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Ashburton shifts focus to the southwestern Basin
The same day Lakeland reported its three most recent acquisitions, Ashburton Ventures TSXV:ABR announced 50% options on two others. The 2,999-hectare Patterson West property borders Patterson Lake South and is eight kilometres northwest of the PLS discovery. The 2,537-hectare Patterson North sits eight kilometres north of the PLS property. CanAlaska Uranium TSX:CVV staked the two properties last January.
Ashburton may earn a 50% interest in both projects by paying CanAlaska $25,000, issuing the company 2.5 million shares and a million warrants exercisable at $0.10 and spending $1.4 million over three years.
The options increase Ashburton’s PLS presence. On March 14 the company announced the purchase of a 147-hectare claim bordering a Fission Energy property north of the Patterson Lake South JV and a 1,090-hectare property about 25 kilometres southwest of PLS. That deal cost Ashburton $10,000 and 1.5 million shares.
In order to focus on the PLS region, Ashburton cancelled a 100% option on the eastern Basin’s Bernick Lake project that was announced March 21.
More PLS expansion with Skyharbour
A 115,300-hectare acquisition announced April 11 brings Skyharbour Resources’ TSXV:SYH PLS-proximate package up to six properties totalling 157,000 hectares. Skyharbour is now one of the region’s largest landholders.
The most recent deal cost the company $50,000, a million shares, a 2% NSR and a 2% gross revenue royalty.
CIN stakes out a JV, increases PLS holdings
A joint staking operation by Canadian International Minerals TSXV:CIN and Tyko Resources Inc gives each a 50% interest in eight claims totalling more than 34,700 hectares. The April 2 announcement boosts CIN’s presence to nearly 60,000 hectares, all in the vicinity of Patterson Lake South. CIN will act as project operator on the Tyko JV.
Uranium, diamonds, whatever
Another company with a “strategic resource direction,” Aldrin Resource TSXV:ALN announced an option on the 12,001-hectare Triple M uranium property nine kilometres south and 11 kilometres west of the PLS discovery. Under the agreement announced April 15, Aldrin may earn 70% by paying $1.5 million, issuing 12.5 million shares and spending $4 million over four years. The vendors get a 3% NSR and 3% gross overriding royalty for any diamonds found on the property.
A tad contrite
Saying it “plans to mobilize crews shortly,” TAD Mineral Exploration TSXV:TJ announced on April 11 it had staked 4,000 hectares in the PLS region. “Management of TAD has let its shareholders down in the past with a lack of focus,” stated company director Jason Gigliotti. “We plan on becoming much more active to enhance shareholder value and this is the first step in that direction.”
Alberta as well as Athabasca
Zadar Ventures TSXV:ZAD announced on April 22 that the TSXV approved its purchase of the Upper Poulton Lake project for $100,000, 900,000 shares and another $2 million to explore the 2,730-hectare property over four years.
Zadar first announced the agreement on April 9, one week after the company reported completion of its 60% earn-in on the 17,300-hectare Whiskey Gap uranium project in southwestern Alberta.
Nuinsco begins radon survey
Sediment and water sampling has begun on the Diabase Peninsula project in the south-central Basin, Nuinsco Resources TSX:NWI reported on April 19. The company will measure radon gas to map the presence of radium on the Rowan Grid area of the 21,959-hectare property.
Purepoint completes winter work
Purepoint Uranium Group TSXV:PTU finished a winter campaign on Hook Lake, a 28,683-hectare property five kilometres northeast of the PLS discovery, the company reported on April 4. Work included a ground electromagnetic survey and 925 metres of drilling. Purepoint holds a 21% interest in the JV with Cameco holding 39.5% and AREVA 39.5%.
Purepoint has 11 uranium projects in the Basin, where the company’s been established “well before the initial resurgence in uranium earlier last decade.”
Shea Creek proud to be #3
Shea Creek remains the Basin’s largest undeveloped resource and third-largest overall, after McArthur River and Cigar Lake. That’s according to an April 17 resource update from UEX Corp TSX:UEX. Using a 0.3% U3O8 cutoff, totals for the four deposits show:
- an indicated category of 2.07 million tonnes averaging 1.48% for 67.66 million pounds U3O8
- an inferred category of 1.27 million tonnes averaging 1.01% for 28.19 million pounds U3O8.
The indicated category grew 6% since the 2010 resource, while the inferred category rose 15%. Mineralization “is still largely open,” UEX stated. The company holds 49% of the project, with operator AREVA holding the balance. Shea Creek’s located in the western Basin, just south of the former Cluff Lake mine.
On April 10 UEX announced AREVA granted the company an option to increase its interest to 49.9% by funding another $18 million of exploration. The previous month UEX completed its 25% interest in Beatty River, a 6,688-hectare project about 30 kilometres south of Shea Creek and 25 kilometres north of Patterson Lake South. Project operator AREVA holds 50.7%, while JCU Exploration holds 24.3%.
AREVA also holds part of the Basin’s top two resources—a 30% interest in the McArthur River mine (with Cameco holding the rest) and 37% in the Cigar Lake project (Cameco 50%, Idemitsu Canada Resources 8%, TEPCO Resources 5%). Cigar Lake could begin production later this year.
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