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Athabasca Basin and beyond

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Purepoint updates winter drill plans for Hook Lake and Red Willow

With considerable help from its JV friends, Purepoint Uranium TSXV:PTU plans an ambitious drill program for two of its 10 Basin properties. The PLS-vicinity Hook Lake will get about 14 holes totalling 5,000 metres while the eastern Basin Red Willow project has about eight holes and 2,500 metres coming, the company reported in a November 28 update to previously announced plans.

Starting in January, two rigs at the 28,683-hectare Hook Lake property will test the Patterson Lake Corridor, the same EM conductive trend that hosts the PLS discovery five kilometres southwest. Altogether the property shows three prospective structural corridors, each with multiple EM conductors, Purepoint stated. In June the company announced the previous winter’s drill results.

With a 21% interest in Hook Lake, Purepoint acts as project operator. Cameco and AREVA Resources Canada each hold 39.5%.

On the Basin’s eastern edge, the 25,612-hectare Red Willow project has five target areas selected for winter drilling. Project operator Rio Tinto NYE:RIO chose them based on historic drill logs and more recent geophysical and geochemical work. The company has sunk about $2.25 million into Red Willow so far, part of a $5-million commitment to earn 51% by December 31, 2015. Rio may spend a total of $22.5 million to earn 80% by the end of 2021.

Purepoint’s partners will fund over 90% of these two winter programs.

Forum reports lake sediment samples from PLS-adjacent Clearwater

Uranium news from Saskatchewan and elsewhere for November 23 to 29, 2013

Forum Uranium’s Clearwater project has additional lake sediment and
water radon sampling planned in addition to the current gravity survey.

So far most exploration on Forum Uranium’s TSXV:FDC Clearwater project has focused on the northern section bordering PLS. Now lake sediment samples have piqued the company’s interest in the property’s south. Readings of 12 to 18 parts per million uranium in one southern lake are nine times higher than background levels in an area interpreted to host the PLS Conductor, Forum stated on November 26. A second lake “returned five ppm uranium, which is comparable to historic values of up to four ppm uranium at PLS,” the company added.

Winter plans include additional lake sediment sampling, a water radon survey and drilling. The company will refine its program following the ground gravity survey now underway on the 9,910-hectare property.

Forum released previous soil and water radon results in October.

More radon results help refine WASP’s Preston Lake drill targets

Additional radon results highlight two particular areas of the 246,643-hectare Preston Lake property, the Western Athabasca Syndicate Project announced November 27. The four-company strategic alliance comprises Skyharbour Resources TSXV:SYH, Athabasca Nuclear TSXV:ASC, Noka Resources TSXV:NX and Lucky Strike Resources TSXV:LKY.

Adding to 291 radon-in-water samples collected earlier this year, 95 taken in October show both anomalous clusters and discrete points. Two sets of anomalies on Lloyd Lake coincide with conductor trends in an area that’s now a drill priority. Another cluster coincides with “the merger of two well-defined, high-potential exploration corridors” to create a new target area called South FIN, the alliance stated.

The companies expect to begin ground radon and gravity surveys before year-end, before finalizing drill targets.

The alliance reported previous radon-in-water results, along with radiometrics, in September. The following month the companies released lake sediment results.

All-share deal gets Zadar another Basin property

Another acquisition brings Zadar Ventures TSXV:ZAD the 10,545-hectare Stony Road property in the northeastern Basin. Announced November 28, Zadar gets a 100% interest by issuing 25,000 shares to Canterra Minerals TSXV:CTM and 15,000 shares to Magnum Uranium Corp. Canterra retains a 2% NSR, of which Zadar may buy half for $1 million.

Historic work includes geochemical sampling, airborne and ground EM and gravity surveys, and drilling. Two holes sunk in 2009 found prospective host rock for unconformity-type uranium deposits, Zadar stated. One hole “intersected anomalous radioactivity over several tens of metres above the unconformity,” along with uranium geochemical values 10 to 20 times the background values.

Zadar announced two other acquisitions from Canterra the previous week and another in September. Zadar’s exploration focus so far has been its PLS-vicinity PNE project.

The company also announced 200,000 incentive options at $0.25 for two years.

Red Star Capital to acquire three Nunavut projects from Adamera Minerals

On November 29 Adamera Minerals TSXV:ADZ announced plans to sell three Nunavut uranium properties to Red Star Capital Ventures TSXV:RSM.H. Under the binding letter agreement Red Star pays Adamera $100,000 and issues a million shares. Adamera retains a 2% NSR, half of which Red Star may buy for $1 million.

Adamera describes the KAM project as 415 kilometres west of the Hudson Bay coast, with “mineralization at near surface and open to the north, south and at depth.” The Hawk project is 385 kilometres west of the coast and hosts two confirmed mineralized zones. No info was provided about the South Baker property.

Adamera intends to focus on its Washington state gold projects.

Makena contracts VTEM survey for Patterson claims

On November 28 Makena Resources TSXV:MKN announced plans to fly a VTEM max survey over its 6,687-hectare Patterson claims. One of the three claim blocks borders PLS on the northwest while the others are farther northeast. Makena is earning a 50% interest in the property. The company’s other projects include a 50% interest in the Clone gold project in northwestern British Columbia.

European Uranium’s Slovakian exploration licence survives challenge

Slovakia’s Ministry of Environment has decreed an exploration licence held by European Uranium Resources TSXV:EUU to be valid after all, the company stated on November 25. The country’s general prosecutor had challenged the licence following legal action by anti-uranium mining activists, EUU previously reported. “Formal renewal of the licence is being processed in conformance with the Slovak Republic’s recently amended Geology Act,” the company added.

Its flagship Kuriskova project had feasibility scheduled for late 2013 or early 2014 completion. In early November EUU renegotiated a $1.25-million private placement.

Fission/Brades get TSXV approval for Clearwater West option, plan geophysics

Venture approval has come through for a Brades Resource TSXV:BRA option to earn 50% of Fission’s Clearwater West project, the companies stated on November 28. The deal would cost Brades 1.74 million shares and $5 million over three years while Fission acts as operator on the 11,835-hectare property adjacently south of PLS. A $700,000 year-one program will consist of airborne radiometric and EM surveys, possibly with radon sampling in selected areas.

In July Brades announced its acquisition of the 39,450-hectare Lorne Lake property.

Continental Precious re-thinks Sweden PEA, reports AGM results including reverse split

A preliminary economic assessment on the Viken uranium-polymetallic project in central Sweden will be delayed, Continental Precious Minerals TSX:CZQ reported on November 26. The company stated that an “interim processing report, which included recoveries, operating costs and capital costs” warrants additional study to “pursue these opportunities which are expected to provide enhanced project revenue.”

The company also reported AGM results including election of directors, a new quorum requirement, appointment of advisers and approval for a share consolidation up to 1:10. Additionally, the company announced the appointment of Rana Vig as CEO/chairperson and Chun Tsang as CFO.

In brief…

On November 25 Declan Resources TSXV:LAN announced that Hikmet Akin joined its board. Akin’s 35 years of exploration, development and production experience includes his time as president/CEO of Uranerzbergbau, the world’s third-largest uranium producer before its 1998 sale to Cameco. Declan also announced one million options granted to a director and cancellation of 2.2 million other options. The company acquired northeastern Alberta’s 50,000-hectare Firebag River property in October and the 9,000-hectare Patterson Lake Northeast property in September.

Canadian International Minerals TSXV:CIN reported on November 25 that Rio Grande Mining TSXV:RGV will not proceed with an option on the Britts Lake East and Firebag East/Descharme claims announced in September. CIN holds interests in 57,443 hectares of property in the PLS camp.

On November 26 Red Rock Energy TSXV:RRK announced it terminated an October 25 letter of intent in which Jager Metal CNSX:JEM would have acquired Red Rock’s oil and gas assets in B.C. Red Rock continues to search for a buyer in order to focus on its claims in Saskatchewan’s former Uranium City mining camp.

On November 27 Pele Mountain Resources TSXV:GEM announced the appointment of John Wilkinson as director. As a member of the Ontario Liberal Party cabinet from 2007 to 2011, Wilkinson led the ministries of Research and Innovation, Revenue and Environment. He gets 500,000 options exercisable at $0.10 for three years. In September the company released a “sensitivity analysis” on the 2012 PEA for its Eco Ridge rare earths-uranium project in Ontario. The project had a resource update in June.

On November 28 Majescor Resources TSXV:MJX announced it would settle $25,000 of debt with 416,666 shares. The company also granted 300,000 options to insiders exercisable at $0.075 for two years. Majescor, which underwent a 1:10 reverse split on November 7, has projects including a 40%/60% JV with Strateco Resources TSX:RSC on the Mistassini uranium project in Quebec.

Also on November 28, Pancontinental Uranium TSXV:PUC reported closing a first tranche private placement of $252,222. The company holds a 45% interest in an Australian portfolio that includes the Charley Creek REE-uranium project, which is undergoing a PEA.

In a November 29 announcement, the TSX has set CanAlaska Uranium’s TSX:CVV delisting for January 6. The company, which holds interests in 18 uranium projects, has applied for TSXV status.

See previous uranium news updates:

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

Disclaimer: Lakeland Resources Inc and Zimtu Capital Corp are clients of OnPage Media Corp, the publisher of The principals of OnPage Media may hold shares in those companies.

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