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Monday, May 27, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Uranium

Atomic Minerals discovers promising uranium target near Cigar Lake

The junior miner has a series of exploration-stage projects in Saskatchewan, Utah and Colorado

Atomic Minerals discovers promising uranium target near Cigar Lake
Cameco's Cigar Lake uranium mine in 2020. Photo credit: Cameco Corporation

Following a thorough data analysis, the junior miner Atomic Minerals Corporation (TSX-V: ATOM) has identified an intriguing new uranium target to pursue in northern Saskatchewan.

The Pistol Lake Target Zone, a 3.5 kilometre anomaly, was discovered with the help of Vancouver’s Grander Exploration.

“Grander’s long-time exploration experience in northern Saskatchewan has led to the identification of an exploration target with considerable potential,” Atomic President Clive Massey said Wednesday.

The Pistol Lake project’s new target area extends into claims owned by Cameco Corporation (TSX: CCO) in the north and south. It is adjacent to Cameco’s Cigar Lake operation: the world’s highest-grade uranium resource.

Atomic says it plans to undertake comprehensive fieldwork this year to further assess the target’s mining potential.

“While the Pistol Lake Target Zone was overlooked by Cameco, the company feels it represents a significant opportunity with historic drilling in adjacent areas,” Massey added, “like the Thorburn Lake Grid to the southwest, encountering highly altered sandstones, a key indicator of potential deeper basement uranium.”

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

Atomic acquires nine Athabasca Basin assets

Atomic acquired Pistol Lake last month along with Parks Lake, Bleasdell Lake and six other northern Saskatchewan properties. The anonymous vendor will retain a 2 per cent net smelter royalty on them.

“It’s an exciting time for Atomic Minerals with these new prospects in northern Saskatchewan’s Athabasca Basin,” Massey said in April.

The mining jurisdiction has had an unprecedented rate of exploration from junior miners like Atomic since the price of uranium started steadily rising in 2020.

For example, ATHA Energy Corp. (TSX-V: SASK) (OTCQB: SASKF) (FRA: X5U) is completing its most significant exploration program to date, inspired by bull market conditions. An 8,000-metre diamond drill program will commence in August at ATHA’s newly acquired Gemini project in the region.

Moreover, explorers like Stallion Uranium Corp. (TSX-V: STUD), CanAlaska Uranium Ltd. (TSX-V: CVV) and Eagle Plains Resources Ltd. (TSX-V: EPL) have been increasingly active in the province as well.

The new ban on Russian uranium in the United States will significantly increase demand for the commodity there. Canada and Kazakhstan were already the country’s top suppliers prior to this significant development and will now be supplying even more to help fill the void.

 

ATHA Energy is a sponsor of Mugglehead news coverage 

 

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