Titan Begins Drilling Programme at Canadian Uranium Project

23 July 2009 (Last Updated July 23rd, 2009 18:30)

US miner Titan Uranium has started its summer 2009 drilling programme at the uranium Border Block project, located in the south-west area of the Athabasca Basin in Canada. The project is subject to a Letter of Agreement between Titan and Japan Oil, Gas and Metals National Corporation (JOG

US miner Titan Uranium has started its summer 2009 drilling programme at the uranium Border Block project, located in the south-west area of the Athabasca Basin in Canada.

The project is subject to a Letter of Agreement between Titan and Japan Oil, Gas and Metals National Corporation (JOGMEC) under which JOGMEC can earn a 50% stake in the project by investing C$6m in exploration over four years.

As of 31 March 2009, JOGMEC has invested C$1.5m in the project, Titan said.

The company has planned a minimum of 1,500m of diamond drilling on the project aimed at testing prospective targets identified by recent time-domain electromagnetic surveys.

The project covers 188,675 acres and is known to contain basement rocks capable of hosting uranium mineralisation, Titan said.