Mamba (ASX:M24) reads radioactive in first Athabasca drilling
June 7, 2024Mamba Exploration’s first drilling at Canary has intersected anomalous radioactivity over 300 counts per second in one of four holes and claimed an early Canadian success at its recently acquired asset in Saskatchewan’s Athabasca Basin.
Drilling also intersected multiple zones of favourable alteration including hydrothermal silicification, clay, chlorite, and hematite, and the intersection of fracture-hosted elevated radioactivity points toward a hydrothermal uranium input.
Hydrothermal processes can concentrate uranium in a way that results in higher-grade deposits, hardly atypical in an Athabasca region home to some of the world’s largest and highest-grade sources of yellowcake.
Mamba Executive Director Simon Andrew said the first drill program has been exemplary, demonstrating a level of execution surpassing expectations.
“Thanks to the planning and efficient operations by our partners Standard Uranium, the program was completed ahead of schedule and under budget,” he said.
“We remain excited by the potential at Canary and eagerly await assay results from the laboratory.”
Standard Uranium President and VP Exploration Sean Hillacre said that intersecting anomalous radioactivity in a totally untested area on one of three conductive corridors was very encouraging.
“The results from this program have revealed packages of the ideal host rocks for basement-hosted uranium mineralization,” he said.
“In addition to a potential quartzite ridge which is an important feature present in other eastern Athabasca uranium deposits such as McArthur River and Phoenix.”
Hillacre added the technical team and himself were excited to continue exploration efforts alongside Mamba and looked forward to putting out more results and beginning testing additional target areas.
The 1863-metre campaign surpassed the amount of ground the companies expected, and the pair are beginning complementary geophysical surveys over the three corridors to spot up targets for next drilling.
A flurry of exploration activity over the Athabasca indicates there are deposits to be found with more modern exploration than that used through the last uranium land rush of the Cold War.
The 2018 discovery of the high-grade Hurricane Deposit 11 kilometres southbound of Canary in the same Mudjatik geological domain showed proof of that among others, and Mamba believes its new territory, for now, remains significantly underexplored.
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