Monday 21st September 2020

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Athabasca Basin and beyond

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Tech report recommends $1.81-million program for Fission 3.0’s North Shore

On March 26 Fission 3.0 TSXV:FUU filed a 43-101 technical report for its North Shore project on The recommendations include a $1.81-million 2014 program for the northwestern Basin property including prospecting, mapping, ground geophysics, a radon survey and 20 to 30 shallow holes totalling about 3,000 metres “subject to funding and any other matters.”

Since spinning out of Fission Uranium, the company has built a portfolio of nine Basin properties and one in Peru’s Macusani uranium district.

In brief…

On March 25 MPVC Inc TSXV:MVC.H announced it completed a change of business, pending TSXV approval, and closed private placements totalling $2.62 million. The company has an 80% option with CanAlaska Uranium TSXV:CVV on the Northwest Manitoba project.

Also on March 25 Logan Resources TSXV:LGR announced Stewart Wallis had replaced Adrian Bray as president/CEO. Wallis’ career includes over 40 years of exploration experience for base metals, precious metals and uranium. Logan’s portfolio includes projects in B.C. and the Yukon, as well as Gorilla Lake (also known as Carswell), five kilometres north of the former Cluff Lake mine. Logan has optioned 80% of Gorilla/Carswell to Alpha Minerals spinco Alpha Exploration TSXV:AEX.

A $10-million bought deal announced earlier this month closed at $11.54-million, NexGen Energy reported March 26. The bulk of the proceeds will go to the PLS-adjacent Rook 1, where radiometric results have turned the company’s focus to the Arrow area.

Cameco announced March 27 it closed the sale of its 31.6% interest in Bruce Power and related entities for $450 million, effective December 31, 2013. The sale had excited speculation about Cameco’s plans for the money. In an interview with, energy expert Thomas Drolet suggested the sale was possibly motivated by the expense of putting Cigar Lake into production at a time of low uranium prices.

On March 28 Continental Precious Minerals TSX:CZQ announced a 1:6 reverse split, subject to TSX approval. Early last month the company released an updated preliminary economic assessment for its Viken uranium-polymetallic project in Sweden.

Also on March 28 Aben Resources TSXV:ABN reported closing a $720,000 private placement, with proceeds going to general working capital. In addition to projects in the Yukon and Northwest Territories, the company holds interests in about 16,180 hectares in the eastern Basin.

Uranium One might one day trade again

Having taken Uranium One off public markets last October, Russia’s state-owned Rosatom might have its $1.3-billion acquisition back on exchanges again. That time’s not imminent, but on March 25 the Financial Post quoted Ian Telfer, chairman of both Uranium One and Goldcorp TSX:G: “In the event the uranium price perks up in the next couple of years, [Uranium One’s directors would] be in position to take it public if they wanted to.”

The FP’s Peter Koven said the Russian giant wanted to use its Canadian holding “as a vehicle to attract capital and acquire more assets abroad.” Uranium’s continuing price slump forced Rosatom to take the company private, which Koven called “a small miracle… Given the recent sanctions against Russia, and the fact that state-owned ARMZ was Uranium One’s controlling shareholder, the stock would be collapsing if it traded today.”

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.

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