Tisdale Clean Energy Corp. (TCEC:CSE; TCEFF:OTCQB; T1KC:SE) plans a late winter 2024 drill program at the South Falcon East uranium project in the Athabasca Basin, reported David Talbot, Red Cloud Securities head of equity research, in a Feb. 9 research note.
"The confirmation drilling should help in eventually making the historical resources current, with potential to expand the resource base if the results of extension and regional drilling are positive," Talbot wrote.
Target and rating unchanged
Red Cloud has a Buy rating and a CA$0.85 per share target price on Tisdale, based in Vancouver, British Columbia, noted Talbot.
Details of the campaign
The 2024 drill program will be the first for Tisdale at South Falcon East, and this preliminary, phase one event will comprise 1,500 meters (1,500m), Talbot wrote. The company will carry out this work pursuant to its earn-in agreement for a 75% interest in this project owned by Skyharbour Resources.
Data from 2015
Back in 2015, Skyharbour calculated a mineral resource estimate on Fraser Lakes B, a uranium deposit in the southern portion of South Falcon East, which was 5,900,000 pounds of U3O8, at a 0.02% cutoff grade, wrote Talbot.
Tisdale, with its drilling later this year, the analyst indicated, aims to confirm and expand this historical resource, first and foremost. A second purpose is to add mineralized zones along the "structural package that hosts the Fraser Lakes B deposit," by drilling targets in the T-Bone Lake area.
Talbot provided context by noting drilling by Skyharbour in 2015, of five holes over 1,278m, "intersected multiple intervals of basement-hosted uranium mineralization, starting at shallow depths." One stellar intercept, encountered in hole FP-15-03, showed 0.1% U3O8 over 6m, including 0.165% U3O8 over 2m (FP-15-03).
That historical work also showed the mineralized areas, extending 175m downhole, remain open to the southwest, east-northeast and at depth.
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