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Resource Clips

Athabasca Basin and beyond

Uranium news from Saskatchewan and elsewhere for June 1 to 7, 2013

by Greg Klein

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Final assays wrap up rewarding winter at Patterson Lake South

In a sense, the project’s been making history all along. But Patterson Lake South’s winter drill program is now history in another sense, with assays reported for 17 final holes. Alpha Minerals TSXV:AMW and Fission Uranium TSXV:FCU released the results June 5, with the latter company’s president/CEO Ross McElroy calling the campaign “one of the most impressive uranium exploration programs I’ve ever seen or been a part of,” citing “huge intersections and high grades.” He forgot to mention near-surface depths.

Fifteen holes represent closely spaced infill drilling in the project’s three zones. Here are some highlights.

R00E zone

  • 4.63% uranium oxide (U3O8) over 6 metres, starting at 61.5 metres in downhole depth
  • (including 6.86% over 4 metres)
  • 0.12% over 2.5 metres, starting at 51 metres
  • 0.36% over 1.5 metres, starting at 52 metres.

R390E zone

  • 1.15% over 63.5 metres, starting at 82 metres
  • (including 9.51% over 2 metres)
  • 1.39% over 23.5 metres, starting at 110 metres
  • (including 4.34% over 6 metres)
  • 0.26% over 21 metres, starting at 77 metres
  • (including 0.75% over 5 metres)
  • 0.43% over 10.5 metres, starting at 125.5 metres
  • (including 1.37% over 2 metres).

R780E zone

  • 1.22% over 7 metres, starting at 144 metres
  • (including 3% over 2.5 metres)
  • 0.57% over 10 metres, starting at 166 metres
  • (including 1.87% over 2.5 metres)
  • 0.2% over 15.5 metres, starting at 159.5 metres
  • 0.4% over 4.5 metres, starting at 109.5 metres.
Uranium news from Saskatchewan and elsewhere for June 1 to 7

True widths weren’t provided. Two additional holes tested regional targets but failed to find significant mineralization. The 50/50 joint venture partners claim an 82% drill strike rate that discovered two new zones as well as expanding the R00E zone.

Drilling’s scheduled to resume in early July, fuelled by a $6.95-million budget. Fission remains project operator until April 2014, when Alpha resumes the role.

Fission stakes new ground, says “still many underexplored areas” in Basin

Having helped bring fame to the area in and around the Athabasca Basin’s southwestern rim, Fission’s also looking at the Basin’s northwest and northeast. That’s where the company staked three properties announced in a June 3 news release.

On the Basin’s north-central edge, the 15,373-hectare Beaver River property “includes most of the known electro-magnetic conductors in the area,” the company stated. Surface samples have shown grades of 3.66%, 3.37% and 2.93% U3O8.

Fifteen kilometres west of Uranium City, in an area steeped in mining history, the 1,188-hectare Thompson Lake has provided grab samples of 2.23% and 0.11% U3O8.

At 2,941 hectares, Manitou Falls has six radiometric anomalies and multiple conductors identified in historic data.

Fission has Beaver River slated for summer fieldwork to determine winter drill targets.

Forum, NexGen hit 39.5 metres of 0.152% at NW Athabasca

Another JV with drill results, Forum Uranium TSXV:FDC and NexGen Energy TSXV:NXE released more assays from their Northwest Athabasca project on June 5. The holes tested the Otis West zone, immediately south of historic Maurice Bay, which has a non-43-101 deposit of 680 tonnes averaging 0.6% U3O8.

Assay highlights show:

  • 0.152% U3O8 over 39.5 metres, starting at 131 metres in downhole depth
  • (including 0.211% over 24.5 metres)
  • 0.166% over 3.5 metres, starting at 125.5 metres
  • 0.243% over 0.5 metres, starting at 96.8 metres
  • 0.185% over 0.5 metres, starting at 101.5 metres.

True widths weren’t available. Mineralization remains open at depth and to the east, with future drilling planned to follow the Otis fault, parallel to the Maurice Bay fault, eastward. The companies added, “This is the fourth target drilled on the property that has intersected basement-hosted uranium mineralization typical of uranium deposits in the western Athabasca Basin such as Patterson Lake South, Cluff Lake and Shea Creek.”

The partners are earning 30% each of the project from Cameco Corp’s TSX:CCO 87.5%. AREVA Resources Canada holds the remaining 12.5%. Forum acts as project operator.

Forum issues options

The same day Forum also reported that it granted insiders options on a total of 800,000 shares at $0.40 for five years.

Skyharbour appoints Jordan Trimble president/CEO/director, looks for fourth JV partner

A June 5 dispatch from Skyharbour Resources TSXV:SYH announced Jordan Trimble’s appointment as president, CEO and board member. James Pettit is now board chairman. Donald Huston has resigned as president/CEO but remains a director.

Trimble holds a bachelor of science with a minor in commerce, is a 2013 Level II CFA candidate and has completed the Canadian Securities Course and Technical Analysis Course offered through the Canadian Securities Institute, as well as several courses in geology, exploration and mining. In his work with numerous TSXV-listed companies he has specialized in corporate finance and strategy, shareholder communications, marketing, structuring deals and raising capital.

Trimble was heavily involved in Skyharbour’s decision to move into the Basin after considering other properties around the world. “The strategy was quite simple,” he says. “It was to go in there as early and as cheaply as we could, accumulate a large land position and employ this joint venture model to fund exploration and also create synergies with the partner companies. With our geological team I staked the first 100,000-acre land package and thereafter we acquired the other 300,000 acres that culminated in the total package.”

Having brought on Lucky Strike Resources TSXV:LKY and Noka Resources TSXV:NX to earn 25% each of the properties, Skyharbour is now looking for a fourth company. “With risk spread across four companies, four very capable technical teams, some really bright geologists, a methodology similar to what worked for Fission and Alpha, and this large land package, we can improve the chances of finding the next big discovery,” Trimble says. “We’re still working towards a final syndicate and JV structure and should have everything done within the next month or two.”

Skyharbour is currently taking part in a group airborne geophysical survey of PLS-area properties with Forum, Aldrin Resource TSXV:ALN and Athabasca Nuclear TSXV:ASC.

Lakeland picks up four properties, drops eight others

Reinforcing its reputation as a “pure play uranium exploration company” focused on the Basin, Lakeland Resources TSXV:LK announced four more acquisitions on June 5.

Among the company’s first priorities are two optioned properties untested by modern exploration techniques. The 211-hectare South Pine project sits adjacent to Lakeland’s Riou Lake property in the northern Basin. Pre-1982 work found a 2.5-kilometre basement conductor and non-43-101 drill results up to 0.15% U3O8 over 0.13 metres immediately above the unconformity. In the northeastern Basin, the 1,681-hectare Perch Lake property hosts a four-kilometre basement conductive trend and an unexplained uranium radiometric anomaly, the company stated.

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