Otish Uranium Project Overview

Lexam and its joint venture partner, Golden Valley Mines, have acquired 205,400 acres in the Otish and Mistassini Basins are now the largest land owners in the region! The basins were initially explored on a limited basis from the late 1960’s to the early 1980’s.  Most of the work was dominated by large mining companies familiar with uranium exploration.  Their focus was to explore for new sources of high-grade uranium similar to Saskatchewan’s Athabasca Basin.

Why We Acquired These Properties

1) High-grade uranium deposits similar to those currently mined in the Athabasca Basin, Saskatchewan, the world’s largest producing uranium area

2) Fault controlled uranium mineralization similar to that discovered by Strateco Resources in the Otish Basin

The properties are focused on the edge of the basin where similar placement within the Athabasca Basin has produced the most successful uranium discoveries.  

The deposits in the Otish Basin are generally found between basement and overlying sedimentary rocks.  The vein-type mineralization is present in the sandstone or basement rocks. Uranium deposits of this type include those in Saskatchewan’s Athabasca Basin and in the northern territories of Australia.  The grade of the orebodies is usually a few percent but at times can be much richer such as Cameco’s Cigar Lake (19% U3O8). When Golden Valley acquired its uranium projects competitor activity was minimal and as a result the majority of the known showings and prospective unconformity were acquired by the company.