Refined Energy Corp. (“Refined” or the “Company”) is pleased to announce that the 2024 work program on the Dufferin Project is underway. The Dufferin Project is located in the Athabasca Basin in Saskatchewan, Canada. The planned work includes an airborne MobileMT geophysical survey at Dufferin North and interpretation and modeling of historical geophysical data at Dufferin West and North. The Dufferin North interpretation and modeling will include 3D inversions. In addition to the above work, Refined and the Vendor, Eagle Plains Resources Ltd. (“Eagle Plains”) have acquired a further 2,837 hectares at Dufferin West, further expanding the Dufferin Project to 10,140 hectares.
Mark Fields, Chief Executive Officer of the Company stated, “We are excited to get the planned work programs underway and to further increase the size of the Dufferin Project. The Athabasca Basin region is renowned for its history of exploration, discovery, and development of high value uranium mines. The Dufferin Project is located in proximity to NE-SW trending faults which are known to host uranium mineralization. Our work is focused on the discovery of potential high-grade deposits that characterize the Athabasca Basin.”
The Dufferin Project and Work Programs
The Dufferin Project is made up of the North and West properties, both of which are located approximately 18km from Cameco’s Centennial Deposit (historic drill hole VR-031W3 intersected 8.78% U308 over 33.9m).1 The Dufferin Project is located on or in close proximity to the known trace of the Virgin River Shear Zone and related splays which are key structures for potential uranium mineralization.
An airborne MobileMT geophysical survey is planned for the Dufferin North property. The MobileMT is an advanced geophysical method that can effectively identify deep seated structures that may be associated with feeder fault systems to uranium mineralization.
The Dufferin West program will initially focus on an advanced interpretation of available geophysical datasets in order to determine the most prospective locations for follow up electromagnetic (“EM”) ground surveys to refine drill targeting.
The Dufferin Project is prospective for unconformity- and basement-hosted uranium mineralization in proximity to the Virgin River Shear Zone. Faulted basement contacts and brittlely reactivated structures are the primary locations for mineralization in the area covered by the Dufferin Project. The relatively high concentration of secondary uranium bearing minerals demonstrated by prior exploration work on the Dufferin Project may also indicate uranium mineralization remobilization may play an important role in this region of the Athabasca Basin. Geophysical EM and magnetic anomalies demonstrated by prior exploration work on the Dufferin Project are supported by previous uranium and boron soil and lake sediment anomalies along the inferred fault zones, which are expected to aid in focusing future exploration programs.
Refined has the right, at its option, to acquire up to a 75% interest in the Dufferin Project (see Refined’s news release of February 27, 2024) from Eagle Plains through a series of cash payments and share issuances and fund exploration expenditures on the Dufferin Project.
Some of the above results were taken directly from the SMDI descriptions and assessment reports (SMAF) filed with the Saskatchewan government. Management cautions that historical results were collected and reported by past operators and have not been verified nor confirmed by a Qualified Person, but form a basis for ongoing work on the subject properties. Management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the subject properties.
Qualified Persons
C. C. (Chuck) Downie, P.Geo., a “qualified person” for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects and a director of Eagle Plains, has reviewed and approved the scientific and technical disclosure in this news release.