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Athabasca Basin and beyond

Uranium news from Saskatchewan and elsewhere to January 10, 2014

by Greg Klein

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Fission Uranium says lower-grade assays confirm new PLS zone 195 metres east

Fission Uranium TSXV:FCU continues to pick away at its nearly 50-hole backlog of assays from Patterson Lake South. Results released December 30 come from the project’s eastern-most high-grade zone as well as a not-so-high-grade zone farther east.

Highlights from hole PLS13-099 on zone R945E include:

  • 0.11% uranium oxide (U3O8) over 15 metres, starting at 122 metres in downhole depth

  • 0.14% over 16 metres, starting at 140 metres

  • 0.99% over 23.5 metres, starting at 159.5 metres
  • (including 2.49% over 8.5 metres)

  • 3.99% over 17 metres, starting at 185.5 metres
  • (including 18.52% over 3.5 metres)
  • (which includes 43.5% over 0.5 metres)

  • 0.12% over 8.5 metres, starting at 205 metres

  • 2.69% over 30.5 metres, starting at 222.5 metres
  • (including 5.1% over 6 metres)
  • (and including 5.4% over 7.5 metres)

True widths were unavailable. With a dip of -88 degrees, downhole depths were close to vertical. Three other holes from R945E were released earlier in December. The zone remains open in all directions.

About 195 metres east, two other holes confirm the existence of the less-spectacular zone R1155E. The single assay released from hole PLS13-090 shows:

  • 0.09% over 12 metres, starting at 189.5 metres

Results from PLS13-103 show:

  • 0.07% over 1.5 metres, starting at 176 metres

  • 0.06% over 3.5 metres, starting at 188 metres

  • 0.06% over 1.5 metres, starting at 199.5 metres

  • 0.05% over 0.5 metres, starting at 209 metres

  • 0.06% over 0.5 metres, starting at 365.5 metres

Again, true widths weren’t provided. Both holes were vertical. The results, from a “geologic setting similar to the high-grade zones to the west, [lead to] encouragement that the mineralized system remains open to the east,” the company stated. Winter drilling will continue east of R945E and between the higher-grade zones to the west.

Just before Christmas the company released assays from one hole at zone R585E and seven from R390E. On January 9 Fission Uranium announced that president/COO/chief geologist Ross McElroy had won PDAC’s 2014 Bill Dennis Award for a Canadian discovery or prospecting success. “It takes a team to make a discovery and I’m delighted to have won this award on behalf of Fission,” the statement quoted McElroy.

Recognition also goes to Fission Uranium’s former joint venture partner. In mid-December the father/son team of Ben and Garrett Ainsworth, formerly with Fission acquisition Alpha Minerals and now with spinco Alpha Exploration TSXV:AEX, won the 2013 Colin Spence Award for excellence in global mineral exploration from the Association for Mineral Exploration British Columbia for their part in the PLS discovery.

Lakeland Resources surveys historic drilling, finds high-grade boulders and some of Athabasca Basin’s highest radon readings

Lakeland Resources’ TSXV:LK Gibbon’s Creek uranium project now shows some of the highest radon gas readings ever found in the Athabasca Basin, the company says. Data collected last year and released January 8 also confirms an historic boulder field, with assays reaching 4.28% U3O8. Additionally, a DC resistivity survey has mapped basement alteration found by historic drilling.

Lakeland Resources Gibbon's Creek exploration

Existing access trails are among the benefits of more than
$3 million of previous work at Riou Lake/Gibbon’s Creek.

The 12,771-hectare project forms part of the 35,463-hectare Riou Lake property, a joint venture in which Declan Resources TSXV:LAN may earn 70% over four years, with a first-year exploration commitment of $1.25 million.

The survey by RadonEx Exploration Management, whose proprietary technology proved vital to Fission Uranium’s PLS, found Gibbon’s Creek readings peaking at 9.93 picocuries per square metre per second (pCi/m²/s). According to a statement by Lakeland president Jonathan Armes the readings, “to our knowledge, are the highest ever reported for the Athabasca Basin area.”

The highest value coincides with a uranium-in-soil anomaly found in historic work, part of more than $3 million of exploration performed on Riou Lake prior to Lakeland’s acquisition of the northern Basin property. Nine more radon samples reached above 3.2 pCi/m²/s, while the background level showed about 1.3 pCi/m²/s.

Meanwhile assays have confirmed existence of an historically defined radioactive boulder field. Prospecting by Dahrouge Geological Consulting found a 1-by-1.2-kilometre field with eight boulders grading over 1% U3O8, one of them hitting 4.28%. Eleven other samples assayed above 0.2%, with nine more below 0.2%. Also showing were anomalous values for nickel, arsenic, lead and cobalt.

Following up on historic drilling by Cameco Corp TSX:CCO-predecessor Eldorado Nuclear, the DC resistivity survey mapped one trend that ranges from near surface to about 200 metres, roughly coinciding with historic basement alteration and mineralization at 100 metres. A second resistivity trend coincides with strong radon values.

Ranking high on the project’s to-do list is a further radon survey. This year’s field work will also try to track the high-grade boulders to their source. Gibbon’s Creek sits less than three kilometres from the settlement of Stony Rapids, with power lines and highways passing through the property.

Read more about Lakeland Resources here and here.

NexGen Energy reports three mineralized holes at Rook 1

NexGen Energy TSXV:NXE released assays on January 9 for three mineralized holes found in last summer’s 13-hole, 3,032-metre program on the Rook 1 project. The widely spaced holes tested three parallel conductors along strike of the PLS discovery 2.1 kilometres southwest. Highlights show:

Hole RK-13-03

  • 0.00137% U3O8 and 0.0204% thorium over 1 metre, starting at 150 metres in downhole depth

Hole RK-13-05

  • 0.05093% U3O8 and 0.0027% thorium over 0.5 metres, starting at 220.5 metres

  • 0.07098% U3O8 and 0.0014% thorium over 0.5 metres, starting at 221 metres

  • 0.022% U3O8 and 0.00163% thorium over 0.5 metres, starting at 221.5 metres

  • 0.027% U3O8 and 0.0024% thorium over 0.5 metres, starting at 222 metres

  • 0.03796% U3O8 and 0.0025% thorium over 0.5 metres, starting at 223.5 metres

  • 0.04834% U3O8 and 0.00268% thorium over 0.5 metres, starting at 224 metres

Hole RK-13-06

  • 0.00118% U3O8 and 0.026% thorium over 0.5 metres, starting at 152 metres

  • 0.00125% U3O8 and 0.0315% thorium over 0.5 metres, starting at 153 metres

True widths were unavailable. Assays for RK-13-05 indicate “the uranium occurs almost wholly within pitchblende/uraninite and not in complex refractory minerals,” the company added. Winter drilling, scheduled to begin this month, will follow up on RK-13-05 and also target several regional anomalies interpreted from geophysical surveys and historic drilling.

In early December NexGen announced completion of airborne radiometric and magnetic surveys. Later that month the company closed a $3.11-million private placement, with funds destined for Rook 1. Still pending are assays from a nine-hole, 3,473-metre campaign at the eastern Basin Radio project, where NexGen holds a 70% option.

UEX announces winter work for western Athabasca and Black Lake projects

Along with its JV partners, UEX Corp TSX:UEX has 2014 exploration slated for its Laurie, Mirror River and Erica projects in the western Athabasca as well as Black Lake in the northern Basin, the company stated January 7.

The western Athabasca projects consist of seven or eight sites (depending which UEX info you consult) totalling 116,137 hectares and held 49.1% by UEX and 50.9% by project operator AREVA Resources Canada. UEX funds $982,000 of this year’s $2-million budget. A 2,000-metre drill campaign begins at Laurie imminently, to be followed by another 2,000 metres at Mirror. Both projects are located around the Basin’s southwestern rim. Erica, north of the other two and west of the company’s 49.1%-owned Shea Creek project, undergoes a ground tensor magnetotelluric survey starting in March.

UEX acts as operator on the 30,381-hectare Black Lake project in the Basin’s north. This year’s 3,000-metre, $650,000 drill program will be funded by Uracan Resources TSXV:URC, which has an option to earn 60% of UEX’s 89.97% portion of the project. AREVA holds the remainder. The campaign begins in late January.

Previous UEX drilling at Black Lake in 2004, 2006 and 2007 found intervals of 0.69% U3O8 over 4.4 metres, 0.5% over 3.3 metres, 0.79% over 2.82 metres and 0.67% over 3 metres.

UEX wholly owns six Basin projects and holds JVs in another eight. Resource estimates have been compiled for Shea Creek and Hidden Bay.

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