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The water is warm in the Athabasca

eptember saw not one but two new The uranium bull run has certainly been flown.”
Suranium explorers focused on Cana- been reflected in the ASX, with 92 Ener- Meanwhile, North Millennium and
da’s Athabasca Basin join the ASX. gy hitting an all-time high of 83c in April, Marshall wrap around Cameco Corp’s
Terra Uranium Ltd listed early in the while established players such as Ban- 104.8 mlb @ 3.8% uranium Millennium
month, completing a $7.5 million raising. nerman Energy Ltd, Deep Yellow Ltd and deposit.
At the time of print, Basin Energy Ltd was Peninsula Energy Ltd have all received “What we’re looking at there is con-
set to join the fray via a $9 million IPO. strong interest from offtakers and inves- tinuations of the host fault,” Moorhouse
These new listings join a small, but tors. said of Cameco’s discovery. “We’ve got
considerable, class of uranium explorers Basin looks to share some of that some historical geophysics, EM data,
on the ASX. Peers include Athabasca- success with its three projects: Geikie, which shows a presence of the conduc-
focused 92 Energy Ltd ($54 million mar- North Millennium and Marshall. Geikie tor in the break of that fault, so for us,
ket cap), which made its debut in April sits just east of 92 Energy’s Gemini pro- it’s an obvious place to be. Some of our
last year. ject, which recently returned hits such as capital is being spent on advancing this
Basin managing director Pete Moor- 6m @ 2.17% uranium. target.”
house said the Athabasca was his des- Moorhouse said 92 Energy’s results Moorhouse acknowledged the
tination of choice because the North were “fantastic” and is encouraged by Athabasca can prove to be a costly juris-
American jurisdiction remained formida- Basin’s work to come. diction if money isn’t wisely spent.
ble even during a downturn in the ura- “You’re seeing thick intersections of “We’ve got a fairly strict exploration
nium market. uranium with some grade in there as strategy on this,” he said. “We are aware
“My background is uranium explora- well; evidence for potentially high-grade the Athabasca can swallow money fairly
tion, I’ve operated in uranium explora- areas,” he said. “It’s an area which has quickly…we’ll do some ground EM to
tion for about 17 years,” Moorhouse told historically had very little uranium work confirm the exact position of that con-
Paydirt. “Athabasca is the jurisdiction done on it.” ductor and then we’ll do some drilling…
throughout this time, when I have been Basin has plenty of room to run around it will be about eight months’ time before
exploring elsewhere around the world, with the drill bit with Geikie covering we start drilling there.”
which has continued to provide credible more than 300sq km. Moorhouse said Basin entered the Athabasca via a
assets even during a uranium downturn.” the Basin team will start by combing JV with CanAlaska Uranium Ltd, hold-
Uranium spot prices went from highs through historical data before drilling. ing 40% of North Millennium and Geikie
of $US140/lb to 2007, to lows of $US17/ “We’ve got some historical magnetic with the potential to earn up to 80%. The
lb following the Fukushima Nuclear Pow- data, from that we can show the fertile company owns full control of Marshall.
er Plant Disaster of 2011. structures are present in this area, we Basin and CanAlaska are due to spend
But the uranium market has seen know the right system is there,” he said. $7.5 million each on exploration over the
somewhat of a renaissance over the past “And we know we have the right rock next 48 months.
couple years with yellowcake spot prices type there: the traditionally basement- “[CanAlaska] have had exploration
achieving almost $US60/lb in March. hosted mineralisation in this part of the success recently next door to us in a
The interest in uranium has been part world. JV with Cameco,” Moorhouse said. “So
spurred by its opportunity as a low emis- “It’s a pretty systematic approach. we said, ‘you’ve got some great ground
sion energy source and a squeeze in the We’ve got some half a dozen targets here, let’s come in and JV and earn in’.
market as the Sprott Physical Uranium picked out from the data we do have. “They will be the operator for the first
Trust acquired up to 58 mlb of uranium We’ve also got an airborne radiometric two years from a boots-on-ground per-
reserves. and magnetic survey that has already spective. We have access to their tech-

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