Enexco's 2010 ongoing drill program, operated by Cameco consists of 4 to 5 diamond drill holes totaling approximately 3,000 to 3,800m. Drill targets selected are from interpreted results of previous drill and ground exploration programs along the project's C conductor trend including 2009 drilling, gravity coverage and geochemical surveys. The C conductor trend extends north-south for approximately 5,000 m through the central portion of the Mann Lake property and is marked by both geochemical and structural anomalies. The proposed drill program will continue to focus on the C conductor trend by following these anomalies. Two holes will target a recently improved geochemical anomaly and large unconformity offset west of the previously drilled high-grade intersections discovered at Mann Lake in 2006 (7.12% U308 over 0.25 m and 5.53% U3O8 over 0.4 m) and located in the basement within 12 m of the unconformity (see Enexco June 20, 2006 news).
Two other holes will target the northern portion of the C conductor trend where 2009 drilling intersected 163.8 m of 1.74 ppm uranium and 1,006 ppm boron in the lower portion of the sandstone. The combined presence of boron and anomalous uranium are considered to be significant exploration guides for high-grade basement-hosted uranium in the eastern part of the Athabasca Basin.
An additional conductor, the approximately 3,500 m long D conductor is located 3,000 m east of the C conductor at Mann Lake. At least one hole may also be drilled to target the D conductor, which has not been drilled in any of the prior Mann Lake drill programs.
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