Saturday 22nd October 2016

Resource Clips

Athabasca Basin and beyond

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MPVC suspends ice drilling, plans summer land campaign at NW Manitoba

A plan to drill its Northwest Manitoba project while ice persists had to be suspended due to the ice ceasing and desisting from persisting, MPVC Inc TSXV:UNO conceded June 3. Just one hole over Maguire Lake reached bedrock. While the lake’s other targets will wait for next winter, land drilling should begin once spring break-up finishes. The 143,603-hectare property has over 15 targets, each requiring multiple holes, MPVC added.

Meanwhile “drills are being modified and re-tooled to better handle the unexpectedly challenging overburden,” the company stated. Under an 80% option with CanAlaska Uranium TSXV:CVV, MPVC would spend $3.2 million by 2015.

B.C. government pays $30 million for uranium exploration ban, faces another lawsuit

A $30.35-million award from the B.C. government has finally closed, Boss Power TSXV:BPU and Anthem Resources TSXV:AYN announced June 2. The 2011 out-of-court settlement followed the province’s 2009 ban on uranium and thorium exploration but was held up by bitter wrangling between some of the beneficiaries.

According to an April 30 Boss statement, another disputant had filed a court claim against the company regarding the settlement but Boss had not received a Notice of Civil Claim before the expiry date.

In March Anthem launched its own lawsuit against B.C. for the “de facto expropriation” of its uranium interests in the province.

Read more about the settlement and its distribution.

Garrett Ainsworth leaves Alpha for NexGen, Alpha considers legal action

The father-and-son team played a major role in the celebrated PLS discovery. Now Alpha Exploration TSXV:AEX, headed by president Ben Ainsworth, is considering legal action against his son, former VP of exploration Garrett Ainsworth. The news came through in a June 2 post-market Alpha statement that Garrett Ainsworth “has repudiated his employment agreement with the company,” which no longer employs him effective immediately.

The following morning NexGen Energy TSXV:NXE announced Garrett Ainsworth’s appointment as its VP of exploration and development. He replaces Andrew Browne, who now heads the company’s newly created technical advisory committee.

Alpha also announced it pulled out of a potential transaction with NexGen for what Alpha alleged to be “a breach of a contractual obligation by NexGen.”

Alpha stated it is “considering its legal rights and options for recourse in connection with the improper actions taken by each of the former VP and NexGen.”

Further details weren’t provided. The allegations are unproven.

In January Ben and Garrett Ainsworth shared AME BC’s 2013 Colin Spence Award for excellence in global mineral exploration for their roles in the PLS discovery.

On November 10 (a Sunday), corporate development/communications staffer Robert Meister, then with Alpha Minerals and now with its spinco, informed that “our management is reviewing your statements with our legal team in regards to you [sic] public accusations” about this.

In brief…

On June 2 Declan Resources TSXV:LAN stated its intention to amend a previous offer of 20 million units at $0.10 for up to $2 million. The new terms are 28.57 million units at $0.07, again for up to $2 million. In a late April announcement the company reported property acquisitions in Wyoming and Saskatchewan, as well as VTEM results from its newly acquired Alberta projects.

On June 3 Uranium Energy Corp NYSE MKT:UEC announced Ganpat Mani’s appointment as director, replacing Katharine Armstrong. Mani’s background includes the role of president/CEO of ConverDyn, a partnership between Honeywell International and General Atomics, which specializes in the nuclear fuel conversion trade. In late May UEC reported another Texas acquisition for its western U.S. portfolio.

After Enexco security holders approved the company’s takeover by Denison on June 4, Enexco stated it would seek court approval two days later and “expects to complete the transaction as soon as possible thereafter.” On June 3 the company announced a tripartite definitive arrangement agreement with Choice Gold CSE:CHF and Full Metal Minerals TSXV:FMM regarding the Pyramid copper project in Alaska and the Contact copper project in Nevada.

On June 5 Lucky Strike Resources TSXV:LKY announced the closing of a private placement first tranche of $207,800. Lucky Strike is a member of the four-company Western Athabasca Syndicate, which reported preliminary drill results from its Preston property early last month.

In another private placement involving another syndicate member, Athabasca Nuclear TSXV:ASC closed $161,759, the company reported June 6. Earlier that day the company announced the resignation of director Johnathan More.

China National Nuclear Corp has met a condition by China’s National Development Reform Commission regarding the purchase of a 25% stake in the Langer Heinrich mine in Namibia, Paladin Energy TSX:PDN reported on June 6. Other Chinese government approvals have still to come, the company added. The previous week Paladin announced its Kayelekera mining operations in Malawi had been suspended.

Also on June 6 Uravan Minerals TSXV:UVN announced 825,000 options to insiders. In April the company released preliminary results of a TDEM survey over its Stewardson project in the south-central Basin.

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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