Friday 21st October 2016

Resource Clips

Athabasca Basin and beyond

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Northern Uranium, CanAlaska update Northwest Manitoba drilling

With an April 22 dispatch from the Maguire Lake area of their Northwest Manitoba project, Northern Uranium TSXV:UNO and CanAlaska Uranium TSXV:CVV reported three complete holes and a fourth in progress.

A downhole gamma ray log found “highly anomalous responses attributable to uranium mineralization” in hole MG15DD-0012, between 164 and 238 metres in downhole depth, and again between 285 and 347 metres. Another hole 120 metres southwest showed weak radioactive spikes at 90 and 150 metres in depth.

The hole-in-progress, 120 metres northeast of 0012, tests a gravity low previously targeted by a hole that was abandoned due to poor recovery. The new hole also targets anomalous conductivity and radon-in-water results.

At least four more lake targets and seven land targets remain untested up-ice from boulders that graded up to 66% U3O8. The company has analysis of recent radon and ground gravity surveys underway. For the second time since February, Northern stated it has mobilized a second rig.

Currently holding a 50% interest in the project on the Mudjatik Wollaston tectonic zone, the company now works towards a 70% stake. Its option with CanAlaska allows an eventual 80% earn-in.

Uranium news from Saskatchewan and elsewhere to May 1, 2015

On May 1 CanAlaska announced the sale of its C2 and C3 diamond claims in Saskatchewan’s Pikoo region to Copper Reef Mining CSE:CZC. “As the company’s focus is uranium exploration, the sale of its diamond properties enables the monetization of non-core assets,” CanAlaska stated. The company has 13 remaining diamond prospects in the same region.

Forum finishes Fir Island winter drilling

Ten holes totalling 2,453 metres completed the first season of drilling at Forum Uranium’s (TSXV:FDC) 14,205-hectare Fir Island project straddling the Basin’s northern margin. An April 20 statement credits the program with finding a “new, large prospective trend.”

VP of exploration Ken Wheatley added, “Dravite and sudoite clay alteration, quartz dissolution and remobilization, and sulphides deposited well up into the sandstone column are all key components of a robust and nearby source” of potential mineralization.

Last January Forum announced two holes totalling 526 metres on its 9,912-hectare PLS-adjacent Clearwater project, in which Uracan Resources TSXV:URC may earn a 51% interest. One hole found results up to 84.9 ppm U3O8 over six metres.

Glenmark identifies targets through re-evaluation of past geophysics

A detailed new look at previous airborne surveys gives Glenmark Capital TSXV:GLM “six discreet, structurally related, priority targets” on its 8,174-hectare Key Lake Road project beyond the Basin’s southeastern margin. Data from a 2005 VTEM and 2006 Aerotem survey shows two areas “interpreted to represent structurally complex fold closures related to coupled northeast-southwest striking antiformal and synformal structures” which could provide conduits for uranium-mineralizing fluids, the company stated.

The approach “continues to cost-effectively leverage the substantive amount of high-quality data available from historic operators,” said president/CEO Clive Massey’s April 29 statement. A geophysical re-interpretation of the company’s Carter Lake project announced in March identified 12 target areas on the 1,113-hectare property in the Basin’s southwest.

With four new Key Lake Road locations identified for drilling, Glenmark plans to refine the project’s proposed 2015 program.

On April 23 the company announced completion of a site survey at its Margurete gold project in southwestern British Columbia.

Khan continues to pursue Mongolian debt following company chairperson’s death

By press time there was no word on a final autopsy report, but media accounts said associates of Khan Resources CSE:KRI chairperson Jim Doak attributed his sudden death on April 23 to probable natural causes. He had been in Mongolia to press the government to honour an international tribunal award of over US$100 million. Within days the government announced its intention to invalidate the award for having revoked Khan’s uranium licences in 2009.

The company had already retained “specialists” in enforcement and collection, according to an April 23 statement. An April 25 Globe and Mail article reposted on BNN paraphrased Doak as saying Khan hired “an unidentified company that specialized in collecting delinquent government debts by seizing assets, such as airplanes or ships temporarily located outside the country.”

The G&M quoted Doak, “These are experienced people, we will get our money.” Interest accrues at 2.546% or US$6,485 per day, the company has stated.

Speculation continues about Russia’s influence on Mongolia’s decision to revoke Khan’s assets in the first place. In 2010 the company launched an unsuccessful $700-million lawsuit against ARMZ, the uranium-mining subsidiary of Russia’s state-owned Rosatom, alleging involvement in Mongolia’s actions.

As news of Doak’s death circulated, Rosatom made international headlines with Uranium One and the Clinton Foundation.

In brief…

A uranium bombshell of politically nuclear proportions blew up on Hillary Clinton’s U.S. presidential campaign on April 23. Fallout also hit a number of prominent Canadians who benefited from Rosatom’s $1.3-billion takeover of Vancouver-headquartered Uranium One. Read more here.

Macusani Yellowcake was to begin trading as Plateau Uranium TSXV:PLU on May 1 following an 8:1 reverse split. Joining the board were Engin Ozberk and, as chairperson, Ian Stalker.

U3O8 Corp TSX:UWE announced an agreement with the provincial petroleum and mining company of Chubut province, Argentina, to explore properties adjoining U3O8’s Laguna Salada deposit. Should resources be identified, the companies may form a JV, according to the April 23 statement. The following day U3O8 issued IIROC-mandated clarifications regarding Laguna Salada’s resource target, economic analyses and cash costs comparison.

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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