Patterson Lake: Why This Is The Uranium Project To Watch

  Jun 10, 2013   in CEO Blog

It’s adjacent to the world-class PLS property, it has a wealth of historical exploration data, it has an industry-leading exploration team.

I’ve spent the better part of my career travelling the world and identifying the right uranium projects and juniors for Cameco.  As you can imagine, I’ve lost count of the number of properties I’ve evaluated over the years but I always remember the ones that count – the ones that are worth investing the time and money on – the ones that will deliver.

Patterson Lake (PLN) is a premium property. In the business we would call it highly prospective and we’re not the only ones to think so.  Fission Uranium, our joint venture partner and the operator of the project, staked the property back in 2004 when the exploration team was part of Fission Energy Corp. Ross McElroy, who heads up the team as Chief Geologist, COO and President, has always liked the underexplored Western end of the Athabasca Basin and the ground that now comprises PLN caught his eye early on. Now it’s worth noting that Ross McElroy has been instrumental in four of the last nine major discoveries in the Athabasca Basin including PLS so when something catches his eye, you start paying very close attention.

The Right Location: Patterson Lake (PLN) is immediately adjacent to Fission Uranium’s PLS property which is host to a new, major discovery in the Athabasca Basin. Recent assays at PLS have included: 10.5m @ 29.26% in 53.0m @ 6.57% U3O8 (PLS13-051) and 6.0m @ 35% U3O8 in 49.5m @ 6.26% U3O8 (PLS13-053 Upper Zone).

Ever since the PLS discovery was made there has been a scramble for land in the Western part of the Athabasca Basin by a variety of uranium explorers. However, Ross McElroy’s team got there years ago which is why PLN is just 5.7km north of the new major discovery at Patterson Lake South (PLS) and immediately adjacent to the PLS property. It comprises approximately 25,000 Ha and is located about 30 km immediately south of the UEX/AREVA Anne and Collette uranium deposits near Shea Creek.

Surveys complete, conductors identified: The early stages of exploration at PLN are already complete so we’re entering at the right time. It’s worth you checking out the detailed PLN project overview but for now here’s a snapshot: Multiple surveys, including radiometric, magnetic, EM and resistivity, along with ground prospecting and a 2796m drill program have been carried out previously. This work has identified a number of conductors, including a northwest-southeast trending conductor, which appears to run parallel to the Anne Lake conductor.  Most recently, during 2012, ground surveys and sampling identified areas of interest in the southern part of the property near to Fission Uranium’s bordering property of PLS.

I’ll be sharing our plans for PLN as we move forward so be sure to watch this space.

Ted O’Connor, Azincourt Uranium CEO