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The Nipigon Uranium project is located in the Nipigon Basin, 60 kilometers east of Thunder Bay, between Lake Superior and Nipigon Lake, in Northern Ontario. Tri-Gold Resources has the exclusive rights and option to earn up to a sixty (60) percent interest in the project with joint venture partner, Benton Resources Corp.
The Nipigon Basin (also referred to as the Sibley Basin) is considered highly prospective for uranium as it has a very similar geologic setting to that of Saskatchewan's famous Athabasca Basin, which hosts some the world's highest grade uranium deposits. Both basins were formed in the Helikian age (approx 1,339-1,350 million years ago); both basins have deep paleo-weathering of basement rocks; both basins overlie basement rocks with high background uranium content or enrichment and both basins were intruded by Helikian-age magmatic activity. The basement rocks under both basins contain chemical traps that are capable of reacting with uranium bearing groundwater to precipitate and concentrate uranium mineralization. These traps can include graphitic units, sulphide zones and iron formations.
Historic exploration in the area has uncovered numerous showings of uranium, copper and hematite, suggesting the potential for Olympic Dam-type deposits. There have been recent discoveries of very high grade uranium (up to 12% U3O8). Rampart Ventures, with property north of Tri-Gold's ground, recently announced drilling results of 2.99% U3O8 over a 1.5 meter.
The property has excellent infrastructure, having an extensive network of logging roads. A 1548 - line kilometer airborne electromagnetic survey was conducted on the property in early February to help delineate targets for drilling. The company has retained the services of Alex Walcott (geophysicist) to evaluate and interpret the survey data. Diamond drilling is expected to commence in the early spring.
Maps & Photos
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