14 hours Ago By Craig Nolan
Infini Resources has fired up its maiden drill program at the company’s Portland Creek uranium project in the Canadian province of Newfoundland and Labrador, following previously unearthed astonishingly high-grade soil samples. One soil sample from July last year returned up to 7.5 per cent uranium oxide, while a further 17 samples graded higher than 1 per cent uranium oxide, which the company says is coincident with a prolific shear corridor.
Management plans for the phase one diamond drilling program to comprise up to 23 holes at the promising Talus prospect, in its quest for a serious uranium discovery. A priority hole will be drilled straight off the bat to test the astounding high-grade soil anomaly. The plan is to drill to a depth of about 600 metres to see what riches, if any, lie beneath the high-grade anomaly.
The anomaly sent market punters into a spin when it was revealed last year. It is believed coincident with a major demagnetised north-south fault zone at depth, based on the interpretation of recent magnetic surveys. Further soil sample assay results from the company’s 1000-plus samples indicated additional uranium anomalies.
Infini believes uranium soil anomalies 500m to the north and 1500m to the south of the Talus prospect could suggest the potential for multiple deposits within the broader structural corridor of Portland Creek. The period ahead could mark a pivotal moment for the company if this eagerly awaited maiden drill program uncovers a major uranium discovery in the tier-one jurisdiction of Newfoundland, Canada. The excitement is real and the potential is enormous.
The planned drilling campaign will explore the regional-scale Talus uranium anomaly defined by a combination of soil and rock chip sampling and radiometric surveying within a 3.8-kilometre-long north-south anomalous trend. The company has identified the high-grade uranium mineralisation in an 800m by 100m corridor within the greater anomalous zone.
After receiving environmental assessment and clearance, Infini staff have begun clearing light vehicle access from the west into the northwestern corner of the Talus site, to reduce the reliance on helicopters for transport. The additional access will enable the crews to maintain accessibility for bigger loads and during poor weather conditions. Management says core logging and cutting facilities have been built on site and are ready for the first batch of drilling core from the field.
The slated drilling program is expected to take six to eight weeks to complete. The market was blown away by the head-turning sampling results revealed by Infini in July, where retesting was needed due to the grades exceeding the laboratory’s usual testing protocol. In addition to a peak return of 74,997 parts per million (ppm) uranium oxide, further superb sample results included 53,182ppm, 43,512ppm and 39,975ppm uranium oxide.
The company’s share price rocketed from 15.5 cents at the time of the announcement to eventually touch a high of $1.035 a few weeks later – a massive 567 per cent gain.
As it sets its drill bit spinning, Infini will be hoping the results of this maiden campaign will again create punters’ strong interest in their progress. Is your ASX-listed company doing something interesting? Contact: matt.birney@wanews.
com.au.
