Endeavor Explorations Inc. owns the mineral rights to eight mineral claims covering 3,716 acres in the Uranium City area of northern Saskatchewan. Seven former producing Uranium Mines are located on the claims, which were closed abruptly in the early 1960’s due primarily to depressed Uranium prices. Now, leveraging Uranium City’s existing infrastructure (airport, roads and qualified personnel) and a strong established exploration database, the company can begin work on verifying historical exploration and production data on its land holdings.
Endeavor Explorations’ strategic parcel of land borders the boundaries of Uranium City. According to the Geology and Mineral and Petroleum Resources of Saskatchewan, 700 tons of Uranium were produced by the mines located on this claim. When the mines were closed due to low prices and the fact that the main market (Uranium for nuclear weapons) had collapsed, Uranium ore was left in the shafts. This favorable situation is being taken advantage of for the benefit of the shareholders of Endeavor Explorations.
The company anticipates testing the high grade results obtained by previous operators and test other drill locations. The highest assay obtained was 10.7% U3O8 (9.08% U) from a 1-foot intersection in hole # 23. Drill hole # 23 is approximately 300 ft away from hole # 1, drilled by Eldorado in 1950, from which a 2-foot section averaging 2% U3O8 (1.7% U) was reported. Endeavor Explorations’ winter program has approximately 600 meters of drilling planned. The company has promised to keep its shareholders updated on activities as it proceeds forward.
Walter Stunder, President, CEO and acting Chairman of the company is responsible for all financial, mining and geological affairs of the company. Through his privately held mineral consulting company, Mr. Stunder has consulted on mineral properties for more than three decades and has consulted for some of the world’s largest mining companies including Placer Dome, Rio Tinto. With property located in an established Uranium mining area, high probability of positive drill results and a seasoned management team, Endeavor Explorations is well positioned to take advantage of the rising demand for Uranium.
Endeavor Explorations, Inc. (EAVR.OB) Stakes Major Claim on the Future
Endeavor Explorations, Inc., (EAVR.OB) wants to ensure that it has an early lead in what is beginning to look like a new rush, not for gold, but for uranium. With nuclear power becoming attractive again as a smokeless replacement for fossil fuels, the demand/supply ratio has suddenly made previously abandoned mining sites a hot item, and Endeavor Explorations, Inc. has locked up some of the hottest areas on the planet.
Through foresight and quick action, the company managed to get the mineral rights to eight important claims in the Uranium City area of northern Saskatchewan, covering over 3,700 acres. This land is the site of seven former producing uranium mines. In 1960, due to low prices and the fact that the main market (uranium for nuclear weapons) had collapsed, these mines were abruptly closed, leaving uranium ore in the shafts. One of the best known of these mines is the Cayzor Athabasca Mine.
The Athabasca Basin straddles the Alberta-Saskatchewan border in northern Canada, and is considered one of the most favorable places in the world for exploring and mining uranium. In fact, the total basin accounts for approximately 30% of global primary uranium production, a figure which is now expected to increase significantly by the end of the decade.
An important aspect of Athabasca uranium mining is the high ore grade. Uranium can be economically mined at concentrations as low as .03%, with the average grade mined at only .15%. And yet the average ore grade of the 18 identified deposits in this region is greater than 3%, nearly 20 times higher than average.
The Cayzor Athabasca mine was in production until 1960, with shafts sent out at five different levels. Geological reports suggest that about 10,000 tons of ore still remains above the fifth level.
It is said that history repeats itself, and the past several years have seen a staking and exploration drive in northern Saskatchewan reminiscent of what was seen in the uranium rush years following 1948. Endeavor, with its Cayzor and other claims, clearly wants to be one of the first in line.
Endeavor Explorations Inc. (EAVR.OB) Commences Phase 1 Exploration Program on its Don Lake Uranium Deposit
Endeavor Explorations announced today after the closing bell that it is making an application for winter drilling permits to start its Phase 1 Uranium Exploration program. The first phase will consist of up to 9 holes or approximately 600 meters covering a surface area of approximately 103 hectares to a planned depth of about 65 metres. The drilling program is intended to expand on and confirm historical near surface drilling programs and uranium results by previous operators during the late 1960’s.
Additionally, the press release stated that the company’s management team is actively seeking equity investment and/or joint venture opportunities with other mining companies to help finance a larger summer drill program as well as further comprehensive geological mapping of Zones A, B and C as recommended in technical report on the Don Lake property commissioned by Endeavor in December of last year.
According to the press release, Zone A has intersected uranium mineralization along one main vein with a known length of 700 ft and that crosses the trend of a northeast-striking lineament. To date, seven trenches and nineteen drill holes have been completed over the zone. Radioactive mineralization in Zone A, the most important of the three zones, is concentrated in one vein system.
It is believed that Zone B is a continuation of Zone A. The host rocks are highly granitized to cataclastites or migmatites. Assays returns varied from 0.02% to 1.17% U3O8/ton (0.016% to 0.14% U/ton). Zone C, on the other hand, occurs along a band of northwest-striking basic rocks. Assays from trenches and drill holes returned from 0.03% to 3.02% U3O8/ton (0.025% to 2.56% U/ton).
In 1966, Matrix Exploration Ltd. acquired the property and conducted geological mapping and radiometric surveys. In 1969, the company drilled 26 diamond drill holes over the three zones. Most of these holes contained radioactive sections, and significant values over mineable widths were intersected. The highest assay obtained was 10.7% U3O8 (9.08% U) from a 1 ft intersection in hole # 23. This hole is about 300 ft away from hole # 1, drilled by Eldorado in 1950, from which a 2 ft section averaging 2% U3O8 (1.7% U) is believed to have been obtained.
Endeavor Explorations, Inc. (EAVR.OB) Investigates Don Lake Uranium Mineralization
Endeavor Explorations, Inc., (EAVR.OB), in its ongoing quest for uranium, has put great effort into obtaining eight important mineral rights claims in the Uranium City area of northern Saskatchewan in Canada. Uranium demand has come back to life, after years of stagnation caused by the reduction in nuclear weapons and a halt to nuclear power plant construction. With nuclear power plants now seen as another answer to the problems of fossil fuels, and a developing world increasingly hungry for energy, uranium finds itself back on the right side of popularity.
One of the less explored areas now being looked at by Endeavor is the Don Lake group of claims, approximately two miles north of Uranium City. Though only partially investigated, the area does have a history of initial drillings. In the 1950s, radioactivity was found at 35 places in the Don Lake claims, and drilling in the 1960s found further evidence of uranium.
Occurrences are documented on the southwest side of Don Lake in three radioactive zones, named the Don Lake A, B, and C zones. Mineralization in the area occurs in a series of short quartz-filled cross fractures. The quartz veins contain small fragments of adjacent rocks, along with particles of sulphide mineralization, mainly pyrite and chalcopyrite, carbonate, hematite, and pitchblende. The uranium mineralization appears to lenticular.
Although the distribution of the radioactive mineralization in the Don Lake area is complex, and will require additional work to be understood, independent consulting geologists have recommended a re-drill of historic drilling holes, including ones with historically high values. It was also suggested that all available data on the property be compiled in a GIS (Geographic Information System) database to facilitate future exploration.
Endeavor Explorations, Inc. (EAVR.OB) Not Alone In Seeing Huge Athabasca Basin Opportunity
Endeavor Explorations, Inc. can be considered to have been ahead of the game early last year when it locked up mineral rights to eight important claims in the Uranium City area of northern Saskatchewan. With at least 140 new nuclear reactors now planned to be built over the next 10 years, part of the world’s ongoing shift away from fossil fuels, uranium is beginning to look like this century’s hot commodity. The spot price for Uranium (U3O8) has already jumped from a little over $7 per pound back in 2000 to its current level in the low $40s.
Located on the north edge of the famous Athabasca Basin, a proven source of the highest grade uranium deposits anywhere, Endeavor’s claims are hard to argue with. After all, the richest open-pit uranium deposit in the world was discovered at Key Lake, on the south edge of the Basin, in 1975.
But perhaps the strongest evidence in support of Endeavor’s decision is the increasing interest of other companies in Athabasca.
• Hathor Exploration Ltd. (HAT.CA), a Vancouver based uranium exploration company, is another small company that is actively exploring the Basin. The company has interests in ten projects on the eastern edge of Athabasca. Hathor is unswerving in its pronounced belief that uranium will be the key energy resource of the future, and that the Athabasca Basin is where that uranium is going to come from.
• Cameco (NYSE:CCJ), a world leader in low-cost uranium production, based in Saskatchewan, has a history of exploration and production on the southeastern side of the Basin, which continues today.
Other companies include Cogema Resources, a subsidiary of Areva NC, Inc., which shares the largest Athabasca operations with Cameco. The new rush for uranium is well founded. The increasing demand, coupled with a reduced supply, has virtually assured a good market for the radioactive metal for decades to come.
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