Wednesday 28th September 2016

Resource Clips


Athabasca Basin and beyond

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Azincourt, Macusani Yellowcake advance Peruvian property consolidation

A planned consolidation of Peruvian uranium properties has moved to a definitive agreement announced July 14 by Macusani Yellowcake TSXV:YEL and Azincourt Uranium TSXV:AAZ. The deal would give Macusani the Peruvian assets of Azincourt in return for 68.35 million Macusani shares, about 29% of the company prior to an upcoming financing. Azincourt would distribute the stock to its own shareholders.

Macusani’s offer of a private placement, one of the deal’s conditions, has been doubled to $2 million. The previous week Macusani closed a $573,000 first tranche in which Mega Uranium TSX:MGA increased its exposure. The company is controlled by a Macusani insider.

Azincourt president/CEO Ted O’Connor would become Macusani CEO while the latter company’s current president/CEO, Laurence Stefan, would become president/COO. O’Connor and Azincourt chairperson Ian Stalker would join Macusani’s board.

The companies expect to close the acquisition by July 31. The consolidated turf would then surround a property held by Fission 3.0 TSXV:FUU, which JVs with Azincourt at Patterson Lake North.

Read more about the consolidation.

Purepoint to continue with Red Willow as Rio Tinto drops option

Rio Tinto NYE:RIO has opted out of its Red Willow earn-in, Purepoint Uranium TSXV:PTU reported July 18. But the junior maintained it will be “aggressively advancing” untested targets on the 25,612-hectare eastside Athabasca Basin property. The news follows results of a 10-hole, 2,734-metre drill program that had been operated by Rio.

One of four holes in the Geneva area intersected 6.4 metres anomalous in the pathfinder minerals cobalt, arsenic, nickel and copper, as well as 0.3 metres of 0.68% U3O8. The area revealed a “50-metre-thick zone of weak to very strong clay alteration associated with hematite considered to be hydrothermal,” Purepoint added.

A three-hole fence at the Mustang target confirmed a 50-metre-wide zone of clay alteration and found 0.3 metres of 0.0948% uranium. Three holes on two other areas failed to find significant alteration or radioactivity. Geneva remains the project’s priority.

In late May Purepoint released drill results from its PLS-vicinity Hook Lake project, a JV with Cameco and AREVA.

Makena amends Patterson option

Makena Resources TSXV:MKN announced July 16 revised terms for its Patterson option with CanAlaska Uranium TSXV:CVV. Makena now has a six-month extension, to March 31, for the first $300,000 of its work commitment. In return, Makena retains an interest in only one of the three blocks included in the original 50% option.

The new deal reduces the property size from 6,687 hectares to 3,015 hectares, but retains the block bordering PLS.

The company’s now planning its next phase of exploration, which will test three structures found by magnetic and electromagnetic surveys.

In brief…

On July 16 Glenmark Capital TSXV:GLM updated this fall’s plans for the Ford Lake project, acquired last fall. Along with prospecting and surface sampling, the agenda calls for a ground-based induced polarization survey over the Ford Lake zone, “a conductive sub-surface anomaly which lies within the larger northeast-trending Brown Lake Fault.” The program is subject to financing.

Also on July 16 Powertech Uranium TSX:PWE announced an agreement to buy historic data concerning its proposed Dewey-Burdock mine in South Dakota from Energy Fuels TSX:EFR. The 1970s and ’80s-vintage maps and drill hole logs will cost Powertech US$200,000, payable half in cash and half in shares. Construction of the in-situ recovery operation is tentatively scheduled to begin next year. Powertech’s merger with Azarga Resources (reported here and here) is expected to close by July 31, creating Azarga Uranium.

As trading resumed July 17 following a nearly two-month halt, Westham Resources rebranded itself as Roughrider Exploration TSXV:REL. Last month the company announced a letter of intent to acquire up to 85% of Kivalliq Energy’s (TSXV:KIV) Genesis property northeast of the Athabasca Basin. An option agreement signed July 10 has brought Kivalliq an initial 1.97 million shares, representing 10% of Roughrider’s issued and outstanding capital.

On July 17 NexGen Energy TSXV:NXE responded publicly to allegations contained in legal proceedings launched last month by Alpha Exploration TSXV:AEX. NexGen stated that Garrett Ainsworth did not have a written employment contract when working for Alpha, he notified Alpha of a job offer with NexGen and he gave Alpha an adequate period of notice. NexGen further stated that these events took place before the “‘mutual confidentiality agreement’ which was initiated by Alpha and cited by Alpha in its statement of claim and in past news releases. Counsel for NexGen and Garrett have put Alpha on notice that it considers statements which were made by Alpha in press releases regarding this matter to be defamatory and reserves the right to take action in that regard.” Statements from neither company regarding the civil action have been proven in court.

Uranerz Energy TSX:URZ offered a US$10-million private placement on July 16, raised it to $12 million two days later and expects to close by July 25. In mid-June the company began shipping resin from its Nichols Ranch ISR operation in Wyoming to Cameco’s Smith Ranch facility for toll processing. Now in the commissioning stage, flow rates from production wells have exceeded original estimates, Uranerz stated. The mine’s slated for commercial production in Q3.

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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