Aldrin Identifies Exceptional Drill Targets at Patterson Lake
(PRWEB) February 11, 2014 -- Fission Uranium’s stock price has increased 220% in the last 9 months based on the results of a uranium drill program that was designed using three levels of technology: 1.) Helicopter VTEM survey. 2.) Radio metrics and 3.) Radon sampling.
Aldrin Resources (ALN-TSX.V) is employing a forth level of technology in its 3,000 meter drill program at the Triple M Property adjacent to Fission’s Patterson Lake Property.
On December 4, 2013 Aldrin announced completion of a ground gravity survey – and has subsequently used this data to confirm and refine its drill targets.
“The ground gravity survey identified anomalies coincident with the drill targets we had already identified,” states Aldrin CEO Johnathan More in an exclusive interview with Financial Press, “This creates an extra layer of scientific evidence that the Triple M Property contains bedrock uranium mineralization.”
The gravity survey gathered data from 871 unique stations, covering two parallel strong bedrock conductors previously identified from the Geotech VTEM airborne geophysical survey, and associated surface radon anomalies.
Gravity anomalies were identified over the same portions of the bedrock conductors previously highlighted by radon anomalies. This technology is most powerful if the structure being investigated involves bodies of different density.
The gravity anomalies are relative lows reflecting the dissolution of rock mass by fluids that may also precipitate uranium.
On February 5, 2014 Fission announced assays for the final twenty holes of the summer 2013 drill program at its Patterson Lake South property adjacent to Aldrin’s Project in the Athabasca Basin. Fission drill highlights include 4.22% U3O8 over 8 meters including 11.10% U3O8 over 3 meters.
Aldrin controls 12,000 hectares on strike to Patterson Lake mineralized trends. The company has received all required government drill permits.
The winter drilling program will test two priority basement conductive anomalies. Drill target #1 is a conductive anomaly that extends more than 3.5 kilometers striking east-northeast across the SE block.
Drill target #2 is a conductive anomaly that extends 2.5 kilometers striking east-northeast. Both structures exhibit similar geology to the Patterson Lake discovery, as well as most high-grade uranium mineralization from the Athabasca Basin.
Multiple drill holes will be used to test drill target #1 and #2. The holes are expected to average about 200 m in depth, although they may be go deeper if mineralization is evident.
Major mines in the Athabasca Basin include McArthur River (16.5% U3O8), Maclean Lake (50 million lbs produced), Rabbit Lake (186 million lbs produced), Cigar Lake (22.3% U3O8), Cluff lake (60 million lbs produced).
“It is important to note that we have taken the same steps with Triple M that Fission-Alpha took to make their discovery,” states More, “except that the addition of a gravity survey significantly de-risks our drill program, while creating additional upside to our shareholder base.
“Based on all the surveying and geological work, we believe the basement structures running parallel to the faults will be mineralized in uranium. We intend to execute Beta-test drilling in the spring of 2014.” Currently, Aldrin management owns about 30% of the company and they continue to add to their positions.
“Since Fission- Alpha opened up a new area of the basin,” explains More, “companies operating close to them with good prospective targets have a shot at developing additional mines. We are a parallel structure to them. The Aldrin property is part of the same tectonic system”.
China has 28 nuclear reactors under construction, with another 49 planned and 120 proposed. Vietnam, Turkey, Indonesia, Egypt and Kazakhstan are all building their first reactors. Uranium shortfalls are looming.
The Athabasca Basin contains known uranium reserves with the energy equivalent of 19 billion barrels of oil.
The uranium sector is showing signs of strong 2014 rebound. “Bellwether” stocks Cameco and Uranium Participation are up 8% and 10% respectively in the last 3 months. Global X Uranium ETF is up 8% in the same time frame.
"We believe our winter 2014 drill targets on the SE block of the Triple M Property provide some of the strongest possibilities for discovery of any that will be tested this year by the various companies exploring the southwestern Athabasca Basin region,” states More.
"We are becoming more confident in our drill targets on the Triple M Property, states More, “because each survey method we employ yields anomalies consistent with uranium mineralization below. Now we have drill targets supported by coincident radon highs, linear bedrock conductors, geological mapping – and gravity lows."
Aldrin is currently trading at .07 with a market cap of $6.3 million.
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Edwin Slater, Aldrin Resource Corporation, http://www.aldrinresourcecorp.com, +1 604-687-7741, [email protected]
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