Sunday 9th August 2020

Resource Clips

Athabasca Basin and beyond

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Mawson offers $4.2-million private placement

Mawson Resources TSX:MAW announced a non-brokered private placement of up to 9.33 million units at $0.45 for proceeds of up to $4.2 million. Each unit will consist of one share and one-half warrant, with each whole warrant exercisable for one share at $0.65 for two years. The proposed financing would allow an insider to gain over 10% of Mawson’s stock. Shareholders may vote on the insider placement at an August 30 meeting.

Proceeds will go to exploration on the company’s Rompas gold-uranium project in northwestern Finland and general working capital. This summer Rompas is slated for airborne geophysics, prospecting, mapping and sampling, to be followed by an autumn drill campaign.

Ashburton announces appointment, begins Phase I exploration

Ashburton Ventures TSXV:ABR announced the appointment of Robert Meister to its advisory board on July 17. Also head of corporate development and communications for Alpha, Meister has nearly 20 years’ experience in marketing and corporate communications at institutional and retail levels, community relations, and assisting in raising capital for private and public companies.

Ashburton also announced the beginning of Phase I exploration at its Sienna North and Sienna West properties in the PLS area. Plans call for geological reconnaissance, grid-based scintillometer surveys, soil and water radon sampling and float prospecting for uraninite.

Aldrin closes $957,880 private placement and Triple M acquisition

Aldrin Resource TSXV:ALN announced July 19 the closing of a $957,880 private placement. The money will go to exploration on the company’s Triple M project, option payments on the property and general working capital. Closing of the 70% Triple M acquisition coincided with the fundraising.

As part of the option, the company will issue 12.5 million shares and 588,680 warrants exercisable for one year at $0.18, as well as 1.05 million shares as a finder’s fee.

Aldrin previously stated that an airborne survey over the 12,000-hectare property bordering PLS has found “parallel basement conductive trends analogous to conductors associated with” the Alpha/Fission discovery.

Athabasca Uranium releases geophysical interpretations, AGM results

Uranium news from Saskatchewan and elsewhere for July 13 to 19, 2013

An airborne survey has identified drill targets for
Athabasca Uranium’s Phase III program at Keefe Lake.

Athabasca Uranium TSXV:UAX reported preliminary results of airborne geophysics over parts of three projects on the Athabasca Basin’s southeastern edge on July 17. The 736-line-kilometre VTEM survey found subtle conductive anomalies confirming two drill targets in the Keefe Lake property’s D zone. The data will be further analysed to identify other targets for the flagship’s Phase III program scheduled for autumn.

At Fisher River the survey found a single conductive zone about 4,500 metres by 1,500 metres, starting about 200 metres in depth. The company considers it prospective for uranium as it’s located within a magnetic low at the edge of a magnetic feature. Another conductor starting about 200 metres’ depth was found at McGregor Lake. Fisher River and McGregor Lake will be considered for this year’s drill campaign.

The company also reported AGM and special meeting results which re-elected directors, re-appointed the auditor, re-approved a 10% rolling stock option and allowed for an advance notice bylaw to be adopted.

B.C. court allows Strathmore vote on acquisition by Energy Fuels

Strathmore Minerals TSX:STM announced July 19 it received a court order allowing the company to hold a special meeting for shareholders to vote on its proposed acquisition by Energy Fuels TSX:EFR. If approved at the August 20 meeting, each Strathmore share will fetch 1.47 Energy Fuels shares, giving Strathmore shareholders about 21% of Energy Fuels’ stock.

With two mines in operation, Energy Fuels supplies about 25% of the uranium produced in the United States. Additionally the company operates the country’s only conventional uranium mill, among several other projects. Strathmore also holds properties in the western U.S.

Read more about the proposed acquisition.

Mesa closes $110,000 private placement

Mesa Exploration TSXV:MSA closed a $110,000 private placement, the company reported July 16. In addition to potash, silver, gold and lithium properties, the company holds two uranium projects, Lisbon Valley in Utah and Moonshine Springs in Arizona.

Under MCTO, Majescor to file financials by July 26

In a default status report released July 18, Majescor Resources TSXV:MJX stated it expects to file the company’s 2013 annual financial statements by July 26. At the company’s request, a management cease trade order had been issued by the Quebec regulator, l’Autorité des marchés financiers, after Majescor encountered delays compiling the statements.

The company’s projects include a 40%/60% JV with Strateco Resources TSX:RSC on the Mistassini uranium project in Quebec, as well as a gold, base metals and graphite JV in Madagascar, and gold and porphyry copper-gold projects in Haiti.

Lions Gate announces new directors

On July 18 Lions Gate Metals TSXV:LGM announced the election of William Filtness and Murray Oliver to its board. Filtness is a chartered accountant who spent 14 years with Aurizon Mines and served as CFO for a number of Toronto-listed companies. Oliver has spent over 19 years as a consultant providing corporate finance, restructuring and communication services.

In March Lions Gate announced an option to acquire the 67-hectare Whitford Lake property on the Athabasca Basin’s east side.

Cancelled Chinese project attributed to lack of communication, education

Following protests that caused the cancellation of a uranium processing plant in Guangdong province, two Chinese companies are struggling to find an alternative site, Reuters stated on July 16. After Fukushima, China slashed its 2020 nuclear energy capacity goal to 58 gigawatts, down from a previous target of 80 to 90 GW. But the 2030 target of 200 GW remains. “Analysts expect annual primary uranium demand to rise tenfold over the period to around 40,000 tonnes,” the news agency reported. “To meet that demand, CNNC and CGNPC [two state-owned reactor manufacturers] have been exploring domestic uranium deposits, but a surge in imports is inevitable and is expected to put pressure on global supplies.”

A July 18 Reuters dispatch said industry insiders attribute the Guangdong protests to “poor communication and a lack of public education. They say if things do not improve, more protests could spring up elsewhere, threatening those plans to build new reactors.” An industry executive told the press agency, “The public consultation [lasts] only 10 days, which is way too short. The materials it provided about the project are also woefully inadequate.”

The World Nuclear News said the cancelled $7.32-billion facility would have been a “one-stop complex for nuclear fuel, featuring facilities for conversion and uranium enrichment as well as manufacturing of fuel pellets, rods and finished assemblies.”

See previous uranium news updates:

Read analyst David Talbot’s insights about uranium and the Athabasca Basin in a global context.

Read about uranium supply, demand and prices.

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

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