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Alpha to fly Hook and Kelic lakes, considers recommendations for Middle Lake
Any day now airborne geophysics will begin on Alpha Exploration’s (TSXV:AEX) Hook Lake and Kelic Lake projects. Both properties get gravity gradiometer surveys that include “magnetic and laser scanning digital elevation components,” the company stated on September 25. Kelic Lake also gets a radiometric survey. Results are expected in November.
Once analyzed along with previous geological, geochemical and geophysical data, the results will help determine winter plans. The previous week Alpha announced a private placement up to $500,000 to fund the two projects.
Hook Lake lies about 15 kilometres northeast of the PLS discovery, while Kelic Lake is farther east and south, along the Basin’s southern rim.
On September 23 the company announced a 43-101 technical report recommending expanded radon and gravity surveys for the Middle Lake project, to be followed by drilling.
The 2,416-hectare property had already undergone airborne magnetometer, radiometric and VTEM surveys, a ground gravity survey, two radon surveys and a helium gas survey. Last winter’s 31-hole, 3,287-metre campaign found “sporadic anomalous gamma radioactivity” in eight holes over the project’s Donna zone. The results call for follow-up drilling along strike to the north, Alpha stated.
The company has an 80% interest in the joint venture, with Acme Resources TSXV:ARI holding the rest. Acme calls the Cluff Lake-vicinity project Skull Lake.
Purepoint plans autumn geophysics over PLS-adjacent Hook Lake
Another company with a property called Hook Lake, Purepoint Uranium TSXV:PTU announced the project’s fall plans on September 24. The focus will be the D2 conductor associated with the Spitfire zone, part of a magnetic low three by five kilometres in size that’s within “the same structural and conductive trend that hosts the neighbouring PLS and Arrow [Rook 1] uranium discoveries,” the company stated. Hook Lake borders both properties.
An airborne magnetic and VTEM-plus survey begins next month, followed by ground EM in November.
Results from last winter’s drilling were released in May. Project operator Purepoint holds a 21% interest in the 28,683-hectare property with Cameco and AREVA Resources Canada each holding 39.5%. In July Purepoint reported that Rio Tinto NYE:RIO had dropped its option on another project, Red Willow.
Bannerman Resources TSX:BAN announced on September 22 that contracts have been awarded to build and operate a heap leach demonstration plant for its Etango project in Namibia. With a capex of AU$1.4 million, construction should wrap up early next year. Bannerman plans at least one year of operation to demonstrate the plant to investors and provide data for the processing plant’s engineering. The company estimated operating costs at $50,000 a month.
CEO Len Jubber called Etango “one of the very few globally significant uranium projects that can realistically be brought into production in the medium term.” Held 80% by Bannerman, Etango reached feasibility in 2012.
Noting the most recent uranium price indicator, Jubber stated it “has in the past couple of months increased in small increments to $36.50 per pound U3O8, over 30% above the eight-year low of approximately $27.50” that prevailed during parts of May and June.
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