GEM OIL COMPLETES PHASE ONE DRILLING AT K2 ANOMALY, ATHABASCA BASIN
REGINA, SK, June 23, 2025 /CNW/ – GEM Oil Inc. (“GEM” or the “Company”) is pleased to announce the successful completion of its Phase One drilling program at the K2 anomaly, located in the northeastern Athabasca Basin, Saskatchewan, one of the world’s premier jurisdictions for uranium and critical mineral exploration.
Anomalous radioactivity was detected above the basement unconformity, with laboratory assays returning U₃O₈ concentrations of up to 430 ppm between depths of 575.33 – 575.63m.
Shaun Spelliscy, Managing Director of GEM Oil Inc. commented: “GEM is the first company to approach the K2 anomaly with the level of technical rigor and seriousness it warrants. The results from Phase One are encouraging, and the geology is compelling. We look forward to launching a more expansive Phase Two program to further test this promising system.“
The K2 anomaly, originally identified in 1962 through a government airborne magnetic survey, a collaboration between the Province of Saskatchewan, Department of Mineral Services and the Department of Mines and Technical Services, Geological survey of Canada (Geophysics Paper 2678 Forsyth Lake, Saskatchewan 74 I/10). The anomaly is defined by a strong, continuous magnetic feature approximately 1.5 km wide. Despite its significant scale and geophysical intensity (3600 nT), the anomaly remained unexplored in the intervening sixty-three years. GEM’s 2025 drill campaign represents the first comprehensive and technically rigorous effort to evaluate its potential.
The Phase One focused on the mineral claim MC00010634, where drill hole GEM25-K2-001 was collared at UTM coordinates 512523.16 m E / 6499715.41 m N (elevation: 392.32 metres, Zone 13N, WGS 84) and advanced to a total depth of 653 metres. This claim is surrounded by mineral claims held by Cameco Corporation of Zug, Switzerland, underscoring the strategic significance of GEM’s land position. The Company currently holds a contiguous land package of seven mineral claims, totaling 107.38 km2 in the region.
Historical Exploration Summary
Triex Minerals Corp. drilled two drill holes in 2009 that did not intersect the core of the anomaly. VR Resources Ltd. completed one drill hole in 2024 which also failed to intersect the anomaly. In contrast to previous efforts, GEM’s drilling strategy was data driven and designed for the drill hole GEM25-K2-001 to intersect the centre of the magnetic anomaly using high-precision diamond drilling.
GEM’s intercept represents a significant development in the context of:
Regional Geology
The Athabasca Basin hosts the highest-grade uranium deposits globally, often occurring near the basement unconformity. Uranium values exceeding 300 ppm U₃O₈ are commonly interpreted as proximal indicators of nearby mineralized systems. The uranium grade measured in GEM25-K2-001 is anomalous and provides a vector towards higher-grade mineralization nearby.
Strategic Land Position
The K2 claim block is surrounded by Cameco Corporation claims. Cameco is the world’s largest publicly traded uranium company, engaged in the exploration, mining, and refining of uranium for nuclear energy production. Cameco’s surround-staking strategy suggests a potential for a regional geological continuity thus enhancing the strategic value of GEM’s land tenure and providing strong external validation of the area’s potential.
Exploration Potential
GEM’s maiden drill hole result confirms the localized presence of uranium-bearing fluids. As such, the GEM25-K2-001 intercept warrants follow-up drilling, both along strike and through the vertical extent of the magnetic anomaly. The follow up drill targets will comprise adjacent EM conductors and low-resistivity zones.
Historical Tier-One Discoveries
Other world-class Athabasca deposits, such as Key Lake, McArthur River and Millennium, were first detected through anomalous uranium halos in the 200–500 ppm range. These early-stage indicators led to discoveries of mineralized zones with grades exceeding 14% U₃O₈.
GEM Oil Inc. acknowledges contributions of its technical collaborators: TUZO GeoSurveys Corp., ALS Geo Analytics, Quesnel Bros. Diamond Drilling Ltd., and Echo Helicopters Inc. Their expertise was critical to the safe and successful execution of the Phase One drill campaign.
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SOURCE Gem Oil Inc.
