Friday 9th December 2016

Resource Clips


Athabasca Basin and beyond

Uranium news from Saskatchewan and elsewhere for October 19 to 25, 2013

by Greg Klein

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Forum reports radon results from PLS-adjacent Clearwater

Forum Uranium TSXV:FDC released soil and water radon surveys from its Clearwater project adjacently southwest to Patterson Lake South. Soil results “are similar and higher than those located immediately west” of the PLS R00E zone, according to Forum’s October 22 announcement. Radon surveys played an important role in identifying drill targets at R00E and east along trend. The Alpha Minerals TSXV:AMW/Fission Uranium TSXV:FCU joint venture now plans autumn drilling west of R00E while waiting for freeze-up.

Forum’s results for three grids show:

  • Bear grid: Up to 1.33 picocuries per square metre per second (pCi/m2/s)

  • West Bear grid: Up to 1.08 pCi/m2/s

  • Mungo grid: Up to 0.92 pCi/m2/s

Additionally, a small lake in the Mungo grid returned up to 18 picocuries per litre (pCi/L), “which is considered to be very anomalous when compared with a maximum value of 12 pCi/L immediately over the Patterson Lake South deposits,” Forum stated. The company added that 428 samples were taken “over areas with electromagnetic conductors and over the interpreted extension of the Patterson Lake structure that hosts the PLS deposits.”

Near-term plans include a ground gravity survey over the same areas and possibly further radon studies prior to setting targets on the 9,910-hectare property for a drill campaign to begin in late January.

Lakeland Resources appoints expert adviser, closes second tranche

In joining the Lakeland Resources TSXV:LK advisory board, Athabasca Basin veteran John Gingerich returns to some familiar turf. With over 30 years’ experience, the geoscientist worked for Eldorado Nuclear from 1979 to 1986, spending most of that time in the north-central Basin exploring property now held by Lakeland, the company stated on October 23. Additionally he served in the Noranda group’s senior management, founded Geotechnical Business Solutions and chairs both the Canadian Mining Industry Research Organization’s exploration division and the Ontario Geological Survey’s advisory board.

The radon survey is done and line-cutting and resistivity are underway. Once we compile that data we’ll have it interpreted and zero in on drill targets likely for January. We’ll have a fairly steady stream of news over the next few months.—Jonathan Armes, president/CEO
of Lakeland Resources

Speaking to ResourceClips.com, Lakeland president/CEO Jonathan Armes says Gingerich “co-ordinated exploration activities from Stony Rapids to Fond du Lac, on properties we’re now exploring, so he’s quite familiar with that neck of the woods. But at that time they didn’t have some of the technologies we now have in the way of geophysics and radon surveys. He said it was tough determining where to drill back in those days. But he certainly feels there’s potential based on the historic findings. He’s also trying to dig up some additional historic work besides the data we’ve already found. He’s definitely a valuable addition to our board, given his experience up there.”

Gingerich joins two other industry authorities on Lakeland’s advisory board, Richard Kusmirski and Thomas Drolet.

Lakeland also announced the closing of a second and final tranche of its private placement, bringing in $318,948 for a total of $1,057,718 to fund further work. Activity focuses on the Gibbon’s Creek target of the Riou Lake property.

“The radon survey is done and line-cutting and resistivity are underway,” Armes says. “Once we compile that data we’ll have it interpreted and zero in on drill targets likely for January. We’ll have a fairly steady stream of news over the next few months. We also retained an interest in the gold project we vended to New Dimension Resources [TSXV:NDR], which will likely be drilled in the next few weeks. That’s a bonus side story for us while we continue our focus on the Basin. So things are going extremely well.”

Read more about Lakeland Resources.

Rockgate reluctantly recommends Denison bid, Denison extends deadline

It’s an “unsolicited opportunistic hostile takeover bid,” according to Rockgate Capital TSX:RGT directors. So it was with obvious reluctance that they recommended shareholders accept the offer from Denison Mines TSX:DML. Nearly five weeks of effort failed to find a superior proposal, Rockgate announced October 21.

Uranium news from Saskatchewan and elsewhere for October 19 to 25, 2013

A crew prepares to drill a target on
Rockgate’s flagship Falea project in Mali.

But three days later, and just one day before its offer was to expire, Denison extended the deadline to November 1. Denison stated that, while its bid remains open for acceptance, the company needed time to remedy change of control protections that Rockgate had provided to employees and consultants: “In light of these actions, the conditions to Denison’s takeover bid offer cannot be fulfilled.”

Read more about Denison’s offer, Rockgate’s response and the failed merger with Mega Uranium.

Read about other uranium merger-and-acquisition activity.

Zadar completes PNE Phase II, grants options

Results are pending but Phase II exploration at Zadar Ventures’ TSXV:ZAD PNE project has wrapped up, the company announced October 22. Work included scintillometer prospecting, boulder mapping and radon surveys over nine areas. The company added that an eight-kilometre conductive trend on the adjacent Patterson Lake North project announced earlier this month by JV partners Fission and Azincourt Uranium TSXV:AAZ marks a “very positive development” for the 15,292-hectare PNE property.

Zadar also announced 100,000 incentive options at $0.25 for two years.

Last month the company signed a definitive agreement to acquire the 37,445-hectare Pasfield Lake property on the Athabasca Basin’s east side.

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