Tuesday 25th October 2016

Resource Clips

Athabasca Basin and beyond

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Aldrin resumes Triple M drilling

After a month-long break waiting for snowmelt to dry, Aldrin Resource TSXV:ALN once again has a drill turning at its 12,000-hectare, PLS-adjacent Triple M project, the company announced May 13. In late April Aldrin reported preliminary results from the project’s first four holes.

At least four more will target the same Forrest Lake fault, “moving towards the most intense part of the basement conductive anomaly” before going on to “the even stronger conductor on the Anticline target.”

New claims build Takara’s Uranium City portfolio

In northern Saskatchewan’s historic Beaverlodge district, Takara Resources TSXV:TKK picked up another 8,365 hectares of claims, bringing its Uranium City-area ground up to about 27,460 hectares. Two of the three new claims are contiguous to Takara’s existing turf, according to the May 12 release.

Historic, non-43-101 accounts note radioactivity from 1950s drill core measured by a hand-held scintillometer and indicate a zone averaging 213 metres by 1.5 metres by 30 metres that averaged 0.15% uranium oxide-equivalent (eU3O8). The company believes the claims are prospective due to technological advances since the ’50s.

The new acquisitions will cost Takara $60,000 and a 2% NSR. In early April the company announced an airborne magnetometer and radiometric survey, with ground surveys expected to follow.

Blue Sky surprised as AREVA drops Argentinian option

AREVA Mines has pulled out of a 51% option on properties in two Argentinian provinces. Last November Blue Sky Uranium TSXV:BSK announced an AREVA-funded Phase I program of nine holes totalling 2,000 metres along with ground geophysics for its Ivana project in Rio Negro. Although results haven’t been released, Blue Sky said on May 13 it had been informed in writing that AREVA would continue with the option. But, Blue Sky’s release added, “It is with surprise that we have subsequently been notified” that AREVA was dropping out after spending about $3 million.

Blue Sky, which in March and April raised $270,550 and $114,345 in private placements, said it will continue to advance its projects while seeking new partners. The company now holds a 100% interest in its 5,000 square kilometres of Argentinian property.

Rio Grande to consolidate shares, change name to 92 Resources

While proceeding with a 5:1 reverse split, Rio Grande Mining TSXV:RGV also intends to request exchange approval for a name change, the company announced May 15. The new moniker, 92 Resources Corp, would help rebrand Rio Grande as an energy exploration company.

Last month the company dropped out of a northern Athabasca Basin option but two weeks earlier picked up a 50% option with Unity Energy TSXV:UTY for the southeastern Basin’s Mitchell Lake project.

Unity closes Camsell option, appoints director

Unity, meanwhile, announced on May 14 the appointment of Arni Johannson as chairman. Johannson was founder of Titan Uranium, taken over by Energy Fuels TSX:EFR in 2012, and is currently a director of Mega Uranium TSX:MGA and Canadian Uranium Corp. The previous week Unity closed an option agreement on the 14,200-hectare Camsell project in the northwestern Basin. A 100% interest would cost Unity $570,000 and one million shares within 42 months and $2 million in exploration over five years.

With interests in several Basin properties, Unity’s two most prominent are its Waterbury Lake and McKenzie Lake projects.

In brief…

On May 12 Strateco Resources TSX:RSC stated the TSX had granted another 30-day extension to the company’s de-listing review. Strateco hopes a May 27 shareholder vote will approve two agreements totalling $1.5 million with Sentient Executive GP IV Ltd, which could allow continued trading on the TSX.

Q1 results released by Uranerz Energy TSX:URZ on May 12 reported a net loss of $4.91 million or six cents a share, compared with $4.08 million or five cents a share for the same period in 2013. Last month the company began in-situ recovery at its Nichols Ranch mine in Wyoming.

Also on May 12 Canadian International Minerals TSXV:CIN reported closing a private placement of $202,500. The company’s portfolio includes uranium and diamond prospects in Saskatchewan.

On May 13 Noka Resources TSXV:NX offered a private placement up to $700,000. A previous offering raised $1.13 million in February. Noka is a member of the Western Athabasca Syndicate, which released initial drill results from its Preston Lake project the previous week.

Energy Fuels’ Q1 report showed a net loss of US$6.34 million or $0.32 a share, compared with $5.9 million or $0.40 a share for the same period in 2013. The company sold 191,667 pounds U3O8 at an average of $58.53 a pound, thanks to term contracts. The May 13 release added that Energy Fuels’ inventories and spot market purchases reduce the need for near-term production and will allow the company to put its White Mesa mill on standby in August. Located in Utah, White Mesa is the only conventional uranium mill operating in the U.S.

Released May 15, Paladin Energy’s (TSX:PDN) financials showed an after-tax net loss of US$274.9 million for nine months and $19.9 million for three months up to March 31. Last year’s figures were $247.7 million and $54.1 million respectively. Sales from the Langer Heinrich mine in Namibia and the Kayelekera mine in Malawi, which has been on care and maintenance since February, totalled 6.85 million pounds U3O8 for the nine-month period. Prices averaged $37.90 a pound, although UX Consulting’s average indicator was $35.40, Paladin stated.

On May 15 MillenMin Ventures TSXV:MVM announced TSXV approval of a three-year extension to May 24, 2017, of 1.5 million warrants exercisable at $0.40. Last October the company completed initial field work at two eastern Basin properties, Highrock Lake NE and Smalley Lake W.

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.

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