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West Millenium Uranium Property
Kodiak has acquired 21,230 contiguous hectares (54,259 acres) in Saskatchewan's Athabasca Basin, which represents one third of global uranium supply. The new properties are strategically located adjacent to UEM's Millenium Deposit (37.5 million lb grading 3.81% U3O8), and are referred to as the West Millenium option and the Big Yellow claims.
Kodiak's claims are on trend with the former Key Lake Mine (183 million lb grading 1.98% U3O8) that lies 30 kilometers to the south, and the McArthur River Mine (367.0 million lb grading 20.6% U3O8, 40 km to the north). Many other companies are actively exploring in the area, including Cameco, Denison and Areva. Hathor Exploration Limited recently announced a high grade intersection of 11.9 meters grading 5.29% U3O8 in a diamond drill hole on its Midwest Northeast property, within a 46.4 meter mineralized zone that included 20 centimeters grading 40.2% U3O8.
Kodiak's properties measure a total of 13 kilometers north-south by 19 kilometers east-west, and cover several parallel conductive trends totaling 14 kilometers that largely coincide with a 12 km long U-Ni-Pb lake sediment anomaly, a train of radioactive boulders down-ice from Friesen Lake, a well developed chlorite anomaly parallel to the conductors, and scattered boron and lead anomalies around the lake. These are all favorable indicators for the discovery of structurally controlled unconformity-type uranium deposits, which in the Athabasca Basin are found at the intersection a fault with a conductive graphite layer, at or below the sediment-basement contact.
The deeper north part of the property remains largely unexplored, but is well within range of modern, deep-penetrating geophysics. Basement rocks on the property have been tested by only one drill hole, which intersected 35 m of pyrite- and graphite-rich sediments at the basement interface, pervasive bleaching and alteration of the sandstone above the basement rocks above the unconformity. The presence of uranium in the basement rock is very encouraging, and confirms the strong exploration potential of these under-explored conductive trends.
The Millenium deposit was discovered after drilling more than 17 holes along 20 kilometers of conductive northeast trend. The discovery hole was drilled at a bend in the conductor where it is oriented north-south. By comparison, Kodiak's West Millenium property has only one drill hole testing 14 kilometers of northeast conductive trend, and this drill hole was successful in confirming the presence of uranium in a mineralized structure below the unconformity.
After reviewing data, Kodiak has identified several high priority targets, based on graphite conductors both in the basement rocks and unconformity: (1) A north-south conductor replicating the environment seen at the Millenium deposit located 3 km to the east, located on a bend in the main northeast conductive trend that cuts the south part of Kodiak's claim block; (2) a north-south graphitic uconformity conductor associated with a magnetic low near the southwest corner of Kodiak's claims; (3) a northeast-trending conductor 2 km long that cuts across the northeast part of Kodiak's claims, parallel to strong northeast-trending magnetic low. Multiple other priority targets remain to be drill tested along these extensive conductive trends.
Kodiak is excited about this opportunity to participate in one of the world's premium uranium plays, and believes that its West Millenium and Big Yellow properties have excellent potential to host an unconformity-type uranium deposit.
The information contained on this page has been reviewed and approved by Trevor Bremner, P. Geo., who is the qualified person for the West Millenium project under the definitions established by National Instrument 43-101. Mr. Bremner is an independent consultant to Kodiak.
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| Athabasca Basin Compilation Map |
West Millenium Property Location Map |
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Eastern Athabasca Basin Map |
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