Thursday 28th May 2020

Resource Clips

Athabasca Basin and beyond

Previous Page 1 | 2

Anfield Resources plans to explore historic properties

A March 18 news release from Anfield Resources TSXV:ARY states the company “has expanded its holdings at the Firefly mine complex” in Utah. Whether this is news or not isn’t clear. The announcement totals its Utah and Arizona assets at 11,000 acres (4,451 hectares), the same figure given in a March 3 announcement. The portfolio includes three historic uranium-vanadium producers, the Firefly, Gray Dawn and Little Peter mines.

Plans for the Firefly complex include mapping, sampling and geophysics on the surface, historic drill holes and underground mine workings, the company stated. The properties range within shipping radius of Energy Fuels’ (TSX:EFR) White Mesa plant, the only conventional uranium mill operating in the U.S.

Drilling begins at Western Athabasca Syndicate’s Preston Lake property

A four-company alliance has a drill turning on its 246,643-hectare Preston Lake project, the group announced March 17. About 10 to 15 shallow holes totalling 2,000 metres are planned on three initial target areas of the PLS-vicinity property called Swoosh, CHA and Fin South. Most of the work concerns Swoosh, “where five separate drill pads will test a combination of EM conductors, complex structures, gravity lows, anomalous geochemistry and elevated radon values,” the alliance stated.

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

On March 18 Skyharbour increased a private placement offering from $500,000 to $750,000. The company also announced amended terms for the sale of two Ontario non-core assets to Cypress Development TSXV:CYP. The sale of the South Bay property has been cancelled. The sale of Skyharbour’s 20% interest in the McKenzie Island gold project will now cost Cypress $25,000.

Three days later Lucky Strike granted insiders 1.5 million options at $0.11 for three years.

Eco Ridge flotation tests successful, Pele Mountain says

On March 19 Pele Mountain Resources TSXV:GEM reported metallurgical progress at its Eco Ridge rare earths-uranium project in Ontario’s Elliot Lake district. Flotation tests “demonstrated that most of the pyrite in the main conglomerate bed can be effectively separated from the rest of the mineralization without a significant loss of rare earths or uranium,” the company stated.

Executive VP Roger Payne said the removal of pyrite early in the process could allow the waste to be returned underground as cemented backfill. It would also “reduce the mass of concentrates reporting to downstream units of the processing circuit, creating potential savings in opex and capex.”

The company added it’s holding discussions on potential off-take agreements and strategic partnerships. Last June Pele Mountain updated the Eco Ridge resource and in September released a “sensitivity analysis” of the project’s 2012 PEA.

In brief…

Canadian International Minerals TSXV:CIN offered a private placement up to $700,000 on March 17. Proceeds will go to the Reindeer River syndicate project announced the previous week and for general working capital.

On March 17 Aben Resources TSXV:ABN announced that a private placement of 12 million units offered two weeks earlier would be re-priced from $0.05 to $0.06, for up to $720,000. The company holds interests in about 16,180 hectares of eastern Basin property, including a 40%/60% JV with Skyharbour in Mann Lake.

Also on March 17 MPVC Inc TSXV:MVC.H stated it expects to issue finders’ warrants for up to 320,000 shares at $0.10, part of its goal to raise $1.25 million to option 80% of a northwestern Manitoba property from CanAlaska Uranium TSXV:CVV.

On March 18 Uracan Resources TSXV:URC announced Mark Corra has replaced John Sutherland as director. Uracan has an option to earn 60% of the northern Basin Black Lake project from UEX Corp TSX:UEX, which currently has an 89.99% interest, with AREVA Resources Canada holding the rest. Black Lake borders the Lakeland/Declan JV at Gibbon’s Creek.

On March 19 Ur-Energy TSX:URE announced an amendment to its loan with RMB Australia Holdings, giving the miner another US$1.5 million in addition to the $5 million received in December. Repayment has been extended from one to two years. The amendment allows an additional $3.5-million drawdown on completing a resource estimate at the Shirley Basin project in Wyoming, which Ur-Energy obtained with its December acquisition of Pathfinder Mines. Ur-Energy began in-situ recovery at its Wyoming Lost Creek mine last August. The company released a resource update for the project in November and a PEA update in December.

Eagle Plains Resources TSXV:EPL announced on March 18 that Green Arrow Resources TSXV:GAR had terminated an option on the Eagle Lake project in Saskatchewan. Eagle Plains holds over 35 properties, including uranium prospects.

Aldrin Resource TSXV:ALN 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 PLS-adjacent Triple M project. Aldrin expected to begin a 4,000-metre drill program on the 12,001-hectare property within days of the March 19 news release.

Also on March 19, Mega Uranium proclaimed the management’s slate victorious in election to the board. The company further reported that it was scrapping a name change and 10:1 share consolidation approved last year. In January Mega announced a Cameco earn-in on Mega’s Kintyre Rocks claims in Western Australia. Late last year the company acquired interests in Bayswater Uranium TSXV:BYU and ASX-listed Toro Energy.

Forsys Metals TSX:FSY announced advance notice and majority voting policies on March 20. In February the company released reserve and resource estimates for two deposits at its Norasa project in Namibia.

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 The principals of OnPage Media may hold shares in Lakeland Resources.

Previous Page 1 | 2

Pages: 1 2

Comments are closed.

Share | rss feed

View All: Feature Articles