Uranium - An overview

A significant portion of the world's known uranium resources are located in Saskatchewan. Uranium deposits in Saskatchewan's are large, contain high-grade ore and can be extracted at production costs below those in many other parts of the world. Saskatchewan's uranium resources are sufficient for more than 40 years at current rates of production.

Uranium has been produced from two main areas in Saskatchewan. The initial discovery and development of uranium deposits occurred in the Beaver-lodge District, on the north shore of Lake Athabasca. Prospectors searching for gold and copper first noted uranium mineralization there in the early 1930s. When uranium's significance became apparent in 1944, extensive prospecting in the Beaver-lodge area resulted in the establishment of the Uranium City mining camp. In the 1950s, 16 ore bodies and three separate milling facilities were developed in the Uranium City area. Production continued until 1982.

Uranium production from the high grade deposits of the Athabasca Basin began in 1975 at Rabbit Lake. The richest uranium deposits in the world occur at or near the base of the Athabasca Basin sandstone sequence, near the erosional unconformity with the underlying crystalline rocks. The uranium ores in are predominantly pitchblende, which is a sooty, black mineral. Uranium ore in Saskatchewan is mined by both underground and open pit mining methods. The ore is crushed and milled to separate the uranium. An intermediate product known as yellowcake (U3O8) is shipped out of the province or conversion, enrichment and the manufacture of fuel for electric generation reactors.

There are currently three uranium mining operations in the province; Eagle Point, McArthur River and McClean Lake. Saskatchewan is currently the largest uranium producing region in the world and accounts for about 30 per cent of annual world uranium production. Uranium is sold by the mining companies to electric power utilities in Canada, the United States, Europe and the Far East. Saskatchewan's uranium mining industry is expected to remain competitive well into the future due to its substantial, lower-cost, high-grade uranium resources.

The Killok Bay Property

The Killock Bay Property is located 45 km east-northeast of Points North and is the largest block examined during the program. Topographically, the block is characterized by alternating ridges and valleys, and is 75% drift covered. Outcrops are common at shorelines of the lakes and on ridges.

Geologically, this claim Block is about 20 km east of the present-day Athabasca Basin's eastern margin and is underlain by mainly pelitic gneiss with lit-par-lit granite and pegmatites belonging to Wollaston Group.

The LeDrew Lake Property

This is the smallest claim block located 30 km north of Points North. About half of the block water covered. The remainder of the block is heavily covered (95%) with sandy glacial overburden and outcrops are rare. Field observations obtained during current program confirmed the block is geologically located within and almost adjacent to Athabasca Basin's eastern margin. Surface sandstone samples collected exhibit no alteration and only yield background values when tested by spectrometer.