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Eagle Plains Partner Refined Energy Unveils Uranium Targets in Saskatchewan

AInvestTuesday, Jan 7, 2025 8:21 am ET
3min read



Eagle Plains Resources Ltd. (TSXV:EPL) and its partner Refined Energy Corp. (CSE:RUU)(OTC PINK:RFMCF)(FRA:CWA0) have identified three priority target areas with signatures consistent with potential uranium deposits at the Dufferin West Property in northern Saskatchewan. The discovery, based on a review and interpretation of historical geophysical survey data, has significant implications for the uranium market and the region's economy.

The Dufferin West Property, covering an area of 10,140 hectares, is located approximately 18km from Cameco's Centennial Deposit, where historic drill hole VR-031W3 intersected 8.78% U3O8 over 33.9m. The property is prospective for unconformity- and basement-hosted uranium mineralization in proximity to the Virgin River Shear Zone and related splays.

Refined Energy, which holds the exclusive option to acquire up to a 75% interest in the Dufferin Project, has identified three geophysical targets located adjacent to the Virgin River Shear Zone. The highest priority target is represented by strong conductivity associated with a distinct magnetic transition, extending from the unconformity at the sandstone contact well into the underlying basement rocks. This target has never been drill-tested and the depth of sandstone cover above unconformity is estimated to be relatively shallow at less than 200m.

The discovery of these uranium targets at Dufferin West aligns with Eagle Plains' and Refined Energy's long-term investment strategies in the uranium sector. Eagle Plains, as a project generator, aims to identify and explore prospective mineral properties, while Refined Energy seeks to acquire interests in uranium projects with significant exploration potential. The Dufferin West Property, with its excellent geology favorable for uranium deposits and proximity to known uranium districts, fits well within their strategies.

The identified targets at Dufferin West exhibit key geological and geophysical characteristics that are favorable for uranium deposits in the Athabasca Basin. The presence of NE-SW trending faults, known to host uranium mineralization, further supports the potential of these targets. Refined Energy is currently planning an appropriate drill program to test the highest priority target area.

The planned drill program for the highest priority targets at Dufferin West fits into Refined Energy's overall exploration and development strategy for the Athabasca Basin. The Company's strategy is to explore and develop projects in proximity to known uranium mineralization, such as the NE-SW trending faults that host the Centennial U deposit, situated along-strike 20km to the ENE of Dufferin West. The drill program at Dufferin West is part of Refined Energy's broader approach to identify and test targets with geophysical signatures and geological settings favorable for uranium mineralization, ultimately aiming to contribute to the Company's portfolio of underexplored projects covering prospective uranium structural corridors in the Athabasca Basin.

The recent discoveries of high-grade uranium deposits in the Athabasca Basin, such as those made by Aero Energy Limited and Refined Energy Corp., have significant potential to impact the global uranium market. The Athabasca Basin is already the world's second-largest producer of uranium, with Saskatchewan accounting for nearly $1 billion in annual production. These new discoveries could further boost Saskatchewan's uranium production, contributing to Canada's global reputation as a stable, reliable supplier of uranium.

The increasing global demand for nuclear power, driven by the need for clean energy and energy security, makes these discoveries particularly timely. As the world looks to transition to sustainable power generation, secure and democratic sources of uranium like those found in the Athabasca Basin become increasingly important. The WNA report proves once again that uranium produced in northern Saskatchewan is crucial for addressing the world's energy challenges now and into the future.

Moreover, the potential for these discoveries to lead to the development of new mines and processing facilities could create significant economic opportunities in the region. This includes job creation, infrastructure development, and increased investment in the local economy. These benefits could help to offset the impacts of COVID-19 related shutdowns and contribute to the long-term prosperity of the province.

In conclusion, the recent discoveries of high-grade uranium deposits in the Athabasca Basin have the potential to significantly impact the global uranium market, contributing to Canada's role as a stable, reliable supplier of uranium and creating economic opportunities in the region. The identification of three priority target areas at the Dufferin West Property by Eagle Plains and Refined Energy is a testament to the potential of the Athabasca Basin as a world-class uranium district. As the world looks to transition to sustainable power generation, the importance of secure and democratic sources of uranium like those found in the Athabasca Basin cannot be overstated.
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