Saturday 24th October 2020

Resource Clips

Athabasca Basin and beyond

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Skyharbour picks up two properties from Denison

Just beyond the southeastern Basin lie two properties acquired by Skyharbour Resources TSXV:SYH from Denison Mines TSX:DML. Announced May 30, the deal gives Skyharbour the 90,892-hectare Way Lake and the 12,660-hectare Yurchison Lake projects in return for $20,000 and two million shares. Denison retains a 2% NSR, half of which Skyharbour may buy for $1 million.

Way Lake’s Fraser Lakes Zone B comes with a 2012 inferred resource that used a cutoff of 0.01% U3O8 to show:

  • 10.35 million tonnes averaging 0.03% U3O8 and 0.023% thorium dioxide (ThO2) for 6.96 million pounds U3O8 and 5.34 million pounds ThO2.

The near-surface resource offers expansion potential along strike and at depth, Skyharbour added. Additionally, grab samples from the property’s Hook Lake area assayed up to 48% U3O8.

Surface samples from Yurchison Lake have graded 0.09% to 0.3% U3O8 and 2,500 ppm to 6,400 ppm molybdenum.

The company will also seek TSXV approval to extend 1.8 million warrants exercisable at $0.125 for two years beyond their June 24, 2014, expiry date.

Skyharbour is a member of the four-company Western Athabasca Syndicate, which in early May released preliminary drill results from the Preston project’s Swoosh target.

Purepoint releases winter drill results from Hook Lake JV

With a project five kilometres northeast of PLS, Purepoint Uranium TSXV:PTU announced results for a 10-hole, 3,704-metre winter program at its Hook Lake joint venture on May 28. Of six holes sunk in the Spitfire area, one found 0.15% uranium oxide-equivalent (eU3O8) over 2.1 metres (not true width), as measured by a downhole radiometric probe. The intercept started at 212 metres in downhole depth.

The other holes, including three in the project’s Patterson Lake area and one on Jed Lake, failed to find significant mineralization.

The Spitfire intercept builds on two holes reported in March from an area where the “mineralization and associated graphitic shear zone lie along the D2 conductor that is interpreted as a thrust fault directly related to the PLS deposits and the PLS mineralized trend,” Purepoint stated. Now under consideration are DC resistivity and IP chargeability surveys prior to further drilling.

Project operator Purepoint holds a 21% interest in the 28,683-hectare property with partners Cameco Corp TSX:CCO (39.5%) and AREVA Resources Canada (39.5%).

Read a commentary about Purepoint’s news release on Geology for Investors.

U3O8 spins out frac sand rights in Argentina; Laguna Salada PEA nears completion

Following a deal first announced in January, U3O8 Corp TSX:UWE has offloaded frac sand rights to one of its Argentine properties. In an agreement announced May 29, the Carina property’s frac sand potential goes to South American Rare Earth Corp in return for 19 million shares, increasing U3O8’s stake in the private corporation from 13% to 39%. U3O8 retains a 7.5% gross royalty on frac sand production, the right to explore for uranium and vanadium and a right of first refusal on any uranium-vanadium mineralization otherwise encountered on the property.

The company’s immediate priority remains its Laguna Salada preliminary economic assessment “which has taken longer than anticipated due to additional test work having been required on one component of the uranium-vanadium extraction process,” stated U3O8 president/CEO Richard Spencer. “We expect to announce results of the PEA imminently.”

Read more about frac sand exploration and production.

NexGen ready to resume drilling at Rook 1’s Arrow targets

With permits in hand and three rigs onsite, NexGen Energy TSXV:NXE is about to start drilling Rook 1, the company stated May 29. Last February’s Arrow discovery will be the focus, where seven of eight holes showed mineralization, extending the potential strike to about 215 metres, open in all directions and at depth. The company expects further assays from last winter’s program soon.

In addition to Arrow, a heli-rig will test geophysical targets covering the Dirksen Trend in the PLS-adjacent project’s western section. In April the company announced a property acquisition from Long Harbour Exploration TSXV:LHC.

Paladin cuts 3.3 million pounds from annual supply pending $70 to $75 prices

On May 27 Paladin Energy TSX:PDN announced its Kayelekera mine in Malawi had been placed on care and maintenance six days earlier, eliminating about 3.3 million pounds U3O8 from global annual production. The mine could resume operation within about nine months, given prices of $70 to $75 a pound, the company stated. Ux Consulting’s price indicator for May 26 came to $28.25.

Paladin continues exploration around Kayelekera, as well as other locations. The company hopes to close the sale of a 25% interest in its Langer Heinrich flagship in Namibia in June.

Also blaming low uranium prices, Cameco postponed its Millennium mine proposal in mid-May.

In brief…

At their May 27 AGM, Strateco Resources TSX:RSC shareholders approved a private placement offering up to $3 million, with $2.5 million to be offered to an insider, the Sentient Group. As a result Strateco expressed confidence that the financing would maintain its TSX listing, currently under review. The previous week the company called on Quebec’s environmental watchdog to replace the head of an inquiry into uranium mining and exploration.

On May 27 Western Athabasca Syndicate member Athabasca Nuclear TSXV:ASC stated its intention to amend a private placement previously offered at $0.10 a unit up to $500,000. The new terms would be $0.07 a unit up to $350,000. The offering is expected to close by June 6.

Having voluntarily delisted from the TSXV, Prescient Mining CSE:PMC announced May 28 it’s now trading on the CSE. In 2012 the company optioned the 5,052-hectare Hook Lake property adjacent to Skyharbour’s new Way Lake acquisition.

Cameco announced the election of 13 board members at its May 28 AGM. In late April the company released its Q1 financials.

Kivalliq Energy’s (TSXV:KIV) May 29 AGM re-elected its board and approved resolutions. The previous week the company announced an option with Westham Resources TSXV:WHR.P on Kivalliq’s Genesis project in Saskatchewan.

On May 30 Azincourt Uranium TSXV:AAZ and Macusani Yellowcake TSXV:YEL reported an extension to June 15 of their letter of intent to consolidate their Peruvian properties. The previous week Azincourt announced filing a 43-101 report on its Peruvian projects.

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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