Uranium news from Saskatchewan and elsewhere for August 30 to September 5, 2014
by Greg Klein
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“Aggressive” step-outs continue at NexGen’s PLS-adjacent Rook 1
A week unusually devoid of bragging from Fission Uranium’s (TSXV:FCU) Patterson Lake South gives next-door neighbour NexGen Energy TSXV:NXE top spot among uranium newsmakers. Three more holes announced September 3 bring the total to 28 mineralized holes out of 30 that were sunk across an area of 515 metres by 215 metres at Rook 1’s Arrow zone. Among them is the previously reported “landmark drill hole,” which has now been completed.
The usual scintillometer disclaimer applies. The results come from a hand-held device that measures drill core for radiation in counts per second and are no substitute for assays, which will follow.
That “landmark” hole, AR-14-30, peaked with the previous results. Further drilling only found an additional 6.9 metres (not true thickness) of mineralization starting at 721.3 metres in vertical depth. But overall the hole’s mineralization totalled a composite 206.6 metres.
VP of exploration and development Garrett Ainsworth credited AR-14-30 as “successful in confirming the pinch and swell of mineralization within one of the sub-vertical shear zones that hosts high-grade uranium … Targeting these mineralized swells or ‘blow-outs’ will require a combination of angled and vertical drill holes.”
A composite 202.05 metres came from AR-14-28, with the top-most interval starting at a downhole depth of 108.1 metres. AR-14-29a revealed 123.35 metres, with the first intercept beginning at 230.75 metres in downhole depth.
Ainsworth characterized these holes as “aggressive 45-to-50-metre step-outs that intersected significant intervals of mineralization, which provides further evidence that Arrow is only getting bigger.”
Backed by $6.5 million of working capital, the Arrow campaign continues.
Fission 3.0/Azincourt finish summer drilling at PLN
Fission 3.0 TSXV:FUU and Azincourt Uranium TSXV:AAZ have wrapped up the summer’s six-hole program of about 2,130 metres at Patterson Lake North. One assay released September 3, from a hole testing the A1 conductor, showed:
- 0.012% U3O8 over six metres, starting at 193 metres in downhole depth
- (including 0.047% over 0.5 metres)
Geochemical analysis of two other holes “returned highly prospective results that warrant aggressive follow-up on two separate conductor trends,” the companies stated. Five holes tested A1 along 750 metres of strike. A sixth hole targeted the A4-1 conductor. Further drilling is now being planned.
Results are pending for DC resistivity surveys on the property’s Broach Lake area “but preliminary interpretations are prospective.”
Fission 3.0 acts as operator on the 27,408-hectare project, where Azincourt has so far earned 10% of its 50% option.
Last May Fission 3.0 joined Brades Resource TSXV:BRA to announce VTEM results from their Clearwater West joint venture, also adjacently north of PLS.
Macusani completes acquisition of Azincourt’s Peruvian properties
A consolidation of their Peruvian uranium assets has closed, as Macusani Yellowcake TSXV:YEL acquired properties from Azincourt. Details announced September 4 followed terms of a July definitive agreement. Macusani got Azincourt’s Peruvian subsidiary for 68.35 million shares representing about 26.3% of Macusani’s post-transaction stock. Macusani also announced a further $1.66-million financing that brought its private placement to a total of $2.23 million.
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