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Posts tagged ‘Alpha Exploration Inc (AEX)’

Lakeland Resources/Alpha Exploration combo approved, ALX Uranium begins trading September 25

September 23rd, 2015

by Greg Klein | September 23, 2015

ALX Uranium Corp TSXV:AL, a new Athabasca Basin explorer created out of Lakeland Resources TSXV:LK and Alpha Exploration TSXV:AEX, begins trading September 25. Final approvals came through from the TSXV and British Columbia Supreme Court, the betrothed announced on September 23, six days after receiving overwhelming shareholder approval.

ALX Uranium begins trading September 25 as Lakeland Resources/Alpha Exploration combo approved

Prior to the trading debut, Lakeland shares undergo a 1:3 reverse split and the company changes its name to ALX. Alpha owners will exchange two of their shares or exercise two warrants to get one ALX share. Delisted Alpha then becomes a wholly-owned subsidiary of ALX.

The combined properties will give ALX one of the Basin’s largest portfolios. Among the standouts are the 100%-held Carter Lake and Hook Lake projects, featuring about 15 kilometres of untested corridors on strike with the discoveries at Patterson Lake South, Arrow and Spitfire. Other properties of special note are the 100%-held Gibbon’s Creek, Newnham Lake and Lazy Edward Bay, as well as a 100% option on Kelic Lake, a 60% stake in the Carpenter Lake joint venture and an 80% share of the Gorilla JV.

Already working together, the ALX geotechnical team-to-be has been planning a new exploration strategy. Both companies will contribute strong treasuries to ALX’s coffers.

Read more about the Lakeland Resources/Alpha Exploration combination.

Disclaimer: Lakeland Resources Inc is a client of OnPage Media Corp, the publisher of The principals of OnPage Media may hold shares in Lakeland Resources.

Lakeland Resources/Alpha Exploration combination gets shareholder approval

September 15th, 2015

by Greg Klein | September 15, 2015

A new Athabasca Basin explorer named ALX Uranium Corp came closer to inception on September 15 after shareholders of Lakeland Resources TSXV:LK and Alpha Exploration TSXV:AEX voted overwhelmingly in favour of combining the two companies.

The proposal won support from 96.01% of Alpha shareholders and 97% of Alpha security holders (shareholders and warrant holders), while Lakeland shareholders voted 95.76% in favour.

I call that a merger of two juniors to strengthen the balance sheet, increase resource science capabilities and bring together experienced management teams and board members.—Thomas Drolet, quoted in Streetwise Reports

In a Streetwise Reports interview posted the same day, energy expert and Lakeland adviser Thomas Drolet called the plan “a merger of two juniors to strengthen the balance sheet, increase resource science capabilities and bring together experienced management teams and board members.” Contrasting the deal with the proposed Fission Uranium TSX:FCU/Denison Mines TSX:DML merger, Drolet said the Lakeland/Alpha combination comprises “a different kind of M&A. It is more a merger of two juniors that want to stay in the E&P extraction business, get on with drilling and strengthen their balance sheets.”

Their combined portfolio would be one of the Basin’s largest, with “a string of Tier 1 drill targets,” according to Lakeland CEO Jonathan Armes.

Should further approvals come from the TSXV and British Columbia Supreme Court, the two companies anticipate ALX Uranium will debut on September 25’s opening buzzer.

Read more about the Lakeland Resources/Alpha Exploration combination.

Disclaimer: Lakeland Resources Inc is a client of OnPage Media Corp, the publisher of The principals of OnPage Media may hold shares in Lakeland Resources.

Lakeland Resources CEO Jonathan Armes extols the benefits of a merger with fellow Athabasca Basin uranium explorer Alpha Exploration

August 7th, 2015

…Read more

Allied forces

July 23rd, 2015

Lakeland Resources and Alpha Exploration plan a strategic Athabasca Basin combination

by Greg Klein

Lakeland Resources and Alpha Exploration sign merger agreement

Among the new company’s exploration priorities would be the combination of
Lakeland’s Carter Lake and Alpha’s Hook Lake, on conductive corridors
and proximal to uranium discoveries northeast of Patterson Lake South.


The news followed the Fission Uranium TSX:FCU/Denison Mines TSX:DML announcement by two weeks yet Jonathan Armes says, “I don’t think there’s a better fit in the Basin.” Revealed July 22, the proposed combination of Lakeland Resources TSXV:LK and Alpha Exploration TSXV:AEX would bring together “our treasuries, our dream team of directors and technical advisers, and of course our properties. There’s synergies especially in the Carter Lake-Hook Lake projects. We’d have 15 kilometres of virtually untested corridors on strike with the Patterson Lake South, Arrow and Spitfire uranium discoveries.”

Lakeland’s CEO sees Basin companies divided by a big gap in market capitalization, where one group of explorers struggles with caps of $3 million or less while the next group starts with $13 million or more. “We want to tighten our share structure and provide more leverage to our existing shareholders,” Armes explains. “We think that having 41 million shares and $3 million in the bank would put us in a different category from a lot of our peers right now. We could execute probably two drill programs before the Christmas break. And, given our treasuries, people and properties, we’d have the ability to raise additional funds.”

The unified portfolio would feature “a string of Tier 1 drill targets,” including a combination of Lakeland’s Carter Lake and Alpha’s Hook Lake, now held 100% each by their respective companies. Together they cover an approximately 15-kilometre length of the PLS conductive corridor hosting Fission’s Triple R deposit and R600W zone, as well as the Arrow zone of NexGen Energy TSXV:NXE and the Spitfire zone of Cameco Corp TSX:CCO, AREVA Resources Canada and Purepoint Uranium TSXV:PTU.

Lakeland Resources and Alpha Exploration plan a strategic Athabasca Basin merger

Three other priorities from Alpha’s portfolio include Kelic Lake, Carpenter Lake and Gorilla Lake. Alpha holds a 100% option on Kelic, straddling the southern Basin’s rim east of PLS. East of Kelic and just south of the rim, Alpha holds the larger part of a 60/40 joint venture with Noka Resources TSXV:NX on Carpenter. East of the former Cluff Lake mine Alpha holds 80% of Gorilla, a JV with 20% partner Logan Resources TSXV:LGR. Results are pending for geophysics flown over the three properties earlier this year.

Three more Lakeland priorities, held 100%, include Gibbon’s Creek on the Basin’s north-central rim, Newnham Lake to the east and, on the southern rim, Lazy Edward Bay. The company considers Lazy Edward and Newnham drill-ready. Last winter’s Phase I drilling at Gibbon’s, meanwhile, brought near-surface intervals grading to 333.8 ppm U3O8 over 1.1 metres, including 0.13% over 0.23 metres.

As president/CEO/director of the merged entity, Armes would co-manage with Alpha CEO Michael Gunning, who would become executive chairperson. Alpha VP of exploration Sierd Eriks would retain his position. Each company would nominate three candidates to the six-person board.

Over the coming weeks geologists and Lakeland directors Neil McCallum and Jody Dahrouge will work with Eriks and Gunning to “set priorities, establish a timetable and put together a 24- to 36-month strategy of drilling,” Armes says. “Any or all of these eight projects have the potential of a significant discovery.” As for some non-core assets, the team would consider putting them up for JVs or sale.

Of the approximately $3-million combined treasury, roughly one-third would consist of “hard dollars” and the remainder subject to flow-through commitments.

The deal does, however, call for a hiatus on non-essential summer exploration prior to closing.

Subject to all approvals and a shareholder vote planned for early September, the arrangement begins with a three-to-one reverse split for Lakeland followed by the company exchanging one new share for every two Alpha shares. As a result, Lakeland shareholders would get about 60% of the new company’s 41 million shares, with the rest in the hands of Alpha shareholders.

“Both groups are excited about getting together our teams, our treasuries and our projects,” Armes says. “Everything lines up. In my opinion there’s no better merger that could happen in the Basin.”

Disclaimer: Lakeland Resources Inc is a client of OnPage Media Corp, the publisher of The principals of OnPage Media may hold shares in Lakeland Resources.

Lakeland Resources and Alpha Exploration sign merger agreement

July 22nd, 2015

This story has been updated and moved here.

Athabasca Basin and beyond

March 21st, 2015

Uranium news from Saskatchewan and elsewhere to March 20, 2015

by Greg Klein

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Step-outs renew Fission’s interest west of PLS resource

The zone’s five previous holes found disappointingly low grades but Fission Uranium’s (TSX:FCU) most recent drilling brings new attention to R600W, 555 metres west of the Triple R deposit that surprised even some of the more optimistic Patterson Lake South-watchers. The most westerly of four PLS zones got five more holes this season, four showing mineralization in basement rock and three suggesting high grades over significant widths, the company announced March 18.

These results, no substitute for the still-pending assays, come from a scintillometer that measures drill core radiation in counts per second.

Hole PLS15-364, 570 metres west of Triple R, hit a composite total of 45.5 metres of mineralization over a 61-metre section starting at 107 metres in downhole depth. A composite 6.44 metres surpassed 10,000 cps, a level sometimes termed “offscale” due to the limitations of earlier scintillometers.

PLS15-352 revealed a continuous 56.5-metre intercept starting at 102.5 metres that included continuous “offscale” readings for 11.77 metres. PLS15-360 showed 25 continuous metres starting at 111 metres, while PLS15-364 gave up 40.5 continuous metres starting at 107 metres.

True widths weren’t available.

The angled holes have expanded the zone’s strike to 45 metres, a 50% increase that extends PLS’s potential strike from 2.24 to 2.25 kilometres. R600W’s lateral width extends up to about 30 metres. Results have “substantially increased our understanding of the geometry and tenure of the mineralization,” said Fission COO/chief geologist Ross McElroy.

While delineation continues at Triple R, R600W has more drilling to come.

Read more about the Triple R resource estimate.

See an historical timeline of the PLS discovery.

NexGen continues to find high grades at Rook 1’s Arrow zone

Its first two batches of winter assays once again have NexGen Energy’s (TSXV:NXE) Rook 1 project vying for attention with Fission’s Patterson Lake South. On March 17 NexGen announced the project’s widest high-grade interval yet, hitting 70 metres of 2.2% U3O8. Two days later the company confirmed an 88-metre strike extension from AR-14-30, an outstanding hole released last October. The results come from Rook 1’s Arrow zone, defined last month as three mineralized shears named A1, A2 and A3.

The star hole from the first batch, AR-15-34b, was a 30-metre step-out from October’s AR-14-30, centrepiece of the A2 shear. Although the new hole’s other intercepts fell far short in grade and thickness, these intervals brought redemption, the first from A2, the second from A1:

  • 2.2% U3O8 over 70 metres, starting at 522 metres in downhole depth
  • (including 8.95% over 11 metres)

  • 0.12% over 32 metres, starting at 697 metres

As for some other highlights:


  • 0.26% over 12.5 metres, starting at 548.5 metres


  • 0.33% over 18.5 metres, starting at 394.5 metres

  • 0.49% over 12 metres, starting at 553.5 metres


  • 0.32% over 51 metres, starting at 167 metres

  • 0.1% over 61.5 metres, starting at 248 metres

True widths weren’t available. AR-14-36 was a vertical hole. The others were sunk at a dip of -70 or -75 degrees.

Assays for two angled holes released two days later inspired additional confidence in A2. Highlights show:


  • 2.46% over 16.5 metres, starting at 580.5 metres
  • (including 12.85% over 3 metres)

  • 0.34% over 13.5 metres, starting at 602 metres

  • 2.88% over 40 metres, starting at 621.5 metres
  • (including 4.92% over 22 metres)


  • 0.75% over 6 metres, starting at 664 metres

  • 0.9% over 32 metres, starting at 583.5 metres

Again, true widths weren’t provided. The latter hole confirms an 88-metre strike expansion southwest of AR-14-30, NexGen stated.

The Arrow zone covers about 515 metres by 215 metres with mineralization starting at about 100 metres in depth and now extending to 820 metres. The zone remains open in all directions and at depth.

NexGen has further drilling planned for the A2 shear as well as the newly discovered high-grade area within A3. At last count the season’s program had completed 38 holes, according to the March 19 press release, or 39, according to a February 24 statement. Roughly a third of the 18,000-metre winter agenda has been drilled.

Phase I drilling finds anomalous radioactivity at Lakeland Resources’ Star/Gibbon’s Creek

Uranium news from Saskatchewan and elsewhere to March 20, 2015

The first round of drilling went radioactive at
Lakeland Resources’ Star/Gibbon’s Creek project.

Lakeland Resources TSXV:LK wrapped up a successful 14-hole, 2,550-metre winter program by reporting anomalous radioactivity at its Star/Gibbon’s Creek project on the Athabasca Basin’s northern rim. While assays are pending, initial results also reveal “alteration suggestive of a proximal basement-hosted or unconformity-hosted uranium occurrence,” said company president Jonathan Armes on March 12.

Six holes along a corridor about 1.5 to two kilometres long struck the unconformity at depths of less than 125 metres, finding either anomalous radioactivity, alteration or both. The results confirm the trend as a high-priority target.

Three other holes along a one-kilometre corridor near the head of the Gibbon’s Creek boulder field found the unconformity at depths of less than 110 metres, again intersecting either anomalous radioactivity, alteration or both and confirming another high-priority target.

The readings come from a downhole scintillometer and are no substitute for assays, which will follow. Lakeland attributes background radioactivity to readings of 10 to 100 cps. Results show these anomalous levels of at least 800 cps over 0.3 metres:

Hole GC15-01

  • An average 1,104 cps over 0.4 metres starting at 81.2 metres in downhole depth. The maximum level hit 1,379 cps.


  • An average 1,204 cps over 0.3 metres starting at 99 metres, with a maximum of 1,589 cps

  • An average 1,072 cps over 0.7 metres starting at 99.6 metres, with a maximum of 1,312 cps


  • An average 2,828 cps over 1 metre starting at 107.1 metres, with a maximum of 7,926 cps


  • An average 1,415 cps over 0.6 metres starting at 102.9 metres, with a maximum of 1,740 cps

True widths weren’t available. Along with the other anomalous results, hole GC15-03 is considered highly anomalous.

To further solidify targets, the project also underwent a 270-station ground gravity survey.

“During the coming weeks we will be in receipt of geochemical results for uranium and pathfinder elements such as boron, nickel, cobalt and arsenic,” Armes stated. “As with other historic uranium discoveries within the Athabasca Basin, each successful drill program helps guide the next towards the discovery of a new uranium occurrence.”

The road-accessible project sits a few kilometres from the town of Stony Rapids, with nearby infrastructure.

Lakeland also holds drill-ready projects at Newnham Lake, east of Star/Gibbon’s, and Lazy Edward Bay on the Basin’s southern rim. Late last month the company expanded its holdings to 32 properties totalling over 300,000 hectares, one of the largest portfolios in the Basin region.

As of March 12 Lakeland’s treasury held close to $3 million.

Read more about the Star/Gibbon’s Creek project.

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Athabasca Basin and beyond

February 14th, 2015

Uranium news from Saskatchewan and elsewhere to February 13, 2015

by Greg Klein

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Fission Uranium expands main zone at PLS

With a 100% hit rate so far, the first 14 holes of Fission Uranium’s (TSX:FCU) winter campaign extend the geography of Patterson Lake South’s largest zone. Nine holes reported February 10 expand R780E at different points laterally 40 metres north, 30 metres eastward along strike and 50 metres vertically up dip—continuing a process begun with five step-outs released January 26. The R780E zone already holds about 96% of indicated and 90% of inferred categories from last month’s estimate for Triple R, the Athabasca Basin’s largest undeveloped uranium deposit. The resource “remains open in several directions, including strike, width and vertically,” the company stated.

Scintillometer readings, which are no substitute for assays, showed strong mineralization for all holes. R780E now stretches about 900 metres in strike length. Beyond a 225-metre gap to the west, Triple R’s R00E zone adds another 125 metres in strike. Overall, the 31,039-hectare property hosts four zones running east-west along 2.24 kilometres of potential strike.

This year’s exploration budget comes to $15 million. Winter drilling gets a $10-million, four-rig, 20,230-metre program. Thirty-five holes will focus on the Triple R deposit as well as the R600W zone. Another 28 holes will test regional targets. Of special interest is the Forest Lake conductive corridor, which features “geophysics and radon signatures similar to the Patterson Lake conductive corridor” that hosts Triple R.

Read about the Patterson Lake South resource estimate.

See an historical timeline of the Patterson Lake South saga.

Fission Uranium buys into Fission 3.0

On February 11 Fission Uranium announced its intention to pay $3.08 million to get about 12% of its own spinout Fission 3.0 TSXV:FUU, a company not exactly known for monogamy.

Dev Randhawa, who leads both companies, resigned from the board of Azincourt Uranium TSXV:AAZ, according to a February 6 statement. Three days later came the announcement that he joined Aldrin Resource’s (TSXV:ALN) board.

Uranium news from Saskatchewan and elsewhere to February 13, 2015

On February 5 Aldrin had announced a plan to acquire up to 50% of Fission 3.0’s Key Lake properties, an 18,392-hectare package on the southeastern Basin. The deal would cost Aldrin $100,000 cash, 1.9 million shares and $6.9 million in expenditures up to May 2019. Fission 3.0 remains project operator.

Fission 3.0’s already busy with winter campaigns on two PLS-vicinity projects. At the PLN project, a joint venture with Azincourt, a $1.45-million program of seven holes and geophysics has begun. The Clearwater project, a JV with Brades Resource TSXV:BRA, has 10 holes plus geophysics underway at an expected cost of $1.04 million.

In a mid-January announcement, Brades described three northeastern Basin acquisitions as part of an “objective to stake highly prospective areas near, and in the case of Perron Lake and Cree Bay, adjacent to, properties of Fission 3.0.”

NexGen honoured for 2014 performance, reports 2015 progress

A Fission Uranium next-door neighbour, NexGen Energy TSXV:NXE made it into the TSX Venture 50, the company announced February 12. The TSXV compiles the list by ranking the top 10 companies in five sectors for market cap, share appreciation, volume and analyst coverage.

Last year’s last batch of Rook 1 assays hit as high as 2.34% U3O8 over 26.5 metres, starting at 592.5 metres in downhole depth. Impressive as it was, the result fell short of earlier assays considered among the Basin’s best.

A three-rig, 18,000-metre program began last month, focusing on the project’s Arrow zone as well as “regional targets on the Rook 1 claim that covers all the major uranium-bearing conductor corridors in the southwestern region of the Athabasca Basin.”

One target was noted in a January 20 announcement, a radon-in-lake-water anomaly 480 metres long by 20 to 150 metres wide that was found 400 metres northeast along strike from Arrow.

One week later the company reported scintillometer results for the first four holes from Arrow, all of them finding “substantial broad mineralization.” Then, the following day, NexGen announced that VTEM, ground gravity and magnetic surveys identified six targets on the Fury area, about 13.5 kilometres southeast of Arrow. As a result, Fury’s slated for about 4,500 metres of winter drilling.

Denison reports eU3O8 from Mann Lake and Wheeler River

Denison Mines TSX:DML released the year’s first results on February 4 from Mann Lake and Wheeler River, two eastern Basin projects five kilometres apart and among the company’s 14 drill campaigns scheduled for this year.

Measured with a downhole probe, the single Mann Lake hole showed 9.8% uranium oxide-equivalent (eU3O8) over 3.5 metres, starting at 671.7 metres in downhole depth. True thickness would come to at least 80%.

Denison holds a 30% stake in the JV, along with operator Cameco Corp TSX:CCO (52.5%) and AREVA Resources Canada (17.5%).

Three holes at Wheeler River’s Gryphon zone showed:

  • 0.3% eU3O8 over 2 metres, starting at 664.5 metres in downhole depth

  • 2.9% over 2.4 metres, starting at 764.2 metres

  • 2.8% over 2.4 metres, starting at 786.3 metres

  • 9% over 4.6 metres, starting at 641.6 metres

True thickness is estimated at about 75%.

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A Patterson Lake South saga

January 11th, 2015

As Fission releases its maiden resource, we look at how two juniors made uranium exploration history

by Greg Klein

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As Fission releases its maiden resource, we look at how two juniors made uranium exploration history

The initial resource comprises two of Patterson Lake South’s four zones.


Originally scheduled for December, the maiden resource for Fission Uranium’s (TSX:FCU) Patterson Lake South hit the streets after the market closed on January 9, all the better time—no doubt coincidentally—for a greater sensation at this month’s investor and trade shows. With 79.6 million pounds U3O8 indicated and 25.88 million pounds inferred, the numbers confirm the newly named Triple R deposit’s status as the Athabasca Basin region’s largest undeveloped resource and third-largest overall. Outdone only by two operating mines, McArthur River and Cigar Lake, PLS stands out for mineralization beginning at exceptionally shallow depths of 60 to 250 metres.

There’s gold too, 38,000 ounces indicated and 16,000 ounces inferred.

As Fission releases its maiden resource, we look at how two juniors made this historic uranium discovery

By last summer, Fission had five barge-based rigs
devoted to delineation drilling.

As Fission president/COO and chief geologist Ross McElroy pointed out, “The entire deposit is located in basement rock, which is a preferred host rock for development of economic uranium deposits” in the region.

Included in the resource are two of the project’s four zones along a 2.24-kilometre potential strike. Zone R00E runs about 125 metres in strike length. Beginning 225 metres east, R780E stretches out for about 900 metres in strike. Triple R’s indicated category takes up about 75% of the resource, which uses a 0.1% cutoff (based on $50 uranium) to show:

  • indicated: 2.29 million tonnes averaging 1.58% U3O8 and 0.51 grams per tonne gold for 79.61 million pounds U3O8 and 38,000 ounces gold

  • inferred: 901,000 tonnes averaging 1.3% U3O8 and 0.56 g/t gold for 25.88 million pounds U3O8 and 16,000 ounces gold

Within the resource lies a higher-grade zone containing 44.3 million pounds indicated and 13.86 million pounds inferred.

Mineralization remains open in multiple directions, Fission stated. Upcoming programs, which include a $10-million, 63-hole, 20,230-metre campaign expected to begin January 15, will focus partly on resource expansion.

A closer look at the indicated resource, including its 18.21% high-grade area, shows:

R00E zone

  • 126,000 tonnes averaging 1.15% U3O8 and 0.15 g/t gold for 3.18 million pounds U3O8 and 1,000 ounces gold

R780E high-grade area

  • 110,000 tonnes averaging 18.21% U3O8 and 2.77 g/t gold for 44.3 million pounds U3O8 and 10,000 ounces gold

R780E lower-grade area

  • 1.9 million tonnes averaging 0.69% U3O8 and 0.39 g/t gold for 28.76 million pounds U3O8 and 24,000 ounces gold

The inferred resource breaks down as follows:

R00E zone

  • 8,000 tonnes averaging 3.57% U3O8 for 669,000 pounds U3O8

R780E high-grade area

  • 24,000 tonnes averaging 26.35% U3O8 and 3.77 g/t gold for 13.86 million pounds U3O8 and 3,000 ounces gold

R780E lower-grade area

  • 23,000 tonnes averaging 1.26% U3O8 and 0.89 g/t gold for 648,000 pounds U3O8 and 1,000 ounces gold

Other R780E areas

  • 585,000 tonnes averaging 0.68% U3O8 and 0.56 g/t gold for 8.8 million pounds U3O8 and 11,000 ounces gold

Low-grade halo

  • 260,000 tonnes averaging 0.22% U3O8 and 0.22 g/t gold for 1.91 million pounds U3O8 and 2,000 ounces gold

The new year announcement obviously marks another milestone for PLS, an historic find that both excited the market and sparked an ongoing exploration rush in and around the Basin. All that for a deposit just off a route that geologists travelled for years, Highway 955 leading to the Shea Creek deposit and former Cluff Lake mine. But PLS sits outside the Basin. According to past wisdom, uranium had no business being there. Massive pitchblende and strong radioactivity shattered that mode of thinking in November 2012. A timeline shows how the dogged perseverance of two junior exploration companies, along with new approaches that complemented their geological expertise, brought about the PLS discovery.


Patterson Lake South, from early exploration to maiden resource


1969 Wainoco Oil and Chemicals conducts regional mapping, airborne radiometrics and magnetic surveys without finding significant results.

1977 to 1982 Exploration by the Saskatchewan Mining Development Corp includes five holes north of PLS along the same conductive corridor that extends into PLS. SMDC concludes the area has a favourable setting for unconformity-type uranium deposits.

1977 Canadian Occidental Petroleum finds “very strong” radon anomalies that the company attributes to “exotic radioactive boulders.” A ground EM survey delineates the Patterson Lake conductive corridor.

1979 CanOxy drills the conductors finding anomalous uranium, copper and nickel with “two curious spikes in radioactivity.”

July 2007 Fission Energy spins out of Strathmore Minerals, which transfers its Canadian and Peruvian assets to Fission in order to focus on U.S. properties.

November 2007 Alpha Minerals predecessor ESO Uranium and Fission Energy conduct EM and magnetic surveys on the northern part of PLS.

January 2008 ESO Uranium and Fission Energy form a 50/50 joint venture called Patterson Lake South, contributing two claims each for a total of 4,771 hectares. The project would eventually expand to 17 claims totalling 31,039 hectares.

October 2008 The JV conducts radon and radiometric surveys on the northern part of the property.

June 2008 The JV stakes the area explored by CanOxy.

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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

October 31st, 2014

Uranium news from Saskatchewan and elsewhere to October 31, 2014

by Greg Klein

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Fission hits 8.53% over 24 metres at Patterson Lake South

The 600th company to graduate from the Venture to the big board since 2000,
Fission Uranium opens the TSX on October 30. (Photo: TMX Group)


Fission hits 8.53% U3O8 over 24 metres at Patterson Lake South

A second batch of assays hit the streets October 27 from Fission Uranium’s (TSX:FCU) Patterson Lake South summer program, the final drill season before a maiden resource due in December. Thirteen holes from the R780E zone showed mineralization at shallow depths, some with very impressive results. Several holes broaden the zone’s lateral width at different locations up to about 93 metres north and 38 metres south, and also extend the depth. Still the focal point of PLS, R780E remains by far the largest of four zones along a 2.24-kilometre potential strike that’s open at both ends.

Some of the best results follow:

Hole PLS14-253

  • 1.33% U3O8 over 16.5 metres, starting at 117.5 metres in downhole depth
  • (including 3.57% over 5.5 metres)

  • 1.65% over 5 metres, starting at 155 metres
  • (including 5.37% over 1.5 metres)


  • 0.62% over 13 metres, starting at 169 metres
  • (including 2.42% over 2.5 metres)


  • 1.76% over 39.5 metres, starting at 61.5 metres
  • (including 3.16% over 8 metres)
  • (and including 6.22% over 3.5 metres)

  • 1.17% over 11.5 metres, starting at 104 metres
  • (including 3.99% over 2.5 metres)


  • 5.02% over 5 metres, starting at 256.5 metres


  • 4.21% over 38.5 metres, starting at 132 metres
  • (including 23.53% over 6 metres)

  • 2.77% over 13.5 metres, starting at 205 metres
  • (including 6.95% over 4 metres)


  • 1.43% over 42.5 metres, starting at 58 metres
  • (including 5.91% over 9.5 metres)

  • 0.74% over 26 metres, starting at 104 metres
  • (including 2.42% over 6 metres)


  • 1.85% over 8 metres, starting at 234 metres
  • (including 6.63% over 2 metres)


  • 0.27% over 22.5 metres, starting at 191.5 metres

  • 0.37% over 19.5 metres, starting at 216.5 metres


  • 0.56% over 16 metres, starting at 164.5 metres
  • (including 1.44% over 4.5 metres)


  • 8.53% over 24 metres, starting at 78 metres
  • (including 24.87% over 7.5 metres)

  • 0.55% over 28.5 metres, starting at 105.5 metres
  • (including 2.02% over 3.5 metres)

True widths weren’t provided.

These results bring the total to 42 holes reported. Assays for another 18 delineation holes and 22 exploration holes are pending. The previous batch of summer assays, released earlier this month, included the project’s strongest intercept so far.

Lakeland Resources ready to drill Star/Gibbon’s project, confirms drill-ready targets at Lazy Edward Bay

A busy summer has moved two Lakeland Resources TSXV:LK projects to the drill-ready stage, one of which will see a rig working as soon as winter conditions allow. Announced October 28, a 1,500-metre program on the adjacent Gibbon’s Creek and Star properties follows positive results from surface sampling and a DC-resistivity survey, some of the Athabasca Basin’s highest RadonEx readings and confirmation of a radioactive boulder field grading up to 4.28% U3O8.

Uranium news from Saskatchewan and elsewhere to October 31, 2014

A structural lineament connects this radioactive boulder field with
two other mineralized systems on the Star/Gibbon’s Creek properties.

The two properties on the Basin’s north-central rim host a regional, multi-staged, structural lineament immediately west of the Star Uplift, a basement outcrop about 350 metres by 700 metres, that extends south to the Gibbon’s Creek boulder field about three kilometres away. In addition an east-west resistivity low, interpreted as an alteration corridor, has been found near an historic intercept of 1,500 parts per million uranium.

Surface sampling at the uplift found a gold trend that also revealed platinum group elements, rare earths and anomalous low-grade uranium. Follow-up drilling will test the trend and examine basement geology as it relates to the Gibbon’s Creek targets, Lakeland stated.

With depth to the unconformity ranging from 50 to 250 metres, the company anticipates an economical program of shallow drilling. Roads and power lines cross the property, which lies a few kilometres from the town of Stony Rapids.

The company wholly owns Gibbon’s Creek and holds a 100% option on Star.

Meanwhile exploration at Lazy Edward Bay has confirmed the project’s drill-ready targets, as well as its prominence in Lakeland’s portfolio. Field work on two areas of the 26,375-hectare property on the Basin’s southeastern edge revealed anomalous rock samples, soil samples and RadonEx readings, the company announced October 30.

The Liberty Trend consists of an approximately five-kilometre-long conductive zone intruded by diabase dykes. Near a radioactive spring reported earlier in October, two boulders graded 537 ppm and 896 ppm U3O8, also showing anomalous levels of the pathfinder elements arsenic, cobalt, chromium, nickel and lead.

Two nearby soil samples returned uranium values of 13.7 ppm and 14.8 ppm, along with 2,920 ppm arsenic, 119 ppm cobalt and 112 ppm nickel. An outcrop sample farther south showed low-grade uranium and was also enriched in copper, cobalt and zinc, the company added.

The significance of the Liberty Trend “appears to be a rare combination of favourable geochemistry, geophysics and surface rock samples anomalous in radioactivity coupled with a series of radioactive springs within a complex structural setting,” said Lakeland president/CEO Jonathan Armes. “This confluence of geologic features attests to the potential of this area to host a large mineralizing system.”

The project’s Bay Trend underwent 150 soil samples over a 789-sample radon-in-soil grid. The samples showed several anomalous geochemical results coinciding with previously identified basement conductors. This year’s work further refines the conductors.

Results from both the Liberty and Bay trends confirm high-priority drill-ready targets and Lazy Edward’s place among “the most promising early-stage exploration projects that Lakeland has assembled, which include the Gibbon’s Creek, Star and Newnham Lake properties,” Armes said.

Read more about Lakeland Resources.

Fission 3.0 stakes new ground, joins Brades on Clearwater West fall campaign

Seven new acquisitions, along with expansions to four other properties, bring the Fission 3.0 TSXV:FUU portfolio up to 17 projects totalling 232,088 hectares, all in the Basin area except one in Peru. The expansion came through staking, the company announced October 29.

Karpinka Lake, a 3,072-hectare property 40 klicks south of the Basin, features at least 14 historic uranium occurrences. The most significant “consists of a series of five discontinuous low-grade zones of stratabound uranium mineralization,” Fission 3.0 stated.

Midas, a 1,476-hectare property near Uranium City, has five known uranium occurrences including an historic intercept of 0.19% U3O8 over 9.6 metres.

On the Basin’s north-central rim, the 1,678-hectare Hearty Bay property sits up-ice from a boulder train that graded up to 3% uranium.

Eighty kilometres south of the Basin’s southeastern margin, the 5,745-hectare Hobo Lake property has had historic lake sediment samples showing anomalous uranium. South of the Basin but north of Hobo Lake, the 1,213-hectare Costigan Lake property benefits from a 2005 airborne radiometric survey that found anomalous radioactivity associated with conductors.

Just beyond the Basin’s southern edge, the 1,866-hectare River Lake “has potential to host outliers of sandstone cover, which is the favourable host rock for unconformity and perched styles of uranium mineralization.”

East of the Basin’s northeastern margin, the 2,412-hectare Flowerdew Lake underwent airborne geophysics in 2005, finding “moderate to strong formational electromagnetic conductors trending northeast.”

A 1,024-hectare addition to Beaver River covers an extension of the property’s EM conductors and includes two historic uranium showings. Cree Bay got another 5,252 hectares of contiguous turf along the prospective Black Lake shear zone. Grey Island grew by 1,271 hectares over a strong EM conductor. Thompson Lake added 577 hectares, also covering the extension of a conductor.

On October 15 Fission 3.0 and Brades Resource TSXV:BRA announced fall plans for their Clearwater West joint venture. The program calls for mapping, prospecting and a DC resistivity survey to follow up on radiometric anomalies identified last May. Brades holds a 50% option on the 11,835-hectare project, where Fission 3.0 acts as operator. Read a review of the companies’ announcement by Geology for Investors.

Winter drilling planned for Azincourt/Fission 3.0’s Patterson Lake North

Patterson Lake North’s agenda calls for a $1.5-million, 3,200-metre winter program, JV partner Azincourt Uranium TSXV:AAZ announced October 21. Work will follow up on last summer’s drilling, targeting the property’s A1-A4 conductor area and two untested areas, the N conductor trend and the Broach Lake conductor system.

The 27,408-hectare property lies adjacent to and north of Patterson Lake South. Fission 3.0 acts as operator. Azincourt, which currently holds a 10% stake, said its $1.5-million winter expenditure will complete the $3-million year-two requirement, raising its total to 20%. The option allows Azincourt up to a 50% interest.

The company also stated it distributed the Macusani Yellowcake TSXV:YEL stock resulting from that company’s acquisition of Azincourt’s Peruvian properties (read more here and here). Shareholders got “the equivalent of $0.09 per Azincourt share, based on the recent Macusani share price.”

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