• $6 Million Exploration Program
• 21,000 Metre Diamond Drill Program
• 3 Drill Rigs
• Partnered with Cameco and AREVA
On November 15, 2013 International Enexco Ltd. announced that an
aggressive exploration drill program will begin starting January 2013, directed
by the project operator, Cameco Corporation. The proposed budget for the 2013
program will be CDN$6,000,000 with Enexco's portion being CDN$1,800,000. The
primary objective of the proposed exploration program will be to drill test
priority geological and geophysical targets along the C conductor trend over the
entire length of the property. This will allow for the evaluation for the
presence of in situ mineralization, alteration and / or geochemical halos
indicative of an economic deposit on the Mann Lake project.
The Mann Lake Uranium Project is located in the heart of what is undisputedly
the most prolific and highest grade uranium region in the world, the Athabasca
Basin in Saskatchewan. The Project lies 25 km southwest from Cameco's McArthur
River Mine and is 20 km northeast from Cameco's Millennium deposit. High-grade
basement-hosted uranium mineralization was discovered at Mann Lake during a 2006
drill program. The two highest grade intervals averaged 7.12% U308 over 0.25 m
and 5.53% U308 over 0.4 m at depths of just over 500 m.
"This is the largest exploration program ever proposed by the Joint-Venture"
commented Arnold Armstrong, President & CEO. "With anomalous radioactivity and
boron encountered in almost every previously drilled hole, we are approaching
the 2013 program with great expectations."
The 2013 drill program may consist of 28 drill holes with an additional 10
contingency holes, using 3 separate drills totalling approximately 21,000 m
(69,000 ft.) of drilling.
By the end of the proposed 2013 drill program, all geological and stacked
resistivity and EM targets coincident with the C conductor trend will have been
drill evaluated and characterized with potential detailed follow-up of positive
results either undertaken or deferred to a future program.
Additional grid refurbishment and geophysical surveying is planned for the
northernmost portion of the property.
20 km from Cameco's McArthur River Mine (332 million lbs eU308)
65 km from the historic Key Lake Mine (166 million lbs eU308)
15 km from Cameco's Millennium deposit (46.8 million lbs eU308)
High-grade uranium was discovered at Mann Lake during a 2007 (phase one) drill program, the first drill program (operated by Cameco Corp) to penetrate the basement formation. The two highest grade intervals averaged 7.12% eU308 over 0.25 m and 5.53% eU308 over 0.4 m at depths of just over 500 m and within 12 m of the unconformity. Basement hosted uranium discoveries in the Athabasca Basin are often considered to be more desirable in terms of ease of mining and avoidance of possible water problems that sandstone discoveries can sometimes exhibit.
International Enexco has been equally encouraged by assay results from subsequent drill programs (phases two & three) at Mann Lake. High concentrations of boron have frequently been discovered throughout the sandstone section above the Athabasca unconformity surface along with long intervals of low-grade uranium. High concentrations of boron enriched sandstone and low-grade uranium in the conformity are typical of alteration systems associated with unconformity style uranium mineralization in the southeastern portion of the Athabasca Basin. Hole MN-023, from phase three drilling, had a weighted average of 552 ppm boron over 500 m (the entire sandstone section) and hole MN-O24 encountered 3.42 ppm uranium over the lower 126.4 m of the sandstone.
On trend between Cameco's Millennium deposit and McArthur River Mine