Uranium news from Saskatchewan and elsewhere for June 22 to 28, 2013
by Greg Klein
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Fission/Alpha strike gold at PLS, report geochem results
Patterson Lake South’s potential might go beyond the stuff of yellowcake to include yellow metal. After releasing all those high-grade, near-surface uranium assays, Alpha Minerals TSXV:AMW and Fission Uranium TSXV:FCU finally reported high-grade, near-surface gold on June 24. Where it was found, the gold frequently correlated with high-grade uranium, although the reverse wasn’t always true. But they did find gold in all three zones.
Some highlights include:
- 1.58 grams per tonne gold over 63.5 metres, starting at 82 metres in downhole depth
- (including 8.8 g/t over 2.5 metres)
- (and including 35.6 g/t over 0.5 metres)
- 1.02 g/t over 53 metres, starting at 95 metres
- (including 2.6 g/t over 10.5 metres).
- 1.9 g/t over 20.5 metres, starting at 65.5 metres.
- 1.71 g/t over 7 metres, starting at 144 metres
- (including 4.48 g/t over 2.5 metres).
True thicknesses weren’t available. The 50/50 joint venture partners pointed to other uranium-gold occurrences in the western Athabasca Basin including Cluff Lake, which produced over 16,000 gold ounces in 1987, and the high gold grades reported from the UEX Corp TSX:UEX/AREVA Resources Canada Shea Creek JV. But Fission and Alpha cautioned that Athabasca gold typically occurs irregularly, making extraction viable only with a mineable uranium deposit.
The companies also reported that, unlike some Basin deposits, PLS has shown low arsenic values. High arsenic requires more costly processing and disposal, the partners stated.
Additionally, geochemical work showed strongly anomalous boron related to the hydrothermal alteration in and around uranium mineralization. “The extent of the alteration halo around the mineralization can enlarge the target area and be used as a guide to focus on an area in a suitable geophysical setting,” the companies stated.
Project operator Fission plans to resume drilling in July, part of a program jointly budgeted at $6.95 million.
$6-million program for PLS-area’s largest package proposed by Skyharbour, Athabasca Nuclear, Lucky Strike, Noka
The plan calls for four companies funding exploration on the Patterson Lake South area’s largest land package. Under a memorandum of understanding announced June 24, Skyharbour Resources TSXV:SYH and Athabasca Nuclear TSXV:ASC would combine their Basin properties into one 287,130-hectare bundle, with Lucky Strike Resources TSXV:LKY and Noka Resources TSXV:NX also contributing to a two-year, $6-million campaign.
The properties include Athabasca Nuclear’s Preston Lake, 26 kilometres south of the PLS discovery, and Skyharbour’s adjacent West Patterson, South Patterson and Draco properties. Also included are Skyharbour’s nearby North Patterson, RY and South Basin properties, and its 11,769-hectare Wheeler claims in the eastern Basin.
Noka and Lucky Strike already hold a 25% earn-in each on Skyharbour’s properties. The MOU would give Athabasca Nuclear a 25% option on the properties as well. The other three companies would each get 25% options on Athabasca Nuclear’s 125,375-hectare Preston Lake. Lucky Strike and Noka would each fund $1 million of exploration per year for two years, while Skyharbour and Athabasca Nuclear would each put up $500,00 a year.
Cash and shares would change hands as Noka and Lucky Strike each pay $100,000 and issue $100,000 in shares to each of Skyharbour and Athabasca Nuclear. The latter two would issue each other shares worth $100,000.
Finally, the four companies would form a JV. They hope to sign a definitive agreement by June 30.
Speaking to ResourceClips.com, Skyharbour president/CEO Jordan Trimble emphasized that the plan minimizes his company’s risk and future equity dilution. “We decided this approach made the most sense from both an exploration standpoint and a financial standpoint,” he said. “This will also create value-added synergies that will further improve our chances of raising money and making a new discovery.”
Already underway at the PLS-area properties is an airborne VTEM-plus time domain survey, to be followed by radiometrics later this summer. Another co-operative effort, the surveys are jointly funded by Skyharbour, Athabasca Nuclear, Aldrin Resource TSXV:ALN and Forum Uranium TSXV:FDC to explore their contiguous claims.
Plans call for further exploration by the newly announced strategic alliance, with operator Athabasca Nuclear consulting with the other geological teams as well as Alpha’s 43-101 technical report for PLS. “They’ve really written the book on how to discover deposits in this specific area,” Trimble said.
International Enexco JVs with Denison on Bachman Lake
A JV announced June 25 brings together International Enexco TSXV:IEC and Denison Mines TSX:DML on the Bachman Lake project, about four kilometres from Cameco Corp’s TSX:CCO proposed Millennium mine in the southeastern Basin. Enexco may earn 20% of Bachman by funding $500,000 of exploration by year-end. Denison remains project operator. The 11,419-hectare property is scheduled for a helicopter-supported 1,900-metre drill program beginning in August to focus on three conductors identified by geophysics and historic drilling.
Twenty kilometres northeast Enexco holds a 30% interest in the 3,407-hectare Mann Lake project, a JV with operator Cameco (52.5%) and AREVA Resources Canada (17.5%). In Nevada, Enexco has a feasibility study underway on its Contact copper project.
Kivalliq releases assays from its Angilak project in Nunavut
Exploration drilling on two new zones at Kivalliq Energy’s TSXV:KIV Angilak project produced a batch of assays released June 27. Some highlights from the Nunavut property show:
- 0.46% uranium oxide (U3O8), 0.48% copper, 0.15% molybdenum and 53.6 g/t silver over 4.3 metres, starting at 90.2 metres in downhole depth
- (including 1.42% U3O8, 0.64% copper, 0.4% molybdenum and 139 g/t silver over 1.2 metres).
- 0.06% U3O8, 0.08% copper, 0.01% molybdenum and 8.3 g/t silver over 1.3 metres, starting at 38 metres
- 1.06% U3O8, 0.28% copper, 0.03% molybdenum and 3.6 g/t silver over 0.3 metres, starting at 60.1 metres
- 0.56% U3O8, 0.05% copper, 0.28% molybdenum and 15.5 g/t silver over 0.6 metres, starting at 77.2 metres
- (including 1.31% U3O8, 0.09% copper, 0.66% molybdenum and 33.9 g/t silver over 0.3 metres)
- 0.15% U3O8, 0.05% copper, 0.07% molybdenum and 9.2 g/t silver over 0.2 metres, starting at 114.8 metres.
Intercepts are estimated true widths. Kivalliq president Jeff Ward said the two zones show geological similarity and proximity to current deposits on the project’s Lac 50 trend, which has a March 2013 inferred resource of 2.83 million tonnes averaging 0.69% U3O8, Canada’s highest-grade uranium resource outside the Athabasca Basin.
Kivalliq operates the 138,000-hectare project, 225 kilometres south of Baker Lake, in partnership with Nunavut Tunngavik Inc. Drilling resumes in July.
Macusani releases assays from Peru, says resource updates are imminent
In southeastern Peru, Macusani Yellowcake TSXV:YEL announced drill results from the Chilcuno Chico anomaly on its Kihitian property. Some highlights from the June 26 release include:
- 0.121% U3O8 over 17 metres, starting at 220 metres in downhole depth
- (including 0.346% over 4 metres)
- 0.172% over 4 metres, starting at 103 metres
- 0.032% over 41 metres, starting at 248 metres
- (including 0.308% over 3 metres)
- 0.056% over 16 metres, starting at 35 metres
- 0.059% over 9 metres, starting at 232 metres
- (including 0.163% over 2 metres).
True widths weren’t available. With 45,000 metres since 2011, drilling has delineated an area about 1,050 metres by 1,100 metres, where the Manto B zone remains open in all directions. Macusani believes the project’s Quebrada Blanca anomaly forms part of the same mineralized sequence as Manto B.
The company has two drills turning at Chilcuno Chico and two more at its Tupuramani project, also on the Macusani Plateau. Resource updates for Colibri 2 and 3/Tupuramani and for Chilcuno Chico/Quebrada Blanca are expected within days.
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