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Aldrin lays groundwork for Triple M autumn drilling
On July 31 Aldrin Resource TSXV:ALN outlined plans for the Anticline target at Triple M, a 12,000-hectare property comprised of two blocks west and south of PLS. Following up on two holes released in late June, the company plans an additional infill ground gravity survey to better locate a cross fault that cuts a conductive axis. Ground electromagnetic and geochemical surveys will precede a 4,000-metre drill program expected to take place between September and November.
Last April Aldrin reported four holes from the property’s Forrest Lake fault, the project’s initial focus.
Paladin Energy TSX:PDN and Cameco released quarterly reports on July 28 and 31 respectively. Read more here.
Replacing a previous letter of intent, a July 31 definitive agreement marries European Uranium Resources TSXV:EUU and ASX/AIM-listed Forte Energy into a joint venture. The partners now say a $475,000 payment from Forte to EUU comes due on August 14 rather than July 31. The option calls for Forte to spend at least $350,000 a year on EUU’s Slovakian properties over 10 years, with the first year’s expenses an obligation.
Also on July 31 Powertech Uranium TSX:PWE stated that a share purchase agreement with Azarga Resources has been extended from July 31 to September 15 “or such other date as agreed to by the parties.” The purchase is part of a planned merger reported here and here.
On August 1 Kivalliq Energy TSXV:KIV announced closing of the final tranche in a private placement that raised $1.138 million. Last February the company announced successful metallurgical and ore-sorting tests from its Angilak property in Nunavut, which Kivalliq credits with Canada’s highest-grade resource outside the Athabasca Basin.
Queensland introduces new uranium regulations, invites mining applications
A new regulatory regimen opens up Queensland to uranium mining, World Nuclear News reported. In an August 1 announcement, the state government said its framework “provides regulatory efficiency and investment certainty” while requiring “the same obligations that apply to existing mineral tenure holders, including compliance with land access and native title laws.”
Although the state allowed uranium exploration, mining the commodity had been banned after a Labor Party victory in 1989. The ban was lifted in 2012 following the Liberal-National Party’s election.
“Labor’s ban on uranium mining was purely ideological,” WNN quoted state mining minister Andrew Cripps. “But we have taken steps to ensure this valuable resource is unlocked for the benefit of all Queenslanders.”
The state estimates its uranium potential at 107,000 tonnes U3O8, WNN added.
Greenland and Labrador have also rescinded bans on uranium activity. Quebec currently has a moratorium on uranium exploration while a controversial year-long inquiry examines the topic.
At the other end of Oz, Cameco’s 70%-held Kintyre project in Western Australia won conditional environmental approval on July 28. But the company has stated “the project would require higher uranium prices or greater total production.”
In South Australia, meanwhile, BHP Billiton NYE:BHP has asked for approval to build a demonstration-scale heap leaching plant at Olympic Dam. The company hopes to expand uranium byproduct output from the mammoth copper-gold operation, WNN stated.
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