Friday 6th December 2019

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Posts tagged ‘Azincourt Uranium Inc (AAZ)’

Athabasca Basin and beyond

December 7th, 2013

Uranium news from Saskatchewan and elsewhere for November 30 to December 6, 2013

by Greg Klein

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Introducing the Alpha Minerals spinco—Alpha Exploration Inc

With court blessing announced December 2 for the Alpha Minerals TSXV:AMW takeover by Fission Uranium TSXV:FCU, the deal faces just one more approval, this one from the TSXV. That was expected, but not announced, on December 6. Alpha’s spinco, Alpha Exploration Inc (anticipated ticker TSXV:AEX) gets about $3 million cash and all non-Patterson Lake South assets, including properties in Ontario and British Columbia as well as Saskatchewan. Each Alpha Minerals share fetches 5.725 Fission shares and one-half spinco share. Since December 3 Alpha Minerals shares have no longer traded with spinco shares attached.

The current Alpha Minerals board and management will “substantially” move into AEX positions.

Court approval for Fission Uranium’s spinco—tentatively titled Fission 3.0 to also commemorate Fission Uranium’s predecessor and Denison Mines’ TSX:DML acquisition Fission Energy—was announced the previous week. Each Fission Uranium shareholder gets one share of post-arrangement Fission Uranium as well as a share of the Fission spinout, expected to start trading December 10.

Having obtained full PLS ownership from its 50/50 joint venture ally, Fission Uranium has undoubtedly caught the attention of much bigger takeout artists.

Read more about the takeover.

Read more about uranium merger-and-acquisition activity.

Lakeland/Declan Resources JV accelerates work, strengthens their positions

In this market you have to work with strong partners. You have to collaborate and be a bit creative. We’re fortunate to work with people like Declan president Wayne Tisdale’s team and the financial connections they can bring.—Ryan Fletcher, director of Lakeland Resources

A new team of Lakeland Resources TSXV:LK and Declan Resources TSXV:LAN means an accelerated winter drill program for their Gibbon’s Creek flagship as well as the opportunity to put additional work into other Basin-area projects.

Declan’s first-year commitment will inject another $1.25 million into Gibbon’s, a 12,771-hectare north-central Basin property that already underwent over $3 million of work prior to last fall’s field campaign by Lakeland. Declan may earn 50% of the project by spending that $1.25 million, paying Lakeland $100,000 and issuing two million shares in 12 months. Over four years Declan may obtain a 70% interest for a total of $1.5 million in cash, 11 million shares and $6.5 million in spending.

The agreement further demonstrates Declan’s new direction, following its acquisitions in September and October of the 9,000-hectare Patterson Lake Northeast and 50,000-hectare Firebag River properties.

Declan’s commitment also allows Lakeland to ramp up its campaign for two other north-central Basin properties, South Pine and Perch Lake. Work on all those properties will be managed by Dahrouge Geological Consulting, led by PLS and Waterbury Lake veteran Jody Dahrouge.

Field results from Lakeland’s fall campaign are pending, while new appointments are anticipated from Declan.

Read more about the Lakeland/Declan JV and their other projects.

Read more about Lakeland Resources here and here.

Macusani claims low-cost uranium potential in Peruvian PEA

Macusani Yellowcake TSXV:YEL presented its case for a low-grade but potentially low-cost uranium mining operation in Peru with a preliminary economic assessment released December 5. The company envisions both open pit and underground operations with “a low stripping ratio in the open pit operations, anticipated low acid consumption and high process plant recoveries expected to be achieved in a short period of time.”

Uranium news from Saskatchewan and elsewhere for November 30 to December 6, 2013

The under-explored Macusani plateau shows considerable
uranium potential, according to the eponymous Macusani Yellowcake.

The report, using U.S. dollars, uses an 8% discount rate to calculate a $417-million after-tax net present value with a 32.4% internal rate of return. Those numbers assume a long-term price of $65 a pound uranium oxide (U3O8).

Initial capital expenditures would come to $331 million to build the mine and a plant processing 8.5 million tonnes per year. Total sustaining capital costs for the 10-year lifespan would reach $228 million. Payback would take 3.5 years.

Life of mine cash costs would average $20.57 a pound but, Macusani emphasized, years one to five would average $19.45, “placing it in the lowest quartile in the world using 2012 production figures.” Those first five years would produce an average 5.17 million pounds annually which would, were it operating now, rank the mine the world’s sixth largest, the company maintained. The 10-year average would be 4.3 million pounds.

The project, on the Macusani plateau in southeastern Peru, features multiple deposits, some adjacent to each other, others a few to several kilometres apart. The December 5 news release once again claimed last August’s resource update showed a 167% increase in measured and indicated categories. But there was no increase in the measured category. In fact measured pounds equal less than 1% of the M&I total.

Calling the project potentially “one of the lowest-cost uranium producers in the world,” Macusani CEO Laurence Stefan added, “The PEA demonstrates that the Macusani plateau has significant potential to become a major uranium-producing district, considering that only small areas have been explored to date.”

The company expects to begin pre-feasibility work in 2014.

NexGen announces initial geophysical results for Rook 1

An airborne radiometric survey over the PLS-vicinity Rook 1 project found at least five zones with elevated readings, NexGen Energy TSXV:NXE reported on December 2. Two of the zones are “proximal” to last summer’s drilling and could provide targets for another program beginning in January. Additionally aeromagnetic data identified regional and local basement structures.

The company will pursue the source of the elevated radiometrics next summer through ground radiometric surveying, mapping and sampling. Meanwhile the current data from 5,772 line-kilometres of high-resolution magnetic, very low frequency and radiometric surveys undergoes more comprehensive analysis.

Still to come are assays from NexGen’s nine-hole, 3,473-metre campaign at the eastside Basin Radio project, where the company holds a 70% option two kilometres east of Rio Tinto’s NYE:RIO Roughrider deposits. Having raised $5 million in late August, NexGen stated it’s still well-financed.

More near-surface, district-wide potential found in Argentina, says U3O8

In mid-November U3O8 Corp TSX:UWE said a discovery roughly 40 kilometres northeast of its Laguna Salada deposit could indicate district-scale potential. On December 4 the company stated another Argentinian discovery, on the southern extension of Laguna Salada, further suggests that potential. In both cases vertical channel sampling found near-surface, soft gravel uranium-vanadium mineralization.

Laguna Salada trials showed that screening could concentrate over 90% of its uranium in about 10% of the gravel’s original mass, resulting in 10 to 11 times greater grade, U3O8 stated. The company maintains its deposits offer continuous surface mining potential with alkaline leaching.

Dubbed La Susana, the new discovery’s slated for pitting and trenching to determine the extent of mineralization. While Laguna Salada’s PEA nears completion, the company continues JV negotiations with a province-owned mining company that could unite Laguna Salada with adjoining concessions.

U3O8 has a Colombian uranium-polymetallic project with a PEA and an earlier-stage project in Guyana.

Aldrin finishes Triple M gravity survey, offers $2-million private placement

With its ground gravity survey complete, Aldrin Resource TSXV:ALN stated anomalies coincide with previous results and already-identified drill targets. Data from 871 stations on Triple M, adjacent to and southwest of PLS, covered two parallel bedrock conductors already noted from an airborne VTEM survey and surface radon anomalies, the company reported on December 4.

Gravity anomalies consist of relatively low readings “reflecting the dissolution and removal of rock mass by the same basinal fluids that may also precipitate uranium,” Aldrin explained.

Two days earlier the company announced a $2-million private placement for Triple M exploration and drilling. The offer comprises 18.18 million units at $0.11, with each unit consisting of one flow-though share and one-half warrant, with each full warrant exercisable at $0.16 for 18 months.

In early November Aldrin reported closing a $972,500 first tranche of a private placement that had been announced the previous month. The company has also indicated plans to buy the Virgin property around the Basin’s south-central rim.

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Athabasca Basin and beyond

November 23rd, 2013

Uranium news from Saskatchewan and elsewhere for November 16 to 22, 2013

by Greg Klein

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Azincourt to acquire Peruvian company from Cameco and Vena for $2 million

So far best known for its 50% interest in the Patterson Lake North joint venture with Fission Uranium TSXV:FCU, Azincourt Uranium TSXV:AAZ plans to acquire an advanced-stage uranium project in Peru. Under definitive share purchase agreements announced November 22, the $8.1-million market cap Athabasca Basin junior proposes to buy Minergia S.A.C. from 50/50 co-owners Cameco Corp TSX:CCO and Vena Resources TSX:VEM. As well as the 4,900-hectare Macusani project, Minergia comes with its younger sister, 9,600-hectare Muñani, both in southeastern Peru.

Subject to approvals, the deal would have Azincourt give Cameco and Vena $750,000 worth of shares and $250,000 each. Vena chairman/CEO Juan Vegarra would join Azincourt as an independent director. Azincourt would spend between $1.5 million and $2 million on the projects annually.

The deal would also allow Vena to buy Cameco’s portion of Azincourt shares for the purchase price plus 50% of any increase in the market price.

In a statement accompanying Vena’s announcement, Vegarra noted that Azincourt president/CEO Ted O’Connor is “the former director of Cameco’s corporate development group who was responsible for overseeing Cameco’s significant investment in Minergia.”

With over $12 million of work between 2007 and 2011, Macusani comes with an historic resource that was released in September 2011. Using a 0.009% cutoff, five of the property’s nine areas show:

  • measured: 10.39 million short tons averaging 0.025% for 5.69 million pounds uranium oxide (U3O8)

  • indicated: 34.16 million tons averaging 0.018% for 12.52 million pounds

  • inferred: 37.79 million tons averaging 0.02% for 17.42 million pounds

The project could offer low-cost open pit, acid heap leach potential, according to Azincourt.

As for Muñani, it shows uranium mineralization in sandstone and outcrops, has undergone airborne geophysics and ground prospecting, and has drill targets ready, Azincourt stated.

Although two years of depressed prices have pushed the projects into dormancy, Azincourt plans to complete community agreements and permitting prior to another drill program.

Vena also announced that Silvia Dedios has been named general manager following David Bent’s resignation. Walter Cuba becomes project manager to work with Azincourt on Minergia’s uranium assets.

Last June Vena dropped out of negotiations with a private Peruvian company to create a JV for three other Vena projects. In August the company settled $150,350 of debt for 1.64 million shares.

Azincourt and Fission update winter plans for Patterson Lake North

Back in the Basin, Azincourt and Fission updated their previously announced winter plans for Patterson Lake North on November 18. The program now includes a radon survey at Hodge Lake as well as further electromagnetic work and eight to 10 holes totalling 2,500 to 3,000 metres.

Initial results from a five-kilometre ground magnetotelluric survey over the northern part of an eight-kilometre VTEM conductive trend suggest it comprises a series of parallel west-dipping basement EM conductors, the JV stated. Further EM work will increase resolution and orient a resistivity survey scheduled for next summer. “Many structurally controlled high-grade uranium occurrences in the Athabasca Basin are related to hydrothermal alteration systems associated with basement EM conductors,” the companies emphasized. Drill targets will be refined by identifying an EM basement conductor with a resistivity low signature, especially when associated with a cross-cutting interpreted structural feature, the partners explained.

Diamond drilling is slated to begin in January, after the holes have been pre-collared with RC rigs.

Azincourt is earning a 50% interest in the 27,408-hectare project adjacent to Fission’s better-known project, the Patterson Lake South JV with Alpha Minerals TSXV:AMW. Fission acts as operator on both projects.

Denison considers compulsory acquisition as Rockgate takeover now 86% complete

Delighted with “such overwhelming enthusiasm,” Denison Mines TSX:DML president/CEO Ron Hochstein announced on November 18 his company has so far nabbed 100.54 million shares for 86% control of Rockgate Capital TSX:RGT. In another extension to the offer—the final one, this time—Denison now says Rockgate laggards have until November 29 to throw in their lot with the victor.

If the company can get just 4% more of Rockgate’s total shares, Denison intends to acquire the rest through a compulsory acquisition. Otherwise the aggressive uranium miner/explorer will try an “amalgamation or other corporate reorganization” to part the hold-outs from their holdings. On October 30 Denison stated it was lowering the minimum tender condition from 90% to two-thirds of outstanding shares.

At that time directors of the two companies softened their positions considerably. Rockgate president/CEO Karl Kottmeier initially denounced the Denison offer as an “unsolicited opportunistic hostile takeover bid” which scuttled Rockgate’s proposed merger with Mega Uranium TSX:MGA. Rockgate’s board did, however, reluctantly recommend shareholder acceptance.

Read more here and here.

Read more about uranium merger-and-acquisition activity.

Read about Denison’s Q3 report.

Denison moves its people into Rockgate management/board positions

Rockgate’s changing of the guard, meanwhile, presages its takeover. The company announced five departures from its seven-person board on November 22. Gone are Doug Ford, Edward Ford, Allen Ambrose, Gord Neal and Phil Williams. Replacing them are Denison directors Ron Hochstein, Robert Dengler and Catherine Stefan, with William Rand becoming chairperson.

Rockgate’s Karl Kottmeier, Doug Ford and Kirk Gamely step down from management, although Kottmeier and Bryan Hyde will remain on Rockgate’s board to smooth the transition of its flagship Falea project in southwestern Mali, which was scheduled for pre-feasibility in early 2014. Denison’s Hochstein now becomes Rockgate president/CEO, David Cates CFO and Sheila Colman corporate secretary.

Denison has said that on acquiring Rockgate it will spin out its African assets to concentrate on the Athabasca Basin.

Mega Uranium closes Australian sale, gains 28% of Toro Energy

Undeterred by its Rockgate failure, Mega has now picked up 28% of an ASX-listed company with “one of the larger pre-development uranium projects worldwide.” That results from the completed sale of Mega’s Lake Maitland property in Western Australia to Toro Energy. In a deal valued at about AU$37 million last August, Mega gets about 28% of Toro shares and fills Toro board positions with Mega executive VP of corporate affairs Richard Patricio and executive VP for Australia Richard Homsany, the Toronto-listed company announced November 19.

Blue Sky drills Ivana project in Argentina, offers $500,000 private placement

Uranium news from Saskatchewan and elsewhere for November 16 to 22, 2013

Located in Argentina’s Rio Negro province, Blue Sky’s
Ivana project currently undergoes a 2,000-metre drill program.

Now underway at Blue Sky Uranium’s TSXV:BSK Ivana project in Argentina, a nine-hole, 2,000-metre drill campaign targets shallow, roll-front uranium mineralization to 400 metres in depth. Announced November 18, Phase I work also includes ground geophysics. The 71,300-hectare property has previously undergone airborne radiometrics, sampling, prospecting, mapping and trenching.

AREVA funds the work under an option to spend $2 million by December 31 on Blue Sky’s Argentinian properties. On completion, AREVA may fund an additional $3 million on one project, or $4 million combined on two projects, to earn a 51% interest by the end of 2017. In addition to the project in Rio Negro province, Blue Sky currently focuses on its Sierra Colonia property in central Chubut province.

The company also announced a private placement of 10 million units at $0.05 for $500,000. Each unit consists of one share and one transferable warrant exercisable at $0.10 for two years.

Ground gravity survey underway on Aldrin Resource’s Triple M

Announced by Aldrin Resource TSXV:ALN on November 20, a ground gravity survey on the PLS-vicinity Triple M property intends to find extensively altered basement rocks associated with two bedrock conductive anomalies shown in last summer’s VTEM survey. Identified by anomalous gravity lows, extensively altered rocks are associated with strong uranium mineralization elsewhere in the region, the company stated. Triple M’s schedule calls for completion of the gravity survey by year-end.

The previous week Aldrin released initial radon results from 527 sample sites. The company also plans to buy the 49,275-hectare Virgin property around the Basin’s south-central edge.

Zadar Ventures acquires two more properties from Canterra Minerals

With two new acquisitions just south of the Basin’s southeastern rim, Zadar Ventures TSXV:ZAD has signed another definitive purchase agreement. The deal, announced November 20, has Zadar issuing 160,000 shares to Canterra Minerals TSXV:CTM and 170,000 to African Oil Corp in return for the 5,831-hectare Highrock and the 5,583-hectare Riverlake projects. Canterra retains a 2% NSR on both properties, of which Zadar may buy half for $1 million.

Both properties have seen historic EM surveys, soil sampling and drilling. Radioactive pitchblende pebbles found immediately west of Highrock might have originated on the property, Zadar stated. Highrock sits eight kilometres from Cameco’s former Key Lake mine.

Riverlake features a 1,200-metre by 600-metre soil anomaly with uranium values up to 0.0374% over three EM conductors with a combined strike of five kilometres, Zadar added. A hole drilled in 2008 found 63 metres of radioactivity five to 10 times the background level.

In September the company announced its acquisition of the 37,445-hectare Pasfield Lake property, also from Canterra. Earlier that month Zadar reported finding radioactive boulders on its PLS-vicinity PNE project.

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Uranium M&A: Azincourt to acquire Peruvian company from Cameco and Vena

November 22nd, 2013

by Greg Klein | November 22, 2013

So far best known for its 50% interest in the Patterson Lake North joint venture with Fission Uranium TSXV:FCU, Azincourt Uranium TSXV:AAZ plans to acquire an advanced-stage uranium project in Peru. Under definitive share purchase agreements announced November 22, the $8.4-million market cap Athabasca Basin junior proposes to buy Minergia S.A.C. from 50/50 co-owners Cameco Corp TSX:CCO and Vena Resources TSX:VEM. As well as the 4,900-hectare Macusani project, Minergia comes with its younger sister, 9,600-hectare Muñani, both in southeastern Peru.

Subject to approvals, the deal would have Azincourt give Cameco and Vena $750,000 worth of shares and $250,000 each, a deal valued at $2 million total. Vena chairman/CEO Juan Vegarra would join Azincourt as an independent director. Azincourt would spend between $1.5 million and $2 million on the projects annually.

The deal would also allow Vena to buy Cameco’s portion of Azincourt shares for the purchase price plus 50% of any increase in the market price.

In a statement accompanying Vena’s announcement, Vegarra noted that Azincourt president/CEO Ted O’Connor is “the former director of Cameco’s corporate development group who was responsible for overseeing Cameco’s significant investment in Minergia.”

With over $12 million of work between 2007 and 2011, Macusani comes with a September 2011 resource. Using a 0.009% cutoff, five of the property’s nine areas show:

  • measured: 10.39 million short tons averaging 0.025% for 5.69 million pounds uranium oxide (U3O8)

  • indicated: 34.16 million tons averaging 0.018% for 12.52 million pounds

  • inferred: 37.79 million tons averaging 0.02% for 17.42 million pounds

The project could offer low-cost open pit, acid heap leach potential, according to Azincourt.

As for Muñani, it shows uranium mineralization in sandstone and outcrops, has undergone airborne geophysics and ground prospecting, and has drill targets ready, Azincourt stated.

Although two years of depressed prices have pushed the projects into dormancy, Azincourt plans to complete community agreements and permitting prior to another drill program.

Last June Vena dropped out of negotiations with a private Peruvian company to create a JV for three other Vena projects. In August the company settled $150,350 of debt for 1.64 million shares.

Azincourt and Fission Uranium update winter plans for Patterson Lake North

November 18th, 2013

by Greg Klein | November 18, 2013

Joint venture partners Fission Uranium TSXV:FCU and Azincourt Uranium TSXV:AAZ updated their previously announced winter plans for Patterson Lake North on November 18. The program now includes a radon survey at Hodge Lake as well as further electromagnetic work and eight to 10 holes totalling 2,500 to 3,000 metres.

Initial results from a five-kilometre ground magnetotelluric survey over the northern part of an eight-kilometre VTEM conductive trend suggest it comprises a series of parallel west-dipping basement EM conductors, the JV stated. Further EM work will increase resolution and orient a resistivity survey scheduled for next summer. “Many structurally controlled high-grade uranium occurrences in the Athabasca Basin are related to hydrothermal alteration systems associated with basement EM conductors,” the companies emphasized. Drill targets will be refined by identifying an EM basement conductor with a resistivity low signature, especially when associated with a cross-cutting interpreted structural feature, the partners explained.

Diamond drilling is slated to begin in January, after the holes have been pre-collared with RC rigs.

Azincourt is earning a 50% interest in the 27,408-hectare project adjacent to Fission’s better known project, the Patterson Lake South JV with Alpha Minerals TSXV:AMW. Fission acts as operator on both projects.

See last week’s uranium news roundup.

Athabasca Basin and beyond

October 26th, 2013

Uranium news from Saskatchewan and elsewhere for October 19 to 25, 2013

by Greg Klein

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Forum reports radon results from PLS-adjacent Clearwater

Forum Uranium TSXV:FDC released soil and water radon surveys from its Clearwater project adjacently southwest to Patterson Lake South. Soil results “are similar and higher than those located immediately west” of the PLS R00E zone, according to Forum’s October 22 announcement. Radon surveys played an important role in identifying drill targets at R00E and east along trend. The Alpha Minerals TSXV:AMW/Fission Uranium TSXV:FCU joint venture now plans autumn drilling west of R00E while waiting for freeze-up.

Forum’s results for three grids show:

  • Bear grid: Up to 1.33 picocuries per square metre per second (pCi/m2/s)

  • West Bear grid: Up to 1.08 pCi/m2/s

  • Mungo grid: Up to 0.92 pCi/m2/s

Additionally, a small lake in the Mungo grid returned up to 18 picocuries per litre (pCi/L), “which is considered to be very anomalous when compared with a maximum value of 12 pCi/L immediately over the Patterson Lake South deposits,” Forum stated. The company added that 428 samples were taken “over areas with electromagnetic conductors and over the interpreted extension of the Patterson Lake structure that hosts the PLS deposits.”

Near-term plans include a ground gravity survey over the same areas and possibly further radon studies prior to setting targets on the 9,910-hectare property for a drill campaign to begin in late January.

Lakeland Resources appoints expert adviser, closes second tranche

In joining the Lakeland Resources TSXV:LK advisory board, Athabasca Basin veteran John Gingerich returns to some familiar turf. With over 30 years’ experience, the geoscientist worked for Eldorado Nuclear from 1979 to 1986, spending most of that time in the north-central Basin exploring property now held by Lakeland, the company stated on October 23. Additionally he served in the Noranda group’s senior management, founded Geotechnical Business Solutions and chairs both the Canadian Mining Industry Research Organization’s exploration division and the Ontario Geological Survey’s advisory board.

The radon survey is done and line-cutting and resistivity are underway. Once we compile that data we’ll have it interpreted and zero in on drill targets likely for January. We’ll have a fairly steady stream of news over the next few months.—Jonathan Armes, president/CEO
of Lakeland Resources

Speaking to ResourceClips.com, Lakeland president/CEO Jonathan Armes says Gingerich “co-ordinated exploration activities from Stony Rapids to Fond du Lac, on properties we’re now exploring, so he’s quite familiar with that neck of the woods. But at that time they didn’t have some of the technologies we now have in the way of geophysics and radon surveys. He said it was tough determining where to drill back in those days. But he certainly feels there’s potential based on the historic findings. He’s also trying to dig up some additional historic work besides the data we’ve already found. He’s definitely a valuable addition to our board, given his experience up there.”

Gingerich joins two other industry authorities on Lakeland’s advisory board, Richard Kusmirski and Thomas Drolet.

Lakeland also announced the closing of a second and final tranche of its private placement, bringing in $318,948 for a total of $1,057,718 to fund further work. Activity focuses on the Gibbon’s Creek target of the Riou Lake property.

“The radon survey is done and line-cutting and resistivity are underway,” Armes says. “Once we compile that data we’ll have it interpreted and zero in on drill targets likely for January. We’ll have a fairly steady stream of news over the next few months. We also retained an interest in the gold project we vended to New Dimension Resources [TSXV:NDR], which will likely be drilled in the next few weeks. That’s a bonus side story for us while we continue our focus on the Basin. So things are going extremely well.”

Read more about Lakeland Resources.

Rockgate reluctantly recommends Denison bid, Denison extends deadline

It’s an “unsolicited opportunistic hostile takeover bid,” according to Rockgate Capital TSX:RGT directors. So it was with obvious reluctance that they recommended shareholders accept the offer from Denison Mines TSX:DML. Nearly five weeks of effort failed to find a superior proposal, Rockgate announced October 21.

Uranium news from Saskatchewan and elsewhere for October 19 to 25, 2013

A crew prepares to drill a target on
Rockgate’s flagship Falea project in Mali.

But three days later, and just one day before its offer was to expire, Denison extended the deadline to November 1. Denison stated that, while its bid remains open for acceptance, the company needed time to remedy change of control protections that Rockgate had provided to employees and consultants: “In light of these actions, the conditions to Denison’s takeover bid offer cannot be fulfilled.”

Read more about Denison’s offer, Rockgate’s response and the failed merger with Mega Uranium.

Read about other uranium merger-and-acquisition activity.

Zadar completes PNE Phase II, grants options

Results are pending but Phase II exploration at Zadar Ventures’ TSXV:ZAD PNE project has wrapped up, the company announced October 22. Work included scintillometer prospecting, boulder mapping and radon surveys over nine areas. The company added that an eight-kilometre conductive trend on the adjacent Patterson Lake North project announced earlier this month by JV partners Fission and Azincourt Uranium TSXV:AAZ marks a “very positive development” for the 15,292-hectare PNE property.

Zadar also announced 100,000 incentive options at $0.25 for two years.

Last month the company signed a definitive agreement to acquire the 37,445-hectare Pasfield Lake property on the Athabasca Basin’s east side.

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Athabasca Basin and beyond

October 12th, 2013

Uranium news from Saskatchewan and elsewhere for October 5 to 11, 2013

by Greg Klein

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Alpha/Fission expand summer drilling, lengthen strike by 15 metres

Having mostly conducted barge drilling east of their Patterson Lake South discovery, Fission Uranium TSXV:FCU and Alpha Minerals TSXV:AMW now plan to head west with a $2.25-million, 11-hole, 3,700-metre, land-based expansion to their current campaign. The 50/50 joint venture partners will take advantage of their buoyant financing as lake conditions change with the season.

Previous drilling on the area between 360 and 860 metres west of the R00E zone showed clay alteration, anomalous radioactivity and elevated uranium results, according to the companies’ October 7 announcements. The area has also undergone electromagnetic and DC resistivity mapping, as well as a more recent RadonEx survey. The latter found anomalous radon levels north of the PL-3B EM conductor, an intriguing find since R00E zone mineralization has been situated consistently north of the same conductor.

Uranium news from Saskatchewan and elsewhere for October 5 to 11, 2013

A successful summer of exploration and financing motivated Alpha
and Fission to expand their current Patterson Lake South campaign.

In total, the expansion brings the PLS summer budget to $9.2 million, with 49 holes totalling 14,700 metres.

Two days after that announcement, the JV reported results from the opposite side of PLS, the eastern-most hole of the eastern-most zone. And while finding new superlatives for the project can’t always be easy, the partners aren’t without inspiration. This time they say scintillometer readings show “the largest accumulation of mineralized intervals in any drill hole at PLS to date.”

The results come from a hand-held device that measures drill core gamma ray particles in counts per second up to a maximum off-scale reading of over 9,999 cps. Scintillometer results are no substitute for assays, which will follow.

Drilled to a total depth of 368 metres, PLS13-099 found the basement unconformity at 59.8 metres without encountering sandstone. The results show:

  • <300 to 640 cps over 4.5 metres, starting at 101 metres in downhole depth

  • <300 to >9,999 cps over 105 metres, starting at 108.5 metres

  • <300 to >9,999 cps over 30.5 metres, starting at 222.5 metres

  • 500 to >9,999 cps over 1 metre, starting at 256.5 metres

  • <300 to 1,000 cps over 3 metres, starting at 278 metres

True widths weren’t available. With a dip of -88 degrees, downhole depths are close to vertical.

This is the fourth of four holes sunk so far in zone R945E, which parallels the PL-3B conductor and coincides with the project’s strongest radon-in-water anomaly. The hole extends the strike length by 15 metres to 1.035 kilometres.

Fission acts as project operator. The company expects to close its acquisition of Alpha as early as November 2013.

Forsys updates Namibian resources

Forsys Metals’ TSX:FSY Norasa project in Namibia moved closer to production with a resource update announced October 7. The news release provided separate cutoff grades of 0.01% for the Valencia deposit and 0.016% for the Namibplaas deposit, but combined the tonnage and contained pounds for both deposits. The resource shows:

  • a measured category of 17 million tonnes averaging 0.02% for 7 million pounds uranium oxide (U3O8)

  • an indicated category of 221 million tonnes averaging 0.019% for 96 million pounds

  • an inferred category of 50 million tonnes averaging 0.019% for 22 million pounds

Both deposits remain open along strike and at depth, the company stated.

The project has a reserve estimate scheduled for Q1 2014 release and feasibility for Q3. Assuming positive results, funding and other hurdles are cleared, the company hopes to begin construction late next year and start commercial open pit production in Q2 2016.

Fission/Azincourt find eight-kilometre conductive trend, announce plans for PLN

Along with JV partner Fission, Azincourt Uranium TSXV:AAZ announced airborne VTEM results from their PLS-adjacent Patterson Lake North project on October 8. Conductive basement rocks trending north-south for eight kilometres on the property’s northern section represent “the possible extension of the Saskatoon Lake Conductor system which hosts the Shea Creek uranium deposits,” the companies stated. Additional data is now being gathered through a ground magnetotelluric survey.

Still to come is a ground EM survey for the central part of the property to target a conductive metasedimentary belt that coincides with a structural offset at the unconformity. On the project’s southern area, another ground EM survey will follow up on a prospective trend parallel to the PLS discovery. The team has also collected 16 outcrop and 56 soil samples, and re-logged historic core.

Winter drilling will include eight to 10 holes totalling 2,500 to 3,000 metres. Fission acts as project operator with Azincourt earning a 50% interest. Highway 955 bisects the 27,408-hectare property.

Purepoint plans Hook Lake winter drill campaign

Following up on last winter’s drilling, Purepoint Uranium TSXV:PTU plans to sink more Hook Lake holes, focusing on the same conductive trend that hosts the PLS discovery about five kilometres away. EM surveying has identified three prospective structural corridors, each with multiple conductors, Purepoint added. The program will consist of about 5,000 metres with a $2.5-million budget, according to an October 8 announcement. But it wasn’t clear whether those numbers include previous work.

Purepoint holds a 21% interest in Hook Lake. JV partners Cameco Corp TSX:CCO and AREVA Resources Canada each hold 39.5%. Purepoint has interests in 10 other active Athabasca Basin projects, the company states.

Aldrin to acquire 49,275-hectare Basin property, offers $1-million private placement

Under an agreement announced October 8, Aldrin Resource TSXV:ALN will buy the 49,275-hectare Virgin property, three contiguous blocks around the Basin’s south-central rim. One of them sits adjacent to Cameco’s Centennial property. The deal has Aldrin paying $75,000 and issuing a total of five million shares to four vendors who retain a 3% NSR or, should the property produce diamonds, a 3% gross overriding royalty on the gems. A similar diamond provision was part of Aldrin’s 70% PLS-adjacent Triple M acquisition from the same vendors last April.

Aldrin also announced a private placement offering up to 10 million units at $0.10 for gross proceeds of $1 million. Each unit consists of one share and one warrant exercisable at $0.20 for a year. Proceeds will go to Triple M exploration and general working capital.

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Athabasca Basin and beyond

October 6th, 2013

Uranium news from Saskatchewan and elsewhere for September 28 to October 4, 2013

by Greg Klein

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Lakeland Resources begins Riou Lake ground campaign

Field work has begun at Lakeland Resources’ TSXV:LK Riou Lake project along the Athabasca Basin’s north-central rim. In an October 2 announcement the company outlined the agenda for its Gibbon’s Creek target, just three kilometres from the town of Stony Rapids. Initial work will consist of surface prospecting and boulder sampling, soil gas radon surveying, line-cutting and ground DC resistivity geophysics, with the goal of identifying winter drill targets.

The campaign follows eight months of preparation in which Lakeland studied a volume of previous data, director Ryan Fletcher tells ResourceClips.com. “There was over $3 million of geophysics from UEX and a considerable amount of work by Eldorado Nuclear before they merged into Cameco,” he says. “We’ve been going over their information.”

There was over $3 million of geophysics from UEX and a considerable amount of work by Eldorado Nuclear before they merged into Cameco. We’ve been going over their information.—Lakeland Resources
director Ryan Fletcher

Eldorado found numerous boulders grading up to 4.9% uranium oxide (U3O8) and soil samples between five and 10 parts per million uranium, compared to background levels up to 1 ppm. Geophysics showed a gravity low measuring about three kilometres by one kilometre at the end of a conductive zone over 15 kilometres long.

Fourteen historic holes found anomalous radioactivity, geochemistry or both. With the benefit of recent modelling, assays reveal a structural co-corridor up to one kilometre long and 100 metres wide. UEX Corp TSX:UEX flew its $3-million airborne geophysics in 2005, but Lakeland is the first to bring modern ground exploration techniques to the project.

Among Gibbon’s attractions are shallow depths to the unconformity, Fletcher points out. “They’re about 50 metres to 200 metres, which means more holes for our shareholders’ money. If we get a discovery it’s more likely to be open pittable, which would mean better economics and a more strategic project for M&A. That’s what Patterson Lake South had. They went from boulder results to radon results, then they found a high-grade, near-surface discovery.”

Apart from historic data and shallow targets, Fletcher cites other cost-saving potential. “Our crews are based out of the community of Stony Rapids, just a few kilometres from Gibbon’s. A year-round highway, power and all the infrastructure for exploration are basically right adjacent to the target.”

With the program managed by Athabasca veterans Dahrouge Geological Consulting, Fletcher looks forward to a steady stream of news. “For a brand new, smaller market cap company, investors are going to start getting a lot of information from the field.”

Read more about Lakeland Resources.

Fission closes $11.25-million private placement

Uranium news from Saskatchewan and elsewhere for September 28 to October 4, 2013

An $11.25-million private placement will fund Fission’s
Patterson Lake South exploration once the Alpha acquisition closes.

Assuming all approvals fall into place, a bought-deal private placement will bring $11.25 million to Patterson Lake South’s future sole owner. On October 3 Fission Uranium TSXV:FCU reported a syndicate of underwriters led by Dundee Securities agreed to buy 7.5 million subscription receipts, exchangeable into flow-through shares, at $1.50. The deal includes an option to buy an additional 15%.

Proceeds will be held in escrow until Fission closes its acquisition of Alpha Minerals TSXV:AMW, currently a 50/50 joint venture partner in PLS, and spins out its other properties. The subscribers won’t receive shares in the spinco. The entire amount’s designated for PLS exploration.

Read more about Fission’s acquisition of Alpha.

Rockgate considers alternatives to takeover by Denison

Still studying their options following an unsolicited takeover bid from Denison Mines TSX:DML, Rockgate Capital TSX:RGT directors on October 1 urged their shareholders to take no action until further notice.

Denison offered 0.192 of its share for each Rockgate share, a proposal strong enough to defeat a previously proposed Rockgate merger with Mega Uranium TSX:MGA. Nevertheless Rockgate’s board emphasized that Denison proposed a change of control, as opposed to a “merger of equals with Mega.”

Rockgate added that “in the absence of a preliminary economic assessment or other study, mining companies are commonly valued on an enterprise value/pound U3O8 multiple.” Denison’s offer works out to “a $0.09/lb multiple which is significantly below the average multiple of $4.37/lb paid on other relevant, development uranium transactions completed post the Fukushima accident,” Rockgate stated. Since September 27 “the implied Denison offer has declined a further 11%.”

Rockgate further stated that Denison sought conditions that weren’t “subject to a materiality threshold or other objective criteria, but provide Denison with sole discretion” whether to proceed. “In addition, the minimum tender condition of 90% is very high….”

Meanwhile, Rockgate added, it’s in discussion with other potential buyers, having been unable to respond to one approach when the non-solicitation agreement with Mega was in effect.

Rockgate promised to update shareholders no later than one week before the Denison offer’s October 25 expiry date.

Read more about Mega’s and Denison’s competing offers for Rockgate.

Read more about uranium merger-and-acquisition activity.

Karoo signs LOI for three Zambian projects

Karoo Exploration TSXV:KE announced a letter of intent September 30 to acquire a portfolio of Zambian uranium properties from ASX-listed African Energy Resources. Under the deal Karoo would pay US$2 million and issue shares and warrants worth $500,000 at a share price “based on any offering completed by Karoo concurrent with this acquisition.”

The package includes the Chirundu, Kariba Valley and North Luangwa Valley projects. African Energy, which focuses on its Botswana coal assets, has a JORC-compliant resource for two Chirundu deposits with open pit potential. The Njame deposit shows:

  • a measured category of 2.7 million tonnes averaging 0.035% for 2.1 million pounds U3O8

  • an indicated category of 3.7 million tonnes averaging 0.025% for 2.1 million pounds

  • an inferred category of 6.6 million tonnes averaging 0.024% for 3.5 million pounds

The Gwabe deposit shows:

  • a measured category of 1.3 million tonnes averaging 0.024% for 700,000 pounds

  • an indicated category of 3.6 million tonnes averaging 0.031% for 2.5 million pounds

  • an inferred category of 800,000 tonnes averaging 0.018% for 300,000 pounds

Karoo holds five uranium exploration licences in southern Tanzania. The company began trading on September 4 following a reverse takeover involving United Uranium.

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Athabasca Basin and beyond

September 15th, 2013

Uranium news from Saskatchewan and elsewhere for September 7 to 13, 2013

by Greg Klein

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Denison updates Waterbury Lake resource, releases Wheeler River assays up to 43.8% U3O8 over 12 metres

Denison Mines TSX:DML confirmed its best-ever hole from the eastside Athabasca Basin Wheeler River project on September 11. Releasing lab assays to back up previously reported radiometric results from downhole probes, the company reported hole WR-525 with 43.8% uranium oxide (U3O8) over 12 metres, starting at 400.5 metres in downhole depth.

With intercepts approximately equal to true thicknesses, some other results include:

  • 20% U3O8 over 8 metres, starting at 407.5 metres

  • 10.9% over 8.5 metres, starting at 404.1 metres

  • 7.3% over 8 metres, starting at 405.5 metres

  • 0.5% over 5 metres, starting at 424 metres

  • 0.4% over 3 metres, starting at 411 metres

  • 0.1% over 3 metres, starting at 412 metres

The above results come from the Phoenix A zone. Apart from lab assays, the company released radiometric readings from probes of three new holes at the same zone:

Hole WR-533

  • 1.5% radiometric equivalent uranium oxide (eU3O8) over 4.5 metres, starting at 407.1 metres in downhole depth

Hole WR-534

  • 10.3% over 3.1 metres, starting at 407.7 metres

Hole WR-535

  • 19% over 2.5 metres, starting at 404.9 metres

  • 1.4% over 1 metre, starting at 408.1 metres

With 23 holes totalling 11,074 metres, Wheeler River’s summer campaign has finished. But while Phoenix A continues to impress, other parts of the project so far haven’t. Of 10 holes sunk in the 489 zone, only one found significant mineralization (0.4% over 3 metres, starting at 411 metres). Five others at the Phoenix North and REA areas also failed to find significant results.

The project has a December 2012 resource using a 0.8% cutoff. Phoenix A shows:

  • an indicated category of 133,500 tonnes averaging 15.8% for 46.5 million pounds U3O8

  • an inferred category of 6,300 tonnes averaging 51.7% for 7.2 million pounds

The Phoenix B deposit shows:

  • an indicated category of 19,000 tonnes averaging 14.1% for 5.9 million pounds

  • an inferred category of 5,300 tonnes averaging 3.5% for 400,000 pounds

The joint venture is held 60% by Denison, 30% by Cameco Corp TSX:CCO and 10% by JCU (Canada) Exploration.

On September 12 Denison unveiled a new resource for the J zone of its Waterbury Lake project. The update, entirely in the indicated category, uses a 0.1% cutoff to show 291,000 tonnes averaging 2% for 12.81 million pounds U3O8. The resource reduces the overall tonnage but increases the grade reported in a December 2012 estimate compiled for Fission Energy prior to its acquisition by Denison.

Assays from 268 holes were used for the estimate. With an east-west strike as long as 700 metres and a width up to 70 metres, the J zone generally shows mineralization at depths of 195 to 230 metres, the company reported. No capping was applied because using “high composite values uncut would be negligible to the overall resource estimate,” Denison added. The crew now has a six-hole campaign following up on a DC-resistivity survey northwest along trend of the zone. Denison has a 60% interest in the project, with the Korea Electric Power Corp (KEPCO) holding the remainder.

Denison also updated other Basin projects. Packrat has geochemical results pending, which will determine whether drilling resumes next year. Geochem results are also pending for South Dufferin, where 10 holes failed to find significant mineralization but did confirm the presence of the Dufferin Lake fault system. Crawford Lake, Moon Lake (held 45% by Uranium One TSX:UUU) and Bachman Lake (with International Enexco TSXV:IEC earning 20%) also have small drill programs underway.

Kivalliq reports geochem, metallurgical results for its Angilak property in Nunavut

Uranium news from Saskatchewan and elsewhere for September 7 to 13, 2013

Currently undergoing a $4.8-million campaign, Kivalliq Energy’s
137,699-hectare Angilak project in southern Nunavut hosts Canada’s
highest-grade uranium deposit outside the Athabasca Basin.

Extensive geochemical sampling has helped Kivalliq Energy TSXV:KIV find new anomalous areas and determine drill targets on its 137,699-hectare Angilak project in Nunavut. Some 1,538 samples brought 387 anomalous uranium soil geochem results along the three-by-12-kilometre Lac 50 trend, as well as the Nine Iron-KU trend 5.5 kilometres south. Some of the Lac 50 anomalies were found at least 600 metres beyond existing drill holes “demonstrating much more work is warranted in these areas,” the company stated on September 9. Anomalies also coincided with three electromagnetic conductor targets located 3.8 kilometres northeast, 1.8 kilometres southeast and one kilometre north of the Lac 50 resource.

Another EM target extending 8.1 kilometres from the Nine Iron zone to the KU zone showed 44 anomalous results.

Two days later Kivalliq announced positive metallurgical results for Lac 50 and J4 zone samples. In a statement accompanying the release, Chuck Edwards, director of metallurgy for the engineering firm AMEC, said: “Optimizing sulphide recovery, plus improvements to alkaline leach kinetics using oxygen as oxidant, could have a positive impact on reducing costs associated with potential treatment options.”

In addition, Kivalliq announced a trial run suggested radiometric sorting might “efficiently identify and segregate uranium-bearing minerals” from Lac 50.

Located 225 kilometres south of Baker Lake, Angilak has a 2013 exploration budget of $4.8 million. With Canada’s highest-grade deposit outside the Athabasca Basin, the project has a January inferred resource estimate using a 0.2% cutoff to show 2.83 million tonnes averaging 0.69% for 43.3 million pounds U3O8. The inferred resource also shows 1.88 million ounces silver, 10.4 million pounds molybdenum and 15.6 million pounds copper. Kivalliq operates the project in partnership with Nunavut Tunngavik Inc.

Alpha/Fission release scintillometer results, extend acquisition letter of intent

Somewhere there must be a considerable backlog of Patterson Lake South core waiting to be assayed. So far this year, 50/50 JV partners Fission Uranium TSXV:FCU and Alpha Minerals TSXV:AMW have mostly released scintillometer readings. A preliminary indication of radioactivity, they measure gamma rays in counts per second, up to an off-scale reading above 9,999 cps. The September 12 batch comes from R780E, the third of four zones along a 1.02-kilometre southwest-northeast trend.

Hole PLS13-082 reached a total depth of 380 metres, finding the basement unconformity at 55.3 metres without striking sandstone. Some results show:

  • <300 to 500 cps over 7.5 metres, starting at 118.5 metres in downhole depth

  • <300 to 820 cps over 3.5 metres, starting at 141 metres

  • <300 to >9,999 cps over 35 metres, starting at 146.5 metres

  • 1,000 to 4,200 cps over 1.5 metres, starting at 237 metres

Hole PLS13-089 encountered no sandstone and hit the basement unconformity at 54.2 metres on its way to a total depth of 393 metres. Some examples show:

  • <300 to 1,800 cps over 5 metres, starting at 142.5 metres

  • <300 to 3,200 cps over 16.5 metres, starting at 150 metres

  • 740 to >9,999 cps over 1.5 metres, starting at 179.5 metres

  • <300 to 6,500 cps over 8 metres, starting at 198.5 metres

True widths were unavailable. Lab assays are pending.

With 25 holes totalling 7,746 metres complete by September 11, the campaign’s $6.95-million, 44-hole, 11,000-metre program is well advanced. Fission acts as project operator.

On September 13 the partners updated Fission’s proposed acquisition of Alpha. They’ve now extended to September 17 “the date by which the obligations set out in the LOI, including the signing of an arrangement agreement, must be completed.”

Zadar finds radioactive boulders in PLS-vicinity PNE project

With Phase I exploration complete on Zadar Ventures’ TSXV:ZAD PNE project, a scintillometer has found boulders measuring 130 to 405 cps. “The anomalous boulders sampled have basement rock lithologies similar to those reported in the early stages” of Alpha/Fission’s PLS, Zadar stated on September 11. The program also included taking boulder chip samples for assays and placing radon gas detector cups.

Phase II calls for additional scintillometer prospecting and boulder sampling, as well as a survey of more than 350 radon cups. The team also plans to locate the 15,292-hectare property’s single historic hole. PNE lies about 11 kilometres northeast of PLS and adjacent to Patterson Lake North, a 50/50 JV between Fission and Azincourt Uranium TSXV:AAZ.

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Away from the crowd

September 13th, 2013

Lakeland Resources sees under-explored uranium potential in the Athabasca Basin

by Greg Klein

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Lakeland Resources sees under-explored uranium potential in the Athabasca Basin

Of Lakeland’s nine properties, most take up large positions
in the Athabasca Basin’s under-explored north.

With so much excitement in and around the Athabasca Basin’s southwest, why would a newly arrived uranium explorer head north? According to Lakeland Resources TSXV:LK director Ryan Fletcher, Patterson Lake South—until recently a long-neglected area itself—simply highlights the potential of the Basin’s under-explored areas.

Prior to PLS, he says, “most of the activity had been focused in the eastern Basin. Then Fission and Alpha went into the southwest and created an entirely new play. A lot of money had gone into the east, so there’s a lot more deposits there. Now there’s a lot of money going into the southwest. The northern end has the geology and the potential, but hasn’t had as much attention or activity.”

Hence Lakeland’s acquisition of nine properties totalling over 100,000 hectares in the Basin’s north-central, northeastern and eastern areas. The company’s primary focus is Riou Lake, South Pine and Otherside, three north-central properties totalling 45,285 hectares along a roughly 80-kilometre east-west expanse.

You could name several Basin discoveries that took place after following up on boulders, like Cluff Lake, Rabbit Lake, Collins Bay, Eagle Point, Patterson Lake South. The boulders were an important part of the discovery process.—Lakeland Resources director Ryan Fletcher

And while the area might be under-explored, it hasn’t been entirely ignored. The projects come with considerable historic data.

At least 23 holes were sunk around Riou Lake’s Gibbon’s Creek target during the 1970s and ’80s. “The depths to the target were shallow, 100 metres and even 50 metres, which means we can stretch our budget, making the economics of a discovery better,” Fletcher says. “It looks good in cross-sections, there’s uranium and alterations, but it hadn’t really been followed up on. Since the ’80s we’ve had better technology for exploration, and better thinking as well. At that time people were looking at the unconformity instead of going down to the basement rock. In the mid-2000s UEX flew a $3-million gravity and magnetic survey that they hadn’t thoroughly followed up on. Magnetics surveys will show conductors and gravity will show alterations. We’ve got both at the Gibbon’s target.”

Samples taken from glacial till down ice show results as high as 5% uranium and, farther yet on the neighbouring UEX Corp TSX:UEX property, 11.3%. “The source hasn’t been identified,” Fletcher says. “That gives us further confidence in the region.”

He adds, “You could name several Basin discoveries that took place after following up on boulders, like Cluff Lake, Rabbit Lake, Collins Bay, Eagle Point, Patterson Lake South. The boulders were an important part of the discovery process.”

Adjacently west of Riou Lake, South Pine has 17 historic holes showing several anomalous intervals and shallow depths. With funding from a recent private placement, both Gibbon’s Creek and South Pine have imminent work scheduled that includes ground magnetics and induced polarization surveys, boulder sampling and prospecting. Radon gas sampling will be conducted by RadonEx Exploration Management, which uses a proprietary technique, Fletcher explains. “It’s a quicker way to get readings of radon gas. They’re just coming off the PLS property to come up to ours.”

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Athabasca Basin and beyond

August 25th, 2013

Uranium news from Saskatchewan and elsewhere for August 17 to 23, 2013

by Greg Klein

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Fission/Alpha extend zone, find “potential candidate” for PLS bedrock source

More scintillometer readings from Patterson Lake South show a 47-metre interval of continuous radioactivity and a 15-metre extension to one zone. Of five holes reported August 22, three showed no sandstone above the basement unconformity. According to joint venture partners Alpha Minerals TSXV:AMW and Fission Uranium TSXV:FCU, that “makes the R390E zone a potential candidate area for one of the bedrock sources of the large uranium boulder field.” R390E is the second of four zones extending northeast along a 1.05-kilometre potential strike.

The hand-held scintillometer scans drill core to measure gamma rays in counts per second up to an off-scale reading above 9,999 cps. Scintillometer readings are not substitutes for assays, which have yet to come. Radioactivity will also be measured with a downhole probe.

Dips range from 84 to 90 degrees, making downhole depths close to vertical depths. True widths were unavailable. Hole PLS13-078 was drilled to a total depth of 224 metres, encountering sandstone at 50 metres and the basement unconformity at 53.5 metres. Highlights include:

  • <300 to >9,999 cps over 31.5 metres, starting at 85 metres in downhole depth

  • <300 to 5,900 cps over 10 metres

Drilled to a total depth of 230 metres, hole PLS13-081 found two metres of sandstone before striking the basement unconformity at 51.5 metres. The one result released showed:

  • <300 to 7,300 cps over 25.5 metres, starting at 105 metres in downhole depth

Hole PLS13-083 stepped out 15 metres west to extend the zone’s strike. It found no sandstone before striking the basement unconformity at 53 metres, reaching a total depth of 278 metres. Highlights include:

  • <300 to >9,999 cps over 17.5 metres, starting at 53 metres in downhole depth

  • <300 to >9,999 cps over 16.5 metres

  • <300 to >9,999 cps over 7.5 metres

With a total depth of 224 metres, hole PLS13-085 hit the basement unconformity at 57 metres without encountering sandstone. Highlights include:

  • <300 to 2,800 cps over 5.5 metres, starting at 58.5 metres in vertical depth

  • <300 to >9,999 cps over 22.5 metres

Hole PLS13-086 was drilled to a total depth of 263 metres, finding no sandstone but hitting the basement unconformity at 50 metres. Highlights include:

  • <300 to >9,999 cps over 47 metres, starting at 75 metres in downhole depth

  • (including 530 to >9,999 cps over 22.5 metres)

PLS13-083’s 15-metre step-out brings the R390E zone’s strike to 120 metres, twice that of last winter. The zone remains open in all directions. The 50/50 JV’s $6.95-million campaign of drilling and ground geophysics continues just beyond the Athabasca Basin’s southwestern rim.

Update: On August 26 Fission announced a proposal to take over Alpha. Read more.

Fission, Azincourt complete airborne geophysics over Patterson Lake North

Backed by another JV partner, Azincourt Uranium TSXV:AAZ, Fission is also exploring the Patterson Lake North project adjacent to PLS and about 5.7 kilometres north of the discovery. On August 20 the companies announced completion of an airborne VTEM survey over the 27,000-hectare property’s northern half.

Uranium news from Saskatchewan and elsewhere for August 17 to 23, 2013

JV partners Fission and Azincourt plan a $1.53-million
summer/winter program for their Patterson Lake North project.

At 400-metre line-spacing, the survey flew 303 line-kilometres to provide data that might show basement conductors or enhanced sandstone alteration. Late summer and fall are scheduled for ground geophysics featuring time domain electromagnetic (TDEM) and magnetotellurics surveys. The partners have budgeted $530,000 for geophysics and about $1 million for winter drilling.

Azincourt may earn 50% of the project by paying $4.75 million in cash or shares and spending $12 million by April 2017. Fission retains a 2% NSR and acts as operator. Prior to the JV Fission had already spent about $4.7 million exploring PLN.

Forum begins Clearwater ground campaign, raises private placement to $2.25 million

Adjacently southwest of PLS, Forum Uranium TSXV:FDC has begun field work on its 9,910-hectare Clearwater project. Having interpreted data from airborne surveys, Forum says the EM conductor hosting the PLS discovery and parallel conductors trend onto Clearwater in a northeast-southwest direction. Radiometrics show uranium channel anomalies and historic surveys reveal two areas with highly anomalous lake sediment samples, according to the August 20 announcement.

Clearwater’s current campaign consists of prospecting with scintillometers, soil radon surveys and lake sediment sampling, along with additional ground geophysics. The company plans to begin drilling in January.

A $1.5-million private placement announced the morning of August 21 was, by late afternoon, raised to $2.25 million. On offer are up to 6.08 million units at $0.37, with each unit comprised of one share and one warrant exercisable at $0.50 for two years. Proceeds will go to Clearwater’s ground geophysics and 3,000-metre campaign.

Ground work begins at Aldrin’s PLS-adjacent Triple M

Adjacently west of PLS and contiguous with Clearwater, Aldrin Resource TSXV:ALN has begun field work on its Triple M property, according to an August 20 news release. Following up on radiometric anomalies identified by an airborne survey, the company will prospect for uranium boulders and map surficial geology. In September another crew will take surface radon samples above bedrock conductive anomalies found in an airborne VTEM survey.

The schedule calls for drilling to begin by January.

Skyharbour arranges additional $75,000 private placement

On August 19 Skyharbour Resources TSXV:SYH announced an additional $75,000 non-brokered private placement of 937,500 flow-through units at $0.08. Each unit consists of one flow-through share and one non-transferable warrant exercisable for a non-flow-through share at $0.10 for two years. No finder’s fee will be paid.

The company also granted incentive stock options up to a total of 531,250 shares at $0.10 for five years. The previous week Skyharbour closed a $425,000 private placement that left the company fully funded for its portion of a $6-million, two-year program.

Skyharbour is part of the Western Athabasca Syndicate, a four-company strategic alliance with Athabasca Nuclear TSXV:ASC, Noka Resources TSXV:NX and Lucky Strike Resources TSXV:LKY that’s exploring the PLS-area’s largest land package.

Read more about the Western Athabasca Syndicate Project.

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