Tuesday 27th October 2020

Resource Clips

Athabasca Basin and beyond

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International Enexco releases best interval yet from Mann Lake JV

Amid a flurry of optimistic March 10 news from other companies, International Enexco TSXV:IEC announced the best interval yet from the eastern Basin’s Mann Lake joint venture. As a result, project operator Cameco is revising the three-rig program to follow up.

Hole MN-060 was tested with a downhole probe to measure gamma radiation in uranium oxide-equivalent (eU3O8). Although the probe is more accurate than a scintillometer, the results are no substitute for assays, which are pending.

The one interval reported showed:

  • an average 2.31% eU3O8 over 5.1 metres, starting at 687.6 metres in downhole depth

  • (including an average 4.2% over 2.7 metres)

  • (which includes an average 2.26% over 1.4 metres)

  • (and also includes an average 10.92% over 0.4 metres)

True widths were unavailable. “The hole represents a new discovery footwall to the western conductor in the northern half of the Mann Lake property and is located 300 metres south of hole MN-047, drilled in 2013, which encountered elevated radioactivity,” Enexco stated. Drilling at a different dip, Cameco has collared another hole from MN-060. More drilling will follow up along and across strike.

MN-060 is the 3,407-hectare property’s eighth hole of the current program targeting the six-kilometre-long C conductor, which consists of three geophysical conductors. The $2.9-million, 18-hole, 13,000-metre campaign has completion scheduled for early April. The JV is divided 52.5% Cameco, 30% Enexco and 17.5% AREVA Resources Canada.

Enexco also JVs with Denison on the southeastern Basin’s Bachman Lake project and has feasibility underway on its 100%-held Contact copper project in Nevada.

Rio Grande moves next door to Lakeland Resources

It’s Pattyson Lake, not Patterson Lake—and under an agreement announced March 13, Rio Grande Mining TSXV:RGV may earn a 100% interest in the 5,896-hectare northern Basin project, about 50 kilometres southeast of Stony Rapids and adjoining claims held by Lakeland Resources TSXV:LK.

There remain many under-explored areas of the Athabasca Basin.—Ross McElroy, COO and
chief geologist with Fission 3.0

Geophysical work in 2006 found a significant EM anomaly at the edge of a magnetic feature, concurrent with large-scale faulting, Rio Grande stated. The company plans a comprehensive data review prior to field inspection.

Rio Grande may earn 100% by issuing 1.6 million shares, making staged payments totalling $1.6 million and spending $3.5 million over four years. The vendor gets a 1% NSR, which Rio Grande may buy back for $1.5 million.

The company also has a silica project and a copper-lead-zinc prospect, both in southern British Columbia.

Canadian International Minerals joins syndicate for 25% of Saskatchewan portfolio

On March 13 Canadian International Minerals TSXV:CIN announced acquisition of a 25% interest in the Reindeer River Syndicate, a privately held group that has staked 67,350 hectares in northern Saskatchewan. “The company earned its interest by contributing research and direct staking costs,” CIN stated. It’s currently negotiating an increase to 100% interest “conditional on its financial ability to fund a meaningful exploration program in 2014.”

Previous exploration on the package included several airborne geophysical surveys and focused on precious and base metals, but diamond and uranium potential also interests the syndicate.

Apart from the new acquisition CIN holds 57,443 hectares of property in the PLS region. Earlier this month the company closed a $495,000 private placement.

Aldrin to begin expanded drill program at Triple M

Having closed a $1.1-million private placement, Aldrin Resource TSXV:ALN announced an expanded drill program at its PLS-adjacent Triple M project. Now the 12,001-hectare property has 4,000 metres in store, up from an originally planned 3,000 metres. The company expressed optimism in the project’s “coincidence of multiple geological, geophysical and geochemical indications.”

Drilling was expected to begin within days of the March 13 news release. The company has previously reported radon results and conductive anomalies from Triple M.

Newmont divests Paladin shares

After Newmont Mining NYE:NEM unloaded its 5.4% interest in Paladin Energy TSX:PDN, the subject of the sale portrayed it as good news. In a March 12 statement Paladin managing director/CEO John Borshoff spoke of “the additional stability it brings to the Paladin shareholder register. We are happy to welcome a number of new, high-quality Australian and international investors to Paladin as a result of the transaction.”

Newmont received over $24 million from the sale, which it said reflects an “ongoing strategy to divest non-core assets.”

Early last month low uranium prices forced Paladin to suspend operations at its Kayelekera mine in Malawi. In January the company sold a 25% stake in its flagship Langer Heinrich mine in Namibia.

Uranium Energy Corp gets extension on $20-million loan

Uranium Energy Corp NYSE MKT:UEC announced a two-year extension to its $20-million loan from Sprott Resource Lending Partnership and CEF Capital Markets. In a joint statement March 14, the three parties also said UEC has received its second $10-million drawdown.

As an extension fee UEC will issue the lenders a total of 100,000 shares and extend the lenders’ existing warrants by two years.

Sprott Resource Lending president Narinder Nagra said, “We support UEC’s goal of becoming an important and strategic producer in the U.S., which despite being the world’s largest consumer of nuclear power, is presently heavily dependent on imported uranium supply to fuel its nuclear reactors.”

UEC describes its southwestern U.S. operations as hub-and-spoke, with projects radiating from the company’s central processing plant at Hobson, Texas, including the Palangana in-situ recovery mine, Goliad ISR development project and Burke Hollow satellite deposit, among others. Last September the company stated that uranium prices forced it to cut production and delay expansion at Palangana.

On March 12 UEC reported filing its Q2 report.

Powertech fiancé Azarga Resources increases Turkish presence

While working towards a previously announced merger with Powertech Uranium TSX:PWE, Azarga Resources Ltd increased its stake in a Turkish project with ISR potential. Azarga now holds 15.1% of Anatolia Energy Ltd, up from 12%, Powertech reported on March 10. The acquisition results from Anatolia exercising the first of two tranches of a put option, issuing Azarga 8.3 million shares for AU$1 million. A second, equal and final tranche may be exercised at Anatolia’s discretion by year-end.

Read more about the Powertech-Azarga merger here and here.

In brief…

Athabasca Nuclear Corp TSXV:ASC announced on March 10 Barry Chappell had resigned from the board. The company also said it will issue 600,000 options to directors exercisable at $0.15 for five years. Athabasca Nuclear is a member of the four-company Western Athabasca Syndicate, which has drilling planned imminently for its Preston Lake project.

On March 10 Anthem Resources TSXV:AYN reported 1.85 million insider options exercisable at $0.10 for five years. The previous week Anthem announced it would sue the B.C. government over its ban on uranium and thorium exploration. In February the company released preliminary drill results from its Hatchet Lake JV with Denison.

European Uranium Resources TSXV:EUU announced on March 12 David “Sam” Hutchins has joined its board. Hutchins is a principal of RDP Fund Management LLP which “intends to focus exclusively” on Global Resources Investment Trust. Resulting from a share swap that closed the previous week, GRIT holds a 19.3% stake in EUU. Read more here and here.

On March 13 Azincourt Uranium TSXV:AAZ offered a private placement up to $2.75 million, which is expected to close on or about March 28. In late February the company contracted technical studies for its newly acquired properties in Peru’s Macusani district.

Also on March 13 Lucky Strike Resources TSXV:LKY announced it doubled a non-flow-through private placement offer to six million NFT units, with the price remaining $0.08. The flow-through offer remains at three million units. The company has closed a first tranche of $384,400. Lucky Strike also reported loan agreements of $75,000 with Jordan Capital Markets and $125,000 with Jordan Ventures for 90 days at 12% interest. Lucky Strike is a member of the Western Athabasca Syndicate.

On March 14 U3O8 Corp TSX:UWE announced closing a final $309,840 tranche of a private placement for a total of $1.15 million. Proceeds will go to the company’s PEA-bound Laguna Salada deposit in Argentina, exploration in Colombia and Guyana, and general corporate purposes.

Uranerz Energy TSX:URZ reported year-end results March 14 that showed a net loss of $26.27 million or 33 cents a share, compared to $28.97 million or 38 cents a share in 2012. Construction of the company’s Nichols Ranch ISR mine in Wyoming’s Powder River Basin is scheduled for completion this quarter.

China “will surpass” 2020 nuclear energy goal of 58 GW

With the world’s largest nuclear expansion program underway, China could exceed its 2020 targets, according to a March 12 Reuters article. The country gets about 2% of its electricity from 17 reactors but plans to beef up its power grid by as much as 80% this decade, the news agency stated. Now under construction are 31 new reactors.

China National Nuclear Corp chairman Sun Qin told Reuters the country will surpass its goal of 58 gigawatts of nuclear energy capacity by 2020.

See previous uranium news updates:

Read expert commentary:

Thomas Drolet discusses nuclear power from a global point of view.

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.

Disclaimer: Lakeland Resources Inc is a client of OnPage Media Corp, the publisher of ResourceClips.com. The principals of OnPage Media may hold shares in Lakeland Resources.

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