Infini Resources (ASX: I88) has sent more than 1000 new soil samples from its Portland Creek project in Canada to the laboratory after taking them from the same corridor that recently returned lab-busting uranium results.
The company’s highly-anticipated geochemical sampling program at the site that lies within Canada’s Newfoundland and Labrador province was designed to follow up the previous assays that returned ultra-high-grade results of up to a stunning 74,997 parts per million uranium oxide, adjacent to its Talus prospect. All samples are now on their way to the laboratory for expedited geochemical analysis.
Recently-received unmanned aerial vehicle (UAV) magnetic structural interpretation over Infini’s A1 soil horizon, where its 74,997ppm uranium sample was discovered, revealed new and improved structural fault complexities that further promote the site’s top-tier drill target.
The company’s geophysicists have updated the structural fault mapping to highlight the fault complexity of the entire prospective corridor, with the Talus prospect now lying within the apex of three major converging faults and associated north-to-south accommodating shears.
Management says the encouraging development reinforces the likelihood that structure is playing an important role in the location of the high-grade uranium in soils and that the samples have not travelled far from their primary source.
The company will now embark upon further UAV surveys to extend its magnetic imagery data to the south-west of its ground. Pending helicopter availability, the survey is expected to be flown next month.
The large amount of data that will return from this program is going to be essential for detailed planning of the Company’s maiden diamond drill program. Access permitting and exploration planning activities are well underway while we wait for the assay results. We continue to move closer to testing this underexplored and highly-prospective corridor.
Infini Resources Managing Director and CEO Charles Armstrong
Following the receipt of the soil sampling assays and follow-up UAV data, the company will prioritise its bevy of drill targets for the maiden drill program at Portland Creek. Management says it is looking to establish permanent access tracks for future drilling activities to reduce its reliance on helicopter use for the project.
Infini’s original soil program sent its valuation soaring just two months ago 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.
Shares in the company ran from just 15.5c to a high of more than a $1.03, prompting it to conduct a recent capital raising, where the Infini board tipped in $1 million its own money.
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.
The main Talus prospect that lies adjacent to the remarkable soil samples is about 1600m long, with the other two lower-order targets sitting within about 700m off the southern extremity of the main trend. The word talus implies a form of often coarse erosional cover obscuring in-situ rocks and explains the nature of the undercover uranium target the company is pursuing.
Anticipation continues to build as Infini moves closer and closer to its maiden drill program at the underexplored Portland Creek project. There is seldom an announcement in the market that will send a share price soaring quite like one relating to a new uranium discovery – particularly when it comes from the world-class uranium jurisdiction of Canada.
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