Thursday 6th August 2020

Resource Clips

Athabasca Basin and beyond

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Summer surveying and sampling ceases at Kivalliq/Roughrider’s Genesis

Phase 1 has finished at Kivalliq Energy’s (TSXV:KIV) Genesis project, the company announced September 8. Results are pending for a 6,006-line-kilometre airborne survey of electromagnetics, magnetics and radiometrics, as well as for 291 lake sediment samples, 1,351 soil samples and 162 biogeochemical samples.

Kivalliq acts as operator on the 198,763-hectare project on the Wollaston Mudjatik structural corridor northeast of the Athabasca Basin. Funding for the summer’s $1-million budget came through the initial stage of an 85% earn-in by Roughrider Exploration TSXV:REL, formerly Westham Resources.

On September 12 Kivalliq announced options on 6.4 million shares at $0.22 for five years.

Skyharbour/Aben complete Mann Lake EM

A September 11 announcement from Skyharbour Resources TSXV:SYH and Aben Resources TSXV:ABN marked completion of their Mann Lake project’s Phase 1 program. The ground-based EM survey focused on an area in the 3,473-hectare property’s south, where a two-kilometre-long aeromagnetic low coincides with possible basement conductor trends suggested by prior surveys.

Held 60% by Skyharbour and 40% by Aben, Mann Lake borders a better-known JV of the same name held by Cameco, Denison Mines TSX:DML and AREVA.

Last month Skyharbour announced a $2-million program over 12 months for the Preston property, held by the four-company Western Athabasca Syndicate.

Tarku bolsters Basin-area holdings

Tarku Resources TSXV:TKU announced six new properties in and around the Basin on September 10, all acquired by staking. Totalling 30,561 hectares, the additions bring Tarku’s portfolio to nearly 105,000 hectares.

The northeastern Basin’s Black Lake hosts a four-kilometre-long EM conductor through the central part of the property and along the southeast flank of a magnetic high. Another northeastern Basin property, Hawkrock has several EM conductors up to 4.5 kilometres long. Not far away, Jacques Point “is cut by numerous northeast-trending EM conductors up to eight kilometres in length,” Tarku stated.

Closer to the west-central Basin, Carswell hosts several EM conductors up to 1.5 kilometres long. The new acquisitions also include the Panhandle North properties totalling 3,998 hectares just southeast of the Basin, and the Stewardson properties, 5,512 hectares on the Basin’s south-central portion.

Resulting from an amalgamation of Ituna Capital and Clear Creek Resources, Tarku Resources began trading under its new name on September 2.

Anfield orders resource estimate for Velvet-Wood

On September 10 Anfield Resources TSXV:ARY announced it’s contracted a resource estimate for Velvet-Wood, the flagship in a package of acquisitions from Uranium One that have yet to close. An historic estimate attributed the Utah past-producer with measured and indicated resources totalling 4.6 million pounds and an inferred category of 638,500 pounds U3O8.

Following the Uranium One deal, Anfield would hold a conventional mill and 26,507 hectares of uranium properties in four western U.S. states.

New lease a small but significant addition to Pele Mountain’s Eco Ridge

A mining lease announced September 11 plugs a hole in Pele Mountain Resources’ (TSXV:GEM) Eco Ridge rare earths-uranium project in Ontario’s Elliot Lake district. Although the lease “covers less than 1% of the overall project area, its acquisition fills in a gap within the higher-grade zone of the main conglomerate bed and will simplify mine engineering,” according to president/CEO Al Shefsky. The company has applied for a 21-year renewal following the lease’s September 30 expiry date.

In March Pele reported on the project’s flotation tests. Last year the company released a resource update and a “sensitivity analysis” of Eco Ridge’s 2012 PEA.

Powertech/Azarga amend terms of merger

Prior to closing a planned merger of the two companies, Azarga Resources has made an additional US$650,000 loan available to Powertech Uranium TSX:PWE. The latter company also stated on September 12 that the two parties have extended their share purchase agreement to October 31.

On September 10 Powertech announced a C$5-million private placement. Over $3 million had already been subscribed, about $1.2 million by management or insiders of Powertech and Azarga.

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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