Properties

Eastern Athabasca Uranium Properties

Seven properties comprise the Easern Athabasca Uranium Properties - Murphy Lake South, Hatchet Lake, Turkey Lake, Torwalt, Marten, Wolverine and Epp Lake. They are located in the eastern portion of the Athabasca Basin, which is host to considerable existing infrastructure including uranium mines and mills, and provincial powerlines and highways and is within or adjacent to the Wollaston- Mudjatik Transition Zone (WMTZ), which currently hosts all producing uranium mines and mills in the Athabasca Basin.

Figure 1. Map of Foremost’s Eastern Athabasca Uranium Properties, Saskatchewan

Uranium zones in the area typically are found to be near surface, basement hosted high-grade uranium mineralization. Some projects on-strike with geological trend that host rich uranium deposits with a mixture of shallow and deeper mineralization. The basement in this area is unconformably overlain by the Athabasca Group, specifically the Manitou Falls Formation, which covers most of the eastern portion of the basin. This formation can be sub-divided into four mains groups: 1. Dunlop (fine-grained sandstone, prevalent clay intraclasts); 2. Collins (sandstone member with a distinct lack of clay intraclasts); 3. Bird (sequence of interbedded sandstones and clast-supported conglomerates); and 4. Read (poorly sorted sandstone and conglomerate).

Hatchet Lake Property

The Hatchet Lake Property (“Hatchet Lake”) encompasses 9 mineral claims within 2 claim blocks (Richardson and South), totaling 25,234 acres/10,212 hectares located in the northeast region of the Athabasca Basin, approximately 400 kilometers north of La Ronge and 30 kilometers north of Points North Landing. Access to the property is via fixed-wing aircraft or helicopter from Points North Landing or by a network of winter roads running north from the McClean Lake mine sit located 23 kilometers south of the property’s southern boundary.  Hatchet Lake is divided into four grids: Richardson, Beta, Hatchet South and Tuning Fork.

Figure 5. Map of Hatchet Lake Property

The property is within the eastern margin of the Athabasca Basin. Unconformity depths from zero to 250 metres, with depth typically increasing to the southwest into the basin. The basement rocks underlying the property include variably graphitic pelite, psammite, quartzite, granite, and minor amphibolite and calc-silicate. Hatchet Lake is along or adjacent to the LaRocque Lake Conductive Corridor, which hosts the Hurricane, Alligator, Crocodile and LaRocque deposits, as well as Cameco’s newly disclosed high-grade zone. The two key areas of interest are the Tuning Fork area in the south, an extension of the Moonlight on the McClean Lake Property, and the Richarson Lake trend, which trends northwest, effectively bisecting the northern claim block.

Historic Exploration and Drilling

Exploration work in the Hatchet Lake area began in the 1960s with the identification of various regional airborne conductors and the discovery of radioactive boulders (up to 7,500 CPS) and outcrop in the Garnet Hill area. Airborne and prospecting anomalies were followed up with ground geophysics, further prospecting, trenching, boulder and lake sediment sampling and diamond drilling.  Some of the exploration and drill programs from 2007 to 2013 highlight are outlined below:

• 2007 - Three drill holes for a total of 856 meters were completed: drill testing was conducted to analyze a VTEM anomaly at depth, while the third hole was designed to test a TDEM anomaly from a historic Cameco survey.
• 2008- Three drill holes for a total of 6 metres were completed: best historical results in the 2008 Richardson Lake grid area were from a 1979 drill hole which had up to 800 cps in the basement associated with strongly altered sandstones above it.
• 2010- Ten holes for a total of 2,161.1 metres were completed in the Tuning Fork area: results were encouraging . The intersection of very strongly altered graphitic faults in drill holes HL-10-01, 02, 02B, 03 and 07 has generated a set of prospective targets. Highlights include Drill hole HL-10-03, which encountered over 100 metres of strong alteration and faulting in the basement units. Drill hole HL-10-01 encountered mineralized intervals grading 0.1% U₃O₈ and 0.02% U₃O₈, each over one meter within a broader zone of elevated radioactivity associated with faulted and strongly altered graphitic pelite approximately 50 metres below the unconformity.
• 2011- Three holes for a total of 801.7 metres were completed. Results from the three holes completed were encouraging as all three holes encountered fault zones, strong alteration, and low-grade mineralization hosted in basement rocks. Drill hole RL-11-01 intersected 0.4 metres of 0.13 % e U₃O₈ at the contact of a sulphide-rich pegmatite and 0.2 metres of 0.06 % e U₃O₈ in sulphide-rich pelite. Drill hole RL-11-02A intersected 0.8 metres of 0.15 % e U₃O₈ in fractured basement, while drill hole RL-11-03 intersected 0.3 metres of 0.06% e U₃O₈ at a pelite-granite contact.
• 2013 – Twelve holes for a total of 2,360.6 metres were completed: Significant uranium, gold and base metal intersections were encountered in several holes. Drill hole RL13-13 intersected 1.52 % U₃O₈ over 0.15 metres from 136.85 metres, approximately 5 metres below the unconformity, intersected at 131.6 metres. Drill hole RL-13-16 intersected uranium mineralization straddling the unconformity, grading 0.45% U₃O₈ over 2.3 metres, beginning at 124 metres down the drill hole and straddling the unconformity. As with drill hole RL-13-13, the mineralization is associated with hydrothermal hematite alteration. In addition to anomalous uranium, two consecutive 0.5-metre split basement samples from 134 to 135 metres in RL-13-16 returned gold assay values of 39.1 and 4 g/t.

2014 Exploration and Drilling

On April 30, 2014, a 2,038 metre, 10-hole program of diamond drilling was completed. The  diamond drilling program had two main objectives: (1) to further evaluate the prospective structure and alteration encountered during the 2010 drilling campaign and (2) to test other areas of structural interest along the Tuning Fork Trend. Nine holes were drilled on claim S-107749, totaling 2,552.5 metres. A broad zone of weak uranium mineralization was observed near the unconformity in drill hole RL-14-19, which intersected 0.025% U₃O₈ over 8.5 metres from 124.2 to 132.7 metres. Additionally, significant base metal mineralization comprised of 3.3% Pb, 0.27% Zn and 19.6 g/t Ag over 9.6 metres was intersected in drillhole RL-14-27 from 148.0 to 157.6 metres.

2015 Exploration and Drilling

On June 04, 2015 it was reported that a total of 2,547 metres of drilling was completed in nine drill holes. The  exploration program on the Hatchet Lake Project consisted of a diamond drilling program in the Tuning Fork grid area, a geophysical survey on the southernmost two claim blocks of the property, and a soil sampling survey in the Richardson Lake area.

A zone of intense basement clay alteration with elevated uranium values was extended by drill hole TF-15-01. The alteration is coincident with a strong fault zone within graphitic pelitic gneiss. The highest uranium value obtained in TF-15-01 was 491 ppm U, and was accompanied by impressive trace element results that include elevated copper (up to 2.4%), nickel (up to 0.1%) and cobalt (up to 0.29%).

Most of the 2015 drill holes intersected significant structure, alteration and elevated radioactivity in both basement and sandstone which may be indicative of a uranium mineralizing system that has been active in the area. TF-15-01 intersected anomalous concentrations of U, As, Cu, Bi, Co, Cu, Ni and B in a highly altered graphitic fault zone.

Table 3: Anomalous basement geochemistry in drill hole TF-15-01

Four lines of Slingram Moving Loop TEM were surveyed on two separate grids (HL-15-G1 and HL-15-G2 grids) located on claim S-107748 in early winter 2015. The survey successfully outlined several moderate conductive anomalies on both grids that extend beyond the limits of the survey area.

2016 Exploration and Drilling

The 2016 exploration program on the Hatchet Lake Property consisted of a Slingram Moving Loop Surface Transient Electromagnetic (SMLTEM) survey, followed by a diamond drilling program in the Hatchet South and Tuning Fork areas, and a reconnaissance surficial geochemistry survey over the interpreted south-eastern extension of the Richardson Lake Trend.16.8-line kilometers of SMLTEM data were collected along seven lines in the Hatchet South area. The results of the survey were I nterpreted to represent a generally moderately to steeply easterly-dipping, moderately conductive feature that can be traced across the entire length of the survey area.

A diamond drilling program totaling 2,040.0 metres in six holes was completed in the Tuning Fork area to follow up indicative results from historical drilling and to test EM anomalies from the identified from the 2015 and 2016 surveys.

Conclusion

Hatchet has a virtually untested basement potential with known mineralization along Richardson trend with over a strike length of ~5 km, and uranium and base metal enrichment at Tuning Fork and displays shallow depth to unconformity.  The intensity of the alteration and geochemical results, combined with the presence of structurally prepared graphitic basement suggests that the area is highly prospective for high grade basement hosted mineralization and further drilling is required.

Torwalt Property

The Torwalt Property (“Torwalt”) is  on  1 claim over 2,007 acres/812 hectares, bordering the McClean Lake in the infrastructure-rich eastern portion of the Athabasca Basin. The Torwalt Lake Property is located five kilometers east of Points North Landing. The Property is well situated between the Midwest (Orano-Denison), Tamarack (Cameco-Orano), and McClean Lake (Orano-Denison) Uranium deposits. Provincial Highway 905 passes through the southwestern tip of the property, and drill roads extend through the western half of the claim.

Figure 7. Map of Torwalt Lake Uranium Property

The property is underlain by sandstone of the Athabasca Group, which unconformably overlie highly deformed and metamorphosed rocks of the western Wollaston Domain of the Hearne Province.

Torwalt’s location between several deposits emphasizes the area’s prospectivity. While the results of tow airborne EM surveys indicated that no electromagnetic conductors are present within the property, faulted graphitic lithologies were intersected by 2016 drill hole TWL-16-02. These graphitic lithologies were underlain by granite, interpreted to represent the Torwalt Dome. This faulted graphitic pelite overlaying a granitic dome is somewhat analogous to what hosted mineralization at Cameco’s Rabbit Lake operation, where mineralization is hosted within the Collins Bay fault, where it overlies the granitic Collins Bay Dome. This scenario provides a competency contrast that may have acted as a conduit and trap for mineralizing fluids.

Torwalt is underexplored with only 2 existing drill holes on property.  The geology on the property consists of graphitic sediments overlying granitic dome and has potential to identify Key Lake or Collins Bay analogues with further exploration and drilling.

Wolverine Property

The Wolverine Property (“Wolverine”) is comprised  of  3 claims totaling 12,444 acres/5,036 hectares located on the southeastern edge of the Athabasca Basin, approximately 15 kilometers southeast of the Cigar Lake Mine Site (Cameco) and 30 kilometers south of Points North Landing. Winter access to the property can be gained via the Cigar Lake Road and the winter rock into the Park Creek Project.

Figure 9. Map of Wolverine Uranium Property; Background: Background: Airborne Magnetics (1VD)

The property is underlain by the Athabasca Group sandstones, which in turn overlie metamorphic rocks of the Wollaston Domain. The depth to the unconformity is between 140 metres and 250 metres. Wolverine hosts existing mineralization at a shallow depth.

Historic Exploration and Drilling

The Company has historic drilling records dating back as early as 1969.  Some highlights include the drill program conducted in June 2010 which intersected 2,087 ppm U-p over 0.1 metres within a two-meter interval, averaging 446 ppm U-p in drill hole WL10-01.

Additional past drilling has dentified uranium mineralization with peak mineralization grading 0.25% U₃O₈ over 0.1m, hosted in cataclastized pegmatite and a unconformity depth ~250m. The property shows a potential for an extension of Bird Lake Fault, which hosts multiple mineralized showings to the NE on the Park Creek JV.  Historical drilling identified uranium mineralization with peak mineralization grading 0.25% U₃O₈ over 0.1m, hosted in cataclastized pegmatite.