Western Athabasca Syndicate signs two-year, $6-million exploration agreement for Patterson Lake South-area’s largest land package
by Greg Klein | July 10, 2013
Four companies will co-operate to fund exploration in the largest land package contiguous with the Patterson Lake South uranium discovery. A definitive agreement announced July 10 confirms previously reported details of an accord between Skyharbour Resources TSXV:SYH, Athabasca Nuclear TSXV:ASC, Lucky Strike Resources TSXV:LKY and Noka Resources TSXV:NX. The strategic alliance pools properties, funding, geological expertise and corporate support.
Called the Western Athabasca Syndicate Project, the 287,130 hectares combine seven Skyharbour properties with Athabasca Nuclear’s 125,375-hectare Preston Lake. Except for Skyharbour’s 11,769-hectare Wheeler project on the Athabasca Basin’s east side, the entire package sits within the PLS area near the Basin’s southwestern rim, where joint venture partners Alpha Minerals TSXV:AMW and Fission Uranium TSXV:FCU have been releasing high-grade, near-surface results.
Through an exchange of cash and shares, in addition to spending, each company gets a 25% earn-in option on the package. Noka and Lucky Strike each fund $1 million per year, while original property holders Skyharbour and Athabasca Nuclear each fund $500,000 per year. The two-year total comes to $6 million of exploration.
Already underway is a VTEM-plus time domain survey to locate basement conductors like those of the Fission/Alpha discovery. Radiometrics will follow to search for boulder trains and in situ mineralization. Also scheduled for summer are water and soil radon sampling, geochemical sampling, prospecting and scintillometer surveying. The syndicate plans to follow procedures detailed in an April 43-101 technical report in which Alpha explained the exploration techniques leading to the PLS discovery.
“We have a roadmap set out by Alpha on what’s worked for them and what hasn’t,” Skyharbour president/CEO Jordan Trimble tells ResourceClips.com. “The VTEM should be complete by the end of the week, with the radiometrics to follow. We have boots on the ground too. Athabasca Nuclear has already sent up a team to do prospecting and radon surveying. The program’s well underway.”
The formal agreement marks another stage in the strategic alliance first announced June 24. “I think it’s the lowest-risk way, on a per-company basis, to carry out this kind of large, aggressive exploration program,” Trimble adds.
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