92 Energy (ASX:92E) intersects high-grade uranium at GMZ discovery

• 92 Energy (92E) intersects high-grade uranium mineralisation at its GMZ discovery
• The company completed a 12-hole drilling program at the discovery which is part of its Gemini project in Canada’s Athabasca Basin
• 92 Energy says two of the four holes it received assays for intersected high-grade uranium up to one per cent with all four intersecting uranium mineralisation
• Assays are remaining for eight drill holes and a 6000-metre program is about to begin at Gemini
• 92E shares were up 10.9 per cent and trading at 61 cents

92 Energy (92E) has received assays from four holes completed at its Gemini project in the Athabasca Basin in Canada’s Saskatchewan province.

The results account for four holes of the 12-hole Winter 2022 drilling program at the GMZ uranium discovery.

92 Energy said all four holes intersected “strong” uranium mineralisation and two of them — GEM22-019 and GEM22-022 — intersected high-grade uranium of up to one per cent.

The company noted one per cent uranium is 10 times the average grade of mined uranium deposits around the world.

GEM22-019 returned 19 metres averaging 0.14 per cent uranium including 0.5 metres of 1.73 per cent uranium.

GEM22-022 intersected 17 metres of continuous mineralisation averaging 0.38 per cent uranium including eight metres of 0.62 per cent uranium with a sub-interval one metre averaging 1.06 per cent uranium.

The company said 11 of the 12 holes returned anomalous radioactivity of up to 300 counts-per-second which was identified using a handheld device.

“To intersect high-grade uranium mineralisation at this very early stage in the GMZ discovery is tremendous and adds to our confidence that the GMZ has potential to be a globally significant discovery,” Managing Director Siobhan Lancaster said.

“With the tenor and thickness of mineralisation improving to the west and southwest, we are looking forward to an aggressive follow-up drilling program beginning in June.”

92 Energy is waiting on assays from the remaining eight holes of the Winter 2022 program and seven reconnaissance holes at the Gemini project.

The company is also about to begin a 6000-metre diamond drilling program which will initially target uranium mineralisation to the west-southwest of the GEM-004 discovery hole.

92E shares were up 10.9 per cent and trading at 61 cents at 12:12 pm AEST.