A review of Saskatchewan uranium activity from May 11 to 17, 2013
by Greg Klein
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More high-grade, near-surface results from Fission/Alpha’s Patterson Lake South
The best assay yet from Patterson Lake South’s R00E zone hit the news on May 16. That’s when the Fission Uranium TSXV:FCU and Alpha Minerals TSXV:AMW joint venture reported nine more holes from last winter’s 46-hole program. Some highlights include:
- 4.8% U3O8 over 22 metres, starting at 67.5 metres in downhole depth
- (including 20.73% over 4 metres)
- 3.56% over 18 metres, starting at 75.5 metres
- (including 11.95% over 4.5 metres)
- 1.93% over 18.5 metres, starting at 64.5 metres
- (including 8.04% over 2.5 metres)
- 0.87% over 10.5 metres, starting at 62 metres
- (including 2.01% over 3.5 metres)
- 0.23% over 21 metres, starting at 64 metres.
True widths weren’t available. Further assays are pending.
The shallowest of the project’s three discovery zones, R00E shows continuous mineralization for 120 metres of strike and remains open in all directions. The 50-50 partners consider it a priority for next season’s drilling on the property that caused so much activity in and around the Athabasca Basin’s southwestern rim.
Noka, Lucky Strike earn-ins finance Skyharbour exploration in PLS region
Two option agreements have Skyharbour Resources TSXV:SYH financed to explore one of the PLS region’s largest land packages. The company granted Lucky Strike Resources TSXV:LKY and Noka Resources TSXV:NX each a 25% earn-in on seven properties totalling 161,755 hectares. In deals announced May 14 and 16 respectively, each company pays Skyharbour $100,000 and funds $500,000 of exploration a year over two years. Noka issues Skyharbour 640,000 shares, while Lucky Strike issues the optionor two million shares. Skyharbour remains project operator and retains a 2% NSR on approximately 46,000 hectares the company staked directly while a vendor holds a 2% NSR on the rest of the package.
We had our foot to the pedal to do these deals with Noka and Lucky Strike so we can get to work without having to go back to the market.—Jordan Trimble, manager of corporate development and communications for
Events have moved quickly since March, when the company announced its entry into the region. “Now that we’ve brought in these two partners we’ve recuperated the $200,000 all-in costs in the initial outlay, we have a 10% equity position in both companies and their work commitment is half a million each for a total of $1 million a year for two years,” says Jordan Trimble, Skyharbour’s manager of corporate development and communications. The seven properties involved in the agreements include Wheeler, on the Basin’s eastern flank.
But exploration will focus on the PLS area, starting with a joint airborne survey that will fly properties held by Skyharbour and at least three other companies. “Given that we have such a large land package, the most effective way to do the geophysics is to put together a team to share expenses,” Trimble says.
He expects the survey to take two or three weeks, followed by a few weeks of interpretation and a summer of fieldwork. “You can work there until October and then winter is the best time to drill.”
He sees other advantages too. “We’ll be using the same methodology that Alpha and Fission employed. They spent the last four or five years refining the exploration methodology in this area. It’s unique because it’s outside the Basin. If you read their technical report, they have a very refined process and specific geophysical targets that they look for in conjunction with radon anomalies and boulder fields, etc. Given that we don’t have to re-invent the wheel, we’re hoping to have drill targets by the end of the year.”
He adds, “We had our foot to the pedal to do these deals with Noka and Lucky Strike so we can get to work without having to go back to the market.”
Alpha’s PLS discovery team looks north
While Fission toils as PLS project operator, the Alpha team has turned its attention farther north. Along with JV partner Acme Resources TSXV:ARI, Alpha’s studying reports from previous operators on their Skull Lake claim adjacent to the former Cluff Lake mine, which gave up 60 million pounds of uranium by 2005.
The data shows four radon anomalies on the 2,416-hectare property, one over two kilometres long and in the direction of glacial drift from three historic holes. Scintillometer readings from one hole found gamma ray particles percolating as high as 900 counts per second.
Plans for summer include re-sampling the anomalies and searching for radioactive rocks and debris from a potential up-ice source. Alpha holds an 80% interest in the JV.
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