Thursday 29th September 2016

Resource Clips


Athabasca Basin and beyond

Previous Page 1 | 2

Strategic alliance updates Western Athabasca Syndicate Project

In a September 5 update, the four-company Western Athabasca Syndicate stated it was reviewing final data from airborne geophysical surveys on its Preston Lake project in the PLS vicinity. Results from the 4,840-line-kilometre VTEM-Plus survey have been interpreted to show numerous graphitic-type basement conductors while the 4,400-line-kilometre radiometric survey might indicate radioactive boulders or in-situ mineralization. The companies’ combined geological team has identified 14 priorities for field follow-up.

The syndicate consists of Skyharbour Resources TSXV:SYH, Athabasca Nuclear TSXV:ASC, Noka Resources TSXV:NX and Lucky Strike Resources TSXV:LKY.

Low prices force Uranium Energy Corp to slow production, reassess projects

The commodity’s seven-year low has forced Uranium Energy Corp NYSE MKT:UEC to cut production and postpone expansion at its Palangana in-situ recovery mine. But, the company stated September 5, development continues on its advance-stage Goliad and Burke Hollow ISR projects. All three are in southern Texas.

UEC also said it’s reassessing “planned exploration expenditures on the company’s entire pipeline of uranium projects—in Texas, Paraguay, Arizona, Colorado, New Mexico and Wyoming.”

The Vancouver-headquartered company’s president/CEO Amir Adnani added, “With the unprecedented level of construction of nuclear plants that’s occurring globally, we are preparing for major long-term, low-cost growth, while maintaining near-term financial flexibility through the commodity cycle.”

In July the company announced it received an initial US$10 million of a $20-million loan.

In brief…

On September 5 Uranium Participation Corp TSX:U reported its August 31 estimated net asset value came to $526.7 million or $4.95 per share, compared with $507.9 million or $4.77 a share the previous month. Managed by a subsidiary of Denison Mines TSX:DML, the company invests in holdings of U3O8 and uranium hexafluoride (UF6).

Aldrin Resource TSXV:ALN announced on September 5 the appointment of Graydon Kowal as director. With 18 years’ experience in the mining and petroleum industries, Kowal leads companies that have provided services for Denison, Fission and AREVA Resources Canada.

On September 5 Eagle Plains Resources TSXV:EPL reported results from the previous day’s AGM. The company holds over 35 properties, including uranium prospects in Saskatchewan.

On September 6 Uranerz Energy TSX:URZ reported the close of a $10-million private placement first announced the previous week. The company anticipates the money will go to construction of its Nichols Ranch ISR project in Wyoming and general corporate purposes. Nichols Ranch is slated for production in late 2013 or early 2014.

Noka reported the appointment of Darren L. Smith to its board on September 6. A geologist with Dahrouge Geological Consulting, Smith’s experience includes project management on Commerce Resources’ TSXV:CCE Ashram rare earths deposit in Quebec, as well as uranium exploration.

Bannerman Resources TSX:BAN announced September 6 the extension of an AU$8-million convertible note from March 31, 2014, to September 30, 2016. Pending shareholder approval, the price at which the note can be converted to Bannerman shares will be reduced to AU$0.095 per share. The company has a feasibility study for its 80%-held Etango project in Namibia.

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: Lakeland Resources Inc and Commerce Resources Corp are clients of OnPage Media Corp, the publisher of ResourceClips.com. The principals of OnPage Media may hold shares in those companies.

Previous Page 1 | 2

Pages: 1 2


Comments are closed.

Share | rss feed

View All: Feature Articles