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On November 3 Skyharbour joined Aben Resources TSXV:ABN to announce results from a ground EM survey that wrapped up at Mann Lake in September. Analysis confirms a corridor of conductive basement rocks about one kilometre wide, straddling the border between their property and adjacent claims held by Cameco. Now under consideration are further geophysics including gravity and TEM.
The JV’s held 60% by Skyharbour and 40% by Aben.
On November 10 Noka and Alpha Exploration TSXV:AEX announced they’ve formed a JV on their Carpenter Lake project, now that the latter company has earned 60%. Noka holds the remainder while Alpha acts as project operator. Late last month the companies announced geochem and geophysical results for the 20,637-hectare property.
Declan prepares for ground geophysics at Maurice Creek and Maybelle North-Richardson River
Declan Resources TSXV:LAN updated its Maurice Creek and Maybelle North-Richardson River properties on November 13. Maurice Creek underwent a 1,326-line-kilometre magnetic and radiometric survey last month. The property, along the Alberta-Saskatchewan border north of Lake Athabasca, has had historic grab samples grading between 0.22% to 0.66% U3O8.
Airborne data for Maybelle North-Richardson River suggests four parallel conductors, including extensions to the Maybelle River trend that hosts the Dragon Lake uranium deposit, Declan stated. The properties also sit on the provincial border, but south of Lake Athabasca.
Results for both surveys will be integrated with historic data prior to ground geophysics beginning on the properties in Q1 next year, with exploration drilling to follow.
Unity Energy adds to portfolio
Calling the area “relatively virginal,” Unity Energy TSXV:UTY announced its acquisition of the 1,113-hectare Carter Lake project in the southwestern Basin on November 12. The property features about 4.7 kilometres of conductive anomalies “interpreted as a conductive horizon at or above the unconformity … which may be indicative of hydrothermal enrichment,” the company stated.
Subject to approvals, the deal would cost $20,000, 1.5 million shares and, within six years, $3 million in spending. The arms-length vendor retains a 2% net royalty interest, half of which Unity may buy for $1 million.
Last month the company announced expansions to its McKenzie Lake and West Carswell properties.
Durango lands free land in Basin
In another southwestern Basin acquisition, Durango Resources TSXV:DGO got a new property for nothing. Staked by president Marcy Kiesman last year, the unnamed property has now been transferred to the company. According to the November 13 statement, more info about the project and its plans will be released shortly.
Durango explores for gold on its Decouverte property in Quebec’s Abitibi region, where the company also holds the Trove gold property. Additionally Durango has a base metals project in British Columbia and graphite properties in Ontario and Quebec.
More of the legal mess surrounding a $30-million government payout that resulted from British Columbia’s 2008 ban on uranium exploration has been cleaned up, Boss Power TSXV:BPU announced November 6. A settlement agreement with Cazador Resources, its president Adam Travis and the province “provides for the full and final settlement of any claim Cazador and Travis may have” against Boss, its subsidiary Blizzard Uranium and B.C., Boss stated. In return Cazador and Travis get $475,000. Meanwhile Boss continues work on a “divisive reorganization” that the company said would resolve “all of the legal claims and disputes involving the corporation that management is currently aware of.”
On November 7 Uracan Resources TSXV:URC announced a non-flow-through private placement up to $500,000 in addition to a flow-through offering up to $900,000 announced in October. Insiders will account for at least $200,000, the company stated. Proceeds would fund drilling at Uracan’s Clearwater and Black Lake interests, as well as general working capital.
In agreements announced November 7, Pele Mountain Resources TSXV:GEM would issue 3.68 million shares at $0.05 to pay off debts of $196,490. The company operates the Eco Ridge rare earths-uranium project in Ontario’s Elliot Lake district.
Funding for Rook 1’s 2015 campaign came through in a private placement that closed on $11.5 million, NexGen Energy TSXV:NXE announced November 12. The company also issued 129,186 shares at $0.46 to VP of exploration and development Garrett Ainsworth “in consideration for services rendered.” Early last month NexGen released its best assays yet from the project’s Arrow zone.
Among a number of tentative announcements from Macusani Yellowcake TSXV:YEL on November 12, the company said it expects to release an updated preliminary economic assessment about three months following the “consolidated project integration” of its Peruvian properties. In September Macusani closed its acquisition of Azincourt Uranium’s (TSXV:AAZ) Peruvian claims. Subject to financing, the company will consider additional drilling in late 2015. Also under consideration are a name change and share consolidation.
A deal to earn a 100% interest in the southern Basin Wheeler Lake project has closed, Uranium Standard Resources TSXV:USR stated on November 13. The company now reports the property’s size as 2,747 hectares.
With a new name and ticker, Athabasca Uranium TSXV:UAX begins trading as Atom Energy TSXV:AGY on November 18. The change follows the “recent consolidation of share capital, a reduction in the company’s existing exploration commitments and a re-focus on its more prospective uranium properties,” according to the November 13 announcement. In July 2013 the company reported preliminary geophysical results for its Keefe Lake, Fisher River and McGregor Lake properties in Saskatchewan.
Uranium surge carries miners and explorers
Japanese nuclear restarts took another step forward November 7 but uranium’s price had already been marking a steeper ascent. A surge in mining and exploration share prices followed, suggesting that many observers see this as uranium’s long-anticipated breakthrough. Among those commenting on the developments were Paladin Energy TSX:PDN managing director/CEO John Borshoff and Dundee Capital Markets analyst David Talbot. Read more here.
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