Infini Resources’ (ASX: I88) share price skyrocketed 148 per cent this morning after the company unveiled what it says are some of the world’s highest-ever uranium soil sample grades at its Portland Creek project in the Canadian province of Newfoundland.
The company says many of the samples returned grades exceeding detection limits, prompting management to return them to the laboratory for re-analysis.
It prompted a hive of activity for the company on the ASX, with a closing share price last week of 15.5c flying to an intraday trading high of 38.5c to start the new week, as more than 7.3 million shares changed hands.
The first-pass soils sit consistently across an area of about 235m by 100m within a bigger 3.2km radiometric corridor. Uranium soils showing the consistent, ultra high-grade are extremely rare and suggests the potential for a major discovery at Portland Creek may be lurking just beneath the surface.
Soil sampling has so far covered only 400m of the prospective 3.2km-long zone defined by historic radiometric data and radon gas surveys. If the “ore- grade” soil samples continue for the length of the anomaly, the suggestions of a high-grade deposit with significant scale will be looking more and more likely.
Radon gas surveys have now become a priority for fieldwork testing, with Infini now expected to sample all unexplored radon gas anomalies at its Portlank Creek property. The activities, in addition to follow-up assay results for the 17 exceedingly-high soil samples sent back to the lab, should determine just how high the uranium soil grades really are.
Results will advance the company towards the definition of several “robust” targets for drill-testing, with the aim of unlocking a globally-significant new uranium deposit.
The high-grade soils are proximal to highly-anomalous biogeochemical and boulder rock samples, further increasing our confidence in this remarkable uranium asset. We might be onto something of significant scale here.
Infini Resources CEO Charles Armstrong
The company’s 100 per cent-owned Portland Creek project covers an area of 149 square kilometres through ancient Precambrian rocks and features the extensive regional uranium anomaly that was identified in the 1970s by a Newfoundland Government stream sediment sampling program.
The company’s three priority target areas all lie along the same north-south trend that was identified from the 1970s work. 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.
Infini also recently expanded its prospective suite of Western Australian uranium assets by acquiring the Bellah Bore East deposit that hosts an older-style JORC resource of 350,000 tonnes at 210 parts per million uranium for 160,000 pounds. Bellah Bore East sits next to the company’s Yeelirrie North project, about 60km south-west from the WA gold-mining town of Wiluna and 900km north-east of Perth by road in the East Murchison region.
Infini no doubt now hopes that with its latest results and geochemical vectoring it can replicate the methods used by its Canadian counterparts to identify the world-class Cigar and McClean Lake uranium deposits in the Athabasca Basin in Saskatchewan.
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