Trench Metals Corp. [TMC-TSXV; 33H2- FWB] is completing a detailed examination of the Peterson Rapids showing, located on the Higginson Lake extension claim in the Athabasca basin, northern Saskatchewan. This radioactive zone is immediately southeast of the rapids between Peterson and Higginson Lakes, approximately 11.3 km southeast of Charlebois Lake. The Company is specifically interested in determining the relationship of the Peterson Rapids Showing with the Dianne Zone (one of the high priority exploration zones identified at the Higginson Lake Project), located approximately 5 km northwest.
The Peterson Rapids Showing is 340 feet (103.6 m) long and it has been revealed by 21 trenches blasted over the zone length. A 50-foot (15.2 m) section of this zone was reported to have returned an average of 0.10% U3O8 over a width of 4.2 feet (1.3 m). A 140-foot (42.7 m) section of another portion of the zone assayed 0.35% U3O8 over 4.7 feet (1.4 m).
In addition, 14 drill holes totalling 1,264 feet (385.3 m) were completed over the showing to explore the zone at depth. Samples were taken for assaying from each hole. Values from 0.05% U3O8 across 0.7 feet (0.2 m) at 114 feet (34.7 m) depth to 0.25% U3O8 across 2.9 feet (0.88 m) at 90 feet (27.4 m) in depth were obtained. The area is underlain by a gneissic granite containing areas of pink pegmatite at depth. Drill hole logs document that the samples were taken from the pegmatite which is in a quartzose biotite schist.
The company believes this could be a new discovery at the Higginson Lake Project, and anticipates conducting an evaluation program on the site after breakup. Details of the work program will be released as they become available.
Trench Metals can acquire a 100% interest in two prospective uranium projects in the Athabasca uranium district. The Higginson Lake Uranium Project which covers an area of approximately 5,900 hectares and is 52 km northeast of the town of Stony Rapids, is accessible by Highway 905 and 964. The Higginson Lake Uranium Project hosts two historic drill indicated reserves, totaling 4,800,000 lbs of U3O8 and the 7,000-hectare Gorilla Lake Uranium Project in the Northern Mining District of Saskatchewan near the Shea Creek uranium deposit.
In morning trading February 23, shares of Trench Metals gained $0.08 to $0.79.