Uranium news from Saskatchewan and elsewhere for September 7 to 13, 2013
by Greg Klein
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Denison updates Waterbury Lake resource, releases Wheeler River assays up to 43.8% U3O8 over 12 metres
Denison Mines TSX:DML confirmed its best-ever hole from the eastside Athabasca Basin Wheeler River project on September 11. Releasing lab assays to back up previously reported radiometric results from downhole probes, the company reported hole WR-525 with 43.8% uranium oxide (U3O8) over 12 metres, starting at 400.5 metres in downhole depth.
With intercepts approximately equal to true thicknesses, some other results include:
- 20% U3O8 over 8 metres, starting at 407.5 metres
- 10.9% over 8.5 metres, starting at 404.1 metres
- 7.3% over 8 metres, starting at 405.5 metres
- 0.5% over 5 metres, starting at 424 metres
- 0.4% over 3 metres, starting at 411 metres
- 0.1% over 3 metres, starting at 412 metres
The above results come from the Phoenix A zone. Apart from lab assays, the company released radiometric readings from probes of three new holes at the same zone:
- 1.5% radiometric equivalent uranium oxide (eU3O8) over 4.5 metres, starting at 407.1 metres in downhole depth
- 10.3% over 3.1 metres, starting at 407.7 metres
- 19% over 2.5 metres, starting at 404.9 metres
- 1.4% over 1 metre, starting at 408.1 metres
With 23 holes totalling 11,074 metres, Wheeler River’s summer campaign has finished. But while Phoenix A continues to impress, other parts of the project so far haven’t. Of 10 holes sunk in the 489 zone, only one found significant mineralization (0.4% over 3 metres, starting at 411 metres). Five others at the Phoenix North and REA areas also failed to find significant results.
The project has a December 2012 resource using a 0.8% cutoff. Phoenix A shows:
- an indicated category of 133,500 tonnes averaging 15.8% for 46.5 million pounds U3O8
- an inferred category of 6,300 tonnes averaging 51.7% for 7.2 million pounds
The Phoenix B deposit shows:
- an indicated category of 19,000 tonnes averaging 14.1% for 5.9 million pounds
- an inferred category of 5,300 tonnes averaging 3.5% for 400,000 pounds
On September 12 Denison unveiled a new resource for the J zone of its Waterbury Lake project. The update, entirely in the indicated category, uses a 0.1% cutoff to show 291,000 tonnes averaging 2% for 12.81 million pounds U3O8. The resource reduces the overall tonnage but increases the grade reported in a December 2012 estimate compiled for Fission Energy prior to its acquisition by Denison.
Assays from 268 holes were used for the estimate. With an east-west strike as long as 700 metres and a width up to 70 metres, the J zone generally shows mineralization at depths of 195 to 230 metres, the company reported. No capping was applied because using “high composite values uncut would be negligible to the overall resource estimate,” Denison added. The crew now has a six-hole campaign following up on a DC-resistivity survey northwest along trend of the zone. Denison has a 60% interest in the project, with the Korea Electric Power Corp (KEPCO) holding the remainder.
Denison also updated other Basin projects. Packrat has geochemical results pending, which will determine whether drilling resumes next year. Geochem results are also pending for South Dufferin, where 10 holes failed to find significant mineralization but did confirm the presence of the Dufferin Lake fault system. Crawford Lake, Moon Lake (held 45% by Uranium One TSX:UUU) and Bachman Lake (with International Enexco TSXV:IEC earning 20%) also have small drill programs underway.
Kivalliq reports geochem, metallurgical results for its Angilak property in Nunavut
Extensive geochemical sampling has helped Kivalliq Energy TSXV:KIV find new anomalous areas and determine drill targets on its 137,699-hectare Angilak project in Nunavut. Some 1,538 samples brought 387 anomalous uranium soil geochem results along the three-by-12-kilometre Lac 50 trend, as well as the Nine Iron-KU trend 5.5 kilometres south. Some of the Lac 50 anomalies were found at least 600 metres beyond existing drill holes “demonstrating much more work is warranted in these areas,” the company stated on September 9. Anomalies also coincided with three electromagnetic conductor targets located 3.8 kilometres northeast, 1.8 kilometres southeast and one kilometre north of the Lac 50 resource.
Another EM target extending 8.1 kilometres from the Nine Iron zone to the KU zone showed 44 anomalous results.
Two days later Kivalliq announced positive metallurgical results for Lac 50 and J4 zone samples. In a statement accompanying the release, Chuck Edwards, director of metallurgy for the engineering firm AMEC, said: “Optimizing sulphide recovery, plus improvements to alkaline leach kinetics using oxygen as oxidant, could have a positive impact on reducing costs associated with potential treatment options.”
In addition, Kivalliq announced a trial run suggested radiometric sorting might “efficiently identify and segregate uranium-bearing minerals” from Lac 50.
Located 225 kilometres south of Baker Lake, Angilak has a 2013 exploration budget of $4.8 million. With Canada’s highest-grade deposit outside the Athabasca Basin, the project has a January inferred resource estimate using a 0.2% cutoff to show 2.83 million tonnes averaging 0.69% for 43.3 million pounds U3O8. The inferred resource also shows 1.88 million ounces silver, 10.4 million pounds molybdenum and 15.6 million pounds copper. Kivalliq operates the project in partnership with Nunavut Tunngavik Inc.
Alpha/Fission release scintillometer results, extend acquisition letter of intent
Somewhere there must be a considerable backlog of Patterson Lake South core waiting to be assayed. So far this year, 50/50 JV partners Fission Uranium TSXV:FCU and Alpha Minerals TSXV:AMW have mostly released scintillometer readings. A preliminary indication of radioactivity, they measure gamma rays in counts per second, up to an off-scale reading above 9,999 cps. The September 12 batch comes from R780E, the third of four zones along a 1.02-kilometre southwest-northeast trend.
Hole PLS13-082 reached a total depth of 380 metres, finding the basement unconformity at 55.3 metres without striking sandstone. Some results show:
- <300 to 500 cps over 7.5 metres, starting at 118.5 metres in downhole depth
- <300 to 820 cps over 3.5 metres, starting at 141 metres
- <300 to >9,999 cps over 35 metres, starting at 146.5 metres
- 1,000 to 4,200 cps over 1.5 metres, starting at 237 metres
Hole PLS13-089 encountered no sandstone and hit the basement unconformity at 54.2 metres on its way to a total depth of 393 metres. Some examples show:
- <300 to 1,800 cps over 5 metres, starting at 142.5 metres
- <300 to 3,200 cps over 16.5 metres, starting at 150 metres
- 740 to >9,999 cps over 1.5 metres, starting at 179.5 metres
- <300 to 6,500 cps over 8 metres, starting at 198.5 metres
True widths were unavailable. Lab assays are pending.
With 25 holes totalling 7,746 metres complete by September 11, the campaign’s $6.95-million, 44-hole, 11,000-metre program is well advanced. Fission acts as project operator.
On September 13 the partners updated Fission’s proposed acquisition of Alpha. They’ve now extended to September 17 “the date by which the obligations set out in the LOI, including the signing of an arrangement agreement, must be completed.”
Zadar finds radioactive boulders in PLS-vicinity PNE project
With Phase I exploration complete on Zadar Ventures’ TSXV:ZAD PNE project, a scintillometer has found boulders measuring 130 to 405 cps. “The anomalous boulders sampled have basement rock lithologies similar to those reported in the early stages” of Alpha/Fission’s PLS, Zadar stated on September 11. The program also included taking boulder chip samples for assays and placing radon gas detector cups.
Phase II calls for additional scintillometer prospecting and boulder sampling, as well as a survey of more than 350 radon cups. The team also plans to locate the 15,292-hectare property’s single historic hole. PNE lies about 11 kilometres northeast of PLS and adjacent to Patterson Lake North, a 50/50 JV between Fission and Azincourt Uranium TSXV:AAZ.
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