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WASP begins Preston Lake ground gravity survey, plans more radon and EM
Preston Lake’s Phase 4 program has begun with a ground gravity survey, the Western Athabasca Syndicate announced December 11. The campaign will include further radon and EM surveys to refine targets for drilling scheduled to start in March. The four-company alliance comprises Skyharbour Resources TSXV:SYH, Athabasca Nuclear TSXV:ASC, Noka Resources TSXV:NX and Lucky Strike Resources TSXV:LKY.
Among their more recent work, the companies reported radon and radiometric anomalies in September, lake sediment results in October and additional radon results in late November. Exploration has so far focused on about half of the 246,643-hectare property, the largest in the PLS vicinity.
European Uranium, Portex merger would create diverse European portfolio
A proposed merger announced December 9 would have European Uranium Resources TSXV:EUU pool its projects with Portex Minerals CNSX:PAX. European currently has two uranium projects in Slovakia while Portex holds a zinc-lead-silver project in Spain, a zinc-lead-copper-gold-silver project in Portugal and exploration licences in Ireland and Ulster.
The terms depend on both companies closing financings with Global Resources Investments of $1.25 million for European (more details here) and $2.4 million for Portex, giving Global about 19.3% of EUU and 19.5% of PAX. Global would then seek an LSE listing as an investment trust. As part of the financings, European would get 751,744 Global shares and Portex would get 1.46 million Global shares.
“Based on the current cash positions of the parties, the merged company will require additional funds to support its exploration activities,” European and Portex stated. “EUU does not expect that it will receive the necessary approvals to complete the merger unless additional funds become available to the merged company.”
Subject to those approvals, the companies might complete the reverse takeover by March 31, creating European Minerals Inc. Its flagship would be European’s Kuriskova uranium project, currently undergoing feasibility. Two Portex projects in Spain and Portugal have resource estimates.
Takeover by Algold gets First Uranium shareholder approval
On December 13 First Uranium TSXV:FIU.H reported its shareholders had approved the company’s takeover by Algold Resources TSXV:ALG. With court approval expected on December 16, the companies anticipate closing the deal on or about December 19. Details were announced in late October.
The following month Algold closed the second tranche of a private placement to raise approximately $170,250. The first tranche brought $1.01 million in July.
Strateco negotiates $3-million loan, amendment to $14.9-million note
Strateco Resources TSX:RSC signed a letter of agreement to replace one $3-million loan with another and amend a $14.9-million convertible note, the company announced December 10. The deal would have Sentient Executive GP IV grant Strateco the loan once Strateco repays Sentient IV a previous loan of the same amount.
The convertible note, with Sentient Executive GP III, would mature in February 2016, a year later than the original date. Strateco retains the right to settle the note with shares instead of cash, but at an amended price which would be the stock’s 20-day weighted average or $0.25 per share, whichever is lower. The original agreement set the conversion price at $0.95 per share.
Sentient III and Sentient IV are related parties that currently hold 1.46% and 12.74% of Strateco respectively. The companies expect to close the agreement by December 24.
Uranium Energy Corp updates Goliad mine construction
On December 12 Uranium Energy reported that construction remains on schedule at its Goliad in-situ recovery mine in Texas, with production expected in fiscal 2014. Work continues during a 60-day review granted by a U.S. court following complaints from an opponent of the project. The company also stated the U.S. Environmental Protection Agency had denied to the court it had made any legal error and stated that the EPA was unaware of additional information that would merit reversal.
On December 9 the company announced filing its Q1 report with the U.S. Securities and Exchange Commission. The previous month UEC began an 80-hole drill campaign at its Burke Hollow project, a satellite deposit 50 kilometres from the company’s Hobson processing facility in Texas.
NexGen offers $2.5-million private placement to move Rook 1
NexGen Energy TSXV:NXE announced a private placement of up to 8.33 million flow-through shares at $0.30 for $2.5 million. Announced December 10, the company wants the loot “to significantly expand” Rook 1’s winter drill program, scheduled to begin in early January.
The previous week NexGen announced results from an airborne radiometric survey over the PLS-vicinity property, which underwent drilling last summer. On the Basin’s east side, assays are pending for a nine-hole, 3,473-metre campaign at NexGen’s Radio project, where the company holds a 70% option.
Denison takes control of Rockgate board
Its acquisition by Denison Mines TSX:DML put the kibosh on Rockgate Capital’s TSX:RGT original slate of director nominees. On December 10 Rockgate announced only two Ancien Régime figures, former president/CEO Karl Kottmeier and former technical director Bryan Hyde, found places on the seven-person board. Another casualty was Rockgate’s proposed incentive option plan.
U.S. loses 10% of its electricity supply with end of Megatons to Megawatts
The final uranium shipment of the HEU Agreement has reached Baltimore from St. Petersburg, the World Nuclear News reported on December 11. Also known as Megatons to Megawatts, the program has for 15 years fuelled nearly 10% of American electricity with downblended Soviet-era weapons-grade uranium. “Nearly every commercial nuclear reactor in the United States received nuclear fuel under the program,” the WNN quoted U.S. energy secretary Ernest Moniz.
Russia will continue to supply Americans with uranium but “from its commercial enrichment activities rather than the downblending of Russian weapons material,” the WNN added.
See previous uranium news updates:
- to December 6
- to November 29
- to November 22
- to November 15
- to November 8
- to November 1
- to October 25
- to October 18
Disclaimer: Lakeland Resources Inc and Zimtu Capital Corp are clients of OnPage Media Corp, the publisher of ResourceClips.com. The principals of OnPage Media may hold shares in those companies.
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