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Forum reports initial drill results from NW Athabasca JV
With winter drilling complete, Forum Uranium TSXV:FDC updated its Northwest Athabasca JV on May 1. Thirteen holes totalling 2,911 metres tested five target areas, three of which showed positive radiometric results, the company stated.
A 1.4-metre interval of “off-scale” radioactivity came from sandstone within the historic Maurice Bay deposit, which holds a non-43-101 resource averaging 0.6% U3O8 for 1.56 million pounds at a depth of 50 metres. Radioactivity also extended 4.5 metres into the basement rocks but no additional mineralization was found, Forum noted.
Parallel to the Maurice Bay fault, three holes added 20 metres to the Otis West strike, now 70 metres in length and open to the east.
One of three holes at Zone A also showed elevated radioactivity.
Uravan completes Phase I at Stewardson
Uravan Minerals TSXV:UVN reported preliminary interpretations of a TDEM survey over its Stewardson project in the south-central Basin on April 30. Initial findings suggest a strong correlation with a 2013 ZTEM survey that found an interpreted extension of the E-conductor on Cameco’s Virgin River project adjacently south.
Additionally Uravan CEO Larry Lahusen stated that as a result of geochemical studies from seven projects, “we are now starting to understand what a mineralized conductor looks like geochemically versus the many barren conductors that transect the Athabasca Basin.”
Cameco funds the work under a 70% option.
Cameco’s Q1 production slips, earnings rise
Cameco’s Q1 financials, released April 29, reported adjusted earnings of $36 million, or $0.09 per share diluted, compared with $27 million, or $0.07 per share for Q1 2013. The company attributed the performance to higher sales volumes and prices.
Approximately 70 new reactors are under construction and we expect a net increase of 93 reactors over the next 10 years, which is expected to drive an increase in annual uranium consumption from today’s 170 million pounds to about 240 million pounds.—Cameco’s Q1 financial report
Net earnings shot up to $131 million ($0.33 per share) compared to $9 million ($0.02 per share) for the same period last year. Credited was the sale of its 31.6% interest in Bruce Power offset by losses on foreign exchange derivatives.
Production slipped to 5.7 million pounds compared with 5.9 million for the first three months of 2013, largely due to reduced output from Rabbit Lake. But sales increased 35%, from 5.1 million pounds to 6.9 million. Average realized prices dropped 4% to US$46.60. But in Canadian currency that worked out to a 5% increase to $50.58.
Cameco remains positive about uranium’s long-term future. “Approximately 70 new reactors are under construction and we expect a net increase of 93 reactors over the next 10 years, which is expected to drive an increase in annual uranium consumption from today’s 170 million pounds to about 240 million pounds,” the company stated. “This demand fundamental combined with the timing, development and execution of new supply projects and the continued performance of existing supply will determine the pace of market recovery.”
The company also remains positive about the outcome of a Canadian tax reassessment of approximately $2 billion in additional income.
On April 28 Skyharbour Resources TSXV:SYH announced 40-year exploration veteran Richard Kusmirski’s appointment as director. The company also reported 3.45 million warrants were exercised to raise $345,000. In addition Skyharbour closed the sale of a 20% interest in an Ontario gold project for $25,000 and granted insiders a million options exercisable at $0.10 for five years. As a member of the Western Athabasca Syndicate, Skyharbour announced in mid-April an expanded drill program at the Preston property.
On April 29 Pitchblack Resources TSXV:PIT was reclassified to TSXV Tier 2. The company, which holds uranium, coal and gold assets in the Yukon, will propose a reverse split at this month’s AGM.
Bannerman Resources TSX:BAN released a quarterly activities report on April 29. Earlier that month the company announced an AU$4-million convertible note facility to fund a pilot plant at the company’s Etango project in Namibia.
Also on April 29 Millrock Resources TSXV:MRO announced Sarah Whicker became executive VP and David Volkert resigned as director. The company’s projects include the Red Bay uranium property in New Mexico, currently available for option.
Rio Grande Mining TSXV:RGV reported April 30 that it dropped out of its Pattyson Lake option in the northern Basin. Two weeks earlier the company announced a 50% option on Unity Energy’s (TSXV:UTY) Mitchell Lake project in the southeastern Basin.
Energy expert Thomas Drolet became the first member of International Montoro Resources’ (TSXV:IMT) advisory board, the company announced May 1. Montoro’s interests include its Serpent River uranium-REE project in Ontario and two properties in Saskatchewan’s Uranium City region.
On May 1 Paladin Energy TSX:PDN announced Craig Barnes’ appointment as CFO effective July 1, replacing Alan Rule who moves to the same position at ASX-listed Sundance Resources.
On May 2 Aldrin Resource TSXV:ALN announced Ryan Kalt’s appointment as a director, replacing Edward Grant. The company also granted insiders one million options exercisable at $0.08 for five years. The previous week Aldrin released preliminary drill results from its Triple M property.
Also on May 2 Pele Mountain Resources TSXV:GEM announced a first tranche had raised $437,012. In March the company reported positive metallurgical tests from its Eco Ridge rare earths-uranium project in Ontario.
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