Uracan Resources and UEX have encountered uranium mineralization on the Black Lake project located along the northern margin of the prolific Athabasca basin in northern Saskatchewan, Canada.
Initial drilling results from the first six diamond drill holes intersected 0.131% U3O8 over 0.5m and 0.124% U3O8 over 1.0m in drill hole BL-148 that is hosted within and adjacent to the Eastern Fault Zone.
Currently, Uracan is in the process of earning a 60% participating interest in the property by incurring a total of $10m in exploration expenditures over a 10 year period.
The Black Lake project covers a total of 30,381ha within the Athabasca basin.
Through the interpretation of data generated by previous work programs and followed up on uranium mineralization intersected in previous drill campaigns, the exploration drilling program totaling 2,748m tested a number of geophysical and geochemical targets.
Geophysical contractor is currently mobilizing to the property to begin a ground DC resistivity program over the central portion.
Uracan and UEX will conduct additional drilling and field work on the property upon receiving full results from the drilling and ground geophysical programs.