Mozzie Lake
Overview
The Mozzie Lake project consists of two properties situated approximately 25km northeast of the Athabasca Basin, located within the Charlebois-Higgingson Lake Uranium District. Uranium mineralization on the properties is hosted within pegmatite intrusions.
Pegmatite deposits of the Charlebois-Higgingson Lake Uranium District have remained largely dormant since it was first explored in the 1940’s. There are historical references to rare-earth-element (REE) bearing minerals in the region, including at the Pinkham Lake prospects on the Mozzie Lake property. Atomic believes that a re-evaluation of the district with respect to REE mineralization should be conducted to potentially bolster the uranium potential of the project.
Atomic is targeting basement-hosted uranium at Mozzie Lake.
*Two programs of diamond drilling in 1967 and 1968 identified an historic resource of 208,300 tons grading 0.118% U3O8, approximately 491,588 pounds of U3O8. The resource was disclosed in Kings Resources Company Exploration - 1968 Permit 3 Area Athabasca Mining District, Saskatchewan by B.G. Gislason and C.M Trigg Dated November 1968. The Company feels the historic estimate is relevant because it speaks to the potential of the Mozzie Lake property and reliable as it was completed to the standards of the day by competent geologists. The historic estimate appears to be calculated from cross sections, under the assumption that the pegmatite bodies hosting the mineralization are conformable with the enclosing rock. Only mineralized sections grading 0.05 per cent U308 or greater were included in the calculation. The historic estimates are classified as drill indicated, which would be comparable to an inferred resource. The Company would need to twin a number of the 1967 and 1968 drill holes to move the historic estimate to a current inferred resource.
Atomic cautions investors a qualified person has not done sufficient work to classify the historical estimate as current mineral resources and further cautions the Company is not treating the historical estimate as current mineral resources.
Basement-Hosted Uranium
Basement-hosted uranium deposits are a unique and highly valuable mineralization in the Athabasca Basin. These deposits are characterized by their location in close proximity to the unconformity between the older basement rocks and overlying sandstone formations. Notable examples include Fission Uranium’s (TSX: FCU) Triple R deposit and NexGen Energy’s (TSX: NXE) Arrow deposit, which showcase the potential of this deposit type. Basement-hosted uranium deposits represent a promising investment opportunity due to their high-grade nature and exploration potential.
