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Diamond drilling launches at Saskatchewan's Dufferin West uranium project

A bold step into the unknown: Can this drilling campaign uncover the next major uranium deposit? Investors watch closely as Refined Energy tests a high-stakes geological theory.

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2 min read
The image shows a graph depicting the price of uranium in the United States. The graph is labeled...
The image shows a graph depicting the price of uranium in the United States. The graph is labeled with the words "Uranium Prices" at the top.

Diamond drilling launches at Saskatchewan's Dufferin West uranium project

Diamond drilling has started at the Dufferin West uranium project in Saskatchewan's Athabasca Basin. Refined Energy is leading the campaign, moving from theoretical exploration to hands-on data collection. The company has budgeted around CAD 1.7 million for this year's work, aiming to test a key geological target beneath the surface.

The initial phase involves at least three drill holes, covering roughly 1,200 metres of core sampling. The focus lies on an electromagnetic conductor near the Virgin River Shear Zone, where geologists suspect an 'unconformity contact'—a zone often linked to uranium deposits. This type of structure has historically hosted high-grade ore, such as at NexGen Energy's Arrow deposit and Cameco's McArthur River-Key Lake mines, where grades frequently exceeded 10% U₃O₈.

Dufferin West's past exploration, however, has shown lower grades, typically between 0.5% and 2% U₃O₈, with smaller vein-hosted occurrences. The current drilling aims to clarify whether the site holds similar potential to the region's major producers. Success in intersecting the target zone and finding mineralisation will determine the project's next steps.

Refined Energy operates under an agreement with Eagle Plains Resources, allowing it to earn up to a 75% stake through exploration and investment. The ongoing campaign not only advances technical knowledge but also fulfils a critical requirement for securing the company's majority interest. Investors remain cautious, with the stock trading below its 50-day moving average as they await concrete results from the drill holes.

The drilling program's outcomes will shape Refined Energy's future plans for Dufferin West. If the core samples reveal significant mineralisation, the project could gain momentum in a region known for high-grade uranium. For now, the company continues fully funded operations while monitoring geological and market responses.

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