SASKATCHEWAN – Toronto-based NUINSCO RESOURCES has been granted an option by TREND MINING of Denver, Colo., to explore the Diabase Peninsula uranium property in the Athabasca Basin. If the deal closes in March 2005 as expected, Nuinsco will become operator of the project and can earn a 50% interest.
The Diabase Peninsula property is on the western shore of Cree Lake overlying the contact of the Mudjatik and Virgin River Domains. This contact is marked by the graphite-bearing Cable Bay shear zone, a possible locus for uranium mineralization in this part of the Athabasca Basin. The claim group is known to encompass hydrothermally altered sandstone boulders and is underlain by electromagnetic geophysical anomalies indicating the possible presence of graphitic conductors in the basement. The hydrothermal alteration and the geophysical anomalies are considered to be diagnostic indicators of potential uranium mineralization.
This is all very "prospective" in the words of press release writers, but we wish Nuinsco well in its new venture. Visit www.nuinsco.ca.