The McGregor Lake Project is located on the eastern edge of the Athabasca Basin, the most productive uranium-producing region in the world. The property is adjacent to JNR/Denison’s Moore Lake Project, and is approximately 3 miles from the Moore Lake u3o8 deposit on which JNR/Denison is actively exploring with the intention of defining a mineable resource. As recently as 2005, an airborne electromagnetic survey of McGregor Lake identified several conductive bodies within the claim area. The exploration program at McGregor Lake is commencing mid-December 2010 with an airborne ZTEM survey being flown over its entire extent.
The 5 claims that make up the 18,699 hectare McGregor Lake Project border Denison/JNR’s Moore Lake Deposit, where significant uranium mineralization has been identified through several diamond drill programs.
About the Moore Lake Deposit (Information from www.jnrresources.com): “The JNR/Denison joint venture has undertaken a series of aggressive exploration programs on the Maverick Zone and on numerous historic and newly identified regional prospects. In 2004, 51 holes were drilled totaling 19,393 metres. A further 90 holes totaling 32,628 metres were drilled during two drilling campaigns in 2005. The joint venture has also carried out extensive geophysical programs including 32 km of ground TEM, 67 km of gravity, and 23.3 km of seismic work over the Maverick Zone, as well as 303 km of ground TEM on seven regional targets, 5 of which were drill tested.
The better mineralization to date is located in the vicinity of the original Maverick discovery, centered about ML‐03 and ML‐25. The mineralization is intimately associated with graphitic pelites, reactivated faulting and extensive clay replacement associated with hydrothermal alteration in the sandstone and basement rocks. This classic unconformity‐style mineralization is best exemplified by holes ML‐61, ML‐54 and ML‐55, where respective intervals of 4.03% eU3O8/10 m (incl. 1.4 m @ 20% eU3O8), 3.5% U3O8/5.0 m and 5.14% U3O8/6.2 m were obtained. In ML‐29, returning 1.61% eU3O8/7.5 m, an 0.5 m intersection graded 7.91% U3O8, 3.65% Ni, 2.8% As, 1.6% Cu, 0.9% Co, 0.35% REE and 5.3g/t Ag, confirming the polymetallic nature of the mineralization.
In the winter of 2005, the joint venture identified an impressive, 10‐kilometre long, 500‐metre wide conductive corridor that wraps around the northern boundary of the granitic body that forms the northern contact of the Maverick Zone. The corridor encompasses portions of the Nutana, West‐Venice and Venice grids and is interpreted to be an extension of the conductive system associated with the Maverick mineralization. The geochemical and geological signature that was obtained from the few holes on this system was highly prospective, with trace element enrichment, illitic clay geochemistry and significant graphitic intercepts occurring, features consistently associated with mineralized systems.
In 2006, infill drilling on the Maverick Main zone continued to intersect high‐grade uranium mineralization. ML‐140 returned 3.20% U3O8 over 6.5 metres including a 3.5‐metre intercept of 5.25% U3O8, 2.1% nickel and 0.65% cobalt. ML‐139 returned 1.23% U3O8 over 8.5 metres, including a 1.5¬metre intercept of 4.20% U3O8. ML‐133 intersected two zones of mineralization. A high‐grade zone at the unconformity returned 2.72% U3O8, 2.30% nickel and 0.905% cobalt over 5.0 metres, including a 2.0‐metre intercept of 4.25% U3O8. ML‐133 also intersected mineralization in the basement associated with clay‐altered graphitic pelites, returning 0.611% U3O8 over 3.5 metres. Uranium mineralization was intersected in all three holes that tested the '527' area in 2006, with the best result obtained from ML¬136 returning 0.50% eU3O8 over 7.0 metres.”
Moore Lake: Cross‐Section ML49 & 61
In October, 2005 Fugro Airborne Surveys conducted a GEOTEM® electromagnetic and magnetic survey of the McGregor Lake area on behalf of International Uranium Corporation.
Several conductive bodies were identified. Zone 9, which spans the McGregor lake project, is a large conductive body following trends seen mainly on the total energy envelope grid. Profile response for these zones is limited to broad early to mid‐time B‐field Z signal. The zones lie along the edge of the Athabasca Basin, with the eastern part of zone 9 lying over the more magnetic rocks of the Wollaston Domain.
Correlation to a magnetic low as seen with most of the conductors in this block is not seen along these bodies.
BASIC EM INTERPRETATION REPORT Airborne Magnetic and GEOTEM_ Survey WEBB RIVER, FORD LAKE, JASPER LAKE, AND BELL LAKE SOUTHEAST ATHABASCA, SASKATCHEWAN Job No. 05439 International Uranium Corporation Michael J. Cain, P. Eng. Moore Lake Deposit JNR Resources: www.jnrresources.com
Athabasca Uranium Inc. Presentation
Athabasca Uranium Inc. is included in The Energy Report
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