Saturday 25th January 2020

Resource Clips

Athabasca Basin and beyond

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Purepoint reports winter drill results from Hook Lake

Five kilometres northeast of the PLS discovery Purepoint Uranium’s TSXV:PTU Hook Lake project underwent a four-hole, 925-metre winter campaign, with results announced June 20. One hole on the D1 conductor found weakly radioactive graphitic pelite of 138 ppm over 2.3 metres starting at 301.7 metres in vertical depth. Another hole 800 metres south found no significant radioactivity. Two others on the D2 conductor were lost due to loose subsurface conditions. The drilling does provide “further evidence of widespread hydrothermal alteration and structural disruption,” said Scott Frostad, Purepoint’s VP of exploration.

Following up on an airborne study, a 24-line-kilometre ground EM survey has identified targets for a winter program on the 28,683-hectare project, one of the company’s 11 Basin properties. Purepoint holds a 21% interest in Hook Lake, a JV with Cameco Corp TSX:CCO and AREVA Resources Canada each holding 39.5%.

Azincourt closes $1.5-million private placement to fund PLN work, revises appointments, plans name change

Azincourt Resources TSXV:AAZ announced June 19 the closing of a $1.5-million private placement, one of the requirements of its previously announced 50% option on Fission’s Patterson Lake North property. The earn-in agreement has since received TSXV approval. The Venture also gave the go-ahead to an April 29 agreement in which Azincourt will pay a finder’s fee in stages as it acquires incremental interests in PLN. On paying Fission $500,000 and funding $1.5 million of first-year work to earn an initial 10%, the company will pay Pure Capital Holdings $136,250 in shares.

This year’s campaign will include 2,500 metres of drilling and an airborne EM survey over selected areas. Radon and helium surveys might also take place. Fission has already spent about $4.7 million exploring the 27,408-hectare property north of PLS. Azincourt also announced it had filed a May 5 PLN technical report on SEDAR.

Additionally the company revised the appointments announced May 15. As previously reported, Dev Randhawa, Ian Stalker and Ted O’Connor join the BOD, which Stalker will head as chairman while O’Connor becomes CEO. But now O’Connor, not Stalker, becomes president.

Darren Devine and Latika Prasad have resigned as directors. Prasad also resigned as CFO, to be replaced by Vivien Chuang.

Lastly, a name change. Pending TSXV approval Azincourt Resources becomes Azincourt Uranium Inc. Same old ticker, though.

Uravan heads geochem research team with Cameco and others

In the south-central Basin, four groups are collaborating on a study to improve geochemical techniques. They hope to better understand whether surface elements originate from a deposit at depth or from the natural geochemical composition at surface, and how elements move from depth to surface. Scheduled for completion this month, the study is managed by Uravan Minerals TSXV:UVN, which made the June 18 announcement. Soil and tree core samples will be taken initially from a 600-by-950-metre grid over Centennial, an 800-metre-deep deposit currently being drilled by Cameco.

Partnering on the study with Uravan and Cameco are the Queen’s University Facility for Isotope Research and Environmental BioTechnologies Inc. The Centennial deposit is a JV in which Cameco and AREVA Resources Canada each hold 59%, with Formation Capital TSX:FCO holding the other 2%.

UEX announces AGM results

On June 19 UEX Corp TSX:UEX announced its AGM and special meeting re-elected, re-appointed and approved the entire agenda, including an advance notice policy for the election of directors.

Niger mine re-opens after terror attack

Partial production resumed at AREVA’s Somair mine in Niger on June 18, according to a Reuters story posted in Mining Weekly. One of two Niger mines that total 7.5% of world uranium supply, Somair had been shut down following a May 23 terrorist bombing.

Another June 20 Reuters story recounted the lawlessness and terror around the porous borders connecting Libya with Niger and other countries.

See previous uranium news updates:

Read about uranium supply, demand and prices.

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