Summary

ELEMENT 92 URANIUM PROJECT

Oberon Uranium Corp. (“Oberon”) is exploring the Element 92 Project (the “Property”) on the southern margin of the Athabasca Basin for uranium.  The Project comprises a single Saskatchewan mineral claim disposition covering 5,961 hectares.  Oberon holds 100% interest in the claim.

DEPOSIT TYPES

The Athabasca Basin is the most prolific source of high-grade uranium in the world. 

High-grade uranium deposits in the Athabasca Basin occur near the basal unconformity of the Proterozoic sandstones and in basement granites and metamorphic rocks (Fig. 8).  Basement and sediment hosted deposits are targets on the E92 Property, given the occurrence of lowermost Athabasca Basin sandstones of the Manitou Falls Formation, and exposed basement rocks outside the basin contact.  

LOCATION

  • The Property is located within NTS map sheets 74G06, southwest of Cree Lake, and approximately 4 kilometres west of the English River Dene First Nation Cree Lake Cable Bay Indian Reserve no. 192, as well as approximately 270 kilometres northwest of La Ronge Saskatchewan (a city of about 5,000 people). 

  • E92 is 85 kilometres (km) west of the north end of all-year maintained gravel Saskatchewan Highway 914 that supplies the Key Lake Mine main camp operated by Cameco.  

HISTORY

The Property has been the subject of industry and government uranium mineral exploration surveys since the late 1960s and 1970s, usually as part of much larger regional programs.  Included in these surveys are airborne geophysics (magnetics, electromagnetics [EM] and radiometrics), mapping and surface prospecting as well as lake bottom sediments in Cable Bay. 

ABOUT THE ATHABASCA BASIN

The Athabasca Basin hosts some of the world’s most prolific uranium mines including the Cameco’s high-grade McArthur River Uranium Mine (16.5% U3O8 after allowance for dilution), which has been responsible for more than 14% of the world’s supply.  The McArthur River Uranium Mine, like other major mines or at Key Lake, Rabbit Lake, Cigar Lake, and McClean Lake, are in the eastern half of the Athabasca Basin where it overlies the Hearne Craton basement.   

Accessiblity, climate, local resources, infrastructure and physiography 

The Property covers flat-lying topography between 500 to 520 m elevation above sea level, including a portion of Cable Bay (part of Cree Lake), as well as smaller streams, lakes and sandy rises of glacial origin.  Boreal forest including locally dense stands of black spruce with moss ground cover as well as birch, poplar, jack pine and tamarack overlies Canadian shield and glacial deposits.  Open areas suitable for helicopter landing are scattered across the Property, concentrated near lakes and water courses as well as on sandy eskers and moraine.

The Property could be accessed on winter roads by snow machine from the Cree Lake and Cable Bay Dene Nation reserve in winter, or by helicopter from Fort McMurray, Alberta, La Ronge, Saskatchewan, or the Key Lake airport 85 kilometres to the east.  

The nearest road access to the Property is Saskatchewan Highway 914, known as the Key Lake Highway, which reaches the Key Lake Mine airport approximately 85 kilometres east of the Property.  From there, helicopter charter is the most feasible method to access the Property.

The cold winter conditions impose limits on work programs (Fig. 3).  Mapping, surface sampling and prospecting are obviously limited to snow free areas and times of the year.  Drilling with ground or helicopter support can occur throughout the year.  Snow typically cover melts in May, but snow can accumulate again in significant quantities by mid-November.