Infini Resources (ASX: I88) has leapt into a follow-up geochemical sampling program at the site that produced a bucketload of high-grade uranium samples from its Portland Creek project in the eastern Canadian province of Newfoundland and Labrador.
The company – and the market – were blown-away by the head-turning nature of the soil sampling results, where retesting was needed due to the grades exceeding the initial laboratory’s usual testing protocol. Management says great progress is now being made, with 382 of a planned 1300 samples already completed. It comprises about 30 per cent of the total geochemical program, which it expects to continue for a further fortnight.
Encouragingly, the A1 soil horizon where Infini’s super-sample of 74,997 parts per million uranium was discovered, has been located and revisited for further sampling. And that is no easy task given that the site is covered in thick, heavy vegetation on sloping ground.
Management notes that it has received approval to undertake a further unmanned aerial vehicle (UAV) survey to extend its magnetic imagery data to the south-west of its ground. Pending helicopter availability, the survey is expected to be flown in October.
The use of aerial surveys can assist with capturing imagery data by use of helicopter, aeroplane or drone. The collection of valuable data can include aerial photography, LIDAR – a light detection and ranging method that uses light in the form of a pulsed laser to measure variable distances to the earth – remote sensing and geophysical magnetic detail.
The soil sampling program is now in full swing with multiple field sampling crews doing an outstanding job collecting samples in what is considered to be tough and densely vegetated terrain. Around 30% of planned samples have now been collected with an estimated two more weeks of sampling work required until program completion.
Infini Resources Managing Director and CEO Charles Armstrong
Armstrong recently completed a site visit that included stakeholder engagement with the Minerals Land Division in the province’s capital of St Johns and the private landowners of the resort that houses company staff. Interestingly, field crews commute to site from the helipad at the resort by helicopter each day.
Management says it is looking to establish permanent access tracks to reduce helicopter use and allow access for future maiden drilling activities.
Infini’s original soil program created a frenzy among market punters last month when it revealed that 18 samples returned uranium grades exceeding 10,000ppm. Further stellar samples included 53,182ppm, 43,512ppm and a still impressive 39,975ppm.
The company’s shares rocketed from 15.5c at the time of the announcement to eventually touch a high of $1.035 a few weeks later – a massive 567 per cent gain.
The Portland Creek project covers 149 square kilometres and sits in the Precambrian Long-Range Complex of the Humber tectonic stratigraphic zone. The first big uranium anomaly was identified at the site in the 1970s by a Newfoundland Government stream-sediment sampling program.
No significant discoveries were made for decades before the suite of “coffee-spitting” samples unearthed by Infini placed it front-and-centre in the market’s eye. It will be hoping for a quick repeat of those results to place it straight back in the headlines.
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