Uranium news from Saskatchewan and elsewhere for July 26 to August 1, 2014
by Greg Klein
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Fission off to a scintillating summer at Patterson Lake South
Fourteen widely mineralized holes released July 28 mark Fission Uranium’s (TSXV:FCU) first summer results from Patterson Lake South. All tested R780E, the middle and largest of five zones along a 2.24-kilometre potential strike. Two holes extended the eastern part of the zone about 50 metres north. Among other PLS news is a new technique that allows barge-based angle drilling to better determine the mineralization’s size and shape. And new technology—a scintillometer can now measure radioactive drill core up to 65,535 counts per second, replacing a model that maxed out at 9,999 cps.
Scintillometer readings, as the usual disclaimer relates, are no substitute for assays, which are pending. But the brand new gizmo shows measurements that would have been well off scale for the older device. Some examples from Fission’s multi-page chart include:
Hole PLS 14-219
- <300 to 33,000 counts per second over 17 metres, starting at 160 metres in downhole depth
- <300 to 15,000 cps over 32 metres, starting at 59.5 metres
- <300 to 30,000 cps over 14.5 metres, starting at 97 metres
- <300 to 41,000 cps over 11 metres, starting at 163 metres
- <300 to 41,000 cps over 13.5 metres, starting at 176.5 metres
- <300 to 42,000 cps over 19.5 metres, starting at 128.5 metres
- <300 to 30,000 cps over 39 metres, starting at 145.5 metres
- <300 to 31,300 cps over 27.5 metres, starting at 96.5 metres
One interval in hole PLS 14-230 came close to maxing out the new scintillometer:
- <300 to 65,500 cps over 24 metres, starting at 229 metres
True widths weren’t provided.
Forty-three holes of the 63-hole, 20,330-metre summer program will attack the project’s main mineralized trend in hopes of extending it north, south and along strike to the east, as well as delineating the December resource. In the meantime, the market awaits assays for the last 24 holes from 92 sunk last winter.
Denison steps out at Wheeler’s Gryphon zone
On the southeastern Athabasca Basin, step-out drill results from Denison Mines’ (TSX:DML) Wheeler River showed some strong numbers, although possibly not as strong as the company had hoped. Out of 10 holes reported July 29 from the project’s Gryphon zone, seven were 50-metre step-outs from two previously announced holes: Gryphon discovery hole WR-556, which assayed 15.3% U3O8 over 4 metres, and WR-560, which showed 21.2% over 4.5 metres.
The latest batch was provided as radiometric-equivalent uranium from a downhole probe. Lab assays are pending. Some highlights showed:
- 0.8% uranium oxide-equivalent (eU3O8) over 20.5 metres, starting at 736.3 metres in downhole depth
- (including 3% over 2.3 metres)
- (also including 4.5% over 1 metre)
- 1.1% over 2.7 metres, starting at 727.2 metres
- 3.1% over 3 metres, starting at 662.6 metres
- 9.4% over 3.7 metres, starting at 679.3 metres
- 8.1% over 1.1 metres, starting at 692.3 metres
- 5.3% over 5.9 metres, starting at 702.1 metres
- 3% over 2 metres, starting at 724 metres
- 2.3% over 6.5 metres, starting at 755.8 metres
- (including 10.9% over 1 metre)
- (also including 1.9% over 1.1 metres)
True widths were estimated at approximately 75%. Three other step-outs failed to find significant mineralization, as did two extensions of historic holes.
Denison described the area as a zone of mineralization above 1% eU3O8 enveloped by lower-grade stuff. “The higher-grade mineralization plunges to the northeast and has now been drilled over 150 metres in the along-plunge direction and over 50 metres across the plunge,” the company added. “Mineralization is open down plunge to the northeast, up plunge to the southwest and across the plunge at depth.”
Last March’s Gryphon discovery diverted attention from Wheeler River’s Phoenix deposit three kilometres southeast. Nevertheless, in June Denison announced a 34% increase in Phoenix indicated resources.
Wheeler’s agenda calls for another 10 holes at Gryphon this summer. Denison acts as operator and holds 60% of the 12,333-hectare property, along with Cameco Corp TSX:CCO (30%) and JCU Canada Exploration (10%).
The previous week Denison announced a $13.04-million bought deal that’s expected to close around August 12. In June the company closed its acquisition of International Enexco. Denison plans to spend $15 million on Canadian exploration this year.
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