T92 signs binding LOI to acquire a 100% interest in the 15.3M pound uranium Amer Lake Project, Canada
Location of Amer Lake Project
Amer Lake 2012 MRE drillhole collars, resource blocks >100 ppm U3O8 (yellow) with area covered by the proposed acquisition claims in blue
Cross Section through Main Zone Deposit on Amer Lake claims showing modelled stacked lenses of uranium mineralisation

Amer Lake Project

Project Highlights

  • The Company is pleased to advise that it has executed a Binding Letter of Intent (LOI) for the acquisition of the Amer Lake Uranium Deposit, located in Nunavut, Canada.
  • The Amer Lake claims contain a foreign non-JORC compliant resource estimate of 17,827,000 tonnes averaging 380 ppm U3O8, containing 15.3 million pounds U3O8 using a cut-off grade of 100ppm, as reported in 2012 in accordance with the Canadian National Instrument (NI) 43-101*.
  • Typical assay values from the mineralised arkose horizons ranging from 5000 to 15,000 ppm U3O8 (0.5 to 1.5% U3O8) over 0.2 metre thicknesses enclosed in greater thicknesses of 1.5 – 2.0 metres above cut-off of 100ppm U3O8. Uranium-bearing minerals includinge uraninite, lesser brannerite and a secondary phase, uranophane have been identified.
  • Two outcrop samples reported in 2009 in the vicinity of the Main Zone assayed 35,700 and 13,400 ppm U3O8 (3.57% and 1.34% U3O8 respectively) showing extensions are possible.
  • The mineralisation at Amer Lake is of the sandstone-hosted type, similar to large near-surface deposits in the USA, Central Asia, Australia and Africa amenable to bulk or ISR mining.
  • The Main Zone deposit consists of a series of stacked lenses that outcrop at surface for a 1.7 km strike zone and dip to the south between 10 and 40 degrees.
  • The Company intends to continue to review the extensive historical dataset on the Amer Lake project to move towards reporting a JORC 2012 compliant Mineral Resource Estimate (MRE) in the near future.
  • T92 has further expanded its footprint at Amer Lake through selective staking of two new 100% owned claims.
  • Amer Lake is situated approximately 20 km north of the operational Amaruq gold project, which hosts extensive infrastructure, including trafficable roads facilitating access to the local town of Baker Lake.
  • Other prospects along strike from the Main Zone with similar uranium mineralisation exposed at surface include Main East, Faucon, Split and Horned Lake, which have been identified but have had little work to date. These are expected to extend the current resource estimate.
Location of Main Zone deposit and historical uranium prospects.