Patterson Lake North (PLN)
The Patterson Lake North property (PLN) lies adjacent and to the north of the Patterson Lake South property, owned by Fission Uranium Corp. (TSX-V:FCU) where uranium mineralization has been traced by core drilling at PLS over 2.24km (east-west strike length) in four separate mineralized “zones” (See Fission Uranium news release August 26, 2014)
PLN is prospective for hosting structurally controlled high-grade uranium mineralization that is often associated with basement graphitic shear zones within clay altered metasedimentary basement lithologies. These features have unique characteristics that can be identified by geophysical surveys.
PLN lies within a large basin scale NE trending gravity low structural corridor that also incorporates the adjacent PLS property. The former Cluff Lake mine (>60M lbs U3O8 produced) and the UEX-Areva Shea Creek deposits (42 km and 27 km to the north respectively) lie along the western margin of this structural feature. The recently discovered high-grade uranium mineralization found at PLS located 5.7 km to the south, also lies within this structural corridor. Coincidentally, PLN also lies within a complex magnetic corridor showing magnetic highs and lows and breaks in regional major features. Several EM anomalies are evident within PLN, including what may be interpreted to be the southern extension of the Saskatoon Lake EM conductor, which itself is associated with the Shea Creek deposit to the north.
To date Azincourt has spent $3M earning into PLN, primarily on targeting geophysics and diamond drilling. Prior to Azincourt’s involvement, Fission has spent ~$4.7M on exploration on PLN ranging from airborne to ground geophysics to a first-pass drilling of a few select targets. There are three separate target areas that are drill-ready. The first uranium mineralization was intersected on the central conductor system during summer 2014 drilling and follow up is necessary. The N and Broach Lake conductor systems in the north and south project area, respectively, are highly prospective targets that have yet to see drill testing.