East Athabasca Basin Projects
Murphy Lake
key highlights
JOINT VENTURE
F4 Uranium Corp has entered into a definitive option agreement dated May 29, 2024 with Canadian GoldCamps Corp., pursuant to which Canadian GoldCamps can earn up to a 70% interest in and to F4’s Murphy Lake Property with a total spend of $18M. The agreement will allow Canadian GoldCamps to spend $10M in order to earn 50%; and earn up to 70% with an additional spend of $8M.
LOCATION AND ACCESS
The Murphy Lake Property comprises 8 claims, within two claim blocks, totaling 609 hectares located within the eastern edge of the Athabasca Basin, Saskatchewan.. The Murphy Lake Property is located near to notable high-grade uranium mineralization including ISOEnergy’s Hurricane deposit. The west part of the Property overlies a 2 km section of a conductive trend that is a splay to the east off of a regional feature that is host to the La Rocque Uranium Zone, and a 1 km section of a north trending conductor underlies the east part of the Property.
GEOPHYSICS
During summer 2022 F3 Uranium Corp. carried out ground DC Resistivity and Moving Loop Time Domain EM surveys on a north trending conductive feature located in the east section of the Property. The surveys showed weak resistivity lows in the lower sandstone, possibly indicating alteration haloes.
DRILLING
In 2022 F3 Uranium Corp completed a 14-hole drill program totaling 6,800m targeting ground geophysical targets. The program was highlighted by drill hole ML22-006 hole where significant radioactivity was intersected from 323-325m with a peak cps of 2300 on a RS-125 handheld scintillometer. Assay results for the interval returned 0.242% U3O8. Strong limonite, hematite and bleached alteration, augen gneiss textures and a nearly 2m wide graphitic shear zone was intersected just below the mineralization. Historic drilling by Areva (formerly Cogema) and Cameco along the main conductor trend within the Property intersected a graphitic and sulphide-rich basement conductive unit, with assays up to 199 ppm uranium at 350m depth, just above the unconformity.
Uranium Exploration Potential
F4 Uranium considers Murphy Lake to be one of its most prospective properties for uranium exploration. The property is in close proximity to multiple high-grade uranium discoveries including IsoEnergy’s Hurricane Zone on the Larocque East project just over 3km north of Murphy Lake. F3 Uranium’s first drill program on the property, completed in summer of 2022, intersected intense hematite and limonite alteration in sandstone in multiple holes as well as graphitic and sulphide-rich shear zones under the Athabasca sandstone. The program was highlighted by drill hole ML22-006 which yielded 0.242% U3O8 and also displayed hydrothermal alteration, augen gneiss textures and a graphitic and sulphide-rich brittle deformation zone from approximately 356.6–358 m.
In early 2024 F3 Uranium announced a joint venture with Canadian GoldCamps Corp. on the Murphy Lake property to spend up to $18.0M to further exploration and follow up on the promising 2022 drill results and highlighting the interest in the projects uranium potential.
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