The Waterbury East project lies on Mineral Claim S10796 of 1.337 ha.

The Waterbury East project

The Waterbury East project lies on Mineral Claim S10796 of 1.337 ha. The property is located approximately 10 km inside the eastern margin of the Athabasca Basin, about 28 km northeast of the Cigar Lake uranium mine and 20km southwest of Rabbit Lake uranium mine and mill. Access to the property is by a series of trails from the all-weather Cigar Lake haul road.

The Company’s key uranium projects are located in the Eastern Athabasca which contains the world’s largest high-grade uranium deposits close to production infrastructure.

The claim has been subject to historical regional and project scale ground and airborne geophysical surveys since the 1960’s. Recent surveys highlight a 7 km long north-easterly-trending VTEM conductivity corridor with a coincident AIIP anomaly in the VTEM data. To date, six drillholes have been completed on the claim testing the VTEM corridor. Drill hole WAT-005 intersected a 17 m wide interval of faulted and altered basement rock with zones of uranium enrichment, up to 324 ppm uranium over 0.6 m, associated with structurally-controlled clay alteration and brick-red hematite.

The proposed exploration program for 2022 will focus on testing the up- and down-dip extensions of the uranium and alteration in WAT-005. In addition, continued testing of the VTEM responses along the conductive corridor are planned to evaluate the AIIP anomaly. The AIIP anomaly is similar in style and intensity to a nearby anomaly on Cameco’s Dawn Lake project that contains mineralized drillhole Q11A-006 (1.86% U3O8 over 7.2 m).