Infini Resources (ASX: I88) is planning a phase-two soil geochemical program in Canada’s Newfoundland and Labrador province in a bid to emulate its previous eye-popping uranium results that propelled its shares upward for a massive 567 per cent gain in July – rocketing from a 15.5c closing price on June 26 to touch an intraday high of $1.035 on July 16.
The company is seeking to unearth multiple new anomalies coincident with historical high radon gas readings and extend the uranium results from its initial phase-one campaign. That earlier soil program set ASX hearts racing when assay results returned up to 74,997 parts per million uranium oxide, sending the company’s share price on the stellar run.
Management says the latest soil survey will be conducted on a grid-basis of 50m by 25m, culminating in samples from 1300 sites across a section of the 149-square-kilometre project area. An option to infill along a tighter east-west line spacing can then be completed if it is deemed appropriate.
The program will cover historical radon gas anomalies and also extends known geochemical anomalies identified in the company’s maiden sampling testwork.
The multi-element geochemical data that we extract from this program will be very useful as it will allow us to more effectively vector in on a potential undiscovered uranium deposit at Portland Creek. The comprehensive and broad-scale program will further enhance our understanding of the project prior to executing diamond drilling.
Infini Resources Managing Director Charles Armstrong
The company is also planning to extend a further unmanned aerial vehicle (UAV) magnetic survey to the south-west of its ground to better define the sediment-granite contact and structures underlying the existing radon gas anomalies.
A recent UAV survey undertaken at site revealed multiple sizeable structures and magnetic anomalies across a prospective 3.2km-long radiometric corridor. A strong correlation was observed between the anomalies and the uranium mineralisation identified at the site’s high-grade 235m-by-100m zone that produced the astonishing phase-one soil results.
The UAV produces high-resolution and ultra-high-quality magnetic survey data and detects changes in rock types and fault structures, providing critical information for optimising target generation.
Management believes a primary structure resulting from a collisional tectonic zone and a network of interpreted north-east to south-west-trending faults (secondary structures) may be controlling its high-grade uranium soil anomaly zone. It notes that the primary fault is strongly de-magnetised and presents as an ideal target along the eastern edge of the company’s Talus prospect.
Infini says it has defined multiple magnetic anomalies from the initial UAV survey close to the Talus soil anomaly and considers them to be primary uranium targets. A further UAV survey may also be beneficial in recognising where the primary uranium mineralisation is located at the project site and could assist with diamond-drill planning that could potentially see the drill bit spinning later this year.
Management says a distinct drill-target corridor is forming through its high-grade soil anomaly zone and the de-magnetised corridor directly adjacent to it.
If the phase-two soil program can replicate the initial campaign, it could once again put Infini squarely in the eyes of market punters.
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