Thursday 24th September 2020

Resource Clips

Athabasca Basin and beyond

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European Uranium to JV with Forte Energy on Slovakian projects

One week previously European Uranium Resources TSXV:EUU shareholders failed to give two-thirds approval to a plan to sell the company’s Slovakian uranium assets to Forte Energy. Anticipating that outcome and “given the continued urgency of addressing the company’s need for cash,” EUU was already negotiating a deal that wouldn’t require shareholder approval. Announced June 16, the company has signed a binding letter of intent to give Forte a 50% option on the properties.

The deal would cost the ASX/AIM-listed company $500,000 in payments and $3.5 million in exploration over 10 years, including a first-year commitment of a $25,000 payment and $350,000 in spending.

A feasibility study for EUU’s Kuriskova uranium project had been scheduled for release by early 2014. But the company will now search for copper and gold at its newly acquired Deli Jovan North project in Serbia.

Negotiations with Forte followed a planned merger with Portex Minerals CSE:PAX that fell through in early April.

Appia Energy lists on CSE

With interests in Ontario and Saskatchewan, Appia Energy CSE:API began trading on June 19. The company’s Teasdale Lake property in Ontario’s Elliot Lake camp has a July 2013 resource estimate for three zones with an indicated category totalling 47.69 million pounds total rare earth elements and 7.99 million pounds U3O8, and an inferred category totalling 133.17 million pounds TREE and 20.11 million pounds U3O8.

The company’s Banana Lake zone has a 2011 resource showing another 27,638 pounds U3O8 inferred.

Appia also holds interests in Saskatchewan properties totalling 79,438 hectares, mostly in the Athabasca Basin area.

Strateco survives TSX review

Thanks to “restored financial health,” Strateco Resources TSX:RSC no longer faces a TSX listing review, the company announced June 16. The previous week shareholders approved a $1.4-million private placement with Sentient Executive GP IV, an insider.

Having shut down its Matoush camp due to Quebec’s moratorium on uranium exploration, the company intends to focus on its new Athabasca Basin acquisitions. Read more about Strateco and Quebec’s uranium inquiry.

Alpha releases plans for three priority projects

On June 16 Alpha Exploration TSXV:AEX announced summer and fall plans for its three priorities: Carpenter Lake, Hook Lake and Middle Lake.

Carpenter Lake gets a radon-in-soil survey to search for targets up ice from anomalies found in radon-in-water and lake sediment surveys. Also scheduled is a 43-101 technical report to determine drill targets for next winter. By spending $1.25 million, Alpha may earn a 60% interest in the 20,637-hectare south-central Basin project from Noka Resources TSXV:NX.

About 15 kilometres northeast of PLS, Alpha’s 100%-held Hook Lake will undergo “exploration to better define drill targets” for winter.

Farther north, near the westside Basin’s former Cluff Lake mine, Middle Lake has assays and analytical results from last winter expected soon. Next winter’s drilling will follow a 43-101 technical report scheduled for completion this month. Alpha holds an 80% interest in the joint venture with Acme Resources TSXV:ARI, which calls the project Skull Lake.

Cameco offers $500 million in debentures

Cameco announced a public offering of $500 million in senior unsecured debentures at 4.19% for 10 years, expected to close on June 24. Proceeds will be used to redeem the company’s outstanding 4.7% senior unsecured debentures due in September 2015 and for general corporate purposes.

CanAlaska updates Cree East geophysics

Winter geophysics on CanAlaska Uranium’s (TSXV:CVV) Cree East project found a 1.8-kilometre graphitic basement conductor that the company believes stops at a fault associated with another target 1.5 kilometres away. The company has an onsite rig poised to begin a 5,000-metre program subject to funding, according to a June 18 statement.

The 55,935-hectare southeastern Basin project is a 50/50 JV between CanAlaska and a consortium of South Korean companies comprising Hanwha Corp, KEPCO, KORES and SK Networks.

MPVC identifies NW Manitoba drill targets, offers $2-million placement

With final radon-in-water results from its Northwest Manitoba project in hand, MPVC Inc TSXV:UNO claimed an abundance of drill targets—39 on land, while Maguire Lake has seven first-priority and five second-priority targets, the company stated June 20. To finance a summer program the company’s offering a private placement up to $2 million.

Earlier this month MPVC announced it had suspended drilling over Maguire Lake because of poor ice conditions and would focus on land drilling in the summer. MPVC may earn 80% of the 143,603-hectare property from CanAlaska by spending $3.2 million by 2015.

See previous uranium news roundups:

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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