Uranium news from Saskatchewan and elsewhere for February 1 to 7, 2014
by Greg Klein
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Fission Uranium releases final summer 2013 assays from Patterson Lake South
Having spent months doling out only occasional assays from last summer’s drilling at Patterson Lake South, on February 5 Fission Uranium TSXV:FCU suddenly dumped results for 20 holes—half of which showed no significant mineralization. They did, however, improve the company’s “understanding of the geological setting and controls of mineralization at PLS.”
The best results came from R780E, the fifth of seven zones along a 1.78-kilometre potential strike. R780E now boasts a 75-metre strike, with a lateral width up to about 60 metres. A few highlights show:
- 3.93% uranium oxide (U3O8) over 3 metres, starting at 128 metres in downhole depth
- (including 10.85% over 1 metre)
- 1.12% over 3.5 metres, starting at 189 metres
- 1.94% over 3 metres, starting at 171.5 metres
- 0.57% over 6.5 metres, starting at 192.5 metres
- (including 1.58% over 1 metre)
- 0.23% over 13.5 metres, starting at 251.5 metres
- 0.99% over 19.5 metres, starting at 152.5 metres
- (including 3.46% over 2 metres)
- (and including 3.92% over 1.25 metres)
- 0.67% over 6.5 metres, starting at 174.5 metres
(including 1.64% over 2.5 metres)
- 1.33% over 11 metres, starting at 184.5 metres
- (including 6.52% over 1.5 metres)
- 3.48% over 4.5 metres, starting at 228 metres
- 4.22% over 8 metres, starting at 108 metres
- (including 11.1% over 3 metres)
- (which includes 24.6% over 0.5 metres)
- 0.55% over 17.5 metres, starting at 141 metres
- 5.89% over 6 metres, starting at 205.5 metres
- (including 14.57% over 1.5 metres)
Off the lake and onto dry land, zone R600W shows a 30-metre strike and a lateral width up to 20 metres. Some of the better results include:
- 0.34% over 6.5 metres, starting at 192 metres
- 0.2% over 11.8 metres, starting at 98.7 metres
- 0.29% over 6 metres, starting at 97.5 metres
The company also released assays from one hole on the R585E zone, 150 metres west of R780E. R585E now shows a 30-metre strike and a lateral width up to 10 metres. Some highlights from PLS13-106 include:
- 0.19% over 5.5 metres, starting at 158.5 metres
- 0.11% over 17 metres, starting at 166.5 metres
- 0.39% over 12.5 metres, starting at 202 metres
True widths weren’t provided. Holes were vertical or close to it. One R600W hole and nine stepouts east of the zone drew blanks. These results constitute the final batch of summer assays. The current $12-million campaign, including ground geophysics as well as 90 holes totalling 30,000 metres, will primarily try to fill in the gaps separating the high-grade zones.
Rio drills Purepoint’s Red Willow
Rio Tinto NYE:RIO has begun winter drilling at Red Willow, Purepoint Uranium TSXV:PTU announced February 5. About 2,500 metres will test four target areas identified by geophysics, geochemistry and historic assays, the company stated. Rio is nearly halfway into its $5-million option to earn 51% of the 25,612-hectare property by December 31, 2015. The major may spend a total of $22.5 million by the end of 2021 to earn 80% of the eastern Athabasca Basin project.
In another project with some big name buddies, Purepoint began a $2.5-million, 5,000-metre program at its Hook Lake project in January. Cameco Corp TSX:CCO and AREVA Resources Canada each hold a 39.5% interest in the PLS-vicinity property, leaving the junior with 21%.
Continental Precious Minerals updates PEA for Swedish polymetallic project
An updated resource and preliminary economic assessment takes a new approach to Continental Precious Minerals TSX:CZQ Viken uranium-polymetallic project in central Sweden. Using a 6.5% discount rate, the study calculates an after-tax net present value of US$943 million and a 12.9% internal rate of return. Pre-production capital comes to $1.23 billion with payback in 6.9 years from an operation with two open pits and a 34-year lifespan, according to the February 6 announcement.
Viken’s original 2010 PEA considered uranium-vanadium-molybdenum production using fine grinding, tank leaching and roasting. Now Continental plans bio-heap leaching for nickel, zinc and copper sulphides as well as uranium. “This has substantially lowered operating and capital costs, and has led to more robust project economics,” stated CEO/chairperson Rana Vig.
More details will be available on sedar.com within 45 days.
Eagle Plains options out eastside Basin project
Eagle Plains Resources TSXV:EPL announced a definitive option agreement on February 4 for its Tarku property in the eastern Basin. The non-arms-length deal would give Clear Creek Resources a 60% interest for $500,000 cash, $5 million in exploration and 1.2 million shares over five years. Clear Creek may increase its interest to 75% by paying Eagle Plains another $1 million and completing feasibility. Previous work, including historic airborne surveys that found northeast-trending conductors, make the property prospective for both gold and uranium, Eagle Plains stated.
Alpha airborne over Noka’s Carpenter Lake; Noka boosts private placement
Project operator Alpha Exploration TSXV:AEX has begun flying a VTEM and magnetic survey over Carpenter Lake on the Basin’s south-central edge. The 1,892-line-kilometre survey will test the 19-kilometre strike of the Cable Bay Shear Zone, a “major regional shear zone with known uranium enrichment,” Alpha stated on February 3. The work initiates the company’s 60% earn-in on Noka Resources’ TSXV:NX 20,637-hectare property.
About 10 to 14 days have been allotted to this portion of the winter campaign, which will also include radon sampling. Spring and summer should see airborne radiometrics, ground prospecting and geochemical sampling.
Noka, a member of the four-company Western Athabasca Syndicate, stated on February 6 it would increase a “heavily oversubscribed” private placement from $500,000 to $1.1 million, subject to exchange approval.
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