Sunday 9th August 2020

Resource Clips

Athabasca Basin and beyond

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Together, both portions give Michelin combined resources of:

  • measured and indicated:37.5 million tonnes averaging 0.1017% for 84.13 million pounds

  • inferred:8.81 million tonnes averaging 0.1178% for 22.88 million pounds

Paladin used data from downhole radiometric probes as well as assays to compile the estimate. The company described the mineralized zone as about 1,200 metres long and five to 50 metres thick. It’s been drilled to over 800 metres in depth and “remains substantially open along strike and at depth though it does narrow in all directions,” Paladin added. “There are still areas within the deposit which require infill drilling to either increase the contained mineral resource pounds or effectively close off the mineral resource.”

Apart from the updated 43-101 resource, the project has five other deposits with JORC Code 2004 resources totalling 2.1 million pounds measured, 14.6 million pounds indicated and 16.9 million pounds inferred. Future drilling will focus on both the Michelin deposit and nearby areas. Field work resumes in August while more drilling’s scheduled for next winter.

The project lies within Labrador’s Central Mineral Belt, which Paladin calls “one of the few remaining, underexplored uranium districts globally.” A moratorium on uranium activity on Labrador Inuit lands was lifted in 2012.

In late May, the company suspended operations at its Kayelekera mine in Malawi. The sale of a 25% stake in Paladin’s Langer Heinrich mine in Namibia continues to work through the regulatory process.

Aldrin reports assays from PLS-adjacent Triple M

Aldrin Resource TSXV:ALN reported assays from the first two holes on the Anticline target at its Triple M property on June 27. Some of the better results show:

Hole ALN14-008

  • 0.0053% U3O8 over 10 metres, starting at 178 metres in downhole depth

  • 0.0097% over 3.5 metres, starting at 243 metres
  • (including 0.0144% over 2 metres)

Hole ALN14-009

  • 0.0064% over 1.1 metres, starting at 239 metres

  • 0.0035% over 2.5 metres, starting at 248.5 metres
  • (including 0.0069% over 1 metre)

True widths weren’t provided. Elevated levels of boron, a pathfinder element, suggest “a halo of uranium mineralization centred in the Anticline target,” Aldrin stated.

The previous week Aldrin released radiometric readings for these two holes plus a third. In April the company announced initial results from four of seven holes on the project’s Forrest Lake fault, where drilling began before moving to the Anticline area. The 12,000-hectare property consists of two blocks west and south of PLS.

Noka files Carpenter Lake 43-101, announces next steps

Having filed a 43-101 technical report for Carpenter Lake, Noka Resources TSXV:NX announced plans for the south-central Basin property on June 25. Awaiting drier ground conditions is an airborne gamma spectrometer survey to search out radioactive boulders. The agenda then calls for boulder prospecting and further radon surveying.

The property has already undergone radon-in-water and lake sediment sampling, as well as an airborne VTEM survey.

As a member of the four-company Western Athabasca Syndicate, Noka released initial results from Preston Lake drilling in early May.

Alpha Exploration TSXV:AEX may earn a 60% option on the 20,637-hectare Carpenter Lake by spending $1.25 million on exploration. On June 24 Alpha confirmed it had begun legal action against its former VP of exploration Garrett Ainsworth, son of president Ben Ainsworth, and Garrett Ainsworth’s new employer, NexGen Energy TSXV:NXE. No details were provided.

UEX cuts Uracan’s Black Lake spending in return for shares

An amended agreement announced June 27 reduces Uracan Resources’ (TSXV:URC) funding commitment on its Black Lake earn-in with UEX Corp TSX:UEX. The deal now requires $1.57 million in exploration by year-end, down from the original $2 million. To compensate, UEX gets 50,000 Uracan shares and 25,000 warrants exercisable at $0.12 for three years.

Other details of the earn-in remain unchanged, leaving Uracan with a 60% option on the 30,381-hectare northern Basin project, which is currently held 89.99% by UEX and 10.01% by AREVA Resources Canada. Uracan has spent $1.18 million on Black Lake so far and has agreed to another $1.42 million next year. UEX acts as operator.

In April the two companies released results from Black Lake’s first six holes, which were to be followed by a ground DC resistivity survey prior to further drilling and field work.

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.

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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