Bone said the new tenements strengthen the company’s geological footprint and secures potential extensions of known structures.
Infini last year discovered high-levels of uranium in soil samples at its Falls Lake prospect, grading up to 74,997 parts per million (ppm) uranium oxide, which got the market more excited than a kid in a lolly shop.
A series of super-high-grade assays, initially outside the original laboratory’s testing limits, were re-submitted to another lab to reveal the outstanding results. They sent the company’s stock on a belter of a run to make Infini one of last year’s standout sharemarket performers.
Infini unearthed the significant uranium anomalies across the Falls Lake (formerly Talus) prospect, completing a soil-sampling grid program and defining an 800m by 100m high-grade zone, kicking up the range of stellar grades seen last year. The anomalies are located down-ice and west of a 1.5km radiometric anomaly.
Last Thursday’s share price surge and off-the-scale pXRF uranium readings, brought a sense of déjà vu to many, prompting some in the market to believe a re-run of last year’s market heights may be reached again.
The elevated readings up to 12,000ppm uranium were recorded in a mammoth 284m stretch of drill core from one hole, with more than 90 per cent of all pXRF values in the section running from 28m to 312m, giving readings between 1000ppm and 12,000ppm uranium.
The company believes the core logging observations imply the presence of a large hydrothermal system capable of hosting multiple metals. The early findings validate its exploration model and confirms the presence of highly fractured and intensely altered granites within the drill cores. It believes the geological setting is likely a shear-zone hosted deposit within altered granite.
Infini now plans to integrate all available geological, airborne geophysical and remote sensing datasets across the new tenements to define a series of priority target areas. The work is expected to complement the ongoing phase-two drilling at Falls Lake.
The company also recently revealed it was kicking off an extensive maiden field exploration program, including soil and rock chip sampling, at its promising Reynolds Lake uranium project in Canada’s world-renowned Athabasca Basin.
The systematic program, in conjunction with geological mapping, will follow up on a plethora of high-priority targets identified from a diverse mix of exploration methods.
Portland Creek spans a 149-square-kilometre area within the Precambrian Long-Range Complex of Canada’s Humber Tectonic-Stratigraphic Zone. The area hosts a large regional uranium anomaly, identified in the 1970s through a Newfoundland government lake sediment sampling program.
The 2500-metre program has only tested two from a planned 12 priority targets within a corridor running for more than six kilometres and bearing uranium-in-soil anomalies. With plenty more ground to be drilled, the program may deliver further head-turning numbers for Infini.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
