Wednesday 28th September 2016

Resource Clips


Athabasca Basin and beyond

Uranium news from Saskatchewan and elsewhere for February 8 to 14, 2014

by Greg Klein

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Fission Uranium reports more off-scale radiometrics from Patterson Lake South

Having suddenly dumped its final Patterson Lake South summer assays the previous week, Fission Uranium TSXV:FCU reverted to its scintillometer strategy on February 10. As is often the case, some intervals are showing off-scale readings.

“Off scale” means the hand-held device reaches its maximum measure of gamma ray particles at 9,999 counts per second. Scintillometer results are no substitute for assays, which will likely follow in weeks or months. For more accurate radiometric readings, Fission Uranium also uses a downhole gamma probe. But the company hasn’t been releasing those results.

Uranium news from Saskatchewan and elsewhere for February 8 to 14, 2014

Of seven holes from four zones, six showed off-scale intervals. Among the most impressive, hole PLS14-132 showed a total of 6.1 metres above 9,999 cps within 134 metres of mineralization that occurred between downhole depths of 71.5 metres to 263 metres.

PLS14-131 came up with a total of 1.9 metres of off-scale readings within 125.5 metres of mineralization between depths of 145 to 420 metres.

PLS14-136 gave up a total of 2.26 off-scale metres within 49.5 metres of mineralization between depths of 86.5 to 284.5 metres.

Drilling was vertical and true interval widths weren’t provided.

Lateral widths increased for parts of all four zones, in some cases doubling along specific grid lines.

Along with geophysics, the 90-hole, 30,000-metre winter program will take about $12 million out of this year’s $20-million budget. Although the current campaign focuses on trying to connect five high-grade zones, no target date has been announced for an initial resource estimate. Toll Cross Securities analyst Tom Hope notes that because the project’s “far from existing mills, Fission will need to delineate a 100-million-pound resource.”

Uracan, UEX, AREVA get drill turning at northern Basin’s Black Lake

Near the Athabasca Basin’s northern rim, drilling has resumed at the 30,381-hectare Black Lake project. The $650,000 program calls for about 3,000 metres, Uracan Resources TSXV:URC reported February 11. Project operator UEX Corp TSX:UEX has an 89.99% interest with AREVA Resources Canada holding the remainder. Uracan has an option to earn 60% from UEX. Found throughout the property are “prospective fault structures offsetting the unconformity (reverse faulting on the main conductor, southeast-northwest cross structures),” Uracan stated.

Previous drilling has found intervals as high as 0.69% uranium oxide (U3O8) over 4.4 metres, starting at 310 metres in downhole depth, 0.79% over 2.82 metres, starting at 310 metres, and 0.67% over 3 metres, starting at 274 metres.

UEX wholly owns six Basin projects and has joint ventures in another eight. Resource estimates have been completed for Shea Creek and Hidden Bay.

Black Lake borders Gibbon’s Creek, where Lakeland Resources TSXV:LK and option partner Declan Resources TSXV:LAN last month reported boulder samples grading up to 4.28% U3O8 and some of the Basin’s highest-ever radon readings.

VTEM finds conductive anomalies on Makena’s Patterson project

Initial geophysical data from a VTEM max electromagnetic survey over Makena Resources’ TSXV:MKN Patterson prospect shows two distinctive anomalous zones, the company reported February 14. “Of particular note is the relationship of the conductive zones associated with the breaks in the magnetic pattern,” stated geologist Karl Schimann. “These breaks are often associated with uranium mineralization.” The company is considering ground EM and drilling to follow up.

Makena optioned a 50% stake in the project from CanAlaska Uranium TSXV:CVV last August. The prospect totals 6,687 hectares divided into three PLS-vicinity claim blocks, one of them adjacent to Fission Uranium’s property.

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