Sunday 20th September 2020

Resource Clips

Athabasca Basin and beyond

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Forum reports on Nunavut field work

In an October 28 update, Forum Uranium TSXV:FDC outlined last season’s ground program on four areas of its North Thelon project. The company described its BL-32 area as surrounded by Cameco Corp TSX:CCO claims and on strike with the Andrew Lake fault that hosts two deposits. The Judge area sits on the fault’s eastern extension. Long Lake hosts several historic showings. Pyro South also features historic showings and sits along the boundary of the Kiggavik project, majority-held by AREVA Resources Canada and now undergoing environmental review.

A new surface showing at Long Lake revealed grades of 34 ppm and 128 ppm uranium, along with boron, lead and nickel in “‘dirty’ metaquartzites, the same rock type that hosts the Kiggavik deposit.” BL-32 boulders brought grades up to 98 ppm uranium.

The company “now has 198,000 hectares through its 100% interests in mineral claims and its rights to earn 100% interest in Inuit-owned land parcels BL-21 and BL-32.”

In August Forum updated its Clearwater, Northwest Athabasca and Karpinka projects.

Kivalliq, Roughrider add Saskatchewan/Manitoba turf to Genesis, take boulder samples

Kivalliq Energy TSXV:KIV and Roughrider Exploration TSXV:REL announced a 1,914-hectare addition to their Genesis project, now totalling 200,677 hectares on the Wollaston Mudjatik structural corridor northeast of the Basin. The companies assembled the new ground by issuing shares, exchanging property and staking claims in Saskatchewan and Manitoba, according to their October 30 statements.

Historic samples from two boulder clusters on the new land graded up to 2.68% and 2.76% U3O8. The samples coincide with a strong, two-kilometre-long conductor that’s paralleled by a second strong conductive trend several kilometres long.

A brief visit to the Manitoba claims confirmed the location of several historic samples and took additional samples, with assays to come. Results are also pending for a summer program of electromagnetics, magnetics and radiometrics, as well as for lake sediment, soil and biogeochemical sampling.

Kivalliq acts as operator with Roughrider funding exploration through an 85% earn-in.

In Nunavut, Kivalliq’s flagship Angilak project has an inferred resource of 43.3 million pounds U3O8, along with 1.88 million ounces silver, 10.4 million pounds molybdenum and 15.6 million pounds copper.

Uranium Standard to get southern Basin property

Its first property acquisition since the company began trading earlier this month, Uranium Standard Resources TSXV:USR announced an agreement to pick up the Wheeler Lake project on the Basin’s southern rim October 24. Uranium Standard describes the 2,682-hectare property’s main attraction as the A3 zone, “a series of subsurface conductive anomalies, lying within a magnetic low corridor and against a magnetic high.”

Subject to approvals, the company would get a 100% interest by paying $25,000, issuing 1.9 million shares and spending $2 million, the latter amount over six years. The vendor keeps a 1% net royalty interest, half of which Uranium Standard may buy for $1 million.

As for other possible deals, “we should be executing our U.S. property acquisition strategy prior to the end of the year,” said CEO Arni Johannson.

Unity Energy stakes additions to McKenzie Lake and West Carswell

Staking has expanded Unity Energy’s (TSXV:UTY) McKenzie Lake project to 6,138 hectares just beyond the Basin’s southeastern margin, the company announced October 15. The new ground covers a fault that “appears to be the primary control of radioactive anomalies.” Previous work found three areas of anomalous radon gas and radioactivity, two of them coinciding with the fault.

All three are about two to three kilometres from the Ox Lake allanite zone, where historic drilling found grades up to 0.31% U3O8 over 2.5 metres.

In other staking reported October 23, the company expanded its West Carswell project to over 7,000 hectares in the western Basin. The property now has “over 63 kilometres of subsurface conductive anomalies,” Unity stated.

Glenmark acquires Key Lake Road property, samples radioactive outcrop

On October 23 Glenmark Capital TSXV:GLM announced exchange approval for its Key Lake Road project acquisition, 5,590 hectares beyond the southeastern Basin. The property underwent prospecting, airborne geophysics and some drilling by Forum between 2005 and 2007. Results so far indicate two targets, the Molly trend and the Hobo zone, Glenmark stated. Assays for eight recent outcrop samples from the Molly area are pending, according to an October 31 update.

A 100% interest would call for 750,000 shares over six months, $340,000 over three years and $2.5 million of expenditures over four years. The vendor retains a 1% gross overriding royalty, half of which Glenmark may buy for $1 million.

In July the company announced fall plans for its eastern Basin Ford Lake property, subject to financing.

Alpha, Noka report from Carpenter Lake; Alpha updates Kelic Lake and Hook Lake

Geochemical and geophysical data from Carpenter Lake highlight the area in and around the project’s Cable Bay shear zone, Alpha Exploration TSXV:AEX stated October 28. Results show high surface radioactivity west of the zone and high uranium-in-lake sediment concentrations along the zone. Both areas feature conductors parallel to the zone and “orthogonal structural offsets of conductors, as inferred from airborne geophysical surveys,” the company added. Winter plans for the 20,637-hectare property on the Basin’s south-central rim will be announced once work and budgets have been approved.

Alpha acts as operator with a 60% option on Carpenter Lake from Noka Resources TSXV:NX. The latter company has now reduced the vendors’ royalty from 5% to 2% by issuing three million shares.

On October 14 Alpha announced completion of an airborne radiometric survey over its Kelic Lake property in the southern Basin. Results are expected in November, along with those for airborne gravity gradiometer surveys that were scheduled for Kelic Lake and Hook Lake in October.

Alpha holds a 100% option on Kelic Lake and wholly owns the southwestern Basin Hook Lake project.

Hodgins to increase stake in Basin claims

Hodgins Auctioneers TSXV:HA stated October 20 that its subsidiary plans to acquire an additional 35% interest in the Key Lake Southwest property from Majesta Resources, bringing the auction company’s stake to a total of 60%. Among the conditions are shareholder approval for the non-arms-length deal, TSXV approval for a change of business and a private placement that raises at least $450,000. The company offered a private placement up to $1 million.

As project operator Majesta expects to drill 10 200-metre holes for each tranche of $400,000, Hodgins added.

The additional 35% would cost Hodgins $400,000 in spending by year-end and four million shares. The company also holds an option to acquire another 30% by paying $400,000 and issuing two million shares by the end of next year.

On October 29 Hodgins announced another private placement up to $500,000 along with a non-binding letter of intent to buy out an Alberta oilfield services company.

In brief…

On October 23 Uracan Resources TSXV:URC offered a private placement up to $900,000, with at least $200,000 to be bought by insiders. Proceeds would go to the company’s Clearwater and Black Lake interests.

Their merger complete, Powertech Uranium now trades as Azarga Uranium TSX:AZZ, originally a private Hong Kong company that held 45% of Powertech. Powertech’s $5-million private placement had closed, according to an October 29 news release, and Azarga completed a 1:10 reverse split. Read more about the merger here and here.

On October 29 Forsys Metals TSX:FSY announced a private placement closed on $2.35 million. In August the company stated that its largest shareholder, Leo Fund Managers, was committing $2.12 million to the original $3.2-million offering. Proceeds will fund a feasibility study for the Norasa project in Namibia and general working capital.

On October 30 Anfield Resources TSXV:ARY stated it received conditional approval from the Utah Division of Radiation Control to transfer ownership of the Shootaring Canyon mill, one of a number of assets the company plans to acquire from Uranium One. Additionally, the mill’s licence renewal application has been extended to October 31, 2015. Anfield has also received conditional TSX approval for the Shootaring transaction and U.S. Federal Communications Commission approval to transfer the mill’s radio communications licence.

A planned merger of Strike Graphite TSXV:SRK and Athabasca Nuclear TSXV:ASC has been cancelled, the latter company announced October 31.

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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