NX-V partners with SYH-V
Feb 20, 2014 - News Release
Lucky Strike Resources Ltd. has completed gravity surveys that have identified 23 gravity-low anomalies on the western Athabasca syndicate's flagship Preston property. The program also included a RadonEx survey (ground and water) to further define targets in advance of a drill program slated to commence in March. The 246,643-hectare Preston Lake property is the largest individual property proximal to Fission Uranium Corp.'s Patterson Lake South high-grade uranium discovery and the recent discovery made by NexGen Energy on the Rook 1 project (see NexGen's news release dated Feb. 19, 2014). The syndicate is the largest land tenure holder in the southwest Athabasca basin region, including properties strategically situated to the southwest and to the northeast of the PLS and NexGen discoveries.
Ron Rieder, president and chief executive officer of Lucky Strike Resources, reiterated Jordan Trimble's comments: "The new discovery made by NexGen at their Rook 1 project further exemplifies the district-scale potential the Patterson Lake region offers. All the syndicate partners are well positioned to take advantage of this going forward as we have carried out one of the largest regional exploration programs in the area over the last eight months in preparation for an initial drill program slated to commence in March."
Interpretation of the gravity data by Phil Robertshaw, PGeo, has successfully delineated gravity-low anomalies associated with previously identified high-potential exploration corridors defined by structure, magnetic lows, conductors, favourable geology and geochemistry. Gravity is a defining tool for exploration for uranium in the Athabasca basin and was a key mechanism for vectoring in on the recent discovery made by NexGen at the Rook 1 project. Hydrothermal fluids associated with high-grade uranium deposits will cause extensive alteration of the host rock, resulting in displacement and removal of minerals/elements, creating porosity and subsequent density contrast. This density contrast will be expressed as a gravity-low anomaly and is a prime drill target when qualified by other coincident indicators of uranium mineralization, such as geochemistry and radon.
In addition, several of the syndicate's gravity-low targets have been further refined using a proprietary RadonEx survey, which has been instrumental in assisting with discoveries in the Athabasca basin region. The syndicate is carrying out a ground electromagnetic survey to further refine conductor trends and pinpoint drill pad locations. Details concerning the coming drill program shall be provided in the near future.
About the Preston Lake property
The 246,643-hectare Preston Lake property is the largest land package proximal to the Patterson Lake South high-grade uranium discovery, owned by Fission Uranium. The syndicate continues to employ a systematic, proven exploration methodology that has led to numerous uranium discoveries in the region and throughout the Athabasca basin. This has been very effective in identifying numerous high-quality targets with similar geological features and exploratory indicators also present at the nearby PLS discovery and in other deposits in the Athabasca basin. Management cautions that mineralization present on proximal properties is not necessarily indicative of mineralization on the syndicate's property.
About the western Athabasca syndicate
The western Athabasca syndicate is a strategic partnership formed between Lucky Strike, Skyharbour, Athabasca Nuclear and Noka to explore and develop a 287,130-hectare suite of uranium properties that is the largest land position along the highly prospective margin of the western Athabasca basin controlled by a single group. Under the terms of the agreement, each of the four companies has an option to earn 25 per cent of the five uranium properties comprising the western Athabasca syndicate partnership by making a series of cash payments, share payments and incurring a pro rata amount of the total $6-million in exploration expenditures over the two-year earn-in term of the agreement. The properties were acquired for their proximity to the PLS discovery and interpreted favourable geology for the occurrence of PLS-style uranium mineralization. The bulk of the syndicate land package is bisected by all-weather Highway 955, which runs north through the PLS discovery onto the former Cluff Lake uranium mine.
Qualified person
Athabasca Nuclear director Charles Downie, PGeo, is the qualified person as defined by National Instrument 43-101 and has approved the technical information in this release. |
