Business
International Prospect Stakes New Uranium Property in Elliot Lake Uranium Camp, Ontario, Canada
Val-d'Or, Québec--(Newsfile Corp. - October 20, 2021) - International Prospect Ventures ...
About this update from International Prospect Ventures Ltd
[{"type":"text","content":"International Prospect Stakes New Uranium Property in Elliot Lake Uranium Camp, Ontario, CanadaVal-d'Or, Québec--(Newsfile Corp. - October 20, 2021) - International Prospect Ventures Ltd. (TSXV: IZZ) (the \"Company\" or \"IZZ\"), is pleased to announce that it has staked an extensive land package in the Elliot Lake Uranium Camp, Ontario, Canada. The new property, named Elliot Lake North (the \"Property\"), covers four historical uranium showings in the northern limb of the Quirke Syncline and within the prospective uranium bearing rocks of the host Matinenda Formation. The Property lies along strike to the northwest of past producing Denison Uranium Mining Complex. The Property comprises 119 mining claims covering approximately 2,583 hectares. The Elliot Lake Uranium Camp was a significant producer of uranium in Canada until the closure of the Denison Mine in 1992.Martin Walter, CEO of IZZ, commented, \"We are pleased to announce our third uranium project, this one strategically located in the Elliot Lake Uranium Camp. Historically, the Elliot Lake region played a major role in Canada's uranium production and I consider it a top tier region for uranium exploration and potential new discoveries.\"At its height in the 1950s, there were 12 mines and 3 mills established in the Elliot Lake region with all of the historical uranium mines brought into production between 1955 and 1958. Mines of the two largest past producers, Denison Mines and Rio Algom (now BHP Billiton), were located on the north and south limbs of the Quirke Syncline, a gently folded westward plunging syncline comprising Paleoproterozoic Huronian Supergroup sedimentary rocks.The Property covers the prospective south-dipping northern limb of the Quirke Syncline, which includes the main target sedimentary rocks of the Matinenda Formation, characterized by uranium-thorium-rare earth element bearing pyritic oligomictic pebble conglomerate lying unconformably on Archean basement rocks. Uranium horizons generally occur at or proximal to this Paleoproterozoic-Archean unconformity. Pyrite associated uranium mineralization is not confined to the Matinenda Formation, with numerous occurrences reported from other sedimentary formations stratigraphically higher in the Huronian Supergroup (e.g., Mississagi Formation).The Property covers four documented historical uranium occ...