Monday 5th December 2016

Resource Clips


Athabasca Basin and beyond

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DNI Metals’ Buckton PEA projects 64-year mine life

Some very big numbers, albeit with a low IRR, result from DNI Metals’ TSXV:DNI PEA for its SBH polymetallic property in northeastern Alberta. The December 5 announcement examines a possible nickel-uranium-zinc-copper-cobalt-rare earth elements operation at the Buckton deposit, one of the property’s six zones.

Uranium news from Saskatchewan and elsewhere for November 30 to December 6, 2013

DNI Metals says new extraction processes have heightened interest in polymetallic black shale deposits.

Although the news release didn’t provide after-tax numbers, the report uses a 6% discount rate to calculate a $1.6-billion NPV and 8.7% IRR. Pre-production capex would require $3.76 billion, with payback in 10.5 years. Life-of-mine sustaining capital comes to $2.45 billion. The report sees an annual average of $349 million in pre-tax net cash flow with 64-year lifespan revenues of $75 billion.

DNI describes the Buckton deposit as two flat-lying, stacked shale formations beneath overburden. The higher-grade Second White Speckled formation lies under the Labiche formation. Together they comprise an approximately 13-metre to 140-metre-thick wedge of mineralized black shale that surfaces on the east but lies under progressively thicker overburden westwards.

“Polymetallic black shale is an emerging deposit type which has gained recognition over the past decade mainly due to advances in application of bulk bioleaching procedures to extract low-grade metals from the shale,” DNI stated. “There is currently only one active mining operation extracting polymetals via bio-heap leaching (Talvivaara Mine, Finland) and two other scoping-stage projects that are exploring/developing polymetallic deposits in Swedish black shale. These operations provide some resource estimation and operating cost guidelines that are relevant to evaluating the Buckton deposit.”

Now with 89% of Rockgate, Denison tries another approach

Having offered a second “final” extension of its offer to Rockgate Capital TSX:RGT shareholders on December 2, four days later Denison said it now holds about 89% of Rockgate. Denison stated it will pursue the holdouts through a plan of arrangement on the same terms as the offer.

Read more about the takeover here and here.

Read about Denison’s Q3 report.

Paladin continues efforts to sell minority interest in Langer Heinrich

Paladin Energy TSX:PDN reassured investors on December 2 that discussions continue with parties considering a minority stake in its Langer Heinrich operation in Namibia. The company had previously blamed low uranium prices for offers deemed unacceptable.

Read about Paladin CEO John Borshoff’s forecast for “severe” uranium price hikes.

Read about Paladin’s Q3 report.

Strateco sells Quebec project to Canada Strategic, files legal action against province

Strateco Resources TSX:RSC had considered it a uranium project. It even has an historic uranium resource. But on December 5 Canada Strategic Metals TSXV:CJC said it’s buying Strateco’s Apple property for its gold potential. The 9,928-hectare northeastern Quebec property will cost Canada Strategic a total of $10,000 and four million shares. A previous owner, Virginia Mines TSX:VGQ, retains a 2% NSR, half of which Canada Strategic may buy for $1 million. Canada Strategic has the coming year scheduled for exploration.

Gold exploration, that is. Quebec’s moratorium on uranium exploration has been the subject of a legal dispute with Strateco that flared up again the same day as the Apple announcement. Strateco filed a motion to overturn the Quebec environment minister’s refusal to issue an exploration permit for the company’s Matoush project.

But in another December 5 statement, Grand Chief Matthew Coon Come of the Cree Nation said his group will apply to intervene in Strateco’s legal efforts. “The social acceptability of development projects in Eeyou Istchee [Cree traditional lands] is a fundamental aspect of the successful nation-to-nation relationship between the Cree Nation and Quebec,” he said. “The minister’s decision regarding the Matoush project recognizes and reflects this important principle.”

In early November Strateco president/CEO Guy Hebert told the Financial Post that American investors are preparing to sue Canada under Chapter 11 of the North American Free Trade Agreement. Investors have sunk about $123 million into the project, the company stated.

In brief…

On December 2 Energy Fuels TSX:EFR reported approval for listing on the NYE MKT under the symbol UUUU. The company accounts for over 25% of American uranium production.

On December 3 Uranerz Energy TSX:URZ reported it closed a $20-million loan that Wyoming state approved in principle last June. On December 2 Uranerz announced the appointment of Paul Goranson as president/COO/director. Goranson’s 25-year career most recently includes the post of president at Cameco Corp TSX:CCO subsidiary Cameco Resources. Construction on the Uranerz Nichols Ranch in-situ recovery mine nears completion.

On December 3 Laramide Resources TSX:LAM announced a $2-million private placement of up to five million units at $0.40. Proceeds will go to the company’s flagship Westmoreland project in Queensland and general corporate purposes.

While trading at half a cent, Actus Minerals TSXV:AAC reported December 3 it will seek TSXV approval for a 5:1 reverse split. The company also hopes to offer a private placement up to $300,000 for general overhead and operating expenses. In January 2013 Actus announced a letter agreement with Pistol Bay Mining TSXV:PST to acquire 51% of the 274-hectare C3 claim block in the Basin’s Wheeler River area.

Azincourt Uranium TSXV:AAZ announced a $1.5-million private placement on December 3 to raise money for Patterson Lake North, its Peruvian acquisition and general working capital.

Part of a $650,00 private placement offered December 3, Purepoint Uranium TSXV:PTU closed a first tranche of $303,535 on December 6. The money goes to its Saskatchewan uranium projects, which the company variously numbers as 10 or 11. The previous week Purepoint announced winter drill programs for Hook Lake, a JV in which Cameco and AREVA Resources Canada each hold 39.5%, and Red Willow, in which Rio Tinto is earning 51%.

A first shipment of 35,000 pounds U3O8 left Lost Creek on December 3, Ur-Energy TSX:URE reported. Additional shipments are scheduled this month. Two weeks earlier the company released a resource update for the Wyoming project, which began production in August.

On December 4 Zadar Ventures TSXV:ZAD announced closing a first tranche private placement of $933,000. Although so far focused on its PNE project, Zadar has recently acquired four properties from Canterra Minerals TSXV:CTM.

Cameco announced December 4 the appointment of director Catherine Gignac, who has over 30 years’ experience as a geologist, mining equity analyst and consultant. The following day the company announced a $0.10 dividend while NASDAQ-listed Uranium Resources Inc reported that Cameco dropped out of a south Texas JV.

Karoo Exploration TSXV:KE announced Roger Foster’s appointment as CFO on December 4, replacing Lorilee Kozuska who stepped down. In early October the company signed an LOI to acquire three Zambian properties and closed a $339,280 private placement. Karoo holds uranium exploration licences in Tanzania.

On December 5 Makena Resources TSXV:MKN announced the appointment of Karl Schimann to its advisory committee. His 40 years of experience includes 20 years with AREVA, where Schimann played a key role in the discovery and development of Cigar Lake. The previous week Makena announced a VTEM survey over its PLS-vicinity Patterson claims, in which the company’s earning a 50% interest.

On December 5 International Enexco TSXV:IEC reported closing a $750,000 private placement first announced three days earlier. Proceeds will go towards the company’s $870,000 share of a $2.9-million drill program at the Mann Lake JV with Cameco and AREVA Resources Canada.

Golden Bridge Mining TSXV:GBM announced December 5 closing a private placement of 174,000 flow-through shares at $0.35 for $60,900 and unsecured convertible debentures of $280,000, for a total of $340,900. In October the company staked 3,657 hectares in the PLS area.

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 is a client of OnPage Media Corp, the publisher of ResourceClips.com. The principals of OnPage Media may hold shares in Lakeland Resources.

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