Saturday 10th December 2016

Resource Clips


Athabasca Basin and beyond

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Radioactivity spikes as UEX finds new fault at Hidden Bay

Wolf Lake, the second target area of UEX Corp’s (TSX:UEX) Hidden Bay project, showed encouraging results as a new hydrothermally-altered graphitic fault system coincided with high radioactivity. A downhole radiometric probe showed one hole peaking at 4,348 counts per second at 215.4 metres in downhole depth, while another hit 12,771 cps at 81.2 metres, UEX stated April 9.

The fault zone “has untested potential for both unconformity-style and basement-type uranium mineralization and remains untested along strike to the east. East-northeasterly fault systems that splay off regional fault structures are known to host important basement-uranium mineralization in the district,” the company added.

Hidden Bay’s winter program consisted of 47 holes totalling 10,179 metres at the Wolf Lake and Dwyer Lake areas. UEX now plans a resistivity survey over Dwyer Lake. Further drilling has been slated for next winter, when ice roads offer cost-effective access.

Last February the company reported Dwyer Lake results and 2015 plans for other projects.

Winter drilling continues as NexGen reports from Rook 1

Next door to PLS, NexGen Energy’s (TSXV:NXE) Rook 1 project has also been undergoing a campaign on more than one front since the discovery of the Bow area, about 3.7 kilometres along trend from the Arrow zone. Scintillometer measurements for one of four holes released April 13 showed two half-metre intervals of anomalous radioactivity up to 570 counts per second and 700 cps respectively. The step-out increases Bow’s strike from 66 metres to 350 metres, the company stated.

Three other holes failed to find anomalous levels but did show “elevated radioactivity (150 to less than 500 cps) associated with favourable geology, strong alteration and persistent structure with associated strong radon anomalies,” NexGen added.

To the southwest, six regional holes also tested the five-kilometre VTEM conductor that hosts Bow and Arrow. NexGen credited just one with “elevated radioactivity.”

Although spring breakup has stalled lake drilling, the 20,000-metre winter program continues on terra firma with three rigs attacking Arrow’s A2 and A3 shears.

As for summer, drilling will also target the VTEM conductor northeast along trend from Bow that coincides with a strong gravity low, NexGen stated.

Western Athabasca Syndicate follows Preston’s gravity and radon finds with ground EM

Gravity and radon anomalies reported from the Western Athabasca Syndicate’s Preston project will help define targets for a proposed summer drill program. The news was released April 15 by partners Skyharbour Resources TSXV:SYH, Athabasca Nuclear TSXV:ASC and Noka Resources TSXV:NX. A fourth company, formerly known as Lucky Strike Resources and now called Rojo Resources TSXV:RJ, has also been associated with the syndicate.

A gravity survey found seven circular anomalies along prospective EM conductors and magnetic breaks defined by a 2014 VTEM survey. RadonEx surveys were then conducted over the gravity lows and four additional gravity anomalies found last year at the project’s Canoe target, finding “significant radon cluster anomalies.”

Six targets have been chosen for ground-based horizontal loop EM surveys now underway at Preston’s FSA, FIN, Dixon and Canoe areas. At 246,643 hectares, Preston comprises the largest property in the PLS vicinity.

On April 14 Noka announced revised terms for its Lodge Pole Point acquisition. The company now gets a 100% interest in the southeastern Basin property for $50,000 and an advance royalty payment of $20,000 due annually, beginning in 2016. The original deal called for $1.6 million in payments and $2 million in exploration over four years.

Last month Skyharbour began a 1,500-metre drill program at its eastern Basin Falcon Point uranium and thorium project.

Denison sums up winter work, outlines summer plans

Denison Mines TSX:DML capped the season by noting a number of accomplishments on April 15. As operator, the company drilled 61 holes totalling 30,400 metres on seven projects. Its joint venture partners sunk another 32 holes totalling 12,700 metres. Among the highlights were expansion of the Wheeler River flagship’s Gryphon zone, an unconformity-hosted discovery south of Gryphon and expansion of another unconformity-hosted zone at the Mann Lake project.

At Wheeler, 26 holes totalling 17,700 metres targeted the K North area, extending the Gryphon zone “up-plunge, down-plunge and up-dip on two sections,” Denison stated. The best result showed 9% uranium oxide-equivalent (eU3O8) over 4.6 metres (not true width) starting at 641.6 metres in downhole depth.

Denison holds a 60% interest in Wheeler, with Cameco holding 30% and JCU (Canada) Exploration the other 10%.

Five kilometres north of Wheeler, Mann Lake got 11 holes totalling 7,570 metres. The star assay showed 9.8% eU3O8 over 3.5 metres (not true width either) starting at 671.7 metres. Denison holds a 30% stake in this JV with project operator Cameco holding 52.5% and AREVA Resources Canada 17.5%.

Other projects drilled by Denison included Moore Lake, Lynx Lake, Crawford Lake, Hatchet Lake, Turkey Lake and Waterbury Lake. JV partner AREVA operated the Wolly property. Of these projects, Denison gave special mention to Hatchet and Crawford lakes.

The best result of Hatchet’s nine-hole, 2,547-metre program found 491 ppm uranium “accompanied by impressive trace element results that include elevated copper (up to 2.4%), nickel (up to 0.1%) and cobalt (up to 0.29%).” Denison holds 58.1% of the JV with Anthem Resources TSXV:AYN owning the rest.

Anthem, meanwhile, announced on April 15 a settlement with Sparton Resources TSXV:SRI, part of a complex dispute arising from a $30-million government payout that resulted from British Columbia’s 2008 ban on uranium exploration.

Denison’s 100% owned Crawford Lake project took eight holes for 4,135 metres, all on the CR-5 conductor. Results “confirmed the presence of the alteration zone along the entire 2,400-metre strike length and identified a zone of faulting in graphitic pelites that is likely the core of the hydrothermal system.” Assays are pending and additional drilling’s planned for summer.

The summer total for eight projects should come to about 34,000 metres. Wheeler remains the focus, getting 36 holes and 24,000 metres. By year-end Denison hopes to release a maiden resource for the Gryphon zone. The project already has a resource for the very high-grade Phoenix deposit three kilometres southeast.

Makena finds more gravity lows at Patterson

Makena Resources TSXV:MKN announced multiple gravity anomalies on its PLS-adjacent Patterson project April 9, including an “intense” gravity low covering 1.5 kilometres by 500 metres. The company plans “immediate” follow-up drilling.

Makena also announced a significant gravity low on the 3,015-hectare property in February. The company operates the project under an option with CanAlaska Uranium TSXV:CVV.

Alberta compensates Fission 3.0 for cancelled agreements

A $897,223 payment from the province of Alberta boosts Fission 3.0’s (TSXV:FUU) bank account to about $5 million, the company announced April 9. The cash compensates for cancelled agreements regarding the North Shore property along the Basin’s northwestern margin. Once a 55,165-hectare claim group, 45,518 hectares will form part of Richardson Wildland Park, the company stated.

Among Fission 3.0’s active projects is PLN, a JV with Azincourt Uranium TSXV:AAZ, and Clearwater, a JV with Brades Resource TSXV:BRA.

In February Fission Uranium bought 12% of Fission 3.0, its own spinout, for $3.08 million. The previous October Fission 3.0 added seven more properties to its portfolio.

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