Uranium news from Saskatchewan and elsewhere for April 19 to 25, 2014
by Greg Klein
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Fission Uranium completes winter delineation, releases Patterson Lake South drill results
Delineation drilling, the focus of Fission Uranium’s (TSXV:FCU) winter 2014 Patterson Lake South program, has come to its seasonal end. While one rig worked outside the main mineralized area, four others sunk 82 infill holes, roughly 85% of the 30,000-metre campaign, since mid-January. As a result PLS now consists of five zones along a 2.24-kilometre potential strike that’s open at both east and west. Along with its April 24 announcement Fission Uranium released radiometric results for the last dozen holes. Two days earlier the company reported assays for nine others.
Ten of the 12 latest holes came from zone R780E, the third of the five east-west zones. With a total of 77 holes so far, R780E has about 855 metres in strike and up to about 95 metres in lateral width. Seven of the latest 10 holes showed substantial intercepts reaching the maximum possible reading of 9,999 counts per second on a hand-held scintillometer that measures radiation from drill core. Scintillometer results are no substitute for assays, which are pending for these holes.
R1620E, at the eastern extent and declared a new zone earlier this month after just one hole, now has a second which showed 38.5 metres (not true width) ranging from under 300 cps to 3,500 cps. Ironically for the discovery zone, R00E gave up just half a metre of 490 cps.
Assays released two days earlier included yet another PLS “best yet”—this time “the widest high-grade interval to date,” which helped PLS14-187 nearly equal a previously recorded best hole. This nine-hole batch marks the third set of assays, totalling 22 holes, for the winter campaign. Like the previous week’s dozen holes, all nine came from R780E. Some of the best results showed:
- 0.2% uranium oxide (U3O8) over 34 metres, starting at 73 metres in downhole depth
- 0.4% over 3.5 metres, starting at 137.5 metres
- 1.04% over 17 metres, starting at 170 metres
- (including 2.88% over 4.5 metres)
- 0.15% over 30 metres, starting at 130 metres
- 0.28% over 8.5 metres, starting at 199 metres
- 0.1% over 19.5 metres, starting at 22.5 metres
- 0.28% over 7.5 metres, starting at 254.5 metres
- 0.13% over 27.5 metres, starting at 89.5 metres
- 0.97% over 22.5 metres, starting at 132 metres
- (including 2.24% over 7.5 metres)
- 1.34% over 2.5 metres, starting at 178.5 metres
- 0.4% over 7.5 metres, starting at 203.5 metres
- 0.22% over 8 metres, starting at 218 metres
- 2.18% over 47 metres, starting at 132 metres
- (including 4.3% over 3 metres)
- (and including 14.27% over 2 metres)
- 1.04% over 4 metres, starting at 237 metres
- (including 3.64% over 1 metre)
- 3.19% over 2 metres, starting at 254 metres
- 0.15% over 28.5 metres, starting at 115 metres
- 0.31% over 6 metres, starting at 125.5 metres
Best of the batch and second-best overall was PLS14-187:
- 5.98% over 102.5 metres, starting at 63 metres
- (including 27.2% over 3 metres)
- (and including 12.93% over 10.5 metres)
- (and including 14.12% over 6 metres)
- (and including 16.92% over 2.5 metres)
- (and including 16.14% over 4.5 metres)
- 2.59% over 9 metres, starting at 218.5 metres
True widths weren’t provided. “Mineralization is both located within and associated with a metasedimentary lithologic corridor, bounded to the south by the PL-3B basement electromagnetic conductor,” Fission Uranium added.
The $12-million winter agenda also calls for geophysics. And no, there’s still no word on when Fission Uranium might unveil its maiden resource.
Lakeland Resources acquisition expands Lazy Edward Bay project
Out of Lakeland Resources’ (TSXV:LK) portfolio of 16 uranium properties in and around the Athabasca Basin, Lazy Edward Bay has taken on greater prominence. A three-claim, 4,475-hectare acquisition announced April 24 expands the project to 26,375 hectares. The new turf also adds two conductive trends, giving Lazy Edward a total of six around the Basin’s southern margin.
Subject to TSXV approval, the 100% interest will cost Lakeland $5,000, 250,000 shares and a 2% gross revenue royalty.
Of the two additional conductive trends, the Ponderosa consists of two parallel graphitic trends, each about 2.5 kilometres long, Lakeland stated. Ground EM surveys and seven holes tested the trend in 1989, with more EM and another hole following in 2001.
The Jack trend extends from the original Lazy Edward property, tripling the trend to about 5.1 kilometres. In 2007 it underwent a ground fixed loop transient EM survey but hasn’t been drilled.
Historic work has sunk at least 53 holes on Lazy Edward’s six trends but, with each ranging between five and seven kilometres long, they remain under-explored. One hole on the Bay trend assayed 770 ppm uranium, along with anomalous pathfinder metals. Depths to the unconformity along the Basin’s southern edge range from zero to 350 metres.
“As a result of the historic and recent exploration on the property, all six trends are considered drill ready,” the company stated.
Among other projects in Lakeland’s portfolio is Gibbon’s Creek, a joint venture with Declan Resources TSXV:LAN that features surface boulders grading up to 4.28% U3O8 and some of the highest radon readings ever measured in the Basin.
Aldrin reports initial findings from Triple M’s initial four holes
With drilling suspended by snowmelt, Aldrin Resource TSXV:ALN reported preliminary results from the first four holes on its PLS-adjacent Triple M property. All four “intersected alteration, structures and breccia zones within a metasedimentary rock succession including elevated radioactivity counts in a graphitic fault zone,” the company stated on April 22. Assays have yet to come.
With less than 25% of the planned 4,000-metre program complete, the quartet tested the Forrest Lake fault. Aldrin plans at least four more holes over the same fault “moving towards the most intense part of the basement conductive anomaly” before starting on the Anticline target.
Drilling could resume on the 12,000-hectare property in as little as two weeks, the company added.
NexGen adds to eastern Basin holdings
The size of the property wasn’t divulged. Nor was its name. But NexGen Energy TSXV:NXE announced an eastside Basin acquisition and option on April 25. Subject to approvals, NexGen gets a 75% interest in five claims by issuing Long Harbour Exploration TSXV:LHC shares worth $135,000. NexGen’s option on the other 25% would require additional shares worth $45,000. Value would be calculated by the volume-weighted average for five days before closing. The property remains subject to a 2% NSR and 2% gross overriding royalty. The claims lie “in close proximity” to NexGen’s Thorburn Lake property.
On April 22 the company implemented a shareholder rights plan.
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