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With over 1.2 million acres in Saskatchewan’s Athabasca Basin, Titan Uranium Inc. is one of the largest landholders in the world’s premier exploration district for Uranium. These holdings comprise 23 properties covering all six conductive corridors, including properties adjacent to discoveries by Cameco Corp. (TSX: CCO) and AREVA.
Approximately half of the Athabasca Basin is now under disposition with over 25 companies actively exploring for Uranium. The majority of exploration in the past has been in the eastern portion of the Athabasca Basin where major deposits are located. However, the central and western part of the basin has become the focus of grassroots exploration by companies like Titan in search for Uranium deposits. This portion of the basin is host to AREVA’s Cluff Lake Mine, AREVA/UEX Corp.’s (TSX: UEX) Shea Creek Deposit and Cameco Corp./Formation Capital Corp.’s (TSX: FCO) Centennial Deposit.
The Athabasca Basin produced 20.5% of global Uranium supply in 2008, led by producers Cameco Corp. and AREVA. Saskatchewan Uranium production for 2008 was 23.4 million lbs U3O8, with an estimated 25.7 million lbs U3O8 for 2009. Total reserve estimates for the Athabasca Basin are approximately 650 million lbs U3O8 (Saskatchewan Exploration and Development Highlights 2009).
The Athabasca Basin is host to unconformity-associated type Uranium deposits. Mineralization occurs at, above or below the unconformity which separates the Proterozoic Athabasca Sandstone Group from the underlying metamorphosed gneissic rock. Sandstone and basement hosted mineralization is usually associated with graphitic faults, pathfinder alteration minerals and brittle reactivation of older ductile fault systems. Deposits may range in shape from massive pitchblende cigar-shaped pods to discrete zones of pitchblende veins.
Titan’s Exploration Program 2009
During the 2009 exploration program, a total of 6,310 metres of diamond drilling was completed in 22 holes. The chart below summarizes the 2009 results for each property.
|
Project/Property |
Metres drilled |
Holes completed |
Best Results |
|
Border Block Property |
2174 m |
8 |
- Anomalous values of Boron up to 2,610 ppm, up to 15.6ppm U and other trace minerals were identified in GL-08-02A and KNG-09-02 holes.
|
|
Sand Hill Lake Project |
2795 m |
13 |
- 1.96 ppm U in the sandstone and 4.84 ppm U in the basement of SH-09-25
- Strong B, Ar, Cu, and Mo anomalies detected in the basement rocks of SH-09-28.
|
|
Virgin Trend Project |
1,341 m |
1 |
- Elevated average Boron in Sandstone column 394ppm B and peaks up to 2320 ppm B, with anomalous U, Cu, Mo, Co, Ni, in hole VT-09-01.
|
Canadian Exploration Program 2010
In 2010, Titan’s exploration budget are has been proposed at a level of Cdn $4.5 million. The programs will include geophysics for target preparation and funding for 3,000 metres of diamond drilling. Titan’s Partners are expected to contribute Cdn $2.2 million towards the 2010 exploration expenditures. Titan will be the operator of each project.
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