On November 13 2013 - International Enexco Ltd announced that the 2014
Mann Lake exploration drill program would begin on January 2014. Cameco
Corporation is the project operator. The proposed budget for the 2014 program
will be CDN$2,900,000 with Enexco's portion being CDN$870,000.
The 2014 drill program consists of up to 18 diamond drill holes and will
evaluate three types of targets; a preliminary evaluation of the area footwall
to the western axis of the C trend, the completion of the systematic evaluation
of the remaining targets along the main C trend and the preliminary evaluation
of the conductive features near the western margin of the Wollaston sedimentary
corridor. The 2014 drill program will be carried out in coordination with
Cameco's drill programs planned on adjacent projects.
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. Mann Lake is 25 km southwest of Cameco's McArthur River
Mine and is 20 km northeast of 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 are 7.12% U308 over 0.25 m and
5.53% U308 over 0.4 m at depths of just over 500 m.
"We are very pleased with the continued enthusiasm our joint venture partners
have shown on Mann Lake and are approaching the 2014 program with great
expectations." commented Arnold Armstrong, President & CEO.
Enexco is a 30% partner in a joint-venture with Cameco (52.5%) and AREVA (17.5%)
to explore the Mann Lake Uranium project in the Athabasca Basin in Saskatchewan.
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