Tuesday 22nd September 2020

Resource Clips

Athabasca Basin and beyond

Previous Page 1 | 2

Ashburton begins Sienna West exploration

About 25 kilometres southwest of PLS, Ashburton Ventures TSXV:ABR has begun exploration on its Sienna West claims, the company announced August 13. Work will include placing radon cups and measuring radioactivity with a scintillometer.

The next trend is at Patterson Lake South, where the Alpha/Fission story is happening. Our properties on the northeast side of the Basin are part of that trend. So it’s not inconceivable that we could find something similar.—Roger Leschuk, corporate communications manager for Lakeland Resources

The company is awaiting assays for radioactive boulders found on Sienna North, a 147-hectare property contiguous with PLS. The find resulted from an unexpected change of plans, Ashburton president Michael England tells ResourceClips.com. The crew had intended to drive to Sienna West, “but they couldn’t get access. The gas company working up there wouldn’t let us use the road…. There’s a protocol you have to go through.” So they went to Sienna North instead, where they put down radon cups and found the radioactive boulders. Now the crew has reached the 1,090-hectare Sienna West by helicopter. “There we’ve got some of the highest lake sediment sample readings in the area,” he adds.

Zadar initiates PNE ground program

Fieldwork has begun on Zadar Ventures’ TSXV:ZAD project, the company announced August 12. On the agenda are prospecting, sampling, scintillometer testing and a radon cup survey. The program will follow up on historic reports of boulder finds, geophysical anomalies and a 1979 drill hole. Airborne and ground geophysics are expected to follow.

The 15,292-hectare property sits 11 kilometres northeast of PLS and adjacent to Patterson Lake North, a 50/50 JV of Fission and Azincourt Uranium TSXV:AAZ.

Macusani Yellowcake releases resource estimates

Macusani Yellowcake TSXV:YEL released resource estimates for its properties in southern Peru’s Macusani Plateau on August 14. The estimates use a cutoff of 0.0075% uranium oxide (U3O8). The resource update for the Kihitian area’s Chilcuno Chico and Quebrada Blanca deposits shows:

  • an indicated category of 8.4 million tonnes averaging 0.063% for 11.76 million pounds U3O8
  • an inferred category of 12.8 million tonnes averaging 0.061% for 17.38 million pounds.

About four kilometres southwest of Kihitian and adjacent to each other, the Colibri 2 & 3 and Tupuramani areas have an updated resource showing:

  • an indicated category totalling 27.9 million tonnes averaging 0.024% for 14.69 million pounds U3O8
  • an inferred category of 20.4 million tonnes averaging 0.017% for 7.67 million pounds.

A maiden resource for the Triunfador area showed:

  • an inferred category of 3.5 million tonnes averaging 0.041% for 3.13 million pounds U3O8.

The company provided no update for the Corachapi area, about 12 kilometres northwest of Kihitian, which has a 2010 resource showing:

  • a measured category of 1.03 million tonnes averaging 0.012% for 321,000 pounds U3O8
  • an indicated category of 10.56 million tonnes averaging 0.017% for 4.7 million pounds
  • an inferred category of 3.75 million tonnes averaging 0.019% for 1.9 million pounds.

Although Macusani’s news release repeatedly emphasized a “167% increase” in the measured and indicated categories, other information in the news release suggests there are no measured categories for areas other than Corachapi, whose resource remains unchanged since 2010.

For example, one chart accompanying the news release shows “measured & indicated” categories for Kihitian and Colibri 2 & 3/Tupuramani. But additional charts show indicated numbers for Kihitian and Colibri 2 & 3/Tupuramani that equal the “measured & indicated” numbers of the first chart. Nevertheless Macusani’s news release stated: “The most recent figures show a 167% increase in the contained U3O8 in measured and indicated resource categories.” Similar statements were emphasized throughout the news release, including a headline.

Macusani executives didn’t respond to two inquiries from ResourceClips.com.

Mega, Rockgate sign definitive agreement to merge

A proposed merger between Mega Uranium TSX:MGA and Rockgate Capital TSX:RGT has moved from a letter of intent announced June 6 to a definitive arrangement agreement on August 14. The companies propose a new entity called Uranium Capital Corp, which would be held approximately 51% by former Mega shareholders and 49% by former Rockgate shareholders. Uranium Capital’s board would be comprised of five nominees from Mega and four from Rockgate.

The companies plan shareholder votes for late September and hope to consummate by early October.

Mega to sell Australian project to Toro Energy

On August 12 Mega also announced a binding term sheet to sell its Lake Maitland project in Western Australia to Toro Energy. The deal would give Mega 415 million Toro shares, or about 28% of the ASX-listed company. The transaction has been valued at about AU$37 million.

I think Alpha and Fission have shown the market the significance of pre-drilling exploration and reconnaissance work. There’s a lot of value you can put into a project even before you get the drill rigs there.—Jordan Trimble, president/CEO
of Skyharbour Resources

The companies see a number of synergies in which Lake Maitland would eventually be incorporated into Toro’s Wiluna project 90 kilometres away, which the company hopes will be Western Australia’s first uranium mine. Toro says the deal would increase Wiluna’s JORC-compliant resource 42% to 76 million pounds U3O8. OZ Minerals, which holds a 39% interest in Toro, supports the acquisition. Following the deal, OZ would hold 28.5%.

The companies hope to see a shareholder vote by October, followed by regulatory approvals.

Among Mega’s other projects is Kintyre Rocks, also in Western Australia and the subject of negotiations with Cameco, which is considering a 51% interest.

Energy Fuels shareholders support acquisition of Strathmore

An August 13 vote gave Energy Fuels TSX:EFR 99.31% shareholder approval to acquire Strathmore Minerals TSX:STM. Pending agreement from Strathmore shareholders and regulatory officials, Energy Fuels hopes to complete the deal on August 28. Its shareholders also authorized a possible share consolidation at the discretion of the board.

Read more about the proposed acquisition here and here.

Strateco closes private placement, plans to proceed with legal action against Quebec

Strateco Resources TSX:RSC announced on August 12 it closed a private placement of 16.45 million shares at $0.05 for $822,319. The shares were purchased by an insider, the Sentient Group, which received an additional 328,927 shares as a 2% transaction fee.

Part of the proceeds will go to a legal action contesting the Quebec government’s refusal to grant a uranium exploration permit.

Virginia Energy Resources clarifies Coles Hill PEA

On August 16 Virginia Energy Resources TSXV:VUI issued several clarifications to a preliminary economic assessment filed in September 2012. As the result of a British Columbia Securities Commission review, the company will file a revised PEA for its Coles Hill project in Virginia.

In brief…

First Uranium TSXV:FIU.H released its financial results for three months ending June 30 on August 12. Mega released its three- and nine-month financials ending June 30 on August 13. The next day Energy Fuels did the same.

On August 15, Majescor Resources TSXV:MJX announced it filed 2013 annual and interim financial statements. The company has been under a management cease trade order after missing the June deadline. On August 12 Majescor also announced closing a $75,000 first tranche of a private placement allowed under TSXV temporary relief measures.

On August 13 ARMZ takeover-target Uranium One TSX:UUU announced its intention to refinance ruble-denominated bonds. Paladin Energy TSX:PDN announced adjustments to the conversion price of convertible bonds on August 15. The same day Laramide Resources TSX:LAM announced a financing transaction with a fund managed by the Lind Partners Canada LLC.

Also on August 15 Brades Resource TSXV:BRA announced it closed the previously announced Lorne Lake acquisition.

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 Ltd and Lakeland Resources Inc are clients of OnPage Media Corp, the publisher of ResourceClips.com. Neither OnPage Media nor its owner hold a stock position or options in Skyharbour Resources. The principals of OnPage Media may hold shares in Lakeland Resources.

Previous Page 1 | 2

Pages: 1 2

Comments are closed.

Share | rss feed

View All: Feature Articles