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Posts tagged ‘Alpha Exploration Inc (AEX)’

Athabasca Basin and beyond

October 10th, 2014

Uranium news from Saskatchewan and elsewhere for October 4 to 10, 2014

by Greg Klein

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Fission unveils Patterson Lake South’s best intercept yet, moves to TSX

It’s now TSX:FCU. No longer preceding its ticker with a V to indicate “Venture,” Fission Uranium graduated to the big board on October 8. Two days earlier the company released its first assays from summer drilling, unloading reams of results for 29 delineation holes on Patterson Lake South’s main R780E zone. Composite numbers made hole PLS14-248 the project’s second-best so far, with one interval hitting 13.23% U3O8 over 47.5 metres—“the strongest discrete mineralized interval drilled at PLS to date,” the company crowed.

“All 29 holes returned strong to moderate mineralization at shallow depth,” Fission modestly added. Some of them also extended the main zone’s width and depth. At one point the zone was laterally extended 77 metres north; at another, 41 metres south. At its widest point R780E takes up 164 metres. With a continuous strike of 930 metres, it’s by far the biggest of four zones along a 2.24-kilometre potential strike.

Several of the best results follow:

Hole PLS14-220

  • 1.11% U3O8 over 14.5 metres, starting at 97 metres in downhole depth
  • (including 3.48% over 3 metres)

  • 1.22% over 10.5 metres, starting at 163.5 metres
  • (including 8.7% over 1 metre)
Uranium news from Saskatchewan and elsewhere for October 4 to 10, 2014

PLS crews drilled day and night to delineate a December resource.

PLS14-221

  • 1.88% over 12 metres, starting at 213.5 metres
  • (including 8.17% over 1.5 metres)

PLS14-223

  • 1.69% over 8 metres, starting at 122 metres
  • (including 3.6% over 3 metres)

  • 1.43% over 8 metres, starting at 178 metres
  • (including 4.75% over 2 metres)

PLS14-224

  • 1.24% over 17.5 metres, starting at 130.5 metres
  • (including 10.7% over 1.5 metres)

PLS14-225

  • 0.61% over 39 metres, starting at 146 metres
  • (including 1.97% over 8.5 metres)

  • 0.93% over 9 metres, starting at 214.5 metres
  • (including 1.84% over 2.5 metres)

  • 7.53% over 1.5 metres, starting at 260 metres

PLS14-226

  • 1.9% over 5 metres, starting at 176 metres
  • (including 5.5% over 1.5 metres)

  • 1.02% over 10 metres, starting at 192 metres
  • (including 4.02% over 2 metres)

PLS14-229

  • 1.75% over 27.5 metres, starting at 96.5 metres
  • (including 9.64% over 5 metres)

PLS14-230

  • 0.66% over 23 metres, starting at 183.5 metres
  • (including 4.99% over 1 metre)

  • 8.61% over 1.5 metres, starting at 229 metres

  • 2.16% over 13 metres, starting at 240 metres
  • (including 6.58% over 3 metres)

  • 1.46% over 13 metres, starting at 258 metres

PLS14-240

  • 0.72% over 41.5 metres, starting at 83.5 metres
  • (including 2.04% over 9 metres)

PLS14-243

  • 1.05% over 32.5 metres, starting at 102.5 metres
  • (including 4.85% over 7 metres)

PLS14-247

  • 0.79% over 13.5 metres, starting at 93.5 metres
  • (including 2.17% over 3 metres)

  • 2.67% over 30.5 metres, starting at 111 metres
  • (including 6.84% over 5.5 metres)
  • (and including 6.28% over 4.5 metres)

PLS14-248

  • 13.23% over 47.5 metres, starting at 130 metres
  • (including 35.13% over 16.5 metres)
  • (and including 14.92% over 1 metre)

  • 5.13% over 12 metres, starting at 230 metres
  • (including 35.3% over 1.5 metres)

True widths weren’t provided.

Still pending are assays for 31 delineation holes and 22 exploration holes. A maiden resource will likely precede the next round of drilling.

NexGen releases Rook 1’s best-yet results, offers $10-million bought deal

Staking its own claim to Athabasca Basin bragging rights, NexGen Energy TSXV:NXE released one hole October 6 that shows the best assays so far from Rook 1’s Arrow zone and “amongst the best drill results” in the Basin. While competing with even better assays announced the same day from next-door neighbour Fission, NexGen’s summer program has shown northern Saskatchewan’s potential for further discoveries.

Results for the vertical hole AR-14-30 showed:

  • 0.49% U3O8 over 92 metres, starting at 297 metres in vertical depth
  • (including 2.25% over 16.6 metres)

  • 2.45% over 45 metres, starting at 419 metres
  • (including 4.96% over 10 metres)
  • (and including 4.97% over 11.5 metres)

  • 15.47% over 4.5 metres, starting at 466.5 metres

  • 10.17% over 20 metres, starting at 488 metres
  • (including 13.92% over 14.5 metres)
  • (which includes 25.22% over 6.5 metres)

  • 7.54% over 63.5 metres, starting at 512.5 metres
  • (including 10.32% over 46 metres)
  • (which includes 35.19% over 7 metres)
  • (which includes 66.8% over 0.5 metres)

  • 0.08% over 7 metres, starting at 580 metres

  • 0.21% over 7 metres, starting at 721 metres

True widths weren’t provided.

Present too were gold, silver and copper. The best gold grades showed 10.78 grams per tonne over 10 metres, 3.23 g/t over 13 metres, 2.62 g/t over 14 metres, 6.97 g/t over 4 metres and 1.02 g/t over 5 metres. “There is some correlation of uranium values with these metals of potential economic interest, which are reported by SRC Geoanalytical Laboratories data to occur more frequently with the samples of higher-grade uranium mineralization,” NexGen stated.

“Consistent with all previous assays from Arrow, AR-14-30 returned very low concentrations of deleterious metals (arsenic, antimony, selenium).”

The zone currently covers 515 metres by 215 metres, with mineralization starting at 100 metres in depth and reaching 730 metres. Arrow remains open in all directions and at depth. The $7-million, 18,500-metre summer program consisted of 24 Arrow holes and nine regional holes. Winter plans include delineation and expansion at Arrow and exploration drilling to the northeast.

Additionally encouraging news came October 7 as the company announced a $10-million bought deal private placement, with an option to increase that to about $11.5 million. The offer’s expected to close on or about November 11.

On October 8 NexGen stated that legal action by Alpha Exploration TSXV:AEX had been dismissed by the Supreme Court of British Columbia. Alpha, which closed a $837,500 private placement October 9, said it “will consider pursuing a decision by full trial.”

Lakeland Resources finds strong surface radioactivity at Lazy Edward Bay

More results are coming but initial findings show radioactivity at surface in springs, muds and boulders at Lakeland Resources’ (TSXV:LK) Lazy Edward Bay project. Announced October 9, the 26,375-hectare property on the Athabasca Basin’s southeastern margin underwent a summer program of rock, soil and water geochemical surveys, as well as RadonEx.

Work focused on two areas, the Bay and Liberty trends. At Liberty, a wide conductive zone about five kilometres long, the crew found a strongly radioactive spring and bog with scintillometer measurements between 500 and 3,300 counts per second. Radioactive boulders measured up to 5,600 cps. Historic work has found uranium in diabase dykes intruding on part of the conductive trend, including 224 ppm U3O8 over 0.5 metres.

The Bay trend consists of two parallel conductive trends, each about eight kilometres long, where historic drilling found anomalous uranium, boron, nickel and pathfinder metals. This summer’s RadonEx survey found strongly anomalous results associated with the historic conductors, the company stated.

“Our corporate strategy of identifying early-staged, grassroots projects through the review of historic exploration data continues to pay dividends as the Lazy Edward Bay property is confirmed to host multiple zones of radioactivity associated with historic conductors,” said Lakeland president Jonathan Armes.

Historic work came to millions of dollars. Multiple airborne and ground geophysical surveys and approximately 54 drill holes identified at least six conductive trends extending over 30 kilometres. Multiple sites featured strong alteration and/or anomalous radioactivity. Depth to the unconformity ranges from zero to 350 metres.

Still to come are full results for the summer program, prior to setting winter plans.

Last week Lakeland reported surface samples showing gold and platinum group elements, along with some rare earths and anomalous low-grade uranium, from its Star property. On the Athabasca Basin’s northern rim, the claims sit adjacent to Lakeland’s Gibbon’s Creek property, which has shown some of the Basin’s highest RadonEx readings, as well as boulder samples grading up to 4.28% U3O8. The two properties now comprise one project joined by a major regional structural lineament associated with three mineralized systems.

Read more about Lakeland Resources.

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Athabasca Basin and beyond

September 26th, 2014

Uranium news from Saskatchewan and elsewhere for September 20 to 26, 2014

by Greg Klein

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As Fission’s $14.4-million placement closes, regional drilling expands PLS horizons

Seventeen exploration holes didn’t do so well but Fission Uranium TSXV:FCU thinks four others show potential well away from the four zones that have been Patterson Lake South’s focus. In a September 25 statement the company identified the Far East area, 17 kilometres east of the discovery, and the PL Corridor, 750 metres east of the discovery, as targets “for aggressive follow-up.”

The drill results come from a hand-held scintillometer that measures core for radioactivity. They’re no substitute for assays, which will follow.

Uranium news from Saskatchewan and elsewhere for September 20 to 26, 2014

A $14-million infusion helps fund Patterson Lake South,
where Fission Uranium prepares for a December resource.

Of six new holes in the Far East area, three showed anomalous radioactivity on two conductors in the vicinity of PLS14-255, an exploration hole released last month.

One of nine holes on the PL Corridor went radioactive. With another hole still to report, the regional work totalled 5,895 metres in 22 holes over five areas testing 11 electromagnetic targets. The company noted that this program brings activity closer to a Fission Energy spinout, the Clearwater West joint venture of Fission 3.0 TSXV:FUU and Brades Resource TSXV:BRA.

Fission Uranium has also slated its Forrest Lake area for future exploration drilling. Overall, PLS features more than 105 separate conductors.

On September 23 the company announced the closing of a private placement which, with the exercise of an over-allotment option, hit $14.4 million. Radiometric measurements released two weeks earlier indicated a widening of the project’s main zone.

Gryphon gives up good grades for Denison

Denison Mines TSX:DML marked summer’s end with a September 24 batch of drill results from its Wheeler River flagship. Of 20 holes totalling 14,937 metres, eight showed weak or no significant mineralization. But, more optimistically, the company provided radiometric results for the program’s newest holes as well as assays for those holes with previously released radiometric readings.

The campaign targeted the project’s Gryphon zone, where mineralization ranges from 100 to 250 metres below the unconformity within a 350-metre strike and 60-metre lateral width.

Assays are still pending for the latest holes. These results were measured in uranium oxide-equivalent from a downhole probe. Highlights include:

WR-571

  • 1.5% eU3O8 over 2.9 metres, starting at 649.4 metres in downhole depth

  • 4.2% over 1.4 metres, starting at 675.8 metres

  • 1.3% over 1 metre, starting at 714.7 metres

WR-573D1

  • 15.8% over 2.3 metres, starting at 767.2 metres

  • 1.8% over 1 metre, starting at 778.3 metres

WR-574

  • 7% over 2 metres, starting at 664.8 metres

  • 1.5% over 1 metre, starting at 674.8 metres

  • 9.8% over 2.5 metres, starting at 695.8 metres

  • 1.2% over 1 metre, starting at 709.4 metres

WR-575

  • 0.2% over 4.1 metres, starting at 630.7 metres

WR-578

  • 0.4% over 4.6 metres, starting at 772.3 metres

WR-580

  • 1.8% over 2 metres, starting at 625.6 metres

True widths were estimated at about 75%.

For the other holes, Denison provided assays which exceed the previously reported radiometric results. Some highlights include:

Hole WR-564

  • 6.6% U3O8 over 2 metres, starting at 744 metres in downhole depth

  • 3.4% over 1 metre, starting at 752 metres

  • 2.1% over 1 metre, starting at 757 metres

WR-567

  • 1.6% over 3 metres, starting at 728 metres

WR-569A

  • 2.4% over 1 metre, starting at 653.5 metres

  • 3.8% over 3 metres, starting at 662.9 metres

  • 13.2% over 3.5 metres, starting at 680 metres

  • 12.4% over 1 metre, starting at 693 metres

  • 4.9% over 9 metres, starting at 702.5 metres

  • 3.6% over 2 metres, starting at 724.6 metres

WR-570

  • 0.3% over 10.5 metres, starting at 742.5 metres

  • 0.3% over 3 metres, starting at 777 metres

Again, true widths were estimated at 75%.

With a 60% interest in Wheeler River, Denison acts as operator. Cameco Corp TSX:CCO holds 30% and JCU (Canada) Exploration the rest.

Denison updated two wholly owned projects, also near the Athabasca Basin’s southeastern corner. Two holes totalling 1,194 metres at Bachman Lake failed to find significant mineralization. Ditto for five holes totalling 2,995 metres at Crawford Lake. But the latter program extended “a large zone of sandstone and basement alteration on the CR-2 and CR-5 conductors, roughly along trend to the south of the Millennium deposit,” the company stated. Denison expects Crawford to hold high priority in 2015.

That year’s budget was taken care of by a $14.99-million private placement that closed last month.

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Athabasca Basin and beyond

September 19th, 2014

Uranium news from Saskatchewan and elsewhere for September 13 to 19, 2014

by Greg Klein

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NexGen ends season with high-grade assays from Rook 1

A summer of largely successful drilling has come to a close at NexGen Energy’s (TSXV:NXE) Rook 1 project. Patterson Lake South’s neighbour got 33 holes totalling 18,885 metres, with 24 of the holes focusing on the Arrow zone. Radiometric results for the final two holes, released September 17, confirm the 515-metre strike for a zone that’s 215 metres wide and open in all directions. At the same time NexGen released the season’s first batch of assays, which the company said confirms mineralization indicated by previously reported radiometrics.

The last two holes were sunk vertically 15 metres northeast and southwest from the project’s previously released “landmark.” One hole found intersections totalling 123.9 metres of mineralization (not true width), with the shallowest intercept starting at 328.15 metres in vertical depth. The other showed a composite total of 107.9 metres of mineralization starting at 186 metres in depth.

These results come from a hand-held device that measures drill core radiation in counts per second. They’re no substitute for assays, which have yet to come for most of the season’s holes.

But assays for six earlier holes also released September 17 correlate well with the previously reported radiometric results, NexGen stated. Some highlights include:

Hole RK-14-31

  • 0.13% U3O8 over 28.2 metres, starting at 292.5 metres in downhole depth
Uranium news from Saskatchewan and elsewhere for September 13 to 19, 2014

  • 0.38% over 5.55 metres, starting at 618.1 metres

  • 0.29% over 3.9 metres, starting at 639.1 metres

  • 5.91% over 1.3 metres, starting at 650.8 metres

Hole RK-14-32

  • 0.17% over 7.6 metres, starting at 502.2 metres

  • 0.65% over 1.35 metres, starting at 514.3 metres

Hole RK-14-34

  • 0.12% over 96.75 metres, starting at 181.25 metres

  • 6.56% over 1.2 metres, starting at 540 metres

  • 0.12% over 3.7 metres, starting at 606.3 metres

  • 0.67% over 3.6 metres, starting at 621.9 metres

Hole RK-14-35

  • 0.21% over 2.85 metres, starting at 524.35 metres

  • 0.9% over 3.3 metres, starting at 600.55 metres

Hole RK-14-37

  • 0.1% over 7.5 metres, starting at 386.5 metres

  • 0.12% over 13.5 metres, starting at 401 metres

  • 1.08% over 18.25 metres, starting at 456.8 metres

  • 1.96% over 3.05 metres, starting at 482.4 metres

  • 2.66% over 0.65 metres, starting at 499.3 metres

  • 1.24% over 2 metres, starting at 505.45 metres

  • 1.31% over 11.85 metres, starting at 522.4 metres

  • 0.17% over 5.8 metres, starting at 541.2 metres

  • 5.35% over 4.6 metres, starting at 569.6 metres

Hole RK-14-39

  • 0.9% over 3.55 metres, starting at 540.7 metres

True widths were unavailable.

Thirty of 32 holes sunk on the Arrow zone over two seasons have shown mineralization. But not so with the project’s regional drilling, where five holes proved barren. The company still hopes they’ll show pathfinder elements.

Boasting a working capital of $6.5 million, NexGen’s now planning its winter campaign.

Uranium Energy Corp releases PEA for Anderson project

An Arizona project amenable to conventional mining and heap leach recovery would require low capital costs to produce a total of 16 million pounds of uranium over 14 years, according to a preliminary economic assessment announced September 16 by Uranium Energy Corp NYSE MKT:UEC.

Quoting all amounts in U.S. dollars, assuming a uranium price of $60 and using a 10% discount rate, the study calculated the Anderson project’s after-tax net present value at $76.4 million and the internal rate of return at 42%. With uranium at $65 a pound, the NPV comes to $101.1 million with a 50% IRR.

The initial capex comes to $43.9 million with an additional $8 million for four years of pre-production including development drilling, designing the mine and heap leach operation, as well as permitting. Another $87.6 million would be needed through years four to eight as the operation makes the transition from open pit to highwall and underground mining.

Heap leach recovery would produce a resin which would be processed at Energy Fuels’ (TSX:EFR) White Mesa mill in Utah.

The project has indicated resources showing 15.5 million pounds uranium oxide-equivalent for an open pit and another 1.5 million pounds underground. The inferred resources have 2.5 million pounds eU3O8 in the pit and 9.5 million pounds underground.

Future studies will examine vanadium as a byproduct.

UEC operates the Palangana in-situ recovery mine, Hobson processing plant and advanced-stage Goliad and Burke Hollow projects in Texas. Last April the company completed a PEA for its Slick Rock uranium-vanadium deposit in Colorado. UEC holds over 20 projects in the western U.S. and two more in Paraguay.

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Athabasca Basin and beyond

September 6th, 2014

Uranium news from Saskatchewan and elsewhere for August 30 to September 5, 2014

by Greg Klein

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“Aggressive” step-outs continue at NexGen’s PLS-adjacent Rook 1

A week unusually devoid of bragging from Fission Uranium’s (TSXV:FCU) Patterson Lake South gives next-door neighbour NexGen Energy TSXV:NXE top spot among uranium newsmakers. Three more holes announced September 3 bring the total to 28 mineralized holes out of 30 that were sunk across an area of 515 metres by 215 metres at Rook 1’s Arrow zone. Among them is the previously reported “landmark drill hole,” which has now been completed.

The usual scintillometer disclaimer applies. The results come from a hand-held device that measures drill core for radiation in counts per second and are no substitute for assays, which will follow.

Uranium news from Saskatchewan and elsewhere for August 30 to September 5, 2014

That “landmark” hole, AR-14-30, peaked with the previous results. Further drilling only found an additional 6.9 metres (not true thickness) of mineralization starting at 721.3 metres in vertical depth. But overall the hole’s mineralization totalled a composite 206.6 metres.

VP of exploration and development Garrett Ainsworth credited AR-14-30 as “successful in confirming the pinch and swell of mineralization within one of the sub-vertical shear zones that hosts high-grade uranium … Targeting these mineralized swells or ‘blow-outs’ will require a combination of angled and vertical drill holes.”

A composite 202.05 metres came from AR-14-28, with the top-most interval starting at a downhole depth of 108.1 metres. AR-14-29a revealed 123.35 metres, with the first intercept beginning at 230.75 metres in downhole depth.

Ainsworth characterized these holes as “aggressive 45-to-50-metre step-outs that intersected significant intervals of mineralization, which provides further evidence that Arrow is only getting bigger.”

Backed by $6.5 million of working capital, the Arrow campaign continues.

Fission 3.0/Azincourt finish summer drilling at PLN

Fission 3.0 TSXV:FUU and Azincourt Uranium TSXV:AAZ have wrapped up the summer’s six-hole program of about 2,130 metres at Patterson Lake North. One assay released September 3, from a hole testing the A1 conductor, showed:

  • 0.012% U3O8 over six metres, starting at 193 metres in downhole depth
  • (including 0.047% over 0.5 metres)

Geochemical analysis of two other holes “returned highly prospective results that warrant aggressive follow-up on two separate conductor trends,” the companies stated. Five holes tested A1 along 750 metres of strike. A sixth hole targeted the A4-1 conductor. Further drilling is now being planned.

Results are pending for DC resistivity surveys on the property’s Broach Lake area “but preliminary interpretations are prospective.”

Fission 3.0 acts as operator on the 27,408-hectare project, where Azincourt has so far earned 10% of its 50% option.

Last May Fission 3.0 joined Brades Resource TSXV:BRA to announce VTEM results from their Clearwater West joint venture, also adjacently north of PLS.

Macusani completes acquisition of Azincourt’s Peruvian properties

A consolidation of their Peruvian uranium assets has closed, as Macusani Yellowcake TSXV:YEL acquired properties from Azincourt. Details announced September 4 followed terms of a July definitive agreement. Macusani got Azincourt’s Peruvian subsidiary for 68.35 million shares representing about 26.3% of Macusani’s post-transaction stock. Macusani also announced a further $1.66-million financing that brought its private placement to a total of $2.23 million.

The property package borders a project held by Azincourt’s PLN JV partner, Fission 3.0. Read more here and here.

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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

PLS14-193

  • 1.62% over 2 metres, starting at 162 metres

PLS14-194

  • 0.86% over 2.5 metres, starting at 187 metres

PLS14-195

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

PLS14-197

  • 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

PLS14-198

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

PLS14-199

  • 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)

PLS14-200

  • 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 19th, 2014

Uranium news from Saskatchewan and elsewhere for July 12 to 18, 2014

by Greg Klein

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High-grade U3O8 helps Fission delineate

Still enthusiastically proving that high grades can come from shallow depths, Fission Uranium TSXV:FCU released more assays from winter drilling on July 14. Six infill holes from the central portion of R780E, the middle and largest of five zones, complemented the previous week’s batch from the zone’s eastern area. An additional hole from R1155E proved less impressive but provided the strongest results so far from that zone.

Some highlights from R780E show:

Hole PLS14-172

  • 2.1% uranium oxide (U3O8) over 28 metres, starting at 86 metres in downhole depth
  • (including 5.88% over 8.5 metres)
Uranium news from Saskatchewan and elsewhere for July 12 to 18, 2014

With five barges afloat over Patterson Lake South, Fission Uranium
has another season to drill prior to releasing a December resource.

  • 0.23% over 11 metres, starting at 131.5 metres

  • 0.54% over 18 metres, starting at 168 metres
  • (including 1.62% over 4.5 metres)

  • 0.6% over 10 metres, starting at 224 metres

Hole PLS14-181

  • 0.46% over 27.5 metres, starting at 118 metres
  • (including 1% over 9 metres)

  • 6.01% over 17.5 metres, starting at 148 metres
  • (including 23.53% over 4 metres)

Hole PLS14-183

  • 0.14% over 18 metres, starting at 109 metres

  • 0.21% over 10.5 metres, starting at 147 metres

  • 0.66% over 13.5 metres, starting at 176.5 metres
  • (including 1.22% over 5.5 metres)

  • 1.63% over 3.5 metres, starting at 193.5 metres

  • 1.1% over 6.5 metres, starting at 213 metres

  • 0.48% over 6 metres, starting at 244 metres
  • (including 1.11% over 2 metres)

Hole PLS14-184

  • 2.02% over 14.5 metres, starting at 110.5 metres
  • (including 8.31% over 2 metres)

  • 7.66% over 2 metres, starting at 136 metres

  • 1.65% over 19 metres, starting at 158.5 metres
  • (including 4.45% over 3.5 metres)

Hole PLS14-189

  • 1.93% over 15 metres, starting at 262.5 metres

  • 0.44% over 13 metres, starting at 281 metres
  • (including 1.03% over 4.5 metres)

Hole PLS14-191

  • 0.22% over 6.5 metres, starting at 99 metres

  • 0.62% over 9 metres, starting at 122 metres
  • (including 1.7% over 2.5 metres)

  • 1% over 3.5 metres, starting at 152.5 metres

On the R1155E zone, the better results from PLS14-191 showed:

  • 0.2% over 8 metres, starting at 197.5 metres
  • (including 1.28% over 0.5 metres)

  • 0.33% over 3.5 metres, starting at 211 metres

  • 0.1% over 5.5 metres, starting at 359 metres

True widths weren’t provided. Fission Uranium stated PLS14-191 “opens up the potential to discover increased amounts and higher grades of mineralization from this area, including further to the south and within the 75-metre gap separating R780E and R1155E.” The 31,039-hectare project’s 2.24-kilometre potential strike remains open to the east and west.

Still to come are assays for 32 holes from last winter’s 92-hole program. Now underway is a 63-hole, 20,330-metre campaign worth $12 million to focus on R780E. That would bring the project’s total to about 263 holes totalling around 83,500 metres. December’s the deadline for the maiden resource.

Cigar Lake suspended as Cameco encounters freezing failure

Progress continues on the technological challenge of extracting Cigar Lake’s uranium deposit—but not “as quickly as expected,” Cameco Corp TSX:CCO conceded July 16. As a result production has been suspended to allow some areas of the mine to freeze more thoroughly. In an innovative method to prevent flooding “where the water-saturated Athabasca sandstone meets the underlying basement rocks,” the company injects and freezes a brine solution around the rock body. Water jet boring then extracts the ore. (Watch a video here.) Now Cameco has stopped operations to allow “additional freezing.”

Noting that the McClean Lake mill, 70 kilometres away, hasn’t started processing Cigar Lake feed, the suspension “will allow more continuous production at the mine once the mill is operational.” Cameco anticipates a couple of months’ delay that will affect 2014 production, which was originally estimated at 770 to 1,100 tonnes of uranium concentrate. The long-term annual target of 18 million pounds U3O8 by 2018 remains unaffected.

The company will provide another update during its July 31 Q2 discussion.

Flooding in 2006 and 2008 had already set back development at the eastside Athabasca Basin mine, which began construction in 2005. The first ore shipment finally left Cigar Lake in March. McClean Lake was scheduled to begin processing last quarter, following modifications to the leaching circuit.

The world’s second-largest high-grade uranium deposit, Cigar Lake holds grades 100 times the global average. The joint venture is held 50.025% by Cameco, 37.1% by AREVA Resources Canada, 7.875% by Idemitsu Canada Resources and 5% by TEPCO Resources.

Another JV, McClean Lake is held 70% by AREVA, 22.5% by Denison Mines TSX:DML and 7.5% by OURD Canada.

Read more about Cigar Lake.

Athabasca Nuclear/Strike Graphite merger would combine uranium and diamond projects

Exploration in two Saskatchewan plays would come together under one entity should a merger go through between Athabasca Nuclear TSXV:ASC and Strike Graphite TSXV:SRK. The companies announced that intention on July 15, subject to conditions and approvals. Athabasca Nuclear holds a number of uranium properties including its Preston Lake flagship, which the company operates for the four-company Western Athabasca Syndicate. Strike has received conditional TSXV approval for its 80% acquisition of two properties in the Sask Craton that are contiguous to the Pikoo diamond discovery made last November by North Arrow Minerals TSXV:NAR.

The deal would exchange one Athabasca Nuclear share for each Strike share, with a similar swap of options and warrants. Strike would then become a wholly owned subsidiary of Athabasca Nuclear but presumably would not be called Nuclear Strike. Athabasca Nuclear would be held 73.9% by its current shareholders and 26.1% by Strike shareholders. Athabasca Nuclear’s officers and BOD would remain unchanged, except for the board addition of Blair Way, now a Strike director.

Among the deal’s conditions is two-thirds approval by Strike shareholders. The companies hope to consummate by September 20.

Read about diamond mining and exploration in Canada here and here.

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Athabasca Basin and beyond

June 28th, 2014

Uranium news from Saskatchewan and elsewhere for June 21 to 27, 2014

by Greg Klein

Next Page 1 | 2

Fission about to start $12-million summer program, targets December resource

Apparently hoping to get something really big for Christmas, Fission Uranium TSXV:FCU has yet more delineation drilling planned for Patterson Lake South this summer. Some 63 holes totalling about 20,330 metres are scheduled to start imminently, with 43 closely spaced holes sunk from barges over the lake. The campaign calls for up to four rigs to help produce a maiden resource for December. The focus is R780E, which merged with three other zones last winter to become by far the biggest of five PLS zones along a 2.24-kilometre potential strike.

Uranium news from Saskatchewan and elsewhere for June 21 to 27, 2014

Twenty holes will test electromagnetic conductors prioritized by geophysical and radon-in-water surveys. Fission stated its 31,039-hectare property “remains highly prospective for several kilometres both in the immediate area of known mineralization and along strike in both the WSW and ENE directions.”

The company also plans metallurgical and petrographic studies “to evaluate important characteristics of uranium recovery and rock characteristics, including work on gold recovery.” Back in June 2013 the former Fission Energy/Alpha Minerals joint venture reported gold results from PLS.

A batch of assays released June 16 left 48 holes to report from last winter’s 92. Was that number a fluke?

Lakeland Resources expands exploration prospects with another Athabasca Basin acquisition

With the Fond du Lac project announced June 25, the Lakeland Resources TSXV:LK portfolio now totals 17 properties in and around the Athabasca Basin. The 2,827-hectare newcomer straddles the rim of the northeastern Basin in the vicinity of the company’s Small Lake, Karen Lake and Hidden Bay properties.

Featuring relatively shallow depth to the unconformity, Fond du Lac underwent regional airborne and geochemical surveys, ground EM, magnetic and gravity surveys, and one drill hole by 1984. More recent work confirmed a conductive target and roughly coincident uranium and pathfinder element geochemical anomalies.

“Over the last 30 years there’s been a lot of improvement in how you assess these properties,” corporate communications manager Roger Leschuk tells ResourceClips.com. “Back in the ’70s and ’80s they worked to the best of their knowledge and technology of the time. Now people like Neil McCallum and Jody Dahrouge [of Dahrouge Geological Consulting] can come along and look at it in a different light. So the historic data is just a starting point.”

Subject to TSXV approval, Lakeland gets the 100% interest by issuing 200,000 shares to Anthem Resources TSXV:AYN, which retains a 1.5% NSR.

“The property comes with a $50,000 work commitment by year-end, but we’ll likely spend more on a program that would include a radon survey and boulder-sampling,” Leschuk says. “We want to get it to the drill-ready stage.”

We’re well-financed, we have more cash than we had a year ago and we intend to continue advancing our projects and looking for good partners. We have a busy summer ahead with more news coming.—Roger Leschuk, corporate
communications manager
for Lakeland Resources

Lakeland’s 17 properties now cover 164,316 hectares. In April the company expanded its Lazy Edward Bay project. Two weeks before that Lakeland picked up five other acquisitions. Gibbon’s Creek, the company’s joint venture with Declan Resources TSXV:LAN, has shown surface boulders grading up to 4.28% U3O8 and some of the Basin’s highest radon readings.

“We’re well-financed, we have more cash than we had a year ago and we intend to continue advancing our projects and looking for good partners,” Leschuk adds. “We have a busy summer ahead with more news coming.”

Lakeland also announced its May 30 trading debut on the OTCQX under the symbol LRESF. “The OTCQX is a highly visible trading platform that has emerged as the world’s leading, premier cross-listing venture for international issuers that wish to benefit from U.S. trading and investor demand without diluting their current shareholder base,” the company stated.

Paladin boosts Michelin M&I to 84.1 million pounds U3O8

Although low uranium prices have forced Paladin Energy TSX:PDN to cut back on production, the company continues to build resources for the future. On June 26 Paladin released a substantial upgrade to its Michelin deposit in Labrador, boasting a 25% increase to the measured and indicated categories. The open pit portion uses a cutoff of 0.025% U3O8 to show:

  • measured:10.46 million tonnes averaging 0.0938% for 21.63 million pounds U3O8

  • indicated:5.93 million tonnes averaging 0.0937% for 12.26 million pounds

  • measured and indicated:16.4 million tonnes averaging 0.0938% for 33.89 million pounds

  • inferred:1.64 million tonnes averaging 0.1343% for 4.86 million pounds

Beginning 230 metres below surface, the underground portion uses a 0.05% cutoff to show:

  • measured:5.11 million tonnes averaging 0.1104% for 12.45 million pounds

  • indicated:16 million tonnes averaging 0.1072% for 37.8 million pounds

  • measured and indicated:21.11 million tonnes averaging 0.108% for 50.24 million pounds

  • inferred:7.17 million tonnes averaging 0.114% for 18.02 million pounds

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Athabasca Basin and beyond

June 21st, 2014

Uranium news from Saskatchewan and elsewhere for June 14 to 20, 2014

by Greg Klein

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Patterson Lake South gives Fission 91 metres of 4.29% U3O8

High grades and shallow depths continue to characterize Fission Uranium’s (TSXV:FCU) Patterson Lake South. A June 16 batch of assays found positive results from three holes targeting the eastern part of R780E, the middle of five zones along a 2.24-kilometre potential strike. The two best holes showed:

Hole PLS14-161

  • 0.11% uranium oxide (U3O8) over 13 metres, starting at 137 metres in downhole depth
Uranium news from Saskatchewan and elsewhere for June 14 to 20, 2014

  • 0.2% over 22 metres, starting at 153 metres

  • 1.88% over 3.5 metres, starting at 190.5 metres

  • 2.48% over 4.5 metres, starting at 209.5 metres

  • 7.85% over 3 metres, starting at 221.5 metres
  • (including 18.1% over 1 metre)

Hole PLS14-164

  • 4.29% over 91 metres, starting at 97 metres
  • (including 14.69% over 6.5 metres)
  • (and including 21.2% over 7 metres)

  • 3.5% over 2.5 metres, starting at 228 metres

True widths weren’t provided. Another hole testing the gap between R780E and discovery zone R00E to the west failed to find significant mineralization.

The results followed a late May batch that featured 4.44% U3O8 over 38 metres. The tally from last winter’s campaign now stands at 44 holes reported and 48 pending.

With still no word on a maiden resource, another question remains outstanding: When will someone find the source of the uraniferous boulder field that inspired so much successful drilling since November 2012?

Denison boosts Wheeler River to 70 million pounds indicated, drills Gryphon zone

Denison Mines TSX:DML reported a 34% increase for the indicated category of the Phoenix zone on its Wheeler River joint venture June 17. The resource uses a 0.8% cutoff to estimate:

  • indicated: 166,400 tonnes averaging 19.13% for 70.2 million pounds U3O8

  • inferred:8,600 tonnes averaging 5.8% for 1.1 million pounds
Denison boosts Wheeler River’s Phoenix resource, drills Gryphon zone

A substantial upgrade to the Phoenix resource now complete,
Denison turns its focus to Wheeler River’s Gryphon zone.

With a 60% interest in Wheeler River, project operator Denison’s share comes to 42.1 million pounds indicated and 600,000 pounds inferred. Cameco Corp TSX:CCO holds a 30% interest while JCU (Canada) Exploration holds the rest.

The estimate was based on 25 new holes in addition to the 2012 resource. With mineralization at 400 metres in depth and varying from disseminated to massive, “Phoenix belongs to a select group of very high-grade unconformity uranium deposits that includes the prolific McArthur River mine (37 kilometres to the northeast) and the Cigar Lake mine (80 kilometres to the northeast),” Denison stated.

JV partner Cameco operates the Key Lake mill about 35 kilometres northeast of Wheeler.

The Phoenix upgrade notwithstanding, Wheeler’s newly discovered Gryphon zone has taken centre stage. Now underway is a two-drill, 18-hole, 14,000-metre summer program three kilometres northwest of Phoenix. Meanwhile Denison has a 3D DC-resistivity survey planned for the northern extension of the Phoenix trend.

The previous week Denison closed its most recent company acquisition, of International Enexco. With $15 million committed to Canadian exploration in 2014, Denison announced its summer plans earlier this month.

Aldrin’s first three Anticline holes at Triple M reveal radioactivity

Aldrin Resource TSXV:ALN reported more radioactive mineralization from the Anticline target on its PLS-adjacent Triple M property June 19. Results for the first three holes showed significant intervals above 300 counts per second for widths above 0.3 metres as measured by a downhole radiometric probe.

Hole ALN14-008 had been reported in late May but further drilling found additional radioactivity in small intervals ranging from 0.4 metres to 6.5 metres (not true thicknesses) of mineralization between downhole depths of 176.6 and 323.9 metres.

ALN14-009 showed radioactivity in several small intercepts between 214.9 and 289.1 metres in depth, while ALN14-010 revealed intervals between 226.7 and 282 metres.

The company cautioned that radiometric results could indicate potassium or thorium. Aldrin describes the Anticline target as “a coincident basement conductor, gravity low and structural feature extending more than 2.5 kilometres on strike.” These three holes tested its northeast corner.

Drilling will resume “immediately following our high-resolution surface geophysics and geochemistry,” CEO Johnathan More stated.

In April the company released initial results from four of seven holes on Triple M’s Forrest Lake fault. The 12,000-hectare project comprises two blocks west and south of PLS.

Fission 3.0, Azincourt to begin summer drilling at Patterson Lake North

Adjacent and to the north of PLS, Patterson Lake North has four or five holes totalling about 1,600 metres that were expected to begin imminently, according to June 16 announcements from Fission 3.0 TSXV:FUU and Azincourt Uranium TSXV:AAZ. The plan is to test the project’s A1 and A4 conductors with three holes spaced 400 metres apart and a fourth contingent on the first three results. Winter drilling failed to find radioactivity but did “confirm the high prospectivity of the target areas,” the companies stated last April.

This summer’s budget comes to $1.5 million, including geophysics. Fission 3.0 acts as operator on the 27,408-hectare property, where Azincourt has just entered year two of a 50% earn-in.

Late last month 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.

The Fission 3.0 portfolio also includes a Peruvian interest in addition to nine others in Saskatchewan and Alberta. Late last month the company joined Brades Resource TSXV:BRA to announce VTEM results from their Clearwater West joint venture.

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Athabasca Basin and beyond

June 7th, 2014

Uranium news from Saskatchewan and elsewhere for May 31 to June 6, 2014

by Greg Klein

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NexGen assays improve on radiometric results from Rook 1’s Arrow

Where previous radiometric results found uranium mineralization in seven of eight holes, the Arrow zone at NexGen Energy’s (TSXV:NXE) Rook 1 project now shows mineralization in all eight, according to assays released June 2. The company interprets the results to reveal “multiple parallel, steeply dipping, high-grade uranium mineralization zones within broader mineralized zones” and “continuity of uranium mineralization between holes.” The best results include:

Hole RK-14-30

  • 2.94% uranium oxide (U3O8) over 6.2 metres, starting at 475 metres in downhole depth
  • (including 5.81% over 2.6 metres)
Uranium news from Saskatchewan and elsewhere for May 31 to June 6, 2014

  • 2.51% over 10 metres, starting at 508 metres
  • (including 5.84% over 0.5 metres)
  • (and including 10.26% over 1.7 metres)

  • 1.51% over 4.9 metres, starting at 549.4 metres
  • (including 12.5% over 0.4 metres)

  • 1.61% over 8.4 metres, starting at 570.6 metres
  • (including 8.57% over 0.25 metres)
  • (and including 11.6% over 0.35 metres)
  • (and including 5.1% over 0.3 metres)

Hole RK-14-27

  • 1.04% over 29 metres, starting at 235 metres
  • (including 23.5% over 0.4 metres)
  • (and including 9.42% over 1.1 metres)

Hole RK-14-21

  • 0.37% over 5.75 metres, starting at 517.25 metres
  • (including 5.77% over 0.25 metres)

True widths weren’t provided.

Some of the intercepts showed “very minor” intervals of elevated copper and lead but “potentially deleterious elements such as arsenic, selenium, cadmium and mercury generally constitute only background levels,” NexGen stated. “Arrow is essentially a mono-mineralic uranium deposit without noticeable deleterious metals or waste.”

Winter drilling at Rook 1 consisted of 17 holes totalling 7,442 metres but February’s Arrow discovery suddenly shifted focus to the new area. Arrow’s potential strike currently reaches about 215 metres, open in all directions and at depth, NexGen has stated. More drilling’s planned for summer on the property adjacently east of Fission Uranium’s (TSXV:FCU) Patterson Lake South.

Denison releases two high-grade Wheeler River assays, outlines summer plans

Also improving on previous radiometric results—and not for the first time at that project—Denison Mines TSX:DML released assays for two holes at Wheeler River’s new Gryphon zone on June 3:

Hole WR-556

  • 15.3% U3O8 over 4 metres, starting at 697.5 metres in downhole depth

Hole WR-560

  • 21.2% over 4.5 metres, starting at 759 metres

True widths were estimated at about 75%. The zone remains open in both strike directions and at depth, Denison stated.

In April the company released a batch of high-grade assays from Zone A of Wheeler’s Phoenix deposit, three kilometres southeast of Gryphon. A Phoenix resource is expected this month. But summer drilling will concentrate on Gryphon, which is slated for an 18-hole, 14,000-metre program. “Most of the drilling will consist of 50-metre step-outs along strike and down dip of the new discovery,” Denison stated. “Some of the holes will also complete drill fences 800 metres along strike to the northeast and southwest of Gryphon.” Work begins in mid-June.

With a 60% interest in the project, Denison acts as operator. Cameco Corp TSX:CCO holds 30% while JCU (Canada) Exploration holds the remainder.

Drills will also turn at three other Denison interests this summer. Crawford Lake and Bachman Lake, two more Denison-operated projects, get follow-up work on alteration zones found last year and on anomalies revealed by last winter’s geophysics. Denison holds 100% of Crawford and 80% of Bachman, where International Enexco TSXV:IEC holds the rest.

On June 4 Enexco security holders approved their company’s takeover by Denison.

Exploration drilling at the McClean Lake project will test geophysical anomalies near the McClean South deposit. McClean Lake is held 22.5% by Denison, 70% by project operator AREVA Resources Canada and 7.5% by OURD Canada. In all, the four properties get about 21,000 metres of drilling.

Additionally, Denison has geophysics planned for five properties.

Last month the company announced a $15-million budget for Canadian exploration focusing on the eastern Athabasca Basin.

UEX reports drill results from Laurie and Mirror River JV

UEX Corp TSX:UEX announced drill results from its Laurie and Mirror River projects on June 5. Joint venture partner AREVA Resources Canada acts as operator on both, located about 35 and 55 kilometres respectively east of PLS.

Five holes totalling 1,803 metres at Laurie failed to find significant radioactivity or geochemical values. But they did confirm existence of three conductors at the unconformity and found a large fault zone which will be tested for possible up-dip continuation at the unconformity.

Nor was significant radioactivity encountered in three Mirror River holes totalling 1,579 metres, although one of two conductors was confirmed.

However the projects “remain vastly underexplored and have extensive untested EM conductors that warrant additional drilling,” UEX stated.

Another western Basin project, Erica now undergoes a ground tensor magneto-telluric survey to further examine a conductive trend found by previous geophysics.

All three projects are part of a seven-property, 116,137-hectare western Basin JV package held 49.1%/50.9% by UEX and AREVA Resources Canada. Major UEX projects consist of Shea Creek and Hidden Bay, the former also held 49.1%/50.9% with AREVA, the latter held 100% by UEX. In April the company reported six holes from Black Lake, a JV with Uracan Resources TSXV:URC.

On June 6 UEX announced shareholders re-elected their board and approved management resolutions.

Pistol Bay announces winter drill results from C-5

On June 4 Pistol Bay Mining TSXV:PST released assays for two of six holes from last winter’s 3,344-metre campaign at the C-5 property, where Rio Tinto Canada Uranium Corp acts as operator. Results for hole 14CBK003 showed:

  • 0.054% U3O8 over 1.5 metres, starting at 366 metres in downhole depth
  • (including 0.071% over 0.5 metres)

Located 50 metres northeast and along strike, 14CBK005 showed:

  • 0.041% over 0.32 metres, starting at 379.82 metres

  • 0.022% over 1 metre, starting at 385 metres

True widths weren’t provided. Due to high core loss, assays for 14CBK003 “are not considered truly reflective of the mineralization,” Pistol Bay stated.

The C-4, C-5 and C-6 properties comprise a JV with Rio covering 1,624 hectares adjoining the Denison/Cameco/JCU Wheeler River project. Rio has earned 55% by paying Pistol Bay $147,000 and spending $1 million on exploration so far. The mining giant’s subsidiary may increase its stake to 75% by spending another $1 million by year-end.

Pistol Bay also holds interests in copper-gold properties contiguous with Colorado Resources’ (TSXV:CXO) North ROK discovery and Imperial Metals’ (TSX:III) Red Chris mine in British Columbia, and in a graphite property in Ontario.

Next Page 1 | 2

Garrett Ainsworth leaves Alpha for NexGen, Alpha considers legal action against both

June 3rd, 2014

This story has been moved here.