I think you're right...Grades in the Athabasca Basin are on a completely different scale compared to say Namibia or Australia. That said, the Rabbit Lake deposit (now mined out) had a resource of 5.84 Mt
@0.32% U3O8, and also the JEB deposit (also mined out) was graded at
0.5% U308.But from what I can tell, those kinds of grades are outliers in the region – anything <1% seems kinda low (though not necessarily uneconomic) for the Basin. Below graphic (via
here) is a bit old, but you get the idea in terms of the grades for the U mines/deposits in the area (the average is ~2%, and some as high as 26.3%...)
[*For more recent data, see also some of Nexgen's
drill results and
grades for its Arrow deposit, and Dennison's for
Wheeler Hill/Phoenix]
Anyway, honestly hope I've got this wrong, but just based on the surrounding deposits, the results 92E announced today unfortunately do seem quite low imo