Sunday 23rd October 2016

Resource Clips

Athabasca Basin and beyond

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Western Athabasca Syndicate updates geophysical, radon work at Preston Lake

A four-company alliance issued a January 7 exploration update on the 246,643-hectare PLS-area Preston Lake property. The Western Athabasca Syndicate consists of Skyharbour Resources TSXV:SYH, Athabasca Nuclear TSXV:ASC, Noka Resources TSXV:NX and Lucky Strike Resources TSXV:LKY.

Initial interpretation of an ongoing ground gravity survey indicates anomalous lows associated with potential exploration corridors “defined by structure, magnetic lows, conductors, favourable geology and … elevated radon-in-water and lake sediment sample values.”

The gravity and radon surveys are expected to wrap up later this month. An EM survey is also underway. Data will help refine targets for a drill program beginning in March.

Pistol Bay/Rio Tinto Canada JV drills C-5 claims

Uranium news from Saskatchewan and elsewhere to January 10, 2014

Rio Tinto Canada Uranium Corp expected to have a rig turning on Pistol Bay Mining’s TSXV:PST C-5 block by January 11. The $1.2-million program calls for five or six holes totalling about 2,500 metres following up on last year’s intercepts, Pistol Bay stated on January 8. The campaign will focus on two quartzite units potentially analogous to those at the nearby Denison Mines TSX:DML Phoenix and Cameco McArthur River deposits, Pistol Bay added.

Having already earned its initial 55% interest in the C4, C5 and C6 properties, Rio may pick up another 20% by spending an extra $1 million before year-end. The company can increase its interest to 100%, subject to a 5% net profits royalty, by paying Pistol Bay $5 million before December 31, 2019. The C blocks total about 1,623 hectares adjacent to Denison’s Wheeler River project.

Uravan announces Stewardson Lake exploration plans

Uravan Minerals TSXV:UVN announced plans on January 8 for the Stewardson Lake project in the south-central Basin. One of the property’s three basement conductive features is scheduled for a ground TDEM survey this winter, internal field gradient geophysics in early summer, infill geochem sampling and, in late summer, two drill holes.

Cameco holds an option to earn up to 70% of the 21,349-hectare project. Uravan acts as operator.

Uranerz expects Q1 Nichols Ranch ISR production

With production now expected this quarter, Uranerz Energy TSX:URZ issued a January 9 update for its Nichols Ranch mine in Wyoming. Initial tests are complete on two deep disposal wells which will remove non-hazardous liquids from the in-situ recovery process. Final adjustments are underway to the automated control systems prior to pre-operational inspection by the U.S. Nuclear Regulatory Commission. Nichols Ranch will serve as a base for potential adjacent and satellite projects, the company stated.

Ur-Energy updates Lost Creek PEA

Although Ur-Energy TSX:URE began ISR production at its Lost Creek mine in Wyoming last August, the company followed up on a November resource update by filing an updated preliminary economic assessment on December 31. was down at press time, but the company’s news release related a pre-tax net present value of US$198.3 million and a 74.5% internal rate of return, using an 8% discount rate.

Pancontinental announces PEA for Australian REE/uranium project

Pancontinental Uranium TSXV:PUC announced a PEA on January 8 for the Charley Creek project in Australia’s Northern Territory. A 45%/55% JV with ASX-listed project operator Crossland Strategic Metals, Charley Creek shows potential for “large alluvial REE deposits and large, lower-grade, Rossing-type, granite-hosted uranium deposits,” Pancontinental stated. The partners are reviewing a series of recommendations presented by the report’s authors.

CanAlaska trades on TSXV, reports exploration plans and diamond potential

In a December 27 update, CanAlaska Uranium announced its move from the TSX to the Venture was to take place December 30, trading as TSXV:CVV. The company also reported option agreements with unnamed partners on its Patterson Lake and NW Manitoba projects. An initial $1.5-million program at Patterson will include unspecified airborne surveys while “the current interest is drill testing” for an initial $3.2-million campaign at NW Manitoba, apparently part of an $11.6-million option.

To cut costs, a 2014 budget of $98,850 has been set for the West McArthur project, a JV with Mitsubishi Corp subsidiary MC Resources Canada. Cree East, financed by Korean companies Hanwha, SK Networks, KORES and KEPCO, gets a winter budget of $408,163 for gravity, radon, EM and resistivity surveys.

Referring to last November’s Saskatchewan diamond discovery by North Arrow Minerals TSXV:NAR and Stornoway Diamond TSX:SWY, CanAlaska said the news “has drawn significant interest to the 12 target areas staked by the company earlier this year,” which are available for sale or option.

On January 7 the company announced Kathleen Townsend’s appointment as director. Townsend also serves as director of the Rock Creek Group, a Washington, D.C.-based investment adviser.

In brief…

Star Minerals Group announced December 24 its voluntary delisting from the TSXV, a 1:3 share consolidation and, beginning December 27, its Canadian Securities Exchange listing under the symbol CSE:SUV. On December 31 the company reported closing a $476,392 private placement.

On December 27 Pele Mountain Resources TSXV:GEM announced closing a private placement with a company director for $15,750. In September the company released a “sensitivity analysis” on the 2012 PEA for its Eco Ridge rare earths-uranium project in Ontario, which had a June resource update.

On December 27 Alpha Exploration announced 1.39 million options had been granted to insiders at $0.42 for five years. Three days later the company reported closing a $3-million private placement and another grant of 610,000 options at $0.49 for five years. In mid-December the Alpha Minerals spinco announced exploration plans for 2014.

Forum Uranium TSXV:FDC closed a $913,660 private placement, the company announced December 30. Money goes to drilling the 9,910-hectare PLS-adjacent Clearwater project.

On December 31 Purepoint Uranium TSXV:PTU reported closing a third and final tranche of $25,000, for a total private placement of $770,484. Proceeds go to the company’s 11 Saskatchewan uranium projects. In November Purepoint announced winter drill plans for its Hook Lake and Red Willow JVs.

Also on December 31, Aldrin Resource TSXV:ALN announced the closing of a $926,429 private placement to fund drilling on its PLS-adjacent Triple M project.

By closing its acquisition of Duckhorn Capital Inc, Takara Resources TSXV:TKK gains 19,180 hectares in the northwestern Basin, the company stated on January 2. Additionally the company reported a 1:10 reverse split and the closing of a $128,000 first private placement tranche. Personnel changes were also announced. Lisa McCormack has stepped down as director and Jennifer Boyle as director/president/CEO, although she stays on as a consultant. Chris Irwin joins the company as director and Chris Hopkins as director/president/CEO.

On January 9 Blue Sky Uranium TSXV:BSK announced it closed a private placement of $115,000. The company began drilling its Ivana project in Argentina last November.

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 The principals of OnPage Media may hold shares in Lakeland Resources.

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