Will Lightning Strike A Third Time For Dr. Boen Tan
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Will Lightning Strike a Third Time for Dr. Boen Tan?
A Renowned Geologist Pursues Another Major Uranium Find in Saskatchewan's Athabasca Basin
In late January, Charles Roy, director of advanced exploration at Cameco Corp, captivated the audience at Vancouver's Minerals Exploration Roundup with insights on the size and geology of the Millennium uranium deposit. This deposit boasts drill-indicated resources of 449,000 tonnes at 4.63% uranium oxide. Given the soaring uranium prices, the deposit's value could potentially exceed $2.4 billion.
The Key Lake Road shear zone shares a geological setting similar to the Millennium deposit, noted Dr. Boen Tan in an interview. Situated in the same structural trend, this area shows promise akin to Millennium, which is north of the former Key Lake uranium mine and south of world-class deposits like McArthur River and Cigar Lake.
Why is Dr. Tan, a highly revered geologist, interested in an early-stage exploration project? While many junior companies rely on proximity to major deposits to claim potential, Dr. Tan brings credibility and proven expertise. His experience includes discovering the Gaertner and Deilmann deposits in the 1970s, significantly contributing to the Key Lake mine's global prominence.
Comparing Key Lake Road and Millennium Deposits
Dr. Tan, now chief geologist for Forum Development's Key Lake Road project, is optimistic. "We have the right lithology, the right structure, and substantial uranium mineralization," he stated, drawing parallels to his earlier successes.
Key Geological Comparisons:
1. Geological Composition: Both the Key Lake Road shear zone and the Millennium deposit lie within similar geological settings, featuring Archean granitoid gneisses and Paleoproterozoic metasedimentary rocks.
2. Stratigraphic Assemblages: The Millennium's main uranium zone is in a pelitic assemblage. Similarly, Key Lake Road targets are in a pelitic stratigraphic assemblage with uranium-hosting graphitic pelitic gneiss.
3. Geophysical Indicators: Cameco's surveys revealed a resistivity low over the uranium mineralization at Millennium. Forum's surveys at Key Lake Road have identified multiple EM conductors, with substantial uranium showings noted.
4. Hydrothermal Alteration: In both areas, uranium mineralization associates with chlorite and illite. Prior drilling in the Key Lake Road area revealed alteration similar to that seen in Millennium.
5. Ore Mineralogy: Both deposits show similar mineralogical characteristics, with Dr. Tan identifying uraninites and significant uranium mineralization during explorations.
6. Boron Presence: A common feature of unconformity uranium deposits, high boron levels are indicative of hydrothermal ore formation. This element is present in Forum's Maurice Point project.
Future Prospects for Forum Development
Continued drilling will further define Key Lake Road's potential. Addressing the project’s shallower drilling approach, Forum's CEO Rick Mazur emphasizes the cost-effective strategy of targeting near-surface mineralization.
Despite challenges, the exposure of rock at the surface provides an advantage, minimizing the financial burden often associated with deeper drilling. This approach, combined with a strong management team, led to a speculative buy recommendation from eResearch, with targets reflecting the company's promising outlook.
Dr. Boen Tan: A Snapshot
Dr. Boen Tan is a member of the Association of Professional Engineers and Geoscientists of Saskatchewan and a veteran with over 25 years of experience in uranium exploration. Notably, he played a crucial role in developing the Key Lake mine, which was a major global uranium source from 1983 to 1997.
Dr. Tan’s career features strategic involvement in significant discoveries and projects in the Athabasca Basin, underscoring his expertise and the potential for new successes at the Key Lake Road project.
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