Monday 11th December 2017

Resource Clips


March, 2014

Fission Uranium extends strike with new zone at Patterson Lake South

March 31st, 2014

by Greg Klein | March 31, 2014

Fission Uranium extends strike with new zone at Patterson Lake South

Fission has four of its five rigs trying to connect zone R00E with R780E to create one big deposit.

This story has been moved here.

March 31st, 2014

Australian opposition parties call for mining tax reform Industrial Minerals
Volcanogenic massive sulphide (VMS) base metal deposits Geology for Investors
How the monetary system has changed Equedia
Brien Lundin: East meets West in junior market rebound Streetwise Reports
Fission adviser outlines reasons why uranium prices are only going up Stockhouse
China opens door further to foreign stock investors VantageWire
Eric Sprott: The U.S. economy’s non-recovery GoldSeek

Athabasca Basin and beyond

March 29th, 2014

Uranium news from Saskatchewan and elsewhere for March 22 to 28, 2014

by Greg Klein

Next Page 1 | 2

Another record-breaking hole at Patterson Lake South as Fission merges more zones

Still fattening itself up for acquisition, Fission Uranium TSXV:FCU moves closer to its goal of defining one big deposit at Patterson Lake South. On March 24, for the third time in 19 days, the company announced that drilling had merged two more high-grade zones. The project now consists of four zones—two high-grade zones in the middle, with another zone on each of the east-west flanks—along a 1.78-kilometre potential strike. Mineralization remains open at both ends.

Uranium news from Saskatchewan and elsewhere for March 22 to 28, 2014

The field crew examines core at Patterson Lake South,
where Fission Uranium continues to exceed past performance.

And, for those not yet suffering from repetitive record-breaking fatigue induced by this project, Fission Uranium announced another best-ever hole, which “far surpasses” its last such accomplishment.

Results for the nine holes released March 24 come from a hand-held scintillometer that measures radiation from drill core in counts per second. Scintillometer results are no substitute for assays, which are still to come.

The record-breaker, hole PLS14-187, showed a composite 53.47 metres (not true width) at 9,999 cps, the maximum that the device can measure. Six other holes also showed intervals with maximum readings. The interval closest to surface began at 54.5 metres, while the deepest stopped at 452 metres in downhole depth.

The $12-million winter campaign has four rigs attacking the high-grade area, while a fifth explores farther away. No target date has been announced for the project’s maiden resource.

Forum closes $3.04-million financing, resumes drilling NW Athabasca JV

Two days before closing a private placement, Forum Uranium TSXV:FDC announced drilling had resumed at its 9,800-hectare Northwest Athabasca joint venture. The 3,000-metre program “is designed to determine the eastern extent of the mineralization discovered at Otis West and its extension onto the Otis East gravity target, both of which lie on the south side of the [historic, non-43-101] 1.5-million-pound Maurice Bay deposit,” the company stated on March 24.

Otis West shows a 50-metre strike, a depth of about 110 metres and remains open to the east and at depth, Forum added. Drilling will also test basement targets below Maurice Bay, Zone A and MB East, an untested gravity low east of Maurice Bay.

Among previous assays, last June Otis West showed 0.152% uranium oxide (U3O8) over 39.5 metres, starting at 131 metres in downhole depth. The previous month Zone A gave up 1.34% over 3 metres, starting at 88.5 metres.

Forum and NexGen Energy TSXV:NXE jointly hold 64% of the JV, with Cameco Corp TSX:CCO and AREVA Resources Canada holding 23.5% and 12.5% respectively. Forum acts as project operator.

On March 26 Forum reported closing a private placement for $3.04 million.

In late February the company began drilling its 9,910-hectare, PLS-adjacent Clearwater project. Forum has also been busy picking up other projects in Nunavut and the northeastern Basin, in the vicinity of the Lakeland Resources TSXV:LK/Declan Resources TSXV:LAN flagship Gibbon’s Creek.

Aldrin offers $500,000 placement, plans up to 4,000 metres at Triple M

It’s not clear whether drilling has yet begun, but Aldrin Resource TSXV:ALN has up to 4,000 metres planned for Triple M, a 12,001-hectare property adjacent to PLS. Previous work has shown gravity lows associated with anomalous radon values over basement conductor anomalies. More recently, an infill gravity survey helped refine targets, the company stated on March 25.

One day earlier the company offered a $500,000 private placement. The previous week Aldrin announced TSXV approval to convert $220,000 in debt to shares. The sum remained outstanding out of $500,000 to be paid to Sotet Capital for the project.

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Ukraine to pay 80% more for Russian gas

March 28th, 2014

by Ana Komnenic | March 28, 2014 | Reprinted by permission of MINING.com

As of next week, Ukraine will pay nearly 80% more for Russian gas.

This means Moscow might charge Ukraine “close to $500 for 1,000 cubic metres of gas,” according to the New York Times.

Ukraine to pay 80% more for Russian gas

Ukraine uses gas for about 40% of its energy needs, and more than half of that supply comes from Russia.

Earlier this month Russia said it would no longer provide Ukraine with discounted gas. Under the agreement signed in 2010, Russian gas flowed cheaply into Ukraine and, in exchange, Russia was allowed to extend its lease on a military base in Sevastopol, Crimea. Now that Russia controls Crimea, it doesn’t need the gas deal.

“Russia, because it committed armed robbery of Ukraine, and in this way in fact destroyed our bilateral agreement, wants to raise the price of gas for Ukraine,” Ukrainian Prime Minister Arseny Yatseniuk told reporters, as reported by the New York Times.

Ukraine has since secured a $27-billion financing deal with the International Monetary Fund to help stabilize the economy.

Reprinted by permission of MINING.com

JPMorgan innocent of silver price-fixing claims: court

March 28th, 2014

by Cecilia Jamasmie | March 27, 2014 | Reprinted by permission of MINING.com

A U.S. federal court said on March 27 silver investors failed to show that JPMorgan Chase & Co NYE:JPM violated federal antitrust and commodities laws by having distorted silver prices and so the case against the country’s largest bank should be dismissed.

JPMorgan innocent of silver price-fixing claims: court

The class action from investors who traded COMEX silver futures and options contracts between 2007 and 2010 claimed the bank would amass huge short positions that market conditions did not justify and make “fake” late-day trades when market volume was thin, reports Reuters.

The U.S. bank is not the only one that has been under scrutiny as of late. Authorities around the globe, already investigating the manipulation of benchmarks from interest rates to foreign exchange, have also been studying the gold market for signs of wrongdoing.

Deutsche Bank, Germany’s largest lender, said in January it would withdraw from the panels setting the gold and silver fixes. German financial markets regulator BaFin interviewed the bank’s employees as part of a probe into the potential manipulation of gold and silver prices. Britain’s Financial Conduct Authority is also scrutinizing how prices are calculated.

Reprinted by permission of MINING.com

March 28th, 2014

Australian opposition parties call for mining tax reform Industrial Minerals
Volcanogenic massive sulphide (VMS) base metal deposits Geology for Investors
How the monetary system has changed Equedia
Brien Lundin: East meets West in junior market rebound Streetwise Reports
Fission adviser outlines reasons why uranium prices are only going up Stockhouse
China opens door further to foreign stock investors VantageWire
Eric Sprott: The U.S. economy’s non-recovery GoldSeek

Inescapable but obscure

March 27th, 2014

Industrial minerals, their uses and opportunities, are the topic of an April 2 Vancouver conference

by Greg Klein

Industrial minerals manage to be inescapable but obscure. Like base metals, and much more so than precious metals, they’re all around us. If they weren’t, our lives would be very different. Yet investors and even end users often show little awareness of the process of finding and extracting these commodities. Organizers of an April 2 conference in Vancouver hope to change that.

The free event is part of the Industrial Minerals International Congress and Exhibition, this year celebrating its 40th anniversary in Vancouver from April 1 to 3. As usual the event brings together industry leaders, often end users who are experts in their own niche markets. A new feature, the April 2 Finance Session, “will bring financiers as well as end users together with exploration companies,” says one of the organizers, Zimtu Capital TSXV:ZC president Dave Hodge.

Consider the car, bike or transit vehicle you likely use to get around. Apart from the better known metal alloys, a number of other minerals are used to manufacture its various components. Consider the additional minerals used just to enable the manufacturing process—to build the plants, refineries, refractories, tools, machinery, computers. Consider the minerals used to find, obtain and transport those commodities.

Industrial minerals, their uses and opportunities, are the topic of an April 2 Vancouver conference

So many of the products we take for granted
rely on little-known commodities for their manufacture.

Or start all over again with a different type of product, from necessities like food, clothing and communications to luxuries like entertainment. They depend on an awful lot of industrial minerals.

“For the most part they’re considered critical commodities, in that supply is fairly tight,” explains Hodge. “In general they rarely have practical substitutes.”

According to Zimtu head of research Derek Hamill, “One of the fundamental differences between base metals or energy metals versus industrial minerals is the exchange. Usually copper will trade on a major exchange so you can follow the pricing. Oil is very similar but the price for commodities in the industrial sector is opaque. So in this session we’re trying to show people some of the commodities and their potential. I think they’ll be surprised, actually.”

Hodge adds, “As the global commodity scene tightens, it’s more important for companies that buy industrial minerals, as well as investors, to understand exploration.”

As a prospect generator, Zimtu’s actively involved in matching exploration companies with properties, often involving relatively obscure commodities, and helping build those companies. But ask Hodge if end users understand the exploration process and he laughs out loud. “Absolutely not!” he exclaims. “The two businesses are so different. In many respects industrial minerals users follow very traditional business formats where they try to make money on every transaction. Of course that’s very, very different from mineral exploration and it’s challenging for either of those two sides to understand completely how the other side operates.”

Chaired by Laura Syrett, prices editor for the authoritative journal Industrial Minerals, the Finance Session features a keynote speech by Arie Papernick of Secutor Capital Management Corp’s Investment Banking department. Hamill moderates a panel discussion featuring representatives of five companies pursuing different minerals. An informal networking opportunity follows.

“The panel will discuss topics including current developments and potential growth factors,” Hamill says. “We’ll also discuss challenges like how to calculate the net asset value of a project in an opaque pricing market and the risks people face. We’ll look at the progress of individual projects, potential end users, financing and other subjects.”

Hamill notes some growing awareness among end users already. “Especially with conflict minerals legislation in the U.S., there’s more concern about where supply comes from,” he says. “There’s security of supply issues too, when sources come from a country like China.”

Hodge sees the event offering synergies for explorers, investors and end users who can “learn how to secure a more steady supply of the very minerals they grow their business with.”

Among the companies present, Prima Fluorspar TSXV:PF has an early-stage project in northern British Columbia and an LOI to acquire the Delgerkhan mine in Mongolia, a past-producer with near-term potential.

Especially with conflict minerals legislation in the U.S., there’s more concern about where supply comes from. There’s security of supply issues too, when sources come from a country like China.—Derek Hamill, head of research for Zimtu Capital

Commerce Resources TSXV:CCE has advanced its Upper Fir tantalum-niobium deposit in southeastern B.C. to the preliminary economic assessment stage and is moving its Ashram rare earth deposit in Quebec’s Labrador Trough towards pre-feasibility.

Canadian Metals CSE:CME focuses on high-purity silica sand properties in B.C. and Quebec. Big North Graphite TSXV:NRT is test-mining and selling amorphous graphite from a joint venture in Mexico and holds flake graphite properties in Mexico and Canada.

Lakeland Resources TSXV:LK holds interests in 15 Saskatchewan uranium properties, one of them showing surface boulder samples grading up to 4.28% uranium oxide (U3O8) and some of the Athabasca Basin’s highest radon readings.

Among the conference sponsors is the Canadian Securities Exchange. James Black, VP of listings development, says that Hodge is “very passionate about this space, he thinks there’s a ton of potential in it and we’d like to be alongside those prospects letting them know what we’re doing.”

“We’re happy to look at all sectors but industrial minerals is an area that’s gaining more interest, so we like to be where the interest is. We like to support Vancouver and be front and centre when these things happen.”

The fact that Industrial Minerals chose Vancouver for its congress “is very significant,” says Hodge. “At this time in particular, with commodities in general being on the low end of the supply scale, there’s a need for exploration of all kinds of minerals, including industrial minerals. Vancouver is essentially the global centre of exploration.”

The Industrial Minerals Finance Session takes place April 2, from 3:00 to 5:00 p.m., at the Sheraton Wall Centre in Vancouver. Refreshments and informal networking follows. For free attendance, RSVP to Matt Sroka at matt@zimtu.com.

Disclaimer: Zimtu Capital Corp, Lakeland Resources Inc, Prima Fluorspar Corp and Commerce Resources Corp are clients of OnPage Media Corp, the publisher of ResourceClips.com. The principals of OnPage Media may hold shares in those companies.

March 27th, 2014

Volcanogenic massive sulphide (VMS) base metal deposits Geology for Investors
How the monetary system has changed Equedia
Brien Lundin: East meets West in junior market rebound Streetwise Reports
Fission adviser outlines reasons why uranium prices are only going up Stockhouse
Asteroid minerals mining to be achieved within five years Industrial Minerals
China opens door further to foreign stock investors VantageWire
Eric Sprott: The U.S. economy’s non-recovery GoldSeek

March 26th, 2014

Volcanogenic massive sulphide (VMS) base metal deposits Geology for Investors
How the monetary system has changed Equedia
Brien Lundin: East meets West in junior market rebound Streetwise Reports
Fission adviser outlines reasons why uranium prices are only going up Stockhouse
Asteroid minerals mining to be achieved within five years Industrial Minerals
China opens door further to foreign stock investors VantageWire
Eric Sprott: The U.S. economy’s non-recovery GoldSeek

Gahcho Kué on track, companies reassure investors

March 25th, 2014

by Ana Komnenic | March 25, 2014 | Reprinted by permission of MINING.com

Mountain Province Diamonds TSX:MPV, one of the companies behind the planned Gahcho Kué mine in Canada, reassured investors this week that the massive diamond project is indeed on track, contrary to some recent media reports.

Gahcho Kué on track, companies reassure investors

Ice highway. (Photo: Ian Mackenzie)

Last week Reuters wrote that De Beers CEO Philippe Mellier had said in an interview that first production could be delayed to early 2017 due to shipping delays.

“Mellier said he expects production to start at the end of 2016 or the beginning of 2017,” Reuters wrote.

De Beers owns 51% of Gahcho Kué.

Mountain Province, which owns the remaining 49%, wrote on March 24 that “as at the end of February 2014 the overall project was 17% complete and first production remains on schedule for Q3 2016.”

The company also refers to a statement issued last week by De Beers in which the majority owner wrote that “there has been no change to the project plan… we are still aiming for first production during H2 2016. Both partners are happy with the progress to date.”

Located in the Northwest Territories, Gahcho Kué is the largest new diamond mine under development in the world.

The federal government approved the project last October but the joint venture is still waiting on a water licence and a full land use permit. Mountain Province says it expects to receive these permits during the second half of 2014.

At peak construction, the project will employ about 700 people. About 120 workers are currently on site.

So far the companies have delivered 670 truckloads of equipment and supplies to the site using the 2014 ice road, which will close at the end of March. After the road closes, the miners will rely on an airstrip which should be ready by mid-2014.

Throughout the winter shipments of cement, steel and other materials were delayed due to regulatory restrictions. In January Mountain Province wrote that it was “exploring opportunities to mitigate the impact on the project schedule.”

“In the event that appropriate mitigation measures are not found, mechanical completion of the process plant and cold commissioning will occur in Q2 2016, and first production in Q3 2016,” the company wrote at the time.

Reprinted by permission of MINING.com