Canadian junior Generation Uranium Inc. (TSX-V: GEN) (OTCQB: GENRF) is getting a series of permits organized before setting up camp and drilling holes at its flagship mining site in Nunavut.
Generation’s Yath project sits in the territory’s expansive Thelon Basin, adjacent to the vast Angilak Lac 50 deposit being developed by ATHA Energy Corp. (TSX-V: SASK) (OTCQB: SASKF) (FRA: X5U).
The permit application, being prepared with assistance from exploration manager APEX Geoscience, would provide Generation with authorization for setting up a camp, drilling and water usage. Crown-Indigenous Relations and Northern Affairs Canada will be responsible for processing the application.
“Their expertise [APEX] in geophysical data analysis will greatly enhance our understanding of Yath and provide important insights,” chief executive Anthony Zelen said in July.
Ensuing prospecting and mapping would follow up on historical results and previous drill holes. Grab sampling conducted in the 1980s returned grades as high as 9.81 per cent U3O8. Over C$5 million has been spent on previous exploration activity at the site.
“We are thrilled to be at the cusp of heightened exploration activities at Yath,” Zelen said Thursday.
“We look forward to moving swiftly with our team once the necessary approvals are in place.”
Map showing Generation’s claims and sample grades. Credit: Generation Uranium
Read more: ATHA Energy exploration program in Angilak Project produces promising results
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Generation identifies 4 ‘promising zones’
At the end of June, the uranium prospector pinpointed some intriguing targets at Yath.
Namely, the VGR Trend: a three-kilometre anomaly; and the Bog trend, also extending three kilometres. Additionally, the Force Trend and Lucky Break area — two zones with significant radioactivity throughout.
“I am thrilled about our latest achievement in identifying four promising zones on our promising uranium project,” Zelen said.
Angilak, the large neighbouring project being developed by ATHA, is estimated to hold over 43 million pounds of inferred U3O8.
In other recent news, Generation qualified for listing on the OTCQB middle-tier venture market run by OTC Markets Group Inc (OTCMKTS: OTCM) at the beginning of June.
“The listing of our shares on a major U.S. exchange marks a pivotal milestone for Generation,” Zelen said at the time.
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