Wednesday 5th August 2020

Resource Clips

A Patterson Lake South saga

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October 2009 An airborne survey finds a radioactive anomaly 3.9 by 1.4 kilometres in size extending south from the JV’s claims.

April 2010 The JV stakes more claims to the south.

June 2011 ESO project manager Garrett Ainsworth discovers a radioactive boulder field, measuring about 4.9 by 0.9 kilometres in size, two kilometres west of Highway 955. The JV stakes additional claims.

July 2011 The JV reports boulder sample assays up to 39.6% U3O8.

As Fission releases its maiden resource, we look at how two juniors made this historic uranium discovery

Garrett and Ben Ainsworth on site
during the Alpha Minerals/Fission Energy JV.

October 2011 Trenching confirms glacial direction and reveals more boulders grading up to 31.4% U3O8.

November to December 2011 The companies stake additional claims and drill seven holes totalling 838 metres.

February to April 2012 The project undergoes further geophysics and 16 holes totalling 2,174 metres.

Fall 2012 The JV begins a program of 12 dual rotary drill holes totalling 1,529 metres and nine diamond drill holes totalling 1,632 metres.

November 2012 ESO begins trading as Alpha Minerals.

November 2012 Massive pitchblende and strong radioactivity at shallow depth result from the season’s sixth diamond drill hole, PLS12-022. Three step-outs also hit.

November 2012 Fission’s Dev Randhawa renegotiates a takeover deal with Denison Mines TSX:DML that would have included Fission’s share of PLS. Denison gets Fission’s stake in Waterbury Lake and other assets, but Fission Energy’s management and PLS interest spin out to Fission Uranium, a new company that begins trading in April 2013.

December 2012 The JV reports the discovery hole grading 1.07% U3O8 over 8.5 metres. The three other holes respectively show 0.27% over 9.5 metres, 1.78% over 18 metres and 0.4% over 22.5 metres.

Early 2013 A staking rush breaks out as Alpha and Fission, stocks soaring, continue to report high-grade assays at shallow depth. Most land acquisitions focus on the under-explored southwestern Athabasca Basin. Guided in part by radon anomalies coinciding with a conductive trend, PLS drilling moves eastward over the lake.

April 2013 Alpha files an NI 43-101 technical report.

June 2013 Fission takes over as project manager.

June 2013 The JV reports PLS gold grades as high as 1.58 grams per tonne over 63.5 metres.

July 2013 Fission files a patent application for its “System and Method for Aerial Surveying or Mapping of Radioactive Deposits.”

We have not yet discovered the bedrock source of the boulders and that challenge remains for our former joint venture partners to complete.—Ben Ainsworth

August 2013 Fission hands Alpha a $170-million takeover offer late on a Friday afternoon, giving the target two days to respond. Randhawa later tells media he’s ready to go hostile.

September 2013 The companies sign a letter of intent for a share deal valued at $185 million. Fission Uranium gets 100% of PLS; the company’s other assets spin out to Fission 3.0 TSXV:FUU. That company and its fellow spinco Alpha Exploration TSXV:AEX get $3 million each in start-up cash. Alpha gets two board positions with Fission Uranium but no place in management.

December 2013 The takeover complete, the two spincos begin trading.

December 2013 The Alpha father/son team of Ben and Garrett Ainsworth win the 2013 Colin Spence Award for excellence in global mineral exploration from the Association for Mineral Exploration British Columbia. In his acceptance speech Ben Ainsworth says, “We have not yet discovered the bedrock source of the boulders and that challenge remains for our former joint venture partners to complete.”

January 2014 Fission’s Ross McElroy wins the PDAC 2014 Bill Dennis Award for an important Canadian discovery and prospecting success.

February 2014 NexGen Energy TSXV:NXE, which has been drilling its adjacent Rook 1 property, announces over a dozen “significant” intervals of radioactivity, shifting the project’s focus to the Arrow area. High-grade assays follow.

June 2014 Garrett Ainsworth joins NexGen. Alpha launches legal action against Ainsworth and his new employer.

September 2014 Ben Ainsworth steps down as Alpha’s president/CEO but stays on as director and technical adviser. Chairperson Michael Gunning becomes interim CEO.

October 2014 The B.C. Supreme Court dismisses Alpha’s application for a summary trial determination of its allegations. Tommy Humphreys states that Garrett Ainsworth switched employers after takeover talks between the two companies stalled. Humphreys attributes Alpha’s legal action to Gunning.

October 2014 Fission graduates to the big board, trading as TSX:FCU.

January 2015 Fission releases a maiden resource for PLS, marking the Basin region’s third-largest deposit.

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