Background is typically 100 ppm boron. From subcrop at 67 meters to 900 meters, 60% of the 84 samples exhibited greater than 500 ppm boron and all but two showed greater than 100 ppm boron. Anomalous boron concentrations were also noted from 1010 meters to 1100 meters and from 1190 meters to 1230 meters, just above the unconformity. The analytical results indicated the presence of illite and sudoite clay species throughout the sandstone rocks generally in areas with the greatest boron concentrations. In addition, the sandstone and basement rocks displayed evidence of faulting which is typically associated with bleaching. The probe results showed no significant radioactivity. Boron, illite and sudoite anomalies are typically part of hydrothermal alteration systems associated with unconformity style uranium mineralization in the Athabasca Basin.
The project is the subject of a Letter of Agreement between Titan Uranium and Japan Oil, Gas and Metals National Corporation (JOGMEC) wherein JOGMEC can earn a 50% interest in the Virgin Trend project by funding CAD9 million in exploration over three years. The partners have agreed to amend the Letter of Agreement and extend the first farm-in period from March 31, 2009 to March 31, 2010. Titan Uranium is the operator of the exploration programs.
Drilling on the Virgin Trend project was carried out in February and March 2009. One vertical diamond drill hole was completed for a total of 1340.55 metres which is one of the deepest holes drilled to date in the Athabasca Basin. The hole was drilled to test coincident gravity, magnetic and electromagnetic anomalies defined by airborne and ground surveys in 2007 and 2008 including an anomaly defined by JOGMEC’s proprietary ground Squitem system.
The Virgin Trend project, which includes the Virgin Trend and Knight properties, is located in the central portion of the Athabasca Basin in northern Saskatchewan and comprises 44 claims totaling 161,985 hectares (400,273 acres). The project area covers the trace of the Virgin River Shear Zone/Dufferin Lake/Black Lake Fault, an extensive regional fault system with repeated movement during the period of uranium mineralization in the Athabasca Basin. The southern portion of the Virgin Trend project neighbours the Cameco Corp./Areva Resources Canada Inc./Formation Capital Corp. Virgin River property that hosts the Centennial deposit where the highest grade-thickness intervals reported to date are found in hole VR-031W1 which intersected 7.62% U3O8 over 17.8 meters.
