Atco Mining has announced a letter of intent (LOI) with Standard Uranium to buy up to a 75% interest in the latter’s Atlantic Uranium Project.

The project, situated in the Athabasca Basin of northern Saskatchewan, Canada, comprises seven mineral claims spanning 3,061ha and includes a notable 6.5km stretch of an 18km conductive corridor.

The Atlantic Project is considered highly prospective for the discovery of high-grade uranium mineralisation, similar to the Hurricane deposit located nearby.

In 1992, drilling carried out by Cameco revealed traces of uranium, with up to 0.06% triuranium octoxide over 0.5m found in the sandstone close to the unconformity.

Later in 2012, further exploration by Denison Mines revealed a metal-enriched fault zone in the sandstone, which yielded 10.2 parts per million (ppm) uranium, 786ppm lead and 2,270ppm zinc over a 0.1m interval.

This zone is situated 130m above the basement rocks, indicating the potential for significant mineral deposits.

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By GlobalData

Standard Uranium’s recent efforts to refine drill targets on the Atlantic Project included a high-resolution ground gravity survey on the western claim block.

This survey aimed to detect subsurface density anomalies that could indicate extensive alteration zones, often associated with mineralisation.

Atco Mining noted that the project is fully permitted for drilling and benefits from an existing exploration agreement with local First Nations and indigenous communities.

The agreement underscores the project’s readiness for further development and exploration activities.

Atco Mining CEO Etienne Moshevich said: “We are extremely excited to have signed this agreement with Standard Uranium.

“Given its close proximity to IsoEnergy’s Hurricane deposit as well as the historical exploration work conducted on the project, we believe the Atlantic Project has an incredible opportunity to host high-grade uranium mineralisation.

“With the permits fully in place and the drillers ready to go, we are eager to move this agreement forward and give our shareholders a drill programme in a very exciting uranium sector.”