In light of Cameco and Rio Tinto’s ongoing bidding war for Hathor Exploration, we are issuing an update to our earlier report on another Athabasca explorer (“Runnin’ Back to Saskatoon”, 30 Sept 2011). Athabasca Uranium (V.UAX) recently began a 3000 m diamond drill program on its Keefe Lake uranium project in the southeastern Athabasca Basin. 10 high-value targets have been identified from the correlation of seismic data interpretations with Aerotem and Geotem Mag/EM surveys. Drilling is planned to extend to 300 m depths to hit the unconformity as well as basement features. Drill hole AU4-1 intersected a large zone of prominent, sustained alteration beginning at 172 m true depth. AU4-1 has crossed 370 m, at an 80 degree angle, bearing SE towards a subtle subsurface EM anomaly. click here for the report.
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From the Article:
We are featuring Athabasca Uranium Inc. as our mining pick this month because the battered down junior appears to be at a turning point as it sets out to drill numerous compelling unconformity-style targets on its Keefe Lake property in the Athabasca Basin of northern Saksatchewan. The region is making headlines owing to a fierce takeover battle for Hathor Exploration by Cameco and RioTinto for its high-grade uranium deposit. click here for more...
Expert Analysis
The Energy Report Interview with Steve Palmer (10/18/11) "Athabasca Uranium Inc. is a uranium company in our fund. . .I'm hoping for good results [from their upcoming drilling]. It's in the right neighborhood and there's obviously a lot of high-grade uranium and some very profitable mines close by. The company has a very small valuation; they have reasonable odds of success." More >
With the recent acquisition of the Volhoffer Lake Property, Athabasca Uranium Inc now controls over 60,000 ha in the Athabasca Basin, host to the world’s highest-grade uranium deposits. The company is actively exploring on four projects in the Basin, all featuring conductive targets, with the Keefe Lake Project currently undergoing drilling. click here to read the article