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With over 1.3 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 22 properties covering all six conductive corridors, including properties adjacent to discoveries by Cameco Corp. (TSX: CCO) and AREVA.
Over three-quarters of the Athabasca Basin is now under disposition with more than forty 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 23% of global uranium supply in 2007, led by producers Cameco Corp. and AREVA. Saskatchewan uranium production for 2007 was 25.9 million lbs U3O8 and total reserve estimates for the Athabasca Basin are approximately 650 million lbs U3O8 (Saskatchewan Exploration and Development Highlights 2007).
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.
Exploration Program 2008
In the 2008 exploration program, a total of 6,897 metres of diamond drilling was completed in 20 holes, excluding the Border Block Project, where results are pending. The chart below summarizes the 2008 results for each property.
|
Project/Property |
Results Reported |
Metres drilled |
Holes completed |
Best Results |
|
Fleming Property |
July 23, 2008 |
1,689 m |
4 |
- 3.5 ppm uranium in hole FLM-08-01
- 191 ppm boron in hole FLM-08-2A
|
|
Thorburn Property |
August 7, 2008 |
1,573m |
4 |
- 487 ppm uranium or 0.057% U3O8 over a 0.60 metre interval in hole TBN-08-04
|
|
Carlson Creek Property |
August 7, 2008 |
1,631 m |
3 |
- Samples of 2.22 and 1.87 ppm uranium in hole CC-08-04
|
|
Sand Hill Lake Project |
September 8, 2008 |
1,290 m
714 m |
7
2 |
- Up to 2.03 ppm uranium in hole SH-08-14
|
|
Border Block Project |
February 5, 2009 |
1,103 m |
1 |
- 103 to 232 ppm boron over 77m interval in hole GL-08-01
- Fracture at 141 metres had 2.62 ppm uranium and 939 ppm boron in hole GL-08-01
|
Exploration Program 2009
In 2009, Titan’s exploration expenditures are anticipated to total Cdn $7.6 million and include funding for 11,000 metres of diamond drilling. Partners of Titan will contribute Cdn $6.8 million towards the 2009 exploration expenditures. Titan will be the operator of each project. Drilling will commence on each of the projects during the first quarter of 2009. |
