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Fission Uranium’s Patterson Lake South assays and other U3O8 news in brief

by Greg Klein | December 24, 2013

Among a pre-Christmas blitz of uranium news from several companies, Fission Uranium TSXV:FCU released assays from Patterson Lake South—the second batch in five days from a project that’s largely ridden the market on scintillometer results. The December 23 announcement reports one hole from R585E and seven from R390E, narrowing the gap between the two zones.

Highlights from hole PLS13-098 on R585E show:

  • 0.73% uranium oxide (U3O8) over 11.5 metres, starting at 68.5 metres in downhole depth
  • (including 1.56% over 3.5 metres)
Fission Uranium’s Patterson Lake South assays and other news

  • 0.21% over 5.5 metres, starting at 113.5 metres

  • 8.47% over 16.5 metres, starting at 123.5 metres
  • (including 26.36% over 4.5 metres)
  • (which includes 60.3% over 0.5 metres)
  • (and including 7.51% over 2 metres)

  • 18.62% over 4 metres, starting at 145.5 metres
  • (including 34.78% over 2 metres)

  • 0.67% over 9.5 metres, starting at 160.5 metres
  • (including 3.41% over 1.5 metres)

From the R390E zone, highlights from the better holes show:

PLS13-083

  • 0.53% over 17.5 metres, starting at 53 metres
  • (including 1.63% over 4 metres)

  • 0.27% over 8.5 metres, starting at 132 metres

  • 0.44% over 3 metres, starting at 143 metres

  • 0.78% over 4 metres, starting at 151 metres
  • (including 4.09% over 0.5 metres)

PLS13-088

  • 0.1% over 14.5 metres, starting at 62.5 metres

  • 0.21% over 23.5 metres, starting at 80 metres
  • (including 1.35% over 1 metre)

  • 0.52% over 7 metres, starting at 135 metres
  • (including 1.42% over 1 metre)

  • 0.36% over 4.5 metres, starting at 163.5 metres

PLS13-094

  • 0.3% over 7.5 metres, starting at 104 metres
  • (including 2.24% over 0.5 metres)

  • 0.5% over 11.5 metres, starting at 130 metres
  • (including 1.16% over 3 metres)

PLS13-095

  • 0.63% over 11.5 metres, starting at 68 metres
  • (including 2.79% over 2 metres)

  • 0.2% over 6 metres, starting at 94 metres

  • 0.22% over 23.5 metres, starting at 125.5 metres
  • (including 1.02% over 1 metre)

PLS13-100

  • 0.75% over 5.5 metres, starting at 53 metres
  • (including 2.54% over 1 metre)

  • 0.35% over 3.5 metres, starting at 101 metres
  • (including 2.06% over 0.5 metres)

  • 0.17% over 12.5 metres, starting at 107 metres

  • 0.8% over 4.5 metres, starting at 138 metres
  • (including 2.42% over 1 metre)

True widths weren’t available. The company reported all holes as vertical.

A PLS13-098 interval within an interval shows the highest grade found at PLS so far, 60.3% over 0.5 metres.

The R390E zone now extends east, within about 105 metres of R585E. The two zones comprise the third and fourth of six zones along a 1.78-kilometre trend. Additionally, two R390E holes increase “the prospectivity of extending the zone laterally to the south along the entire length of the corridor,” the company stated.

Both zones remain open in all directions.

Other uranium news in brief…

On December 23 Uravan Minerals TSXV:UVN announced results from an airborne electromagnetic survey over its Stewardson Lake project in the Athabasca Basin. Among other findings, the data shows features “interpreted to be the northern extension of the C and E conductors identified on Cameco’s Virgin River project” adjacently south of Stewardson. With a 51% earn-in option, Cameco TSX:CCO is now reviewing Uravan’s proposed program and budget. Uravan acts as project operator.

European Uranium Resources TSXV:EUU and Portex Minerals CNSX:PAX announced a definitive agreement December 23 on their proposed merger, first announced in a letter of intent earlier this month. The new company would be named European Minerals Inc.

On December 23 Strateco Resources TSX:RSC announced closing a $3-million loan from the Sentient Group and amendments to a $14.9-million convertible note. The transaction allows Strateco to proceed with its 60% option on Denison Mines’ TSX:DML Jasper Lake project in Saskatchewan, among other goals.

Ur-Energy TSX:URE reported the first sale from its Lost Creek in-situ recovery mine in Wyoming. Some 90,000 pounds of U3O8 fetched an average $62.92 per pound. In another December 23 announcement, the company stated it closed its acquisition of Pathfinder Mines, a $5.18-million private placement and a $5-million loan redraw.

Majescor Resources TSXV:MJX announced the resignation of director Peter Chodos on December 23.

Aldrin Resource TSXV:ALN stated December 23 it cancelled a brokered $2-million private placement with Industrial Alliance Securities and was instead offering a $1-million non-brokered flow-through placement.

On December 24 Uracan Resources TSXV:URC announced raising $1.24 million from flow-through shares of $683,000 and non-flow-through units of $556,350.

The same day Purepoint Uranium Group TSXV:PTU reported closing the second tranche of a private placement to raise $441,949. Combined, the two slices equal $745,484.

CanAlaska Uranium TSX:CVV delists from the big board on December 27, the company announced December 24. But “it is understood” the company will begin Venture trading under TSXV:CVV on December 30.

Also on Christmas eve, Laramide Resources TSX:LAM announced closing a $2-million private placement.

See last week’s roundup of uranium news.

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