Uranium news from Saskatchewan and elsewhere for January 11 to 17, 2014
by Greg Klein
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Fission Uranium’s Patterson Lake South gives up more high-grade assays
More results from Fission Uranium’s TSXV:FCU Patterson Lake South show last summer’s sowing continues to reap high-grade rewards. Released January 15, the latest batch comes from two holes on the Athabasca Basin project’s R390E zone and four on the R780E zone, the third and fifth of seven zones trending northeast.
All holes were vertical or near-vertical. The R390E zone currently has a strike length of 255 metres and a lateral width of about 40 metres. Some highlights show:
- 0.32% uranium oxide (U3O8) over 12.5 metres, starting at 119.5 metres in downhole depth
- 0.58% over 9.5 metres, starting at 138 metres
- (including 1.44% over 1 metre)
- 0.12% over 9 metres, starting at 154 metres
- 0.73% over 4 metres, starting at 171.5 metres
- 0.13% over 12 metres, starting at 61 metres
- 4.97% over 13 metres, starting at 99 metres
- (including 13.2% over 4.5 metres)
- (which includes 35.9% over 0.5 metres)
- 0.42% over 6.5 metres, starting at 131 metres
- (including 2.1% over 1 metre)
- 0.22% over 17 metres, starting at 146.5 metres
Zone 780E shows a 60-metre strike and approximately 50-metre lateral width. The best assays include:
- 1.25% over 41 metres, starting at 141 metres
- (including 4.94% over 9 metres)
- 0.17% over 16 metres, starting at 150 metres
- 0.18% over 8 metres, starting at 198.5 metres
- 0.99% over 48 metres, starting at 119 metres
- (including 1.94% over 5 metres)
- (and including 2.05% over 2.5 metres)
- (and including 6% over 3.5 metres)
- 0.54% over 6 metres, starting at 228.5 metres
- (including 1.1% over 1 metre)
- 0.5% over 34.5 metres, starting at 103 metres
- (including 1.89% over 4.5 metres)
- 0.63% over 11.5 metres, starting at 163 metres
- (including 2.27% over 1 metre)
- 1.04% over 17 metres, starting at 179 metres
- (including 2.44% over 3.5 metres)
True widths were unavailable. Both zones remain open in all directions.
And the project’s potential remains open to speculation, not to mention exploration. On January 13 the company announced a new radon survey to follow up on 10 basement electromagnetic conductors. So far the technique has been used systematically on only one of the property’s over 100 basement EM conductors, Fission Uranium stated. Expected to last five or six weeks, the survey will take some 2,300 samples from three areas within Patterson Lake and a fourth within Forrest Lake, immediately south.
$50-million Uranium Participation financing bolsters commodity price confidence
In what’s been hailed as a testament of faith in uranium prices, Uranium Participation Corp TSX:U announced a $50-million private placement on January 16. “By mid-day the bought deal was complete,” reported Toll Cross Securities analyst Tom Hope.
Uranium Participation describes itself as “an investment alternative for investors interested in holding uranium.” Proceeds of the financing will be used to stockpile further purchases of U3O8 and uranium hexafluoride (UF6). Hope estimates the company will buy up to 1.28 million pounds to hold a total of about 14.7 million pounds “or approximately 9% of our estimated 2014 global mine output.”
Declan grabs more ground north of Gibbon’s Creek
North of the company’s Gibbon’s Creek joint venture with Lakeland Resources TSXV:LK, Declan Resources TSXV:LAN has acquired the 11,100-hectare North Star property, the company announced January 17. The property “is believed to contain the northerly extensions of a number of important regional structures associated with uranium projects in the area,” Declan stated. “An interpretation of the magnetic background at Gibbon’s Creek shows a northerly trending structure which continues to the north through Lakeland Resources Ltd’s Star property, and onto the North Star property.”
The deal costs Declan $15,000 and 1.5 million shares, with a 2% gross sales royalty in effect. The previous week Declan and Lakeland reported Gibbon’s Creek boulder samples grading up to 4.28% U3O8, as well as some of the Basin’s highest-ever radon readings.
Azincourt closes Peru property acquisitions
Azincourt Uranium TSXV:AAZ announced January 16 completion of its $2-million cash-and-share deal with Cameco Corp TSX:CCO and Vena Resources TSX:VEM. Coming with the advanced-stage Macusani project and the earlier-stage Muñani property, the buyout of Cameco and Vena’s Minergia S.A.C. places the purchaser prominently in Peru.
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