Phase 2 also turned up positively humming scintillometer hits, including a 4700 count per second radioactivity reading in an outcrop some 30m along strike from the uraninite and up to 9800 counts per second another 400m along strike.
‘Phase 2 has delivered exactly what we had hoped for, multiple zones of strong radioactivity, compelling structural settings and alteration’
Infini Resources chief executive officer Rohan Bone
The company now believes its mineralisation extends well beyond the initial outcrop, with another zone northeast of the discovery returning a steady 8000 counts per second from a pegmatite dyke, alongside several other areas tied to big electromagnetic conductors.
35 new rock samples were also collected and are now on their way to the lab for proper chemical analysis.
While seeing exciting uranium minerals in the field and high scintillometer numbers are promising, the real grades will come from the laboratory assays.
The first batch of lab results is due before Christmas, with the new Phase 2 samples to follow early next year.
Once those numbers land, Infini will blend them with the maps and geophysics to finalise the exact spots for a potential maiden drill program at its rapidly emerging project.
Infini Resources chief executive officer Rohan Bone said: “Phase 2 has delivered exactly what we had hoped for — multiple zones of strong radioactivity, compelling structural settings, and alteration signatures consistent with uranium-bearing systems. The confirmed uraninite showing at Reitenbach, together with the scale and intensity of the surrounding EM targets, strongly indicates the potential for a significant uranium system.”
The Reynolds Lake and Reitenbach Lake projects sit side-by-side on the eastern edge of the Athabasca Basin in northern Saskatchewan and cover a combined 677 square kilometres of high-grade uranium exploration tenure.
Canada’s Athabasca Basin is something of a uranium curiosity. It is sometimes described as looking like a “bathtub” buried in a geological formation with multiple high grade uranium discoveries made directly around the tub.
It also stands out for its grades that are capable of delivering cracking financial studies like the one delivered by NexGen Energy last year on its Arrow deposit. NexGen says Arrow shows a whopping annual EBITDA of C$3.3b a year for at least the first 5 years and with grades going well north of 2% it is little wonder.
They straddle a major ancient fault zone, the Needle Falls Shear Zone, in the exact type of geological neighbourhood that hosts some of the world’s richest uranium deposits.
Infini says it is also working closely with the local First Nations group Ya’thi Néné and pushing permits through so the rigs can roll as soon as the ground thaws next year.
With lab results imminent and rigs waiting, Infini is stepping up its presence in the planet’s premier uranium hunting ground just as uranium supply tightens and prices swing rapidly.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
