Codrus Minerals Kicks Off Exploration at Jasper Wedge Uranium Project
CDR (CDR) Share Update July 2024 Tuesday 23rd
Codrus Minerals Initiates Exploration at Jasper Wedge Uranium Project
Codrus Minerals (ASX: CDR) has announced the commencement of exploration activities at the Jasper Wedge Uranium Project, located in the prolific Athabasca Basin, Saskatchewan, Canada.
Instant Summary:
- Multiple exploration targets identified at Jasper Wedge Uranium Project.
- Project located in high-grade uranium belt, 45km SE of Cigar Lake Uranium Mine.
- Historical data review reveals multiple anomalies from AeroTEM and magnetics data.
- Exploration to begin with UAV magnetics survey followed by ground geochemical soil survey.
- Ongoing review of historical data at Nanuk Uranium Project with targets identified for future exploration.
Exploration Details
Codrus Minerals has completed a review of historical information for the Jasper Wedge Uranium Project, identifying multiple exciting exploration targets. The project is situated within a known uranium belt in the Athabasca Basin, a highly prolific and world-class uranium jurisdiction.
The Jasper Wedge Uranium Project is surrounded by tightly held tenure owned by global uranium mining giants, such as Cameco Corporation. It is well positioned between Cameco’s former Rabbit Lake Uranium Mine and the currently operational McArthur River/Key Lake Uranium Mine, making it highly prospective.
Geophysical and Geochemical Surveys
Codrus plans to commence a program of target-specific, close-spaced ground exploration to further define the targets identified through the review of historical data. The initial phase will involve a UAV magnetics survey followed by a ground geochemical soil survey.
The UAV magnetics survey will provide better resolution on structural features, particularly cross-cutting faults and dilation zones. The geochemical survey will allow better mapping of anomalies identified by the Sentinel-2 imagery, which includes distributions of helium, hydrogen, methane, haematite, magnetite, and various iron sulphides and alteration products.
Strategic Location
The Jasper Wedge Uranium Project covers an area of 2,099 hectares and is located within the world-class Athabasca Basin uranium province, approximately 45km southeast of the high-grade Cigar Lake uranium mine operated by Cameco. The eastern margin of the Athabasca Basin is tightly held, with the project bordered by significant uranium mining and exploration companies including Cameco, Denison Mines Corp, Uranium Energy Corp, and IsoEnergy Ltd.
Access to Jasper Wedge is good, being situated approximately 30km from the eastern margin of the Basin and in close proximity to regional highways and infrastructure.
The commencement of exploration at Jasper Wedge is a positive development for Codrus Minerals, potentially increasing the company's resource base and enhancing its market position. The strategic location of the project within a high-grade uranium belt and proximity to operational mines could attract investor interest and positively impact the company's stock price.
Investor Reaction:
Analysts have expressed optimism about the potential of the Jasper Wedge Uranium Project, given its location in the prolific Athabasca Basin. Investors are hopeful that the exploration activities will yield significant results, boosting the company's resource estimates and market valuation.
Conclusion:
Investors should keep an eye on the progress of Codrus Minerals' exploration activities at the Jasper Wedge Uranium Project. The company's strategic approach and the project's promising location could lead to significant discoveries, making it a potential growth driver for Codrus Minerals.