Saturday 19th September 2020

Resource Clips

Athabasca Basin and beyond

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Anfield releases resource for potential Utah acquisition

Its acquisition of the project hasn’t closed yet but Anfield Resources TSXV:ARY announced a resource estimate for the Velvet-Wood project in Utah on December 2. Combined, the project’s two properties average 0.29%, netting 4.63 million pounds U3O8-equivalent. The distance between the properties wasn’t divulged.

A breakdown shows:

  • Velvet measured: 362,600 tons averaging 0.27% for 1.96 million pounds eU3O8

  • Velvet indicated: 71,200 tons averaging 0.38% for 548,000 pounds

  • Wood indicated: 377,000 tons averaging 0.28% for 2.11 million pounds

The company also provided an inferred category without specifying which property or properties it came from:

  • inferred: 87,000 tons averaging 0.32% for 552,000 pounds

The resource used downhole data from historic and recent drill programs, Anfield stated. “Drill holes in all of the programs consist primarily of rotary holes, with some core holes also included.”

A past-producer, Velvet gave up four million pounds U3O8 and five million pounds vanadium pentoxide (V2O5) between 1979 and 1984. Remaining infrastructure includes a decline to the resource.

The company considers Velvet-Wood the most advanced of the assets it plans to pick up from Uranium One. On closing the deal Anfield would conduct mine design and feasibility studies “as we expect that it will be an important source of feed for the anticipated restart of the Shootaring Canyon uranium mill.” Shootaring has been on care and maintenance since 1982.

Anfield would also consider upgrading mine output onsite through vat- or heap-leaching and explore a potential trend extending northwest from Velvet.

On December 4 the company announced a credit facility, pending due diligence, to meet its financial obligations related to buying the Uranium One assets.

Kivalliq, Roughrider report first-phase findings from Genesis

Results from the Genesis project’s Phase I program have arrived, Kivalliq Energy TSXV:KIV and Roughrider Exploration TSXV:REL announced December 1. The 200,677-hectare, Saskatchewan-Manitoba property underwent a summer of airborne magnetic, electromagnetic and radiometric surveys, as well as soil, lake sediment, biogeochemical and rock sampling. The results put into priority six target areas: Jurgen 1, Jurgen 2, Johnston/GAP, Kingston, Daniel’s Bay and Sava Lake.

Combined with previous data, the results show over 410 kilometres of EM conductors. Subcrop samples graded 0.36% and 1.4% U3O8, while a boulder reached 1.41%. Two conductors showed values up to 44.1 parts per billion and 17.2 ppb uranium respectively. Values up to 20 ppb correlate with a conductor and anomalous soil results at Daniel’s Bay. Adjacent to the Sava Lake conductor were values up to 8 ppb. Lake sediment samples showed anomalous results at Wollaston Lake, Burrill Bay, Sava Lake and Melnick Lake.

Kivalliq acts as project operator while Roughrider pays the bills under an 85% option.

Kivalliq’s flagship Angilak project in Nunavut 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.

Glenmark plans Phase I for Key Lake Road

Without providing a timeframe, Glenmark Capital TSXV:GLM announced plans on November 25 for its Key Lake Road project beyond the southeastern Basin. A $220,000 Phase I program would focus on the Molly and Hobo areas, as well as new areas that may be identified. Work would include mapping and prospecting, airborne radiometrics and magnetic surveys, and soil and till sampling. The company will also re-evaluate past geophysical data as well as previous drill core.

Five days earlier Glenmark reported surface samples from the 5,590-hectare project’s Molly trend. Among the results was a grab sample grading 0.171% U3O8 and an outcrop sample of 421 ppm uranium.

On December 2 the company announced an option on a copper-molybdenum property in central British Columbia.

Northern Uranium reports first hole at Northwest Manitoba

Northern Uranium TSXV:UNO released spectrometer results from the first hole at its Northwest Manitoba project on December 4. The device analyzed drill cuttings taken at 1.5-metre intervals, finding the isotopes uranium-232, -234, -235 and -238, as well as lead-210 and bismuth-214 at the till-bedrock contact. “Uranium-234 and -238, as well as lead-210, are mobile and therefore could have travelled up structural zones from a uranium source detected by the gravity low and elevated radon values in a favourable semi-pelite bedrock source,” the company stated.

The rotary air blast drill stopped at a depth of 30 metres. The company plans one more hole in this area before moving to a higher-priority target that was delayed due to winter conditions.

The property has already undergone radon, magnetic, electromagnetic, induced polarization and gravity surveys, and features boulders grading up to 66% U3O8. Northern holds an 80% option on the project from CanAlaska Uranium TSXV:CVV.

On November 26 Northern announced a private placement offering up to $1.5 million.

Aldrin plans ground geophysics to precede Triple M’s 2015 drill program

December plans for Aldrin Resource TSXV:ALN include ground gravity and resistivity surveys at its PLS-adjacent Triple M property. Expected to follow completion of a $450,000 private placement, work will focus on the project’s Anticline target, which hosts a strong basement conductor that extends over 2.6 kilometres, the company stated. The infill survey will increase resolution on existing data. Aldrin anticipates 4,000 metres of drilling to begin early next year.

Last June the company reported results from the Anticline target’s first two holes.

On December 4 Aldrin’s 1:6 reverse share split took effect.

Uranium Standard signs LOI for New Mexico project, buys project database

Under a letter of intent announced December 3, Uranium Standard Resources TSXV:USR would get an advanced New Mexico project from Energy Fuels TSX:EFR. The Marquez property underwent underground mine development in the late 1970s by Kerr-McGee Resources, then one of the world’s largest uranium miners. Development ended with a 1980 price decline, according to Uranium Standard.

The 5,900-hectare property has an historic, non-43-101 resource showing:

  • measured: 905,953 tonnes averaging 0.126% for 2.51 million pounds U3O8

  • indicated: 2.37 million tonnes averaging 0.127% for 6.61 million pounds

  • inferred: 1.96 million tonnes averaging 0.114% for 4.91 million pounds

The deal would cost Uranium Standard US$456,000 “gross of all deposits paid to Energy Fuels” plus US$44,000 for the project’s historic exploration database. Energy Fuels retains a 3% NSR, which Uranium Standard may buy back in thirds for US$1 million each.

On November 20 Uranium Standard announced an agreement to acquire a database covering 1,000 uranium projects globally from Vico Uranium Corp. The database was compiled mainly by Vico president/CEO Canon Bryan, who’s also CFO of Uranium Standard. In return the company would issue Vico two million shares.

Forsys reports positive metallurgy as Namibian feasibility study continues

Forsys Metals TSX:FSY announced completion of a metallurgical report on November 26, part of a feasibility study for the Norasa project in Namibia. Among the results, testwork has increased overall uranium recovery from 85% to 91.3%, decreased leach acid consumption by 36.8% and decreased consumption of leach oxidant by 31.5%.

The company expects the findings to “translate into lower operating costs and reduced plant complexity,” according to CEO Marcel Hilmer. The feasibility’s slated for release in Q1 2015.

Atom Energy to earn into Unity Energy’s Carter Lake

Just one week after getting TSXV approval for its Carter Lake option, Unity Energy TSXV:UTY announced an earn-in with Atom Energy TSXV:AGY, formerly Athabasca Uranium. Atom may earn an 80% interest in the 1,113-hectare southwestern Basin property by spending $3 million and paying $350,000 within four years. The underlying vendor retains a 2% gross overriding royalty.

Comstock stakes Basin claims

Comstock Metals TSXV:CSL diverted attention from its QV gold project in the Yukon to stake some uranium prospects. The new land consists of the 2,835-hectare PL Northeast property in the southwestern Basin and another 21,900 hectares southwest of Key Lake, the company announced November 26.

Plans for the upcoming winter and spring include airborne and ground geophysics, geochemical surveys, prospecting and boulder sampling.

Uracan gets $1.46-million placement, plans winter drilling

A private placement for Uracan Resources TSXV:URC closed on $1.46 million, the company stated November 26. Chairperson Clive Johnson now holds 14.71% of Uracan’s shares and would hold 18.25% on a partly diluted basis, assuming exercise of his warrants and options. Funds go to the Clearwater and Black Lake projects, both scheduled for drilling late this year or early next, and to general working capital.

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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