Uranium news from Saskatchewan and elsewhere for October 4 to 10, 2014
by Greg Klein
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Fission unveils Patterson Lake South’s best intercept yet, moves to TSX
It’s now TSX:FCU. No longer preceding its ticker with a V to indicate “Venture,” Fission Uranium graduated to the big board on October 8. Two days earlier the company released its first assays from summer drilling, unloading reams of results for 29 delineation holes on Patterson Lake South’s main R780E zone. Composite numbers made hole PLS14-248 the project’s second-best so far, with one interval hitting 13.23% U3O8 over 47.5 metres—“the strongest discrete mineralized interval drilled at PLS to date,” the company crowed.
“All 29 holes returned strong to moderate mineralization at shallow depth,” Fission modestly added. Some of them also extended the main zone’s width and depth. At one point the zone was laterally extended 77 metres north; at another, 41 metres south. At its widest point R780E takes up 164 metres. With a continuous strike of 930 metres, it’s by far the biggest of four zones along a 2.24-kilometre potential strike.
Several of the best results follow:
- 1.11% U3O8 over 14.5 metres, starting at 97 metres in downhole depth
- (including 3.48% over 3 metres)
- 1.22% over 10.5 metres, starting at 163.5 metres
- (including 8.7% over 1 metre)
- 1.88% over 12 metres, starting at 213.5 metres
- (including 8.17% over 1.5 metres)
- 1.69% over 8 metres, starting at 122 metres
- (including 3.6% over 3 metres)
- 1.43% over 8 metres, starting at 178 metres
- (including 4.75% over 2 metres)
- 1.24% over 17.5 metres, starting at 130.5 metres
- (including 10.7% over 1.5 metres)
- 0.61% over 39 metres, starting at 146 metres
- (including 1.97% over 8.5 metres)
- 0.93% over 9 metres, starting at 214.5 metres
- (including 1.84% over 2.5 metres)
- 7.53% over 1.5 metres, starting at 260 metres
- 1.9% over 5 metres, starting at 176 metres
- (including 5.5% over 1.5 metres)
- 1.02% over 10 metres, starting at 192 metres
- (including 4.02% over 2 metres)
- 1.75% over 27.5 metres, starting at 96.5 metres
- (including 9.64% over 5 metres)
- 0.66% over 23 metres, starting at 183.5 metres
- (including 4.99% over 1 metre)
- 8.61% over 1.5 metres, starting at 229 metres
- 2.16% over 13 metres, starting at 240 metres
- (including 6.58% over 3 metres)
- 1.46% over 13 metres, starting at 258 metres
- 0.72% over 41.5 metres, starting at 83.5 metres
- (including 2.04% over 9 metres)
- 1.05% over 32.5 metres, starting at 102.5 metres
- (including 4.85% over 7 metres)
- 0.79% over 13.5 metres, starting at 93.5 metres
- (including 2.17% over 3 metres)
- 2.67% over 30.5 metres, starting at 111 metres
- (including 6.84% over 5.5 metres)
- (and including 6.28% over 4.5 metres)
- 13.23% over 47.5 metres, starting at 130 metres
- (including 35.13% over 16.5 metres)
- (and including 14.92% over 1 metre)
- 5.13% over 12 metres, starting at 230 metres
- (including 35.3% over 1.5 metres)
True widths weren’t provided.
Still pending are assays for 31 delineation holes and 22 exploration holes. A maiden resource will likely precede the next round of drilling.
NexGen releases Rook 1’s best-yet results, offers $10-million bought deal
Staking its own claim to Athabasca Basin bragging rights, NexGen Energy TSXV:NXE released one hole October 6 that shows the best assays so far from Rook 1’s Arrow zone and “amongst the best drill results” in the Basin. While competing with even better assays announced the same day from next-door neighbour Fission, NexGen’s summer program has shown northern Saskatchewan’s potential for further discoveries.
Results for the vertical hole AR-14-30 showed:
- 0.49% U3O8 over 92 metres, starting at 297 metres in vertical depth
- (including 2.25% over 16.6 metres)
- 2.45% over 45 metres, starting at 419 metres
- (including 4.96% over 10 metres)
- (and including 4.97% over 11.5 metres)
- 15.47% over 4.5 metres, starting at 466.5 metres
- 10.17% over 20 metres, starting at 488 metres
- (including 13.92% over 14.5 metres)
- (which includes 25.22% over 6.5 metres)
- 7.54% over 63.5 metres, starting at 512.5 metres
- (including 10.32% over 46 metres)
- (which includes 35.19% over 7 metres)
- (which includes 66.8% over 0.5 metres)
- 0.08% over 7 metres, starting at 580 metres
- 0.21% over 7 metres, starting at 721 metres
True widths weren’t provided.
Present too were gold, silver and copper. The best gold grades showed 10.78 grams per tonne over 10 metres, 3.23 g/t over 13 metres, 2.62 g/t over 14 metres, 6.97 g/t over 4 metres and 1.02 g/t over 5 metres. “There is some correlation of uranium values with these metals of potential economic interest, which are reported by SRC Geoanalytical Laboratories data to occur more frequently with the samples of higher-grade uranium mineralization,” NexGen stated.
“Consistent with all previous assays from Arrow, AR-14-30 returned very low concentrations of deleterious metals (arsenic, antimony, selenium).”
The zone currently covers 515 metres by 215 metres, with mineralization starting at 100 metres in depth and reaching 730 metres. Arrow remains open in all directions and at depth. The $7-million, 18,500-metre summer program consisted of 24 Arrow holes and nine regional holes. Winter plans include delineation and expansion at Arrow and exploration drilling to the northeast.
Additionally encouraging news came October 7 as the company announced a $10-million bought deal private placement, with an option to increase that to about $11.5 million. The offer’s expected to close on or about November 11.
On October 8 NexGen stated that legal action by Alpha Exploration TSXV:AEX had been dismissed by the Supreme Court of British Columbia. Alpha, which closed a $837,500 private placement October 9, said it “will consider pursuing a decision by full trial.”
Lakeland Resources finds strong surface radioactivity at Lazy Edward Bay
More results are coming but initial findings show radioactivity at surface in springs, muds and boulders at Lakeland Resources’ (TSXV:LK) Lazy Edward Bay project. Announced October 9, the 26,375-hectare property on the Athabasca Basin’s southeastern margin underwent a summer program of rock, soil and water geochemical surveys, as well as RadonEx.
Work focused on two areas, the Bay and Liberty trends. At Liberty, a wide conductive zone about five kilometres long, the crew found a strongly radioactive spring and bog with scintillometer measurements between 500 and 3,300 counts per second. Radioactive boulders measured up to 5,600 cps. Historic work has found uranium in diabase dykes intruding on part of the conductive trend, including 224 ppm U3O8 over 0.5 metres.
The Bay trend consists of two parallel conductive trends, each about eight kilometres long, where historic drilling found anomalous uranium, boron, nickel and pathfinder metals. This summer’s RadonEx survey found strongly anomalous results associated with the historic conductors, the company stated.
“Our corporate strategy of identifying early-staged, grassroots projects through the review of historic exploration data continues to pay dividends as the Lazy Edward Bay property is confirmed to host multiple zones of radioactivity associated with historic conductors,” said Lakeland president Jonathan Armes.
Historic work came to millions of dollars. Multiple airborne and ground geophysical surveys and approximately 54 drill holes identified at least six conductive trends extending over 30 kilometres. Multiple sites featured strong alteration and/or anomalous radioactivity. Depth to the unconformity ranges from zero to 350 metres.
Still to come are full results for the summer program, prior to setting winter plans.
Last week Lakeland reported surface samples showing gold and platinum group elements, along with some rare earths and anomalous low-grade uranium, from its Star property. On the Athabasca Basin’s northern rim, the claims sit adjacent to Lakeland’s Gibbon’s Creek property, which has shown some of the Basin’s highest RadonEx readings, as well as boulder samples grading up to 4.28% U3O8. The two properties now comprise one project joined by a major regional structural lineament associated with three mineralized systems.
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