Previous Page 1 | 2
The results extend Gryphon by about 50 metres down-plunge and 50 metres along strike. Denison holds 60% of this JV and acts as operator. Cameco holds 30% and JCU (Canada) Exploration the other 10%.
Along with its various JV partners, Denison has 19 programs planned this year for a total cost of $23.1 million. Denison’s share comes to $15.8 million, which the company says is fully funded. The 14 drill campaigns should sink about 70,000 metres.
Wheeler River takes centre stage, getting about $10 million and 37,000 metres focusing on the Gryphon zone as well as targeting Phoenix North and elsewhere. Mann Lake gets about 8,000 metres. Other eastern Basin programs include:
- Crawford Lake (held 100% by Denison, 4,600 metres)
- Moore Lake (100% Denison, 4,000 metres)
- Wolly (22.5% Denison, 4,000 metres)
- Waterbury Lake (60% Denison, 3,300 metres)
- Bell Lake (100% Denison, 2,600 metres)
- Hatchet Lake (50% Denison, 2,000 metres)
- Murphy Lake (50% Denison, 1,400 metres)
Cameco operates Mann Lake and AREVA operates Wolly, while Denison handles the others.
This year’s McClean Lake mill expansion should increase capacity from 13 million to 24 million pounds U3O8, with 2015 output forecast between six million and eight million pounds, mostly from Cigar Lake.
“Given the current forecasts for the price of uranium, the Surface Access Borehole Resource Extraction (SABRE) program will be kept on care and maintenance and the McClean North and Midwest projects will remain on standby in 2015,” the company stated.
As for Denison’s African assets, the company hopes for a “spinout or disposal” when market conditions improve. In Mongolia, the company “continues its efforts to pursue strategic alternatives for its 85% interest in the Gurvan Saihan joint venture,” with more news expected in H1.
Drilling underway at Lakeland Resources’ Star/Gibbon’s Creek project
Around the Basin’s north-central rim Lakeland Resources TSXV:LK has a drill turning at Star/Gibbon’s Creek, two adjacent properties operated as a single project. Distinguished by a structural corridor connecting a radioactive boulder field to a basement outcrop covering about 350 metres by 700 metres, the property has revealed boulder samples grading up to 4.28% U3O8 and some of the Basin’s highest RadonEx readings.
In addition to highly anomalous uranium, sampling has turned up gold grading up to 5.7 grams per tonne, platinum group elements up to 0.75 g/t and rare earth elements up to 6.9% TREO. The combination suggests a robust hydrothermal system, Lakeland stated. The company plans at least 1,500 metres on Star/Gibbon’s, with funding to come out of the $5.1 million raised last year.
Lakeland holds two other drill-ready projects, Newnham Lake, east of Star/Gibbon’s, and Lazy Edward Bay on the Basin’s southern margin.
Kivalliq, Roughrider explore Genesis, expand portfolios
Northeast of the Basin, along Saskatchewan’s Wollaston-Mudjatik trend, Kivalliq Energy TSXV:KIV and Roughrider Exploration TSXV:REL have a winter program planned for March completion on the Genesis project. Building on Phase I results, the agenda calls for ground magnetic/VLF-EM geophysical surveys and 550 bio-geochemical samples on the 200,677-hectare property’s Jurgen 1 and Jurgen 2 conductors. Roughrider funds the work under an 85% option.
In Nunavut, Kivalliq’s flagship Angilak project shows an inferred resource of 43.3 million pounds U3O8, as well as 1.88 million ounces silver, 10.4 million pounds molybdenum and 15.6 million pounds copper. But the company made another foray into Saskatchewan with its Hatchet Lake acquisition announced February 10. Adjacent to the Basin and 3.5 kilometres northwest of Genesis, the 13,711-hectare property would cost Kivalliq $220,000 and a 2% NSR. The company stated it’s “eligible to recoup a $173,876 deficiency deposit on the claims upon completion of equivalent exploration expenditures” by February 2016.
The vendors are two Rio Tinto NYE:RIO subsidiaries.
Although Roughrider’s focus remains on Genesis, the company staked new ground 65 klicks southwest. For the princely sum of $1,597, Roughrider got the 2,662-hectare Fire Eye Lake property that’s given up historic grab samples grading 0.34%, 0.27%, 0.08% and 0.03% U3O8.
Skyharbour stakes new claims, makes winter plans
Southeast of the Basin, Skyharbour Resources TSXV:SYH staked 6,425 additional hectares for its Way Lake property and renamed it Falcon Point. The company intends to begin a field program in a few months.
Now 79,003 hectares, the original acquisition came with a 2012 inferred resource for the Fraser Lakes B Zone that used a 0.01% cutoff to show:
- 10.35 million tonnes averaging 0.03% U3O8 and 0.023% thorium dioxide for 6.96 million pounds U3O8 and 5.34 million pounds ThO2.
Along with the Western Athabasca Syndicate, Skyharbour’s also working on the Preston project’s winter plans, for which four companies will put up about $2.25 million over the next 10 months. Skyharbour’s commitment comes to less than 17%. The partners are Athabasca Nuclear TSXV:ASC, Noka Resources TSXV:NX and Lucky Strike Resources TSXV:LKY.
On February 10 Skyharbour increased a private placement offer from $500,000 to $1.1 million.
Alpha drills Middle Lake
Next to the westside Basin’s former Cluff Lake mine, Alpha Exploration TSXV:AEX has begun a 2,500-metre campaign on the 2,416-hectare Middle Lake project. Work’s expected to take about four weeks, the company stated February 10. Acme Resources TSXV:ARI holds a 20% interest in the JV.
Last month Alpha reported four holes of gold results from its Donna project in south-central British Columbia, under option to Interconnect Ventures TSXV:IVC. One assay came in at 8.72 g/t over 2 metres, starting at 69 metres in downhole depth.
Read expert commentary:
Disclaimer: Lakeland Resources Inc is a client of OnPage Media Corp, the publisher of ResourceClips.com. The principals of OnPage Media may hold shares in Lakeland Resources.
Previous Page 1 | 2
Pages: 1 2