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Athabasca Basin updated

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Zadar expands holdings east of Patterson Lake North

A review of Saskatchewan uranium activity from May 11 to 17, 2013

Adjacent to the north of Fission/Alpha’s Patterson Lake South lies Fission/Azincourt Resources’ TSXV:AAZ Patterson Lake North. Adjacently east of PLN lies Patterson Northeast, now under a purchase agreement with Zadar Ventures TSXV:ZAD. Including the company’s BullRun A and BullRun D properties, the deal gives Zadar 15,292 hectares contiguous to PLN.

In its May 16 announcement, Zadar said the 7,744-hectare PNE shares magnetic signatures with both PLS and Shea Creek, a UEX Corp TSX:UEX/AREVA Resources Canada JV with 67.7 million pounds U3O8 indicated and 28.2 million pounds inferred.

A 2006 geophysical survey found a “broad conductive zone, potentially a graphitic horizon or alteration halo,” Zadar added. “Just north of the conductor, historic drilling has revealed clay alteration, fracturing and abundant pyrite, indicative of hydrothermal enrichment. On surface, boulders rich in boron, a pathfinder element for uranium deposits, have also been identified.”

Zadar gets a 100% interest in PNE for $205,000 payable within a year, with another $2.8 million in payments and $2 million in exploration over four years. The vendor gets a 1% NSR, half of which Zadar may buy for $1 million.

NexGen to drill Radio, update geophysics for Basin’s southwest

NexGen Energy TSXV:NXE announced plans for a busy summer on May 15. On the Basin’s east side, the company will sink the first 4,400 metres of drilling in its 70% Radio project, in an area interpreted to be a structural extension of Rio Tinto’s Roughrider deposit. Roughrider’s resource totals 17.2 million pounds U3O8 indicated and 40.7 million pounds inferred.

On the west side, adjacent to PLS’s northeast, the company’s processing data from a ground gravity survey on its Rook 1 project. NexGen stated it’s also re-interpreting geophysical data for several of its southwestern Basin properties. The company plans to fly a low-level radiometric, magnetic and VLF-EM survey on four properties that so far have seen only widely spaced government radiometric surveys, which managed to miss the boulder field that sparked the PLS discovery.

Azincourt appointments add uranium expertise

Having optioned 50% of Patterson Lake North from Fission two weeks earlier, Azincourt announced new appointments on May 15, including Fission chairman/CEO Dev Randhawa. He’s now an Azincourt director too.

Randhawa founded Strathmore Minerals TSX:STM and spun out Fission Energy, which was taken out by Denison Mines TSX:DML last month, leaving spinco Fission Uranium with its 50% PLS interest as well as PLN—not to mention a few bucks in the bank. Randhawa also headed Pacific Energy Asia until its $35.2-million sale in 2008.

Azincourt’s new president/chairman/director is Ian Stalker, former CEO of UraMin, which was bought out by Areva in 2007 for US$2.5 billion. He also served as VP of Gold Fields when it was the world’s fourth-largest gold producer.

Joining Azincourt as CEO/director, Ted O’Connor has spent the last 19 years in Cameco Corp’s TSX:CCO exploration division, most recently holding responsibility for evaluating and directing uranium exploration in four continents.

Disclaimer: Skyharbour Resources Ltd is a client of OnPage Media Corp, the publisher of ResourceClips. Neither OnPage Media nor its owner hold a stock position or options in Skyharbour Resources.

Read previous coverage of Athabasca Basin uranium activity here, here and here.

Read about uranium supply, demand and prices here.

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