Sunday 4th December 2016

Resource Clips


Athabasca Basin and beyond

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Strateco plans Saskatchewan work, updates Quebec legal challenge

Strateco Resources TSX:RSC bolstered its Saskatchewan presence by planning technical studies on four properties in its 45,271-hectare Jasper Lake package in the eastern Basin. Additional plans include two holes totalling about 425 metres in mid-February to test a geophysical anomaly on the North Wedge property, the company stated on January 29. The other three properties are Jasper Lake, Minor Bay and Ahenakew Lake. Strateco signed a 60% option on the package with Denison in December. Later that month Strateco closed a $3-million loan and amended a $14.9-million convertible note.

The company also reported a court hearing was postponed from January 24 to February 5 to examine the Quebec environment minister’s refusal to authorize underground exploration at Strateco’s Matoush project. Although Quebec has imposed a moratorium on uranium exploration, the company’s release emphasized that the new provincial mining law enacted in December “permits uranium exploration and mining in Quebec.”

Powertech permitting proceeds for South Dakota ISR project

Powertech Uranium’s TSX:PWE Dewey-Burdock project in South Dakota cleared a permitting hurdle with the U.S. Nuclear Regulatory Commission, the company announced January 30. A final supplemental environmental impact statement “concludes there are no environmental impacts that would preclude licensing” the 7,200-hectare in-situ recovery mine.

Company president/CEO Richard Clement said the decision “should also facilitate other final approvals from EPA and the state of South Dakota so that we can begin the hiring process and develop the project.”

Powertech released an updated preliminary economic assessment for Dewey-Burdock in 2012 using a 2010 resource that showed 2.82 million tonnes averaging 0.198% uranium oxide (U3O8) for 6.68 million pounds indicated and 4.52 million pounds inferred.

Last August the company announced a strategic alliance with Azarga Resources, Asia’s “only significant uranium investment and development vehicle.” Powertech closed a US$3.6-million loan in October.

Mega Uranium/Cameco subsidiaries sign Western Australian earn-in agreement

A deal with Mega Uranium TSX:MGA suggests renewed interest by Cameco in its Western Australian Kintyre deposit. On January 30 Mega announced a definitive agreement signed by subsidiaries of both companies which lets Cameco earn into Mega’s Kintyre Rocks claims, surrounding Cameco’s Kintyre.

An initial 51% would have Cameco spend AU$2 million within two years. An additional 19% would require another AU$2 million of work over another two years. The major would act as project operator.

In December Mega announced a share swap to acquire Energy Fuels’ TSX:EFR stake in Bayswater Uranium TSXV:BYU. The previous month Mega closed the sale of another Western Australia project in an all-share deal that gave Mega 28% of ASX-listed Toro Energy.

Read more about Mega/Cameco’s adjacent Western Australian projects.

VTEM flies TAD’s PLS-vicinity property

Having announced the previous week that work would “finally” begin on 4,000 hectares staked in the PLS area last April, TAD Mineral Exploration TSXV:TJ stated on January 29 that a VTEM max program was underway. The company also holds claims in area plays around Colorado Resource’s TSXV:CXO copper-gold North ROK project in British Columbia and Zenyatta Ventures’ TSXV:ZEN graphite project in central Ontario.

In brief…

Uracan Resources TSXV:URC closed $53,000 in flow-through shares and $360,000 in non-flow-through units, the company stated on January 27. In December private placements brought the company $1.24 million. Uracan expects to begin drilling and ground geophysics in February on its flagship Black Lake project, where the company’s earning 60% from UEX Corp TSX:UEX.

On January 30 Karoo Exploration TSXV:KE announced an extension to a letter of intent to acquire a portfolio of Zambian uranium properties. The LOI now lasts until March 25. Karoo holds uranium exploration licences in Tanzania.

On January 31 Blue Sky Uranium TSXV:BSK closed the $98,050 first tranche of a $500,000 offering announced four days previous. Earlier in January the company raised $115,000. Blue Sky began drilling its Ivana project in Argentina last November.

Fission 3.0 TSXV:FUU announced on January 31 14 million insider options at $0.155 for five years. The company also appointed Phil Morehouse president, replacing Ross McElroy who stays on as COO/chief geologist. Morehouse has previously worked for the spinco’s ancestors, Fission Energy and Fission Uranium.

Also announcing options on January 31, Pele Mountain Resources TSXV:GEM granted 4.25 million options at $0.10 until December 31, 2018, and another 350,000 at the same price expiring December 31, 2014.

Anfield Resources TSXV:ARY announced a fully subscribed $600,000 private placement on January 31. The previous week Anfield reported additional uranium acquisitions within a 120-kilometre radius of Energy Fuels’ White Mesa mill in Utah.

See previous uranium news updates:

Read analyst David Talbot’s insights about uranium and the Athabasca Basin in a global context.

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