil and rocks.
“Hidden Bay has numerous compelling geological attributes and geophysical indicators which make it our number one priority uranium exploration project,” Bauk said in April.
He recently discussed his enthusiasm for Canadian uranium at a conference in London, England. The company has predicted that demand for the commodity in nuclear reactors will shoot up by about 28 per cent by the end of the decade.
$THB Thunderbird Resources Chairman George Bauk provides insight into the uplifting value of its Canadian uranium assets at the London 121 Investing Conference 🇬🇧☢️🇨🇦@THBresources#ASX #ASXNews #Mining #Markets #Exploration #Uranium #121InvestingConference #UK pic.twitter.com/jHof0rvpXG
— The Market Bull – Daily Stock News (@TheMarketBullAU) May 17, 2024
Read more: ATHA Energy employs machine learning to pinpoint Athabasca Basin uranium targets
Read more: ATHA readies equipment for June drilling at new Nunavut uranium project
10 targets drill-ready
Hidden Bay is situated on the eastern side of the Athabasca Basin. It is directly east of Cameco Corporation’s (TSX: CCO) Cigar Lake mine and 20 kilometres south of Rabbit Lake, which is currently undergoing maintenance following suspension of production in 2016.
Thunderbird’s Hook Lake uranium project resides directly south of Hidden Bay. The prospector says it is situated in a highly prospective area of the Athabasca Basin, which has been affirmed through discoveries made by ATHA Energy Corp. (TSX-V: SASK) (OTCQB: SASKF) (FRA: X5U) and Baselode Energy Corp. (TSX-V: FIND) at the neighbouring Gemini and Hook/ACKIO projects.
The company also has two uranium assets on the western side of the jurisdiction: Cluff Lake and Beatty River. Furthermore, five targets are drill-ready at Cluff Lake while another five are currently good to go at Hidden Bay.
The average uranium grade in the Basin is about 2 per cent, which is 10-20 times higher than the global norm.
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rowan@mugglehead.com
