Thursday 27th October 2016

Resource Clips

Athabasca Basin and beyond

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Takara plans to fly historic Beaverlodge district, offers $350,000 placement

On April 7 Takara Resources TSXV:TKK announced an airborne magnetometer and radiometric survey for its apparently unnamed 19,100 hectares of claims north of Uranium City to take place later this spring. Ground surveys are expected to follow.

Located in northern Saskatchewan’s historic Beaverlodge mining district, the claims “have numerous uranium showings including trenches, drill holes, adits and shafts from production activity in the region dating back to the 1980s and earlier,” according to the news release. The company closed its acquisition of the claims in January. Takara stated it’s seeking other properties and JV opportunities in the Basin.

On April 11 the company offered a private placement up to $350,000.

NRC licenses Powertech’s Dewey-Burdock ISR proposal in South Dakota

Powertech Uranium TSX:PWE announced April 8 a major regulatory advance for its proposed Dewey-Burdock mine in South Dakota. The final source and by-product materials licence from the U.S. Nuclear Regulatory Commission “represents the most comprehensive of three major agency authorizations required to construct and operate” the in-situ recovery project. The licence follows the NRC’s final supplemental environmental impact statement and its safety evaluation report.

Later this month Powertech anticipates receiving draft permits from the U.S. Environmental Protection Agency. Hearings with two state boards will follow. “Facility construction is tentatively set to begin in 2015,” the company stated.

Dewey-Burdock’s 2012 revised preliminary economic assessment used a 2010 resource showing 2.82 million tonnes averaging 0.198% for 6.68 million pounds U3O8 indicated and 4.52 million pounds inferred.

In February Powertech announced a plan to merge with Azarga Resources Ltd, which holds 80% of the Kyzyl Ompul deposit in Kyrgyzstan and a stake in two ASX-listed companies with projects in Colorado and Turkey. Read more here and here.

Resource Capital Funds puts up AU$4 million for Bannerman’s Namibia pilot plant

Private equity manager Resource Capital Funds will give Bannerman Resources TSX:BAN an AU$4-million convertible note facility to build and operate a pilot plant at the company’s Etango project in Namibia. The plant’s initial capex should come to $1.2 million, with operating costs estimated at $50,000 a month for at least a year, Bannerman stated on April 8.

Bannerman holds an 80% interest in Etango. The company already has an $8-million convertible note with Resource Capital, which holds 13.6% of Bannerman.

In brief…

Blue Sky Uranium TSXV:BSK offered a $500,000 private placement on April 7. Last month the company closed the second tranche of a $270,550 placement. Proceeds go to exploration in Argentina, where the company began drilling its Ivana project in November, and to general working capital.

On April 8 Continental Precious Minerals TSX:CZQ announced completion of a 1:6 reverse split. In February the company released a PEA update for its Viken uranium-polymetallic project in Sweden.

Among April 9 AGM results reported by Azincourt Uranium TSXV:AAZ, all directors were re-elected, two of whom received a total of 969,636 bonus shares. The previous week the company closed a $1.66-million private placement and, along with JV partner Fission 3.0 TSXV:FUU, released initial winter results from their PLN JV. Azincourt also holds properties in Peru’s Macusani region.

DNI Metals TSXV:DNI has added scandium as a potential byproduct from its Buckton polymetallic deposit in northeastern Alberta. A study released April 9 shows the project could produce up to 200,000 kilograms per year of scandium oxide (Sc2O3) by adding an additional separation circuit to the existing plan. Scandium was “provisionally omitted” from a December preliminary economic assessment for the nickel-uranium-zinc-copper-cobalt-rare earth elements project.

On April 10 Aldrin Resource TSXV:ALN reported Graydon Kowal’s resignation as director. Kowal owns Guardian Drilling and Consulting, which will continue to act as drilling contractor on Aldrin’s Triple M property. In late March Aldrin announced a 4,000-metre program for the project, but it wasn’t clear whether work had started.

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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