Athabasca Uranium Inc. (TSXV:UAX,OTCQX:ATURF) announced that diamond drill hole AU4-1, part of a multi-hole winter drilling program at its Keefe Lake Project in northeast Saskatchewan, has intersected a large zone of strong and sustained alteration, beginning at approximately 172 meters true depth.
As quoted in the press release:
Hole AU4-1 has now crossed 370 meters, at an 80-degree angle, bearing southeast towards a subtle subsurface EM anomaly identified through Aerotem interpretations. The main alteration zone is a 25-meter thick interval of clay minerals at and below the unconformity; this overprints a 170+-meter multi-generational healed quartz stockwork, overprinting an older mylonite. At depth, the basement mylonite contains granitic pegmatite veins up to 50 centimeters thick. Select samples have been sent for PIMA and geochemical analysis.
The Company considers these drilling results to date as highly significant, as major uranium discoveries in the Athabasca Basin such as McArthur River, Key Lake and Millennium were primarily the result of drill-testing of strong alteration zones related to conductor features and not the drill testing of specific graphitic conductor systems. Strong alteration features as observed at Keefe Lake are the primary guide to the discovery of uranium mineralization.
Athabasca President Gil Schneider, said:
“The discovery of this profound alteration is yet another exploration milestone achieved. We intend to extend this program into 2012 to aggressively test this and other high value targets.”