SLM is an exploration company that has a portfolio of 10 granted and 4 late stage application, exclusive uranium exploration licenses in the Tim Mersoi sedimentary basin in Northwestern Niger with the total area of 6924.6 km².
While working in Niger, SLM has collected all available historical data on the exploration work conducted on and in the vicinity of its license blocks in 1960s – 1980s by French, Japanese and Canadian companies (including geological and topographical maps, airborne survey results, and drill logs).
SLM has performed extensive in-depth study of its license blocks using modern, high precision, satellite-based exploration methods, integrated with historical data and field work, involving experts in uranium geology and exploration. SLM located several perspective areas that have potential to host deposits comparable in size to the other world-class Niger deposits of Arlit and Imouraren, which have not been explored by geologists working for COGEMA (now Areva) in the 1960-70s.
Western Properties
So far SLM has concentrated its efforts on the western properties that have been identified to be highly promising. On the Western licenses SLM followed-up with several expeditions to conduct geologic traverses and radiometric (radon and soil gamma) survey of the promising areas. With only 1/3 of western license territory covered, SLM has identified surface outcrops of commercial-grade U3O8 mineralization, confirming wide-area potential for hosting deposits. Radon testing at 1km and 250m grids identified a set of drill targets and extensive areas for further close-grid follow-up.
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As of today, SLM has a an agreement with a local drilling company and is ready to commence first-pass drilling program at the end of the monsoon season in late September. The program will test drill targets identified by earlier work.
Southern Properties
SLM has a late-stage application pending on the Terzemazour IV block (southern property on the map). T IV block is situated to the East of the Air-In Azoua flexure-fault, a major structure exercising control over westward distribution of the uranium mineralization from the Air massif (thought to be the source of uranium for several large deposits in Niger). The exploration targets are the Tchirozerine 1, Tchirozerine 2 and Irhazer formations. These formations from the Jurassic-Cretaceous period rest directly over the Aïr basement and are the host rocks of the Imouraren (second largest deposit in the world), Azelik and Tin Negoran uranium deposits. As a part of a wide-spread exploration program, COGEMA (presently Areva) has drilled 15 boreholes on that property in the 60s, with several boreholes intercepting commercial-grade mineralization.
Transportation
SLM’s Western properties are located approximately 90km north of Azelik deposit currently being developed by China Nuclear International Uranium Co. A modern asphalt road follows from the capital Niamey to the town of InGall. From there a new raised-gravel road, constructed by the Chinese, links InGall to Azelik. A federal unpaved road (N11) links Azelik to the Western properties. The road from InGall to Niamey (the capital) is the same road used by Areva to deliver uranium ore concentrate to the port of Cotonou in Benin. Concentrate is moved by trucks from the mining town of Arlit and exported to France. It is likely that by the time Azelik enters production, the Ingall – Azelik link will be paved by the China Nuclear Uranium Co allowing for convenient and easy access to the SLM license areas. In June 2010 Niger received 80 million USD in funds to complete a portion of Trans-Sahara highway that will run from the town of Arlit to Algeria and will come within 20 – 40km of SLM’s western properties.
Support
The mining town of Arlit is 120km away by unpaved road from the western properties and has all needed support and equipment for an exploration project. There are several drilling companies operating out of Arlit. There is an airport, hospital, hotel, fuel, and office space. A number of exploration companies and contractors maintain an office there. A town of InGall (170km south of western properties) is accessible via gravel road and has such necessities as fuel, medical, auto-repair facilities, and office space.
Electricity
Sinohydro Corp, China’s hydraulic construction contractor announced it has secured a 140 million dollar construction deal to build a coal-fired power plant and hydrometallurgy plant to develop the Azelik deposit 90km south of SLM Western properties. The planned coal-fired electric plant is slated to begin operation in 2011.
Process Water
In 1962 an oil company PETROPAR drilled an oil exploration well on SLM’s Ataras 4 block. The historical PETROPAR report acquired by SLM indicates that the borehole has intersected one or more artesian aquifers. It is likely that China Nuclear Uranium Company is using the same regional aquifer for process water at its Azelik deposit 90km away. On the Ataras 4 and Arabigou properties we have identified 2 wells with water table at 8 – 10m below surface. A regional, shallow unconfined aquifer is present over a wide area at the same stratigraphic boundary as the uranium mineralization that SLM has identified on Atars 4. Highly economic in-situ uranium recovery process could be possible.