Saturday 3rd December 2016

Resource Clips


Athabasca Basin and beyond

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Western Athabasca Syndicate reports 23 gravity lows at Preston Lake

The four-company Western Athabasca Syndicate has found 23 anomalous gravity lows on its 246,643-hectare PLS-vicinity Preston Lake flagship. Announced February 20, the finding could indicate “prime drill target[s] when qualified by other coincident indicators of uranium mineralization such as geochemistry and radon,” the strategic alliance stated. With that in mind, the program included a ground and water RadonEx survey. Now underway is ground EM work. Drilling’s expected to begin next month.

The syndicate consists of Skyharbour Resources TSXV:SYH, Athabasca Nuclear TSXV:ASC, Noka Resources TSXV:NX and Lucky Strike Resources TSXV:LKY.

On February 18 Skyharbour announced a definitive agreement to sell two Ontario non-core assets, its South Bay zinc-copper-silver project and its 20% interest in the McKenzie Island gold project, to Cypress Development TSXV:CYP for $40,000 and a million shares. Last month Skyharbour announced its intention to take on the 60% interest in the eastern Basin’s Mann Lake project currently held by Canterra Minerals TSXV:CTM.

On February 19 Lucky Strike offered private placements up to $300,000 in flow-through units and $240,000 in non-flow-through units.

Earlier this month Noka and option partner Alpha Exploration TSXV:AEX began a VTEM and magnetic survey over Carpenter Lake on the Basin’s south-central edge. Three days later Noka increased a private placement from $500,000 to $1.1 million.

Alpha/Acme drill Middle Lake/Skull Lake

Under Alpha’s 80%/20% JV with Acme Resources TSXV:ARI, drilling has begun at Middle Lake, also known as Skull Lake, in the western Basin. The 20-hole, 2,000-metre program will test targets identified by gravity, EM, radon and helium surveys. The goal is “shallow, high-grade uranium mineralization hosted in basement rocks at approximately 10 to 20 metres below surface,” Alpha’s February 18 news release stated. “Targets are northeast (up-ice) from two historic uranium boulder and radon trains discovered in the 1970s by AREVA.”

The project is one of the Alpha Minerals spinco’s three JVs in the former Cluff Lake mine region. The others are Bridle Lake, with Rio Tinto holding 50%, and Gorilla Lake, with Logan Resources TSXV:LGR holding 20%. The three properties total 16,755 hectares.

Tad picks up property somewhere in the Basin

One day after the February 19 NexGen sensation, TAD Mineral Exploration TSXV:TJ just happened to mention staking some 4,500 hectares “bordering NexGen in the Basin.” TAD didn’t indicate which of NexGen’s several Basin properties it was referring to.

An avid area-play player, TAD also holds claims in the vicinity of Colorado Resource’s TSXV:CXO copper-gold North ROK project in British Columbia and Zenyatta Ventures’ TSXV:ZEN graphite project in central Ontario, as well as PLS. In late January TAD began a VTEM max program on the latter property.

Aldrin offers $1.1 million in private placements

Saying it wants the dough to expand this year’s Triple M drilling, Aldrin Resource TSXV:ALN offered private placements up to $350,000 in flow-through units and $750,000 in non-flow-through units on February 19. A 3,000-metre program is scheduled to start this month to test basement conductors on the project’s southeastern block bordering PLS. Infill gravity and radon surveys are also planned.

U.S. backs $6.5 billion in loans to Vogtle nuclear plant

The American government has provided loan guarantees totalling $6.5 billion to add two new units to the Vogtle nuclear energy project in Georgia, the World Nuclear News reported February 20. The AP1000 units constitute “the first new nuclear power plant construction projects to be offered conditional loan guarantees by the U.S. Department of Energy,” the WNN added.

Construction began in March. One unit is expected to come online in late 2017, with the other following a year later, according to the WNN. Vogtle currently has two units in operation.

An additional $1.8-billion guarantee for Vogtle has been approved conditionally. Two AP1000 units being built at South Carolina’s VC Summer plant may also be covered by U.S. loan guarantees.

See previous uranium news updates:

Read expert commentary:

Thomas Drolet discusses Fukushima and nuclear energy’s outlook.

Tom Hope discusses uranium’s predicament and promise.

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

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