Tuesday 27th September 2016

Resource Clips


Athabasca Basin and beyond

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Purepoint finds high grade at the Hook Lake JV

Assays from another PLS-vicinity project brought encouraging intercepts to Purepoint Uranium’s (TSXV:PTU) Hook Lake joint venture. Announced March 31, the standout hole was sunk 240 metres northeast along strike and 180 metres down-dip of the Spitfire discovery reported in March 2014. Further results announced last May fell short of the original find but now hole HK15-27 has produced this high-grade result:

  • 2.23% U3O8 over 2.8 metres, starting at 389 metres in downhole depth
  • (including 12.9% over 0.4 metres)

Those results came 85 metres down-dip of HK15-25, which showed:

  • 0.13% over 1.2 metres, starting at 225 metres

  • 0.1% over 4.3 metres, starting at 310 metres

True widths weren’t provided.

Winter plans call for a few more holes to follow up on HK15-27. Already surpassing the campaign proposed in November, some 5,438 metres have so far been sunk in 11 holes, five of them northeast along strike of Spitfire. Apart from the two holes reported above, two others showed weak mineralization and a third showed none.

The 28,683-hectare property hosts three prospective structural corridors containing multiple EM conductors. Purepoint holds a 21% interest in the JV, along with Cameco Corp TSX:CCO (39.5%) and AREVA Resources Canada (39.5%).

Denison finds new zone south of Wheeler River’s Gryphon

Of 16 new Wheeler River holes reported by Denison Mines TSX:DML on March 30, nine failed to find significant mineralization. But of the others, two encountered a new zone 800 metres south of the JV’s Gryphon zone, intersecting “the first occurrence of unconformity-hosted uranium in the area and significant basement mineralization,” the company stated. Those results come from holes WR-595 and, the star of this batch, WR-597.

The results follow an earlier winter batch released in February that included one Gryphon assay as high as 9% uranium oxide-equivalent over 4.6 metres.

With mineralization straddling the unconformity south of Gryphon, Denison estimates true thickness of unconformity intercepts at about 90% and basement intervals at about 75%. Highlights for these holes, all south of Gryphon, show:

WR-597 (unconformity)

  • 2.8% U3O8 over 4 metres, starting at 496.5 metres in downhole depth

WR-595 (basement)

  • 0.2% over 5.8 metres, starting at 565.8 metres

  • 0.3% over 1.8 metres, starting at 583.7 metres

WR-589 (basement)

  • 0.2% over 1 metre, starting at 564.4 metres

  • 0.4% over 3.3 metres, starting at 569.8 metres

  • 0.2% over 1.9 metres, starting at 584 metres

WR-590 (basement)

  • 0.1% over 3.3 metres, starting at 563.7 metres

  • 0.2% over 1.5 metres, starting at 572.3 metres

  • 0.3% over 2.6 metres, starting at 579.1 metres

  • 0.5% over 1.8 metres, starting at 585.4 metres

  • 0.3% over 1.3 metres, starting at 492.9 metres

WR-592 (basement)

  • 0.5% over 1.8 metres, starting at 585.4 metres

As for Gryphon, the winter campaign has extended the zone both up and down plunge, leaving it open in both directions. Drilling ends in mid-April, with a 23,000-metre summer program expected to follow in June.

Denison holds 60% of the eastern Athabasca Basin JV and acts as operator. Cameco has a 30% stake and JCU (Canada) Exploration the rest.

Among Denison management changes announced March 23, David Cates becomes president/CEO and Ron Hochstein becomes executive chairperson. He replaces Lukas Lundin, who continues as a director.

See an outline of 2015 plans for Denison’s other projects.

Skyharbour drills Falcon Point for uranium and thorium

Fifty-five kilometres east of the Key Lake mill, drilling has begun at Skyharbour Resources’ (TSXV:SYH) Falcon Point uranium and thorium project. Five or six holes totalling about 1,500 metres are slated for the 79,003-hectare property’s JNR Fraser Lakes area, the company stated March 23.

The acquisition from Denison came with a 2012 resource for the Fraser Lakes B zone that used a 0.01% cutoff to show:

  • inferred: 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

Skyharbour also acts as project operator on the Western Athabasca Syndicate’s 246,643-hectare Preston project, which had radon and geophysical surveys scheduled for March and April. The other syndicate partners consist of Athabasca Nuclear TSXV:ASC, Noka Resources TSXV:NX and Rojo Resources TSXV:RJ, formerly known as Lucky Strike Resources.

Winter field work completed at Roughrider/Kivalliq’s Genesis project

A season of sampling and geophysics wrapped up March 30 at the Genesis property northeast of the Basin along Saskatchewan’s Wollaston-Mudjatik trend, Roughrider Exploration TSXV:REL announced. Following last year’s Phase I results, the 200,677-hectare property’s Jurgen 1 and Jurgen 2 areas underwent biogeochemical sampling as well as ground magnetic and very low frequency EM surveys.

More biogeochemical samples were collected from the Sava Lake conductor, 23 kilometres east of the Jurgen area. Results will help plan a proposed summer drill program.

Roughrider funds the work under an 85% option with Kivalliq Energy TSXV:KIV. In January Roughrider staked the 2,662-hectare Fire Eye Lake property, 65 kilometres southwest of Genesis.

On March 30 Kivalliq offered a private placement of $2.7 million to fund exploration at its flagship Angilak project in Nunavut and its Hatchet Lake project in the northeastern Basin, acquired last February.

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