Wednesday 12th August 2020

Resource Clips

Athabasca Basin and beyond

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Forsys announces 30% boost in Namibian reserves

From Namibia, Forsys Metals TSX:FSY reported a 30% increase in total reserves at its Norasa project on February 11. The Valencia Main and Namibplaas deposits, seven kilometres apart, now show:

  • proven: 16 million tonnes averaging 0.02% for 7.3 million pounds U3O8

  • probable: 161 million tonnes averaging 0.02% for 71.7 million pounds

  • total reserves for both deposits: 177 million tonnes averaging 0.02% for 79 million pounds

The bulk of that came from Valencia which, using a cutoff grade of 0.01%, shows:

  • proven: 16 million tonnes averaging 0.02% for 7.3 million pounds U3O8

  • probable: 135 million tonnes averaging 0.02% for 60.1 million pounds

  • total Valencia reserves: 152 million tonnes averaging 0.02% for 67.4 million pounds

Using a 0.016% cutoff, Namibplaas numbers came to:

  • probable: 25 million tonnes averaging 0.02% for 11.6 million pounds U3O8

The reserves, which come out of a resource updated last October, assume a uranium price increase to $65 a pound. The company said these pit designs contain another 1.5 million pounds of inferred material.

Both Valencia and Namibplaas remain open along strike and at depth. Satellite deposits in both areas have also been identified, the company stated.

Namibia currently has two mines capable of supplying a total of 10% of world uranium production, according to the World Nuclear Association. In January Paladin Energy TSX:PDN sold a 25% interest in Langer Heinrich, 50 kilometres south of Norasa, to a subsidiary of China National Nuclear Corp. Twenty-five kilometres southwest of Norasa lies Rossing, one of the world’s largest open pit uranium mines. It’s held 68.6% by Rio Tinto NYE:RIO, 10% by South Africa, 3% by Namibia and 15% by Iran.

Central Resources and Canadian Uranium sign merger LOI

Under a letter of intent announced February 10, Central Resources TSXV:CBC would acquire Canadian Uranium Corp, a private, arms-length company. Structured as a three-cornered amalgamation, Canadian Uranium would merge with a Central subsidiary to create a new company. Central would issue one share for every 1.5 Canadian Uranium share. The swap would leave Canadian Uranium’s former shareholders with about 61% of the new entity, with the rest held by Central shareholders.

The company would also offer a private placement of at least $700,000. “It is anticipated that the company may settle a portion of outstanding debts on the same terms as the private placement,” Central’s news release stated.

Central currently holds options on a gold prospect in Yukon and a copper-silver-gold property in British Columbia. In September Canadian Uranium entered into an assignment agreement with Lions Gate Metals TSXV:LGM to acquire Whitford Lake, a 67-hectare property in the eastern Basin.

Powertech progresses Dewey-Burdock as South Dakota kills bill

A South Dakota proposal that would have delayed or stopped Powertech Uranium’s TSX:PWE Dewey-Burdock project has been defeated, the company announced February 13. The state’s Agriculture and Natural Resources committee voted 10 to two against the bill, which sought to increase groundwater protection from in-situ recovery mines.

A final supplemental environmental impact statement from the U.S. Nuclear Regulatory Commission concluded “there are no environmental impacts that would preclude licensing” the mine, Powertech stated last month.

“We now look forward to issuance of the source material licence by NRC and injection well permits by EPA,” stated Powertech president/CEO Richard Clement. “The resumption of state hearings will follow issuance of these federal licences and permits.”

The project’s 2012 preliminary economic assessment update used a 2010 resource showing 2.82 million tonnes averaging 0.198% U3O8 for 6.68 million pounds indicated and 4.52 million pounds inferred.

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

In brief…

Having executed a 1:10 reverse split the previous week, Canadian International Minerals TSXV:CIN announced a private placement up to $495,000 on February 12. Among other projects the company holds interests in 57,443 hectares of property in the PLS camp.

On February 13 South America explorer U3O8 Corp TSX:UWE offered a private placement up to $1 million.

The same day International Enexco TSXV:IEC offered its latest private placement, up to $500,000.

Thomas Drolet: Uranium’s post-Fukushima outlook

Nuclear energy expert Thomas Drolet gave readers a first-hand look at the situation in Japan, as well as his insights on where nuclear energy will go from there and how it will affect the price of uranium. Read more here.

See previous uranium news updates:

Tom Hope discusses uranium’s predicament and promise.

David Talbot discusses the metal’s challenges and potential, and the Athabasca Basin.

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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