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Posts tagged ‘Aben Resources Ltd (ABN)’

Athabasca Basin and beyond

November 15th, 2014

Uranium news from Saskatchewan and elsewhere to November 14, 2014

by Greg Klein

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Kivalliq’s Nunavut property reveals new drill priority

Heralding its “most advanced, drill-ready target outside of the Lac 50 trend,” Kivalliq Energy TSXV:KIV announced the Angilak project’s Dipole target on November 12. The new area came to light after a 1,335-line-kilometre VTEM survey and 1,514 soil samples south of the 111,476-hectare property’s Lac 50 deposit in Nunavut.

Preliminary analysis confirms geophysical targets at Dipole and the RIB area, Kivalliq stated. The company expects final VTEM data shortly to further define targets south of Lac 50.

Uranium news from Saskatchewan and elsewhere to November 14, 2014

Located 225 kilometres south of the hamlet of Baker Lake,
Angilak has an exploration season lasting from April to September.

Enzyme leach soil samples showed 379 anomalous uranium results, about a quarter of the total, ranging from 6 ppb up to 285 ppb uranium, placing the results in the 75th percentile. Out of that group, 77 samples made the 95th percentile. The sampling has “significantly upgraded” drill targets in the Hot and KU areas, as well as Dipole.

Kivalliq describes the latter area, 27 kilometres southwest of Lac 50, as “a distinct, two-kilometre-long geophysical anomaly having a coincident boulder assay of 2.24% U3O8, now confirmed by an anomalous uranium-in-soil trend over 3.4 kilometres of strike length” with anomalous copper, molybdenum and silver.

This year’s work also confirmed a conductor in the RIB area, which has “geological similarities with both Dipole and Lac 50,” the company added. Soil samples showed a 3.6-kilometre-long geochemical trend with uranium values ranging from 6 ppb to 61.9 ppb.

Historic 1970s drilling at RIB found shallow mineralization up to 0.19% U3O8 over 9.3 metres (including 0.52% over 2.6 metres) and 1.61% over 0.7 metres.

Lac 50’s January 2013 inferred resource used a 0.2% cutoff to show 2.83 million tonnes averaging 0.69% for 43.3 million pounds U3O8. The inferred category also shows 1.88 million ounces silver, 10.4 million pounds molybdenum and 15.6 million pounds copper.

In late October Kivalliq announced a 1,914-hectare addition to its Genesis project in Saskatchewan and Manitoba, where Roughrider Exploration TSXV:REL funds exploration through an 85% earn-in.

A big piece of Strateco brings Toro Energy to Canada

An ASX-listed uranium company would gain a substantial portion of Strateco Resources TSX:RSC under an agreement announced November 3. Toro Energy would issue shares to obtain a chunk of the Sentient Group’s holdings in Strateco and SeqUr Exploration, a Strateco subsidiary. As a result, Toro would hold 19.8% of Strateco shares, $14.1 million of secured convertible notes receivable in Strateco, a $3-million senior secured first ranking loan receivable in Strateco and five million SeqUr shares, representing 25% of the subsidiary.

Sentient’s interest in Strateco would drop from 27.13% to about 8%. Sentient would also hold 800 convertible notes representing $800,000 secured by Strateco assets.

Toro’s Wiluna project is “set to become Western Australia’s first-ever uranium mine,” according to Strateco. “Toro has shown clear interest in the Matoush project, as well as in SeqUr’s uranium projects in Saskatchewan. Toro’s experience … permitting the Wiluna project, in an area formerly under moratorium, will certainly be an asset for Strateco.” The latter company’s Matoush project in Quebec has been stalled by a moratorium while a provincial inquiry into uranium takes place.

The transaction is part of a wider deal that includes Sentient’s AU$10-million placement into Toro, with another AU$10 million to fund the Wiluna flagship. Sentient now holds 18.9% of Toro, in which Oz Minerals holds 21.9% and Mega Uranium TSX:MGA 21.5%.

Toro anticipates closing the deals by mid-December.

Hook Lake JV proposes $2.9-million 2015 budget, Purepoint announces

Hook Lake partners will be on the hook for $2.9 million worth of exploration next year, if the joint venture committee’s proposals go through. Purepoint Uranium TSXV:PTU announced November 11 that a final decision on the budget, which would cover 4,200 metres of drilling, would follow geophysical results and a detailed drill plan. An airborne magnetic and VTEM-plus survey finished last month north of the project’s Spitfire zone. Beginning soon will be a ground EM survey to pinpoint drill targets on the 28,683-hectare property five kilometres northeast of Fission Uranium’s (TSX:FCU) Patterson Lake South discovery.

Purepoint announced the Spitfire zone last March and released additional drill results in May.

The Hook Lake JV consists of Cameco Corp TSX:CCO (39.5%), AREVA Resources Canada (39.5%) and Purepoint (21%). The latter company’s share of the budget would come to about $310,000.

Western Athabasca Syndicate, Aben, Alpha update Preston, Mann Lake and Carpenter Lake

A recent analysis of airborne geophysics confirms existing drill targets at the 246,643-hectare Preston property, the Western Athabasca Syndicate reported November 13. The four-company group has further geophysical and geochemical work planned for early 2015, along with land- and lake-based drilling.

Some $3.75 million worth of expenditures so far have identified 15 target areas on the southwestern Athabasca Basin PLS-proximal property. In July the companies released results from Preston’s initial drill campaign of nine holes totalling 1,902 metres.

Skyharbour Resources TSXV:SYH currently acts as project operator for partners Athabasca Nuclear TSXV:ASC, Noka Resources TSXV:NX and Lucky Strike Resources TSXV:LKY.

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Athabasca Basin and beyond

September 13th, 2014

Uranium news from Saskatchewan and elsewhere for September 6 to 12, 2014

by Greg Klein

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Fission fattens main zone at Patterson Lake South

Fission Uranium TSXV:FCU continues to widen Patterson Lake South’s R780E, where all the zone’s 54 summer holes so far have hit mineralization. Of 11 released September 8, one hole has extended the zone’s lateral width to more than 164 metres at one point. Two others confirm the previous merger of R780E with R1155E, formerly the next zone to the east.

That stretched R780E to 930 metres of continuous strike. It remains the largest of four zones along a 2.24-kilometre potential strike that’s open to the east and west.

Uranium news from Saskatchewan and elsewhere for September 6 to 12, 2014

As usual with scintillometer results, a disclaimer applies. These readings come from a hand-held device that measures drill core radiation in counts per second. The results are no substitute for assays, which are pending.

The standout of this batch was hole PLS14-286, which showed a composite of 97.2 metres of mineralization (not true width) that started at 60.8 metres and stopped at 173 metres in downhole depth.

Some other highlights included PLS14-276, which revealed 75 metres composite mineralization between 69.5 metres and 279.5 metres in depth. PLS14-283 gave up a composite 82 metres between 115 metres and 355 metres in depth.

While the summer program focuses on delineation for a December resource, last month’s widening of the main zone prompted Fission to add 10 step-outs totalling 4,700 metres to a seasonal campaign now expected to sink 73 holes for 25,000 metres. Still to come are assays for 12 of last winter’s 92 holes.

UEX plans 10,000-metre program after reviewing Hidden Bay’s historic data

A project that’s seen over four decades of exploration will get a $2.5-million, 10,000-metre winter campaign thanks to today’s better understanding of the Athabasca Basin’s basement-hosted deposits. Five target areas at UEX Corp’s (TSX:UEX) Hidden Bay property have been chosen following the first review of historic data, which includes a database of 1,800 holes. Less than a quarter of them reached more than 25 metres below the unconformity, demonstrating “the historic unwavering focus of previous exploration operators in the search for classic unconformity deposits and sandstone depths of zero to 175 metres,” according to a September 8 statement.

Two of the target areas show clay alteration in the basement, less than 75 metres from surface, similar to that of the Cameco Corp TSX:CCO/JCU (Canada) Millennium deposit. One clay alteration zone shows anomalous uranium over several metres both within the zone and in adjacent drill holes, UEX added. The company intends to analyze core from six other targets in the coming year.

The relatively recent grasp of basement-style deposits has led other companies to review historic work too, as is the case with Lakeland Resources’ (TSXV:LK) Newnham Lake project.

UEX’s 57,000-hectare eastern Basin Hidden Bay holds three deposits totalling:

  • indicated: 10.37 million tonnes averaging 0.16% for 36.62 million pounds U3O8

  • inferred: 1.11 million tonnes averaging 0.11% for 2.71 million pounds

In June the company reported drill results from the Laurie and Mirror River projects, part of a joint venture held 49.1% by UEX and 50.9% by operator AREVA Resources Canada. Last April UEX released six holes from Black Lake, a JV with Uracan Resources TSXV:URC. UEX last updated its Shea Creek flagship, another 49.1%/50.9% JV with AREVA, in November.

On September 11 UEX announced a $2-million private placement. Cameco holds the right to participate to maintain its approximately 21.95% interest in UEX.

McArthur River/Key Lake labour dispute ends

With a tentative collective agreement signed by Cameco and the United Steelworkers, preparations are underway to resume operations at the McArthur River mine and Key Lake mill. Workers had been off the job since August 29, when the company issued a lockout notice in response to the union’s strike notice. Cameco announced on September 12 that the union would recommend its members vote in favour of the new contract.

The USW represents 535 workers out of about 900 Cameco staff and nearly 750 employees on long-term contracts at the mine and mill.

“The operations were maintained in a safe shutdown state by salaried Cameco employees and unionized personnel under an essential services agreement with the union,” the company stated.

Some commentators credited the dispute for uranium’s convalescing price, which reached $32.75 on September 8.

Cameco holds a 70% interest in the mine and 83% of the mill. AREVA holds the rest.

The previous week Reuters stated work had resumed at the delay-prone Cigar Lake mine, a JV with Cameco, AREVA, Idemitsu Canada Resources and TEPCO Resources.

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Athabasca Basin and beyond

August 30th, 2014

Uranium news from Saskatchewan and elsewhere for August 23 to 29, 2014

by Greg Klein

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Patterson Lake South’s main zone swallows neighbour as Fission’s summer progresses

Fission Uranium TSXV:FCU has once again merged Patterson Lake South’s R780E zone with a neighbour. Of seven summer holes announced August 26, one “demonstrated the continuity between the shallow depth, high-grade R780E to the west and the R1155E zone to the east,” the company stated. That extends the zone’s strike by 75 metres to 930 metres. “All seven holes returned wide mineralization,” Fission added.

The project now has four zones along a 2.24-kilometre potential strike that remains open to the east and west.

These results come from a handheld scintillometer that measures drill core radiation in counts per second. The readings are no substitute for assays, which are still to come.

In addition to the easterly expansion, R780E’s high-grade mineralization has extended 15 metres west, prompting plans for further drilling there in an attempt to upgrade the area.

Among other highlights, one hole revealed a total of 103 metres (not true width) of mineralization over a 146-metre section, starting at a downhole depth of 57.5 metres. Another gave up a composite 49.5 metres starting at 63 metres in depth.

The week before Fission had announced a widening of R780E. As a result the company added 10 more step-out holes to a summer program that has focused on delineation drilling for a December resource. Additionally, an exploration hole released another week earlier found mineralization 17 kilometres from the discovery area.

While radiometric results continue to come from summer drilling, the company still has assays pending for 12 of last winter’s 92 holes.

NexGen hole-in-progress tests depth of Rook 1 high-grade mineralization

Uranium news from Saskatchewan and elsewhere for August 23 to 29, 2014

Uranium-bearing massive pitchblende from hole AR-14-30, which set a project record for composite “off-scale” mineralization at NexGen’s Rook 1.

Vying for attention with Fission, next-door neighbour NexGen Energy TSXV:NXE proclaimed “a landmark drill hole” from its Rook 1 project on August 26. AR-14-30 revealed a composite 186.9 metres of mineralization (not true thickness) within a 287.7-metre section starting at 298.3 metres in vertical depth. The hole was still in progress.

As is the case for Fission’s latest batch, these scintillometer results don’t substitute for assays, which will follow.

The Arrow zone’s first vertical hole, AR-14-30 tests the depth of high grades reported for AR-14-15, an angled hole collared roughly 225 metres away. So far AR-14-30 has set a Rook 1 record for composite “off-scale” mineralization (above 9,999 cps) totalling 53.85 metres.

The previous week NexGen reported radiometric results for step-out drilling that extended Arrow’s width by 35 metres. The zone’s now 215 metres wide and 515 metres in strike, remaining open in all directions.

Lakeland Resources expands Newnham Lake property to revisit historic work

On the Basin’s northeastern rim, Lakeland Resources TSXV:LK has expanded its Newnham Lake property to about 24,500 hectares, bringing into one package an area that’s seen extensive previous exploration—but work that predated current knowledge of the region’s deeper basement-style mineralization.

Announced August 27, the property now includes “the entire folded and faulted, graphitic meta-pelite trend which was the subject of the historic work,” the company stated. Over 140 drill holes tested the trend by 1984, focusing on the unconformity separating the sandstone from the basement rock below. But most holes stopped less than 25 metres past the unconformity.

More recent Basin discoveries have shown rich mineralization deeper into the basement. Last March Denison Mines TSX:DML heralded its Wheeler River project’s newly found Gryphon zone, with high-grade mineralization about 200 metres beneath the sub-Athabasca unconformity. This summer’s standout assay graded 21.2% U3O8 over 4.5 metres.

Nevertheless historic work at Newnham did show promise. Immediately below the unconformity, a 20-centimetre interval revealed 0.2% U3O8, along with high nickel, arsenic and lead values. Another hole found a 20-centimetre interval of 0.13% in the basement, while a third showed 0.038% over one metre directly above the unconformity.

Between 1997 and 2011, the property underwent ground and airborne geophysics, including an electromagnetic survey that identified drill targets yet to be tested. That recent work was conducted by JNR Resources when Rick Kusmirski served as president/CEO. Now he’s a Lakeland director and, as corporate communications manager Roger Leschuk says, “He sees unfinished business there.”

Adding to a busy summer of news, Lakeland announced plans the previous week for its Star, Lazy Edward Bay and Fond du Lac projects, as well as the appointment of uranium veteran Steven Khan to the board of directors.

Read more about Lakeland Resources.

Northern Uranium drills NW Manitoba

Drilling has begun on Northern Uranium’s (TSXV:UNO) Northwest Manitoba project, the company announced August 27. Some 39 high-priority land targets, and seven high-priority and five not-so-high-priority lake targets were selected following geophysics, “exceptionally anomalous radon results” and prospecting that found boulders grading up to 66% U3O8. The company, formerly MPVC Inc, holds an 80% option on the property from CanAlaska Uranium TSXV:CVV.

The Wollaston area has also attracted attention from Kivalliq Energy TSXV:KIV, Roughrider Exploration TSXV:REL and Athabasca Nuclear TSXV:ASC.

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Athabasca Basin and beyond

July 26th, 2014

Uranium news from Saskatchewan and elsewhere for July 19 to 25, 2014

by Greg Klein

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3.78% U3O8 over 49 metres helps Fission build Patterson Lake South

High grades and wide intervals at relatively shallow depths continue to characterize Fission Uranium’s (TSXV:FCU) Patterson Lake South. Of eight holes released July 21, all showed mineralization, six substantially. Three standout assays boasted 3.78% U3O8 over 49 metres, 3.96% over 40 metres and 5.34% over 25.5 metres. The entire octet came from R780E, the middle and largest of five zones along a 2.24-kilometre potential strike that remains open to the east and west. Some highlights include:

Hole PLS14-192

  • 0.53% uranium oxide (U3O8) over 51 metres, starting at 110 metres in downhole depth
  • (including 2.36% over 5.5 metres)

  • 0.48% over 12.5 metres, starting at 191.5 metres
  • (including 1.27% over 4 metres)
Uranium news from Saskatchewan and elsewhere for July 19 to 25, 2014


  • 1.62% over 2 metres, starting at 162 metres


  • 0.86% over 2.5 metres, starting at 187 metres


  • 0.64% over 4.5 metres, starting at 244 metres
  • (including 2.81% over 1 metre)


  • 0.81% over 8 metres, starting at 87.5 metres
  • (including 3.65% over 1.5 metres)

  • 5.34% over 25.5 metres, starting at 102.5 metres
  • (including 15.81% over 5 metres)
  • (and including 8.4% over 4 metres)

  • 1.24% over 3.5 metres, starting at 151 metres

  • 2.61% over 13 metres, starting at 157 metres
  • (including 20.04% over 1.5 metres)

  • 2.17% over 2.5 metres, starting at 175.5 metres


  • 3.96% over 40 metres, starting at 95 metres
  • (including 10.35% over 14 metres)


  • 0.11% over 6.5 metres, starting at 209 metres

  • 0.42% over 10.5 metres, starting at 233.5 metres
  • (including 3.07% over 1 metre)


  • 3.78% over 49 metres, starting at 109.5 metres
  • (including 9.34% over 10 metres)
  • (and including 26.32% over 1 metre)
  • (and including 9% over 3.5 metres)

  • 1.16% over 5 metres, starting at 221 metres

True widths weren’t provided.

PLS14-199, along with the previously released PLS14-189 which included 1.93% over 15 metres, sits on the eastern edge of R780E. Their assays prompted Fission to suggest the possibility of closing a 75-metre gap between R780E and R1155E to the east. R780E currently has a strike length of about 855 metres.

While laboratory boffins analyze the final two dozen holes from last winter’s 92, Fission’s field crew continues with a 63-hole, 20,330-metre summer campaign. About 30% of the program will be exploration. But the priority is to delineate a maiden resource scheduled for December.

Ur-Energy reports 8.81 million pounds eU3O8 M&I at Shirley Basin

Ur-Energy TSX:URE released a resource estimate on July 22 for what it calls a “well-defined, high-grade uranium roll front deposit at very favourable production depths.” In the vicinity of the company’s Lost Creek in-situ recovery operation, the Wyoming property came with Ur-Energy’s discount acquisition of Pathfinder Mines. The resource was broken down into two areas:

Fab trend

  • measured: 1.06 million tonnes averaging 0.28% for 6.57 million pounds uranium oxide-equivalent (eU3O8)

  • indicated: 413,674 tonnes averaging 0.12% for 1.08 million pounds

Area 5

  • measured: 176,900 tonnes averaging 0.24% for 947,000 pounds

  • indicated: 84,367 tonnes averaging 0.11% for 214,000 pounds

The M&I total for both areas comes to 8.81 million pounds eU3O8.

The estimate was based on approximately 3,200 historic holes totalling about 366,000 metres sunk before 1992 and on Ur-Energy’s confirmation drilling that finished last May. Resources start at an average depth of about 95 metres. The company stated it’s “moving at a rapid pace to advance the data collection programs necessary to support amendment applications to the existing mining permits and licences.”

The previous week Ur-Energy announced its Lost Creek plant recovered 116,707 pounds U3O8 in Q2. The company set its Q3 production target at 200,000 pounds.

Two new properties expand Lakeland Resources’ Basin-area portfolio

Two more acquisitions announced July 21 solidify Lakeland Resources’ (TSXV:LK) position as one of the largest landholders in and around the Athabasca Basin. Both projects benefit from previous exploration but show greater potential with more recent methodology.

The 20,218-hectare Newnham Lake property sits contiguous to Lakeland’s Karen Lake project around the Basin’s northeastern rim. Depth to the basement rock is expected to be from zero to around 100 metres, the company stated.

Newnham Lake covers parts of a roughly 25-kilometre-long folded and faulted conductive trend that attracted over 140 drill holes by 1984. But, following the understanding of the time, most holes stopped less than 25 metres past the sub-Athabasca unconformity. More recent knowledge of the Basin’s basement-hosted unconformity-style deposits brings new potential to the project.

Previous work did show extensive alteration and anomalous geochemistry along with highly anomalous uranium, nickel and other pathfinders. Several targets remain to be tested.

When we do see that price turnaround that’s been forecast for 2015, we expect to see more joint venture interest in our projects. There’s not a whole hell of a lot of ground left to be had.—Jonathan Armes, president/CEO
of Lakeland Resources

Historic lake and stream sediment samples from Karen Lake, a Lakeland property contiguously northeast, also revealed uranium, nickel and other pathfinders. Historic overburden samples showed over 1% uranium.

Southeast of Newnham and just beyond the Basin, the approximately 21,000-hectare Hatchet Lake sits east of Lakeland’s Fond du Lac property. Although Hatchet covers part of an interpreted extension of the same basement graphitic meta-sedimentary basin, it’s seen little exploration.

As uranium continues to struggle near record-low prices Lakeland president/CEO Jonathan Armes sees this as “a good time to get value for money, advance projects to the drill-ready stage and ideally secure partners to take them to the next level.”

“When we do see that price turnaround that’s been forecast for 2015, we expect to see more joint venture interest in our projects,” he adds. “There’s not a whole hell of a lot of ground left to be had. When companies come back to the table, they’re going to have to partner up. That’s the kind of opportunity we’ll be looking for.”

Helping evaluate the properties are Lakeland advisers with long experience in the Basin. Richard Kusmirski is a veteran of Cameco Corp TSX:CCO and JNR Resources, which became a Denison Mines TSX:DML acquisition. John Gingerich’s background includes Noranda and Eldorado Nuclear, a predecessor of Cameco. They’re working with a new generation of geos from Dahrouge Geological Consulting that includes Lakeland director Neil McCallum.

“They’re compiling all the historic data and reinterpreting it in view of what we know today,” Armes says. “It’s an interesting dynamic to see the guys, old and young, bantering about. It brings new ideas on how to approach things.”

Lakeland may earn a 100% interest in Newnham Lake by paying $100,000 and issuing 2.5 million shares over two years. The vendor retains a 2.5% gross overriding royalty with a 1% buyback provision. Hatchet Lake goes for $13,500, 500,000 shares and a 2.5% GORR, again with a 1% buyback.

The company remains cashed up with approximately $2.5 million in the till, Armes points out. “In the meantime we’ll have some exploration news coming this summer.”

Read more about Lakeland Resources.

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Athabasca Basin and beyond

July 12th, 2014

Uranium news from Saskatchewan and elsewhere for June 28 to July 11, 2014

by Greg Klein

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NexGen extends Arrow’s reach at Rook 1

The first six summer holes at the Rook 1 project’s Arrow zone have more than doubled the potential strike, NexGen Energy TSXV:NXE stated July 7. Radiometric measurements extended the 215 metres determined by eight winter holes to a potential 470-metre strike open in all directions.

Although assays have been released for the winter program, the company bases its summer results on radiation readings from a gamma spectrometer and a gamma probe. The results are no substitute for assays, which are pending.

Some of the highlights include hole RK-14-37, which totalled a composite 8.1 metres of “off-scale” radioactivity straining the spectrometer’s limit of 9,999 counts per second. The drill hit 17 anomalous intercepts totalling a composite 78.05 metres of mineralization within a 227.8-metre section beginning at 378 metres in downhole depth.

RK-14-34 found 29 intercepts totalling a composite 100.6 metres of mineralization within a 627.9-metre section that started at 221.4 metres in depth.

RK-14-31 found 35 intercepts totalling 125.8 metres of mineralization within a 430.7-metre section beginning at 221.4 metres in depth.

True widths weren’t provided. All six Arrow holes, which totalled 4,324 metres, showed visible mineralization. One hole is still in progress.

About 200 metres away, the Dagger area took in four holes totalling 1,349 metres without showing anomalous radioactivity. In addition to further Arrow drilling, “preparations have been made for regional drilling to continue at Area K (Dennis Lake),” the company stated.

Rook 1 straddles the southwestern rim of the Athabasca Basin, on the northeastern border of Fission Uranium’s (TSXV:FCU) Patterson Lake South.

Fission Uranium drills 12.35% U3O8 over 13.5 metres, 4.68% over 25 metres at PLS

More high-grade assays from Fission Uranium continue to build Patterson Lake South’s R780E zone, focus of the highly anticipated maiden resource scheduled for December. Of nine holes released July 2 from last winter’s infill drilling, all showed mineralization. A half dozen brought especially impressive results. Some highlights include:

Hole PLS14-170

  • 0.35% uranium oxide (U3O8) over 58 metres, starting at 135.5 metres in downhole depth
  • (including 1.2% over 5.5 metres)
Fission drills 13.5 metres of 12.35%, 25 metres of 4.68% at Patterson Lake South

With 39 winter holes still to report,
Fission Uranium has embarked on
a 63-hole summer campaign.

  • 0.31% over 12 metres, starting at 202 metres

  • 2.9% over 20 metres, starting at 217.5 metres
  • (including 8.35% over 4 metres)

  • 0.58% over 11 metres, starting at 260 metres

Hole PLS14-174

  • 0.8% over 25 metres, starting at 105 metres
  • (including 3.45% over 1.5 metres)
  • (and including 2.8% over 1 metre)
  • (and including 4.39% over 1.5 metres)

  • 0.87% over 13.5 metres, starting at 135 metres
  • (including 9.24% over 1 metre)

Hole PLS14-175

  • 0.7% over 21 metres, starting at 120.5 metres
  • (including 3.35% over 2.5 metres)

  • 0.38% over 26 metres, starting at 144 metres
  • (including 1.44% over 2.5 metres)

Hole PLS14-178

  • 0.12% over 25.5 metres, starting at 135.5 metres

  • 0.19% over 15 metres, starting at 164.5 metres

Hole PLS14-179

  • 2.99% over 1 metre, starting at 184.5 metres

  • 2.25% over 8.5 metres, starting at 244 metres

Hole PLS14-180

  • 0.44% over 21 metres, starting at 136.5 metres
  • (including 3.45% over 2 metres)

  • 4.68% over 25 metres, starting at 165 metres
  • (including 18.56% over 5.5 metres)

Hole PLS14-186

  • 12.35% over 13.5 metres, starting at 157 metres
  • (including 23.41% over 7 metres)

  • 1.52% over 2.5 metres, starting at 175 metres

  • 0.9% over 7 metres, starting at 188 metres
  • (including 3.61% over 1.5 metres)

True widths weren’t provided. With five PLS zones stretching east-west along a 2.24-kilometre potential strike, Fission Uranium stated these results show “the continued strong nature of uranium mineralization as the R780E zone moves eastwards.”

Still to come are assays for 39 holes from the 92-hole winter campaign. One week before unloading this latest batch of results, the company announced a 20,330-metre, 63-hole summer program that would eat $12 million of this year’s $28-million budget. As was the case last winter, most of the drilling will focus on delineation for a December resource.

Gold, PGEs and REEs suggest a “robust hydrothermal system” at Lakeland Resources’ Star uranium project

Recently compiled data shows potential for a regional hydrothermal system on Lakeland Resources’ (TSXV:LK) Star uranium property, adjacently north of the company’s Gibbon’s Creek joint venture. That’s the verdict for samples taken last year, which assayed for gold, platinum group elements and rare earth elements, as well as uranium.

The Star property covers “a quasi-circular basement uplift,” a feature considered “an ideal location for the development of uranium occurrences associated with the unconformity or sub-unconformity of the Athabasca Basin,” the company stated July 8.

One outcrop sample assayed 5.7 grams per tonne gold, 0.36 g/t platinum and 0.39 g/t palladium. Another showed 1.8 g/t gold, 0.08 g/t platinum and 0.12 g/t palladium.

A sandstone boulder revealed 257 ppm uranium and 0.3% total rare earth oxides, including 1,216 ppm dysprosium and 321 ppm yttrium. Another outcrop sample showed 6.9% TREO, predominantly light REE-enriched.

The assays further indicate potential for a regional hydrothermal system as “demonstrated by intense alteration associated with historic uranium mineralization within the Gibbons Creek property located immediately to the south,” Lakeland stated. “Within the Athabasca Basin, there are a number of projects where highly anomalous precious metals and/or rare earth elements occur in spatial relation to uranium deposits and/or mineralization. Examples of such mineralization include the Nicholson Bay and Fish Hook Bay uranium-gold-platinum group elements occurrences, and the MAW zone-Wheeler River occurrences.”

The Star project’s now slated for a near-term mapping and sampling program. Lakeland may earn a 100% interest in the property by paying $60,000 and issuing 600,000 shares over 12 months. The vendor retains the option of a 25% buyback for four times Lakeland’s exploration expenses.

Declan Resources TSXV:LAN has an option to earn 70% of the adjacent Gibbon’s Creek JV, which has shown boulder samples grading up to 4.28% U3O8 and some of the Basin’s highest-ever radon readings.

With an acquisition announced late last month, Lakeland now holds interests in 17 properties totalling 164,316 hectares in and around the Basin.

GoviEx debuts on CSE, orders enviro/social assessment for Niger project

The company began public trading just last month but GoviEx Uranium CSE:GXU has been advancing its Madaouela project in Niger since 2008. On July 2 the company announced contracts to complete an environmental and social impact assessment expected to “culminate the detailed feasibility study and environmental work already undertaken.”

Uranium news from Saskatchewan and elsewhere for June 28 to July 11, 2014

Backed by Toshiba and a Cameco subsidiary, GoviEx’s
Madaouela project in Niger moves towards feasibility.

As of March 2013 Madaouela’s seven deposits showed resources totalling 22.92 million pounds uranium oxide-equivalent (eU3O8) measured, 75.3 million pounds indicated and 24.1 million pounds inferred. Included are probable reserves of 25,300 tonnes.

Five of the deposits “have been developed to pre-feasibility level of confidence,” the company states.

The July 2 announcement quoted GoviEx chief executive Daniel Major, “Through the use of proprietary technologies never before used in Niger, our project team has presented a commercially viable project and one that seeks to limit its impact on the environment with a particular focus on limitation of dust, reduction in water usage and commercialization of the molybdenum byproduct resource.”

Executive chairman Govind Friedland’s bio lists a number of accomplishments even after he took part in the 1996 Voisey’s Bay discovery. Friedland went on to graduate from the Colorado School of Mines, provided business development services to Ivanhoe Mines and Ivanhoe Energy, and co-founded Ivanhoe Industries. Yes, he’s the son of that Friedland.

Two Niger mines operated by AREVA produce 7.5% of global supply, ranking the country as the world’s fourth-largest producer. While the government supports mining, the industry has been plagued by terrorist kidnappings and a bombing.

Fission 3.0, Azincourt report scintillometer results from PLN

One of four summer holes at Patterson Lake North shows anomalous radioactivity, JV partners Fission 3.0 TSXV:FUU and Azincourt Uranium TSXV:AAZ reported July 7. Two intercepts of 0.5 metres and 7.5 metres (not true widths) showed variable readings up to 1,450 counts per second on a hand-held scintillometer. Assays are pending.

The hole, PLN14-019, “is still in progress at 258 metres, although no further intervals of mineralization are expected,” the companies stated. The three other holes “intersected anomalous hydrothermal clay altered intervals, associated with structurally disturbed sections. This further highlights the partners’ confidence of the prospectivity and potential of the A1 conductor to host high-grade uranium mineralization.”

This summer’s five-hole program will total about 1,600 metres. Fission 3.0 acts as operator on the 27,408-hectare property, where Azincourt has a 50% earn-in.

Last April the companies reported that winter drilling failed to find radioactivity but did “confirm the high prospectivity of the target areas.”

In late May Azincourt and Macusani Yellowcake TSXV:YEL stated they would extend to June 15 a letter of intent to consolidate their Peruvian assets. That date passed without further announcement. (Update: The companies announced a definitive agreement on July 14.)

Those properties surround a project held by Fission 3.0, which holds interests in nine others in Saskatchewan and Alberta. Along with JV partner Brades Resource TSXV:BRA, Fission 3.0 announced VTEM results from their Clearwater West project in May.

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Athabasca Basin and beyond

April 27th, 2014

Uranium news from Saskatchewan and elsewhere for April 19 to 25, 2014

by Greg Klein

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Fission Uranium completes winter delineation, releases Patterson Lake South drill results

Delineation drilling, the focus of Fission Uranium’s (TSXV:FCU) winter 2014 Patterson Lake South program, has come to its seasonal end. While one rig worked outside the main mineralized area, four others sunk 82 infill holes, roughly 85% of the 30,000-metre campaign, since mid-January. As a result PLS now consists of five zones along a 2.24-kilometre potential strike that’s open at both east and west. Along with its April 24 announcement Fission Uranium released radiometric results for the last dozen holes. Two days earlier the company reported assays for nine others.

Ten of the 12 latest holes came from zone R780E, the third of the five east-west zones. With a total of 77 holes so far, R780E has about 855 metres in strike and up to about 95 metres in lateral width. Seven of the latest 10 holes showed substantial intercepts reaching the maximum possible reading of 9,999 counts per second on a hand-held scintillometer that measures radiation from drill core. Scintillometer results are no substitute for assays, which are pending for these holes.

R1620E, at the eastern extent and declared a new zone earlier this month after just one hole, now has a second which showed 38.5 metres (not true width) ranging from under 300 cps to 3,500 cps. Ironically for the discovery zone, R00E gave up just half a metre of 490 cps.

Assays released two days earlier included yet another PLS “best yet”—this time “the widest high-grade interval to date,” which helped PLS14-187 nearly equal a previously recorded best hole. This nine-hole batch marks the third set of assays, totalling 22 holes, for the winter campaign. Like the previous week’s dozen holes, all nine came from R780E. Some of the best results showed:

Hole PLS14-138

  • 0.2% uranium oxide (U3O8) over 34 metres, starting at 73 metres in downhole depth
Uranium news from Saskatchewan and elsewhere for April 19 to 25, 2014

  • 0.4% over 3.5 metres, starting at 137.5 metres

  • 1.04% over 17 metres, starting at 170 metres
  • (including 2.88% over 4.5 metres)


  • 0.15% over 30 metres, starting at 130 metres

  • 0.28% over 8.5 metres, starting at 199 metres


  • 0.1% over 19.5 metres, starting at 22.5 metres

  • 0.28% over 7.5 metres, starting at 254.5 metres


  • 0.13% over 27.5 metres, starting at 89.5 metres

  • 0.97% over 22.5 metres, starting at 132 metres
  • (including 2.24% over 7.5 metres)

  • 1.34% over 2.5 metres, starting at 178.5 metres

  • 0.4% over 7.5 metres, starting at 203.5 metres

  • 0.22% over 8 metres, starting at 218 metres


  • 2.18% over 47 metres, starting at 132 metres
  • (including 4.3% over 3 metres)
  • (and including 14.27% over 2 metres)

  • 1.04% over 4 metres, starting at 237 metres
  • (including 3.64% over 1 metre)

  • 3.19% over 2 metres, starting at 254 metres


  • 0.15% over 28.5 metres, starting at 115 metres


  • 0.31% over 6 metres, starting at 125.5 metres

Best of the batch and second-best overall was PLS14-187:

  • 5.98% over 102.5 metres, starting at 63 metres
  • (including 27.2% over 3 metres)
  • (and including 12.93% over 10.5 metres)
  • (and including 14.12% over 6 metres)
  • (and including 16.92% over 2.5 metres)
  • (and including 16.14% over 4.5 metres)

  • 2.59% over 9 metres, starting at 218.5 metres

True widths weren’t provided. “Mineralization is both located within and associated with a metasedimentary lithologic corridor, bounded to the south by the PL-3B basement electromagnetic conductor,” Fission Uranium added.

The $12-million winter agenda also calls for geophysics. And no, there’s still no word on when Fission Uranium might unveil its maiden resource.

Lakeland Resources acquisition expands Lazy Edward Bay project

Out of Lakeland Resources’ (TSXV:LK) portfolio of 16 uranium properties in and around the Athabasca Basin, Lazy Edward Bay has taken on greater prominence. A three-claim, 4,475-hectare acquisition announced April 24 expands the project to 26,375 hectares. The new turf also adds two conductive trends, giving Lazy Edward a total of six around the Basin’s southern margin.

Subject to TSXV approval, the 100% interest will cost Lakeland $5,000, 250,000 shares and a 2% gross revenue royalty.

Of the two additional conductive trends, the Ponderosa consists of two parallel graphitic trends, each about 2.5 kilometres long, Lakeland stated. Ground EM surveys and seven holes tested the trend in 1989, with more EM and another hole following in 2001.

The Jack trend extends from the original Lazy Edward property, tripling the trend to about 5.1 kilometres. In 2007 it underwent a ground fixed loop transient EM survey but hasn’t been drilled.

Historic work has sunk at least 53 holes on Lazy Edward’s six trends but, with each ranging between five and seven kilometres long, they remain under-explored. One hole on the Bay trend assayed 770 ppm uranium, along with anomalous pathfinder metals. Depths to the unconformity along the Basin’s southern edge range from zero to 350 metres.

“As a result of the historic and recent exploration on the property, all six trends are considered drill ready,” the company stated.

Among other projects in Lakeland’s portfolio is Gibbon’s Creek, a joint venture with Declan Resources TSXV:LAN that features surface boulders grading up to 4.28% U3O8 and some of the highest radon readings ever measured in the Basin.

Read more about Lakeland Resources here and here.

Aldrin reports initial findings from Triple M’s initial four holes

With drilling suspended by snowmelt, Aldrin Resource TSXV:ALN reported preliminary results from the first four holes on its PLS-adjacent Triple M property. All four “intersected alteration, structures and breccia zones within a metasedimentary rock succession including elevated radioactivity counts in a graphitic fault zone,” the company stated on April 22. Assays have yet to come.

With less than 25% of the planned 4,000-metre program complete, the quartet tested the Forrest Lake fault. Aldrin plans at least four more holes over the same fault “moving towards the most intense part of the basement conductive anomaly” before starting on the Anticline target.

Drilling could resume on the 12,000-hectare property in as little as two weeks, the company added.

NexGen adds to eastern Basin holdings

The size of the property wasn’t divulged. Nor was its name. But NexGen Energy TSXV:NXE announced an eastside Basin acquisition and option on April 25. Subject to approvals, NexGen gets a 75% interest in five claims by issuing Long Harbour Exploration TSXV:LHC shares worth $135,000. NexGen’s option on the other 25% would require additional shares worth $45,000. Value would be calculated by the volume-weighted average for five days before closing. The property remains subject to a 2% NSR and 2% gross overriding royalty. The claims lie “in close proximity” to NexGen’s Thorburn Lake property.

On April 22 the company implemented a shareholder rights plan.

Late last month NexGen wrapped up winter drilling at its southwestern Basin Rook 1 flagship by announcing radiometric results for the project’s best hole so far.

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Athabasca Basin and beyond

March 29th, 2014

Uranium news from Saskatchewan and elsewhere for March 22 to 28, 2014

by Greg Klein

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Another record-breaking hole at Patterson Lake South as Fission merges more zones

Still fattening itself up for acquisition, Fission Uranium TSXV:FCU moves closer to its goal of defining one big deposit at Patterson Lake South. On March 24, for the third time in 19 days, the company announced that drilling had merged two more high-grade zones. The project now consists of four zones—two high-grade zones in the middle, with another zone on each of the east-west flanks—along a 1.78-kilometre potential strike. Mineralization remains open at both ends.

Uranium news from Saskatchewan and elsewhere for March 22 to 28, 2014

The field crew examines core at Patterson Lake South,
where Fission Uranium continues to exceed past performance.

And, for those not yet suffering from repetitive record-breaking fatigue induced by this project, Fission Uranium announced another best-ever hole, which “far surpasses” its last such accomplishment.

Results for the nine holes released March 24 come from a hand-held scintillometer that measures radiation from drill core in counts per second. Scintillometer results are no substitute for assays, which are still to come.

The record-breaker, hole PLS14-187, showed a composite 53.47 metres (not true width) at 9,999 cps, the maximum that the device can measure. Six other holes also showed intervals with maximum readings. The interval closest to surface began at 54.5 metres, while the deepest stopped at 452 metres in downhole depth.

The $12-million winter campaign has four rigs attacking the high-grade area, while a fifth explores farther away. No target date has been announced for the project’s maiden resource.

Forum closes $3.04-million financing, resumes drilling NW Athabasca JV

Two days before closing a private placement, Forum Uranium TSXV:FDC announced drilling had resumed at its 9,800-hectare Northwest Athabasca joint venture. The 3,000-metre program “is designed to determine the eastern extent of the mineralization discovered at Otis West and its extension onto the Otis East gravity target, both of which lie on the south side of the [historic, non-43-101] 1.5-million-pound Maurice Bay deposit,” the company stated on March 24.

Otis West shows a 50-metre strike, a depth of about 110 metres and remains open to the east and at depth, Forum added. Drilling will also test basement targets below Maurice Bay, Zone A and MB East, an untested gravity low east of Maurice Bay.

Among previous assays, last June Otis West showed 0.152% uranium oxide (U3O8) over 39.5 metres, starting at 131 metres in downhole depth. The previous month Zone A gave up 1.34% over 3 metres, starting at 88.5 metres.

Forum and NexGen Energy TSXV:NXE jointly hold 64% of the JV, with Cameco Corp TSX:CCO and AREVA Resources Canada holding 23.5% and 12.5% respectively. Forum acts as project operator.

On March 26 Forum reported closing a private placement for $3.04 million.

In late February the company began drilling its 9,910-hectare, PLS-adjacent Clearwater project. Forum has also been busy picking up other projects in Nunavut and the northeastern Basin, in the vicinity of the Lakeland Resources TSXV:LK/Declan Resources TSXV:LAN flagship Gibbon’s Creek.

Aldrin offers $500,000 placement, plans up to 4,000 metres at Triple M

It’s not clear whether drilling has yet begun, but Aldrin Resource TSXV:ALN has up to 4,000 metres planned for Triple M, a 12,001-hectare property adjacent to PLS. Previous work has shown gravity lows associated with anomalous radon values over basement conductor anomalies. More recently, an infill gravity survey helped refine targets, the company stated on March 25.

One day earlier the company offered a $500,000 private placement. The previous week Aldrin announced TSXV approval to convert $220,000 in debt to shares. The sum remained outstanding out of $500,000 to be paid to Sotet Capital for the project.

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Athabasca Basin and beyond

March 22nd, 2014

Uranium news from Saskatchewan and elsewhere for March 15 to 21, 2014

by Greg Klein

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Denison signs LOI to acquire International Enexco, finds new Wheeler River zone

The expansionist Denison Mines TSX:DML announced another potential acquisition with a letter of intent to take over one of its joint venture partners, International Enexco TSXV:IEC. The March 19 after-market announcement had Denison chairperson Lukas Lundin saying his company “continues to focus on becoming the pre-eminent exploration company in the Athabasca Basin.”

Uranium news from Saskatchewan and elsewhere for March 15 to 21, 2014

The acquisition of JV partner Enexco would give Denison full ownership
of Bachman Lake, one of the company’s priority projects.

The plan of arrangement would exchange each Enexco share for 0.26 of a Denison share plus an undetermined portion of a spinco or subsidiary that would hold Enexco’s assets outside the Basin.

The deal would have Enexco shareholders owning about 2.1% of Denison. The latter company already holds about 8.4% of Enexco, along with another 1.8 million warrants.

The LOI includes a non-solicitation covenant on the part of Enexco, while Denison has the right to match any superior proposal.

The two companies JV together on the 11,419-hectare Bachman Lake property four kilometres west of Cameco Corp’s TSX:CCO proposed Millennium mine in the southeastern Basin. Enexco holds a 20% interest. Operator Denison describes the project as one of the company’s highest priorities “due to its location in the southeast Athabasca Basin and the presence of strong conductors, graphitic basement and sandstone alteration.”

Mann Lake, another JV 20 klicks northeast, is held 30% by Enexco, 52.5% by Cameco and 17.5% by AREVA Resources Canada. The 3,407-hectare property lies on trend between Cameco’s Read Lake and Denison’s 60%-held Wheeler River projects.

In Nevada, Enexco’s 100%-held Contact copper project is currently working towards feasibility.

Denison’s most recent acquisition closed in January, after the company grabbed Rockgate Capital to thwart its proposed merger with Mega Uranium TSX:MGA. Rockgate’s directors initially characterized Denison’s manoeuvre as an “unsolicited opportunistic hostile takeover bid.” As a result Denison gained the advanced-stage Falea uranium-silver-copper project in Mali. The company had said it intended to spin out its non-Athabasca projects.

Enexco valued the combined Denison/spinco offers at $0.64 for an Enexco share, a 63% premium over its March 19 close of $0.39, after having been trading between a 52-week low of $0.23 and a 52-week high of $0.48. But by March 21 close the stock had reached $0.53. With 47.79 million shares outstanding, the company had a market cap of $22.68 million.

Denison closed March 19 on $1.74 and March 21 on $1.72. With 484.68 million shares outstanding, its market cap came to $833.65 million.

One day after the LOI announcement, Denison’s Wheeler River JV returned to prominence with a high-grade hole from the newly found Gryphon zone, three kilometres northwest of the Phoenix deposit.

The one interval reported, from hole WR-556, showed:

  • 3.7% uranium oxide-equivalent (eU3O8) over 12.6 metres, starting at 691 metres in downhole depth

  • (including 9.7% over 4.6 metres)

True thickness was about 70%. The results come from a downhole radiometric probe which, although more accurate than a scintillometer, are no substitute for assays.

As project operator, Denison targeted two historic holes where it found “a basement wedge that has been faulted up into the sandstone and then encountered a large interval of graphitic basement, within which is a zone of alteration and mineralization 140 metres down-dip of the old drill holes.”

Gryphon’s mineralization lies “approximately 200 metres beneath the sub-Athabasca unconformity and is open in both strike directions and down-dip,” the company added.

In late February Denison released radiometric results for eight holes on the Phoenix deposit and briefly updated some other projects.

Fission Uranium merges two more zones at Patterson Lake South

Back on the subject of M&A, Fission Uranium TSXV:FCU might be considered an acquisition waiting to happen. On March 17, for the second time in less than two weeks, the company said it merged two zones at Patterson Lake South, evidently part of its ambition to demonstrate one big deposit before the company gets swallowed by a bigger fish.

Radiometric results closed an approximately 60-metre gap, joining zone R585E to its former neighbour to the west, R390E. The project now has five zones, three of them high-grade, along a 1.78-kilometre potential strike. The $12-million winter program’s primary goal is to delete the word “potential.”

The news followed a March 5 announcement that drilling had merged two other zones into R780E and a March 10 announcement of the project’s second-strongest radiometric results. Of eight holes released March 17, five showed intervals of 9,999 counts per second, the highest possible reading on the hand-held scintillometer that measures radioactivity from drill core. Scintillometer readings are no substitute for assays, which are pending.

Maximum readings for three holes showed composites of 15.25 metres, 7.14 metres and 5.85 metres. Of all mineralized intercepts, the interval closest to surface began at 60 metres in downhole depth, while the deepest stopped at 373 metres.

Of the three high-grade zones, R00E shows a 165-metre strike and lateral width up to about 45 metres. About 135 metres east, the newly expanded R390E has an approximately 390-metre strike and lateral width up to about 50 metres. About 75 metres east again, R780E shows an approximately 300-metre strike and lateral width up to about 95 metres.

Two additional zones, R1155E and R600W, sit at the eastern and western ends of the 1.78-kilometre stretch.

Fission Uranium has four drills trying to connect the high-grade zones and a fifth exploring outside the mineralized area just south of the Basin.

Lakeland/Declan JV announces Gibbon’s Creek plans, Lakeland closes oversubscribed $2.83-million financing

Uranium news from Saskatchewan and elsewhere for March 15 to 21, 2014

Boulder samples at the Lakeland/Declan Gibbon’s Creek JV assayed up to 4.28% U3O8, while radon measurements returned some of the Basin’s highest results.

One day after announcing imminent exploration plans for its Gibbon’s Creek project, Lakeland Resources TSXV:LK closed an oversubscribed private placement for $2.83 million. With JV partner Declan Resources TSXV:LAN spending a first-year commitment of $1.25 million on their Gibbon’s flagship, Lakeland can now turn to its 14 other Basin projects.

Gibbon’s is about to get a ground electromagnetic survey to confirm historic work prior to an anticipated drill program of up to 15 shallow holes totalling 2,500 metres. Results released in January from the 12,771-hectare project showed some of the highest radon gas levels ever measured in the Basin, along with surface boulders grading up to 4.28% U3O8. The property is about a 10-minute drive from the northern Basin town of Stony Rapids.

Lakeland’s other properties dot the northern, eastern and southern sections of the Basin.

“Several of our projects are at that stage where we just need to do line-cutting, resistivity and RadonEx to identify drill targets,” president/CEO Jonathan Armes told “But with all these projects, we know we can’t do them all. We’ll continue to develop other joint venture possibilities, while at the same time compiling data on the projects to identify those we want to focus on.”

Read more about Gibbon’s Creek and Lakeland’s 15-property Basin portfolio.

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Athabasca Basin and beyond

March 9th, 2014

Uranium news from Saskatchewan and elsewhere for March 1 to 7, 2014

by Greg Klein

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Fission Uranium merges two zones, narrows gap between two others at Patterson Lake South

Fission Uranium merges two zones, narrows gap between two others at Patterson Lake South

Fission Uranium has four of its five rigs trying
to fill the gaps in the now six-zone PLS project.

With several zones stretched along a 1.78-kilometre potential strike at Patterson Lake South, Fission Uranium TSXV:FCU obviously wants to find one big, shallow, high-grade deposit. That dream came closer to reality with radiometric results released March 5 and 7. Zones R780E and R945E are now one, forever intertwined, while the gap between two zones to the west has been narrowed.

Scintillometer results from 20 holes released March 5 show mineralization at depths as shallow as 54 metres and as deep as 459 metres. Thirteen holes showed off-scale intervals, reaching the maximum 9,999 counts per second on the hand-held device that measures drill core for gamma radiation. Scintillometer readings are no substitute for assays, which are pending.

Apart from the hope of merging more zones—the goal of this winter’s drill program—Fission Uranium sees expansion potential. The best hole of this batch was the most easterly of the newly merged zone, which “bodes extremely well for high-grade expansion to the east.”

Two days later Fission Uranium unveiled scintillometer results for four more holes, each from a different zone, starting with R780E and moving west to the discovery zone. The interval nearest to surface started at 51 metres and the deepest ended at 276 metres. Intervals from one hole showed a total of 16.18 metres of off-scale radioactivity, while another hole gave up an off-scale composite of 2.65 metres. The gap between R390E and R585E has been narrowed to about 60 metres.

With 36 of the planned 85 winter holes complete, Fission Uranium claims a 100% hit rate. The company has one rig exploring outside the mineralized trend and four others attacking the gaps between these six zones:

The discovery zone, R00E, has a 165-metre strike and a lateral width up to about 45 metres. About 135 metres east, R390E has a 255-metre strike and a lateral width up to about 50 metres. Sixty metres east again, R585E has a 75-metre strike and a lateral width up to about 20 metres. About 105 metres east, R780E now has an approximately 270-metre strike, as a result of subsuming R945E. The lateral width reaches up to about 90 metres.

R780E’s geology “is similar to other zones,” Fission Uranium stated, “consisting of mineralization primarily associated with sequences of steeply south-dipping pelitic lithology with localized mylonites and cataclasites.”

Two other zones at the eastern and western extremities, R1155E and R600W, bring the potential strike to 1.78 kilometres.

Two weeks earlier Fission Uranium released lab assays from R585E that showed the project’s best hole ever—or maybe that should be “so far.”

Update: On March 10 Fission released its “second-best” radiometric results from PLS. Read more.

NexGen announces $10-million bought deal for Athabasca Basin exploration

Uranium news from Saskatchewan and elsewhere for March 1 to 7, 2014

With Fission Uranium’s PLS rigs in the background, NexGen drills Rook 1.

A $10-million bought deal for NexGen Energy TSXV:NXE reinforces the company’s new prominence in Athabasca Basin uranium exploration. Announced March 4, the private placement follows news of radiometric results from a new area of the company’s Rook 1 project, which is adjacent to PLS.

Subject to approvals, the deal involves 22.3 million units at $0.45 and gives the underwriters an option to buy an additional 15%. Each unit consists of a share and one-half warrant, with each entire warrant exercisable at $0.65 for two years. Proceeds will go to Basin exploration, working capital and general corporate purposes.

NexGen’s stock took off with the February 19 release of radiometric readings from the first hole in Rook 1’s Arrow area, which the company called “a totally new zone of uranium mineralization.” The news propelled the company from a 52-week low of $0.225 to a 52-week high of $0.65 in two days. The stock closed March 7 at $0.49.

Meanwhile NexGen has moved its other rig to Arrow to focus two drills on the new area.

NexGen holds several properties in the Basin. But it has yet to release results from last summer’s nine-hole campaign on the Radio project, where the company has a 70% earn-in.

NexGen expects to close the bought deal by March 26.

Zadar announces 2014 plans for PNE and Pasfield projects

With permit applications submitted, Zadar Ventures TSXV:ZAD announced plans for two projects on March 3. The 15,292-hectare PNE, about 11 kilometres northeast of PLS, has about 3,500 metres scheduled for winter and summer drilling, along with ground-based geophysics. Previously identified radon anomalies and conductive trends will help determine targets.

Plans for the 37,445-hectare Pasfield Lake property, within the Cable Bay shear zone in the east-central Basin, include airborne and ground geophysics and a proposed 3,800 metres of drilling “followed by a staged program of uranium exploration culminating in [a] 32,000-metre drilling program,” the company stated.

Pasfield Lake is one of a number of properties that Zadar acquired from Canterra Minerals TSXV:CTM late last year.

Noka Resources/Alpha Exploration begin radon surveys on Carpenter Lake

Radon surveys on lake water and sediment have begun at Carpenter Lake on the Basin’s south-central edge. Announced March 4 by Noka Resources TSXV:NX and Alpha Exploration TSXV:AEX, the four-to-five-week agenda will include sampling from about a thousand locations over a 16-kilometre stretch of the Cable Bay shear zone, which the companies have described as a “major regional shear zone with known uranium enrichment.”

Spring and summer plans for the 20,637-hectare property include high-resolution airborne radiometrics to search for near-surface uranium boulders, followed by ground prospecting and geochemical sampling. The work is part of the Alpha Minerals spinco’s 60% earn-in from Noka, a member of the Western Athabasca Syndicate that plans to drill its PLS-vicinity Preston Lake property this month.

Late last month Noka closed a $1.13-million private placement. Alpha Exploration announced plans for other projects in December and January.

Hodgins Auctioneers pursues Basin uranium claims

A company specializing in auctioning equipment and real estate has signed a conditional agreement to acquire uranium interests in the Basin. Under a deal announced March 6 with Majesta Resources Inc, Hodgins Auctioneers TSXV:HA would get a 25% interest in a 39,125-hectare contiguous package that comes within 10 kilometres of the Key Lake mill.

Apart from TSXV approval, the transaction hinges on raising a $350,000 private placement.

An initial 25% would cost Hodgins $100,000 in cash or debt, two million shares and $300,000 in exploration spending. An additional 35% would require an extra four million shares and $400,000 in spending. A further 30% would call for another $400,000 cash or debt and two million shares.

Hodgins attributed a “low cost relative to similar transactions in the area due to the relationship between two of the insiders of the corporation and the party which owns the mineral claims.” Majesta would act as project operator.

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Athabasca Basin and beyond

January 19th, 2014

Uranium news from Saskatchewan and elsewhere for January 11 to 17, 2014

by Greg Klein

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Fission Uranium’s Patterson Lake South gives up more high-grade assays

More results from Fission Uranium’s TSXV:FCU Patterson Lake South show last summer’s sowing continues to reap high-grade rewards. Released January 15, the latest batch comes from two holes on the Athabasca Basin project’s R390E zone and four on the R780E zone, the third and fifth of seven zones trending northeast.

All holes were vertical or near-vertical. The R390E zone currently has a strike length of 255 metres and a lateral width of about 40 metres. Some highlights show:

Hole PLS13-102

  • 0.32% uranium oxide (U3O8) over 12.5 metres, starting at 119.5 metres in downhole depth

  • 0.58% over 9.5 metres, starting at 138 metres
  • (including 1.44% over 1 metre)

  • 0.12% over 9 metres, starting at 154 metres

  • 0.73% over 4 metres, starting at 171.5 metres

Hole PLS13-104

  • 0.13% over 12 metres, starting at 61 metres

  • 4.97% over 13 metres, starting at 99 metres
  • (including 13.2% over 4.5 metres)
  • (which includes 35.9% over 0.5 metres)

  • 0.42% over 6.5 metres, starting at 131 metres
  • (including 2.1% over 1 metre)

  • 0.22% over 17 metres, starting at 146.5 metres

Zone 780E shows a 60-metre strike and approximately 50-metre lateral width. The best assays include:

Hole PLS13-082

  • 1.25% over 41 metres, starting at 141 metres
  • (including 4.94% over 9 metres)

Hole PLS13-089

  • 0.17% over 16 metres, starting at 150 metres

  • 0.18% over 8 metres, starting at 198.5 metres

Hole PLS13-097

  • 0.99% over 48 metres, starting at 119 metres
  • (including 1.94% over 5 metres)
  • (and including 2.05% over 2.5 metres)
  • (and including 6% over 3.5 metres)

  • 0.54% over 6 metres, starting at 228.5 metres
  • (including 1.1% over 1 metre)

Hole PLS13-101

  • 0.5% over 34.5 metres, starting at 103 metres
  • (including 1.89% over 4.5 metres)

  • 0.63% over 11.5 metres, starting at 163 metres
  • (including 2.27% over 1 metre)

  • 1.04% over 17 metres, starting at 179 metres
  • (including 2.44% over 3.5 metres)

True widths were unavailable. Both zones remain open in all directions.

And the project’s potential remains open to speculation, not to mention exploration. On January 13 the company announced a new radon survey to follow up on 10 basement electromagnetic conductors. So far the technique has been used systematically on only one of the property’s over 100 basement EM conductors, Fission Uranium stated. Expected to last five or six weeks, the survey will take some 2,300 samples from three areas within Patterson Lake and a fourth within Forrest Lake, immediately south.

$50-million Uranium Participation financing bolsters commodity price confidence

In what’s been hailed as a testament of faith in uranium prices, Uranium Participation Corp TSX:U announced a $50-million private placement on January 16. “By mid-day the bought deal was complete,” reported Toll Cross Securities analyst Tom Hope.

Uranium Participation describes itself as “an investment alternative for investors interested in holding uranium.” Proceeds of the financing will be used to stockpile further purchases of U3O8 and uranium hexafluoride (UF6). Hope estimates the company will buy up to 1.28 million pounds to hold a total of about 14.7 million pounds “or approximately 9% of our estimated 2014 global mine output.”

A Denison Mines TSX:DML subsidiary manages Uranium Participation.

Declan grabs more ground north of Gibbon’s Creek

North of the company’s Gibbon’s Creek joint venture with Lakeland Resources TSXV:LK, Declan Resources TSXV:LAN has acquired the 11,100-hectare North Star property, the company announced January 17. The property “is believed to contain the northerly extensions of a number of important regional structures associated with uranium projects in the area,” Declan stated. “An interpretation of the magnetic background at Gibbon’s Creek shows a northerly trending structure which continues to the north through Lakeland Resources Ltd’s Star property, and onto the North Star property.”

The deal costs Declan $15,000 and 1.5 million shares, with a 2% gross sales royalty in effect. The previous week Declan and Lakeland reported Gibbon’s Creek boulder samples grading up to 4.28% U3O8, as well as some of the Basin’s highest-ever radon readings.

Read more about Lakeland Resources here and here.

Azincourt closes Peru property acquisitions

Uranium news from Saskatchewan and elsewhere for January 11 to 17, 2014

Along with the more advanced Macusani project, Azincourt’s newly acquired Muñani property positions the company in Peru’s emerging uranium district.

Azincourt Uranium TSXV:AAZ announced January 16 completion of its $2-million cash-and-share deal with Cameco Corp TSX:CCO and Vena Resources TSX:VEM. Coming with the advanced-stage Macusani project and the earlier-stage Muñani property, the buyout of Cameco and Vena’s Minergia S.A.C. places the purchaser prominently in Peru.

Back in Saskatchewan, Azincourt is earning into a 50/50 JV with Fission Uranium on their Patterson Lake North project. In December Azincourt closed two private placements totalling $2.5 million.

As for Vena, the deal “reactivates our investment in the uranium business,” chairman/CEO Juan Vegarra stated. The agreement allows Vena to double its Azincourt holdings within months.

Read more about Azincourt’s Peru acquisitions.

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