The 25,000+ hectare East Preston Project several has high priority drill targets identified within multiple prospective exploration corridors delineated through recent geophysics and ground evaluation.
Over $4.7 million in exploration expenditures on the Preston Project over the past four years
AAZ is earning towards a 70% interest the Eastern portion of the Preston Project. The Preston Project is one of the largest tenure land positions in the Paterson Lake region. Strategically located near NexGen Energy Ltd’s high-grade Arrow deposit, Fission Uranium Corp’s Triple R deposit & AREVA/Cameco/Purepoint’s joint venture (Spitfire). AREVA recently optioned 49,635 hectares of the Preston Project for up to $7.3 million in exploration expenditures.
Over CDN$2 million in exploration expenditures on the East Preston Project over the past three years. Several high priority drill targets identified within multiple prospective exploration corridors delineated through recent geophysics and ground evaluation.
2018 Winter Program
The work included 51.5 km of grid preparation (line cutting/picketing), 46.1 km of horizontal loop electromagnetic (HLEM), and 40.6 km of ground gravity along the previously known airborne helicopter VTEM conductive trends.
Ground-truthing work confirmed the airborne conductive trends and more accurately located the conductor axes for future drill testing. The gravity survey identified areas along the conductors with a gravity low signature, which is often associated with alteration, fault/structural disruption and potentially, uranium mineralization. The combination/stacking of positive features will assist prioritizing targets for testing first.
Swoosh Target (East Preston)
In March 2014, Skyharbour and the Syndicate commenced an inaugural diamond-drilling program on the Preston Uranium Property in the southwest Athabasca Basin. Three initial target areas, out of a growing target base currently standing at fifteen, were selected by the Syndicate’s Technical Committee for immediate drilling based on encouraging fieldwork results and coincident anomalies from ground gravity, airborne and ground EM and magnetics (graphitic conductors and structures), radon, soil, biogeochem, lake sediment, and geological mapping surveys. This drill campaign represented the first modern-day drill exploration program on the Preston Uranium Property and consisted of approximately 2,000 metres of drilling in nine holes.
Six holes were completed to depths of between 200 and 360 metres downhole at the Swoosh target located on East Preston, while one hole was abandoned due to poor drilling conditions. Overburden depth varies from 4 to 38 metres and immediately overlies basement rock. All seven of the holes intersected a broad, hydrothermally altered and reactivated, structural zone. Five of the holes returned elevated radioactivity and intersected multiple graphitic units within sheared and altered basement lithologies. The alteration commonly consists of pervasive chlorite, hematite and clay development; features which are common to uranium mineralization in the Athabasca Basin. The Syndicate’s Technical Team considers these findings in the early stages of the first drill program to be a significant breakthrough towards locating shallow uranium mineralization.
Highlights of the Entire Preston Project
Large land position and property package (approx. 121,249 hectares) strategically located to the south of and adjacent to NexGen Energy’s (TSX-V: NXE) Rook 1 project host to the high grade Arrow deposit, as well as proximal to Fission Uranium’s (TSX: FCU) Patterson Lake South (“PLS”) project host to the high grade Triple R deposit
Binding Term Sheet signed with new partner company whereby they have option to earn a 70% interest in 52, hectares (of the total 121,249 hectare property) by spending $7.3 million exploration and $700,000 in cash over 6 years
Western Athabasca Syndicate consisting of Skyharbour Resources and Clean Commodities as a partner with both companies owning a 50% interest; the goal of the strategic partnership is to explore and develop its large uranium property package in the western Athabasca Basin
Over $4.7 million in exploration expenditures on the Preston Project over the past three years
VTEM plus survey completed in August 2013 mapped over 300 kilometres of graphitic-type conductor segments, some approaching 10 kilometres in length, in the eastern blocks of the Preston Uranium Property
Initial interpretation of the radiometric data has identified areas with elevated uranium counts that can be correlated along and between multiple lines which may indicate the presence of radioactive boulder trains or in situ uranium mineralization
Radon surveys successfully identified a number of radon in water anomalies occurring both as clusters and as discrete point anomalies in places that appear to follow basement conductor trends identified by the 2013 VTEM survey
Fifteen high-priority drill target areas associated with eight prospective exploration corridors have been successfully delineated through this extensive geophysics and ground evaluation
The extensive field work data was used for final targeting of the first two exploratory drill program
Initial drill programs consisted of approximately 3,300 metres in 14 holes
Majority of the holes intersected broad, hydrothermally altered and reactivated, structural zones with several of the holes returning elevated radioactivity and intersecting multiple graphitic units within sheared and altered basement lithologies
The alteration seen in several of these drill holes commonly consists of pervasive chlorite, hematite and clay development; features which are common to uranium mineralization in the Athabasca Basin
Skyharbour’s Technical Team considers these findings in the early stages of drill testing to be a significant breakthrough towards locating shallow uranium mineralization