Uranium news from Saskatchewan and elsewhere for September 20 to 26, 2014
by Greg Klein
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As Fission’s $14.4-million placement closes, regional drilling expands PLS horizons
Seventeen exploration holes didn’t do so well but Fission Uranium TSXV:FCU thinks four others show potential well away from the four zones that have been Patterson Lake South’s focus. In a September 25 statement the company identified the Far East area, 17 kilometres east of the discovery, and the PL Corridor, 750 metres east of the discovery, as targets “for aggressive follow-up.”
The drill results come from a hand-held scintillometer that measures core for radioactivity. They’re no substitute for assays, which will follow.
Of six new holes in the Far East area, three showed anomalous radioactivity on two conductors in the vicinity of PLS14-255, an exploration hole released last month.
One of nine holes on the PL Corridor went radioactive. With another hole still to report, the regional work totalled 5,895 metres in 22 holes over five areas testing 11 electromagnetic targets. The company noted that this program brings activity closer to a Fission Energy spinout, the Clearwater West joint venture of Fission 3.0 TSXV:FUU and Brades Resource TSXV:BRA.
Fission Uranium has also slated its Forrest Lake area for future exploration drilling. Overall, PLS features more than 105 separate conductors.
On September 23 the company announced the closing of a private placement which, with the exercise of an over-allotment option, hit $14.4 million. Radiometric measurements released two weeks earlier indicated a widening of the project’s main zone.
Gryphon gives up good grades for Denison
Denison Mines TSX:DML marked summer’s end with a September 24 batch of drill results from its Wheeler River flagship. Of 20 holes totalling 14,937 metres, eight showed weak or no significant mineralization. But, more optimistically, the company provided radiometric results for the program’s newest holes as well as assays for those holes with previously released radiometric readings.
The campaign targeted the project’s Gryphon zone, where mineralization ranges from 100 to 250 metres below the unconformity within a 350-metre strike and 60-metre lateral width.
Assays are still pending for the latest holes. These results were measured in uranium oxide-equivalent from a downhole probe. Highlights include:
- 1.5% eU3O8 over 2.9 metres, starting at 649.4 metres in downhole depth
- 4.2% over 1.4 metres, starting at 675.8 metres
- 1.3% over 1 metre, starting at 714.7 metres
- 15.8% over 2.3 metres, starting at 767.2 metres
- 1.8% over 1 metre, starting at 778.3 metres
- 7% over 2 metres, starting at 664.8 metres
- 1.5% over 1 metre, starting at 674.8 metres
- 9.8% over 2.5 metres, starting at 695.8 metres
- 1.2% over 1 metre, starting at 709.4 metres
- 0.2% over 4.1 metres, starting at 630.7 metres
- 0.4% over 4.6 metres, starting at 772.3 metres
- 1.8% over 2 metres, starting at 625.6 metres
True widths were estimated at about 75%.
For the other holes, Denison provided assays which exceed the previously reported radiometric results. Some highlights include:
- 6.6% U3O8 over 2 metres, starting at 744 metres in downhole depth
- 3.4% over 1 metre, starting at 752 metres
- 2.1% over 1 metre, starting at 757 metres
- 1.6% over 3 metres, starting at 728 metres
- 2.4% over 1 metre, starting at 653.5 metres
- 3.8% over 3 metres, starting at 662.9 metres
- 13.2% over 3.5 metres, starting at 680 metres
- 12.4% over 1 metre, starting at 693 metres
- 4.9% over 9 metres, starting at 702.5 metres
- 3.6% over 2 metres, starting at 724.6 metres
- 0.3% over 10.5 metres, starting at 742.5 metres
- 0.3% over 3 metres, starting at 777 metres
Again, true widths were estimated at 75%.
With a 60% interest in Wheeler River, Denison acts as operator. Cameco Corp TSX:CCO holds 30% and JCU (Canada) Exploration the rest.
Denison updated two wholly owned projects, also near the Athabasca Basin’s southeastern corner. Two holes totalling 1,194 metres at Bachman Lake failed to find significant mineralization. Ditto for five holes totalling 2,995 metres at Crawford Lake. But the latter program extended “a large zone of sandstone and basement alteration on the CR-2 and CR-5 conductors, roughly along trend to the south of the Millennium deposit,” the company stated. Denison expects Crawford to hold high priority in 2015.
That year’s budget was taken care of by a $14.99-million private placement that closed last month.
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