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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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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:


  • 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


  • 15.8% over 2.3 metres, starting at 767.2 metres

  • 1.8% over 1 metre, starting at 778.3 metres


  • 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


  • 0.2% over 4.1 metres, starting at 630.7 metres


  • 0.4% over 4.6 metres, starting at 772.3 metres


  • 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


  • 1.6% over 3 metres, starting at 728 metres


  • 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


  • 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

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

April 6th, 2014

Uranium news from Saskatchewan and elsewhere for March 29 to April 4, 2014

by Greg Klein

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Fission Uranium stretches strike with new zone at Patterson Lake South, closes $28.75-million financing

Step-out drilling has added a new zone to Fission Uranium’s (TSXV:FCU) Patterson Lake South, shortly after infill drilling had merged other zones. Announced March 31, zone R1620E lies 465 metres east of R1155E, extending the project’s potential strike from 1.78 kilometres to 2.24 kilometres.

The results come from a hand-held scintillometer that measures gamma radiation from drill core in counts per second. Scintillometer readings are no substitute for assays, which are pending.

Uranium news from Saskatchewan and elsewhere for March 29 to April 4, 2014

The road to Patterson Lake South, where Fission has four
of its five rigs trying to merge zones into one big deposit.

Six new holes all showed mineralization, with the new zone’s inaugural hole, PLS14-196, revealing a 30-metre interval ranging between 300 cps and 6,100 cps starting at 99 metres in downhole depth. The maximum that the scintillometer can measure is 9,999 cps. Drilling on PLS14-196 continues.

Among other holes, PLS14-190, south of zone R1155E, “suggests that further step-outs to the south may be prospective,” the company stated.

Starting from the west, zone R600W has both a 30-metre east-west strike and a 30-metre north-south lateral width. About 510 metres east, discovery zone R00E has a strike of approximately 165 metres and a lateral width up to about 45 metres. Another 135 metres east sits R780E, with about 855 metres in strike and up to about 95 metres in lateral width.

Neighbouring 75 metres east, R1155E so far has just three mineralized holes. Fission Uranium declared the new zone, 465 metres east again, on the basis of a single hole over conductor PL-3C, “the suspected 1.3-kilometre-long strike extension of the mineralized PL-3B conductor” at an interpreted cross-fault, the company added.

So far 63 of a planned 100 holes totalling 30,000 metres have been sunk. The winter budget comes to $12 million but on April 1 the company announced its most recent private placement closed with gross proceeds of $28.75 million.

Three days later Fission Uranium granted insiders 6.5 million options at $1.65 for five years.

NexGen’s best-ever hole extends strike at Rook 1’s Arrow zone

NexGen Energy TSXV:NXE ended its Rook 1 winter drill program with a “massive” step-out showing the project’s best hole yet. Results for three holes released March 31 lengthen the strike to about 215 metres, open to the southwest.

The winter campaign comprised 17 holes totalling 7,442 metres, but it wasn’t until late February that the Arrow discovery diverted attention to this new zone of the PLS-adjacent project. A second hole in early March contributed to the company’s optimism. In all, seven of eight Arrow holes so far have found significant mineralization.

The results come from a hand-held spectrometer that measures drill core for radiation in counts per second. As is the case with Fission Uranium’s scintillometer readings, the results are no substitute for assays, which NexGen expects to see in about six weeks.

NexGen reports radiometric readings differently than Fission Uranium, providing a more detailed breakdown of small intercepts.

The step-out, hole RK-14-30, found a composite 47.2 metres (not true widths) of anomalous intercepts at least 0.05 metres wide measuring over 500 cps. A total of 8.3 metres surpassed the spectrometer’s maximum possible reading of 9,999 cps. Mineralization began at 84.15 metres in downhole depth, with the deepest intercept stopping at 701.45 metres.

RK-14-29 also revealed many small intercepts, with the first starting at 50.6 metres in downhole depth and the last ending at 569 metres.

RK-14-28 intercepts started at 87 metres in downhole depth, with the last ending at 549 metres.

Having closed an $11.5-million bought deal the previous week, NexGen now has about $15 million to spend. Spring breakup work will include detailed petrography and petrophysics before drilling resumes in the summer.

Denison drills 17.3% eU3O8 over 4.2 metres at new Wheeler River zone

Denison Mines TSX:DML reported a second hole on April 2 that supports last month’s discovery of the Gryphon zone at the Wheeler River JV. WR-560 was drilled 40 metres along the up-dip extension of the first hole, revealing one especially high-grade interval. The results come from a downhole probe that measures radiation in uranium oxide-equivalent (eU3O8). Although the probe is more accurate than a scintillometer or spectrometer, its readings are no substitute for assays. Nevertheless they show:

  • 0.1% eU3O8 over 1.3 metres, starting at 653.5 metres in downhole depth

  • 0.1% over 4.1 metres, starting at 676.2 metres

  • 17.3% over 4.2 metres, starting at 757.9 metres

  • 0.3% over 2.6 metres, starting at 770.7 metres

True widths are estimated at about 75%. Denison interprets these results “to be a new lens in the footwall, about 50 metres northwest of the high-grade intersection in WR-556,” Gryphon’s discovery hole. Mineralization lies approximately 200 metres beneath the unconformity and remains open in both strike directions and at depth, the company stated.

With spring break-up underway, drilling is expected to resume in early June, largely focusing on the new find. Gryphon is three kilometres northwest of the project’s Phoenix deposit, which produced a batch of drill results in February.

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

Declan picks up six Alberta and Saskatchewan properties

Calling it a “six-pack” of new properties, Declan Resources TSXV:LAN announced a package of Alberta and Saskatchewan acquisitions in and around the Basin on April 1. Totalling roughly 101,000 hectares, the properties include Maurice Creek in Alberta, immediately northwest of the Northwest Athabasca project, a JV involving Cameco, Forum Uranium TSXV:FDC and NexGen that hosts the historic Maurice Bay deposit.

Two other Alberta properties, Maybelle North and Richardson River, “cover potential northerly extensions to the structure which is host to a significant uranium deposit at Dragon Lake along the Maybelle River shear zone,” Declan stated.

The other properties are Archer Lake and Jackfish Creek, also in Alberta, and Thorburn Lake in Saskatchewan.

The optioner gets $25,000 and 2.5 million shares on TSXV approval, another $125,000 within a year and a 3% gross overriding royalty with a 1% buyback clause for $1 million. To keep the properties in good standing Declan must spend $225,000 by April 17.

Declan also announced changes to its board, which now consists of David Miller, Wayne Tisdale, Michelle Gahagan, Hikmet Akin, Gordon King, Jamie Newall and Craig McLean.

Declan’s flagship is Gibbon’s Creek, a joint venture with Lakeland Resources TSXV:LK.

International Enexco reports new radiometric results from Mann Lake

The latest hole from its Mann Lake JV suggests the project has at least 300 metres of mineralized trend within the footwall of the western conductor target, International Enexco TSXV:IEC stated April 3. The results come from a downhole radiometric probe and are no substitute for assays.

Sunk 150 metres north of the project’s best interval so far, hole MN-065 showed:

  • an average 3.67% eU3O8 over 1.2 metres, starting at 689.8 metres in downhole depth

  • (including an average 6.51% over 0.7 metres)

  • (which includes an average 11.02% over 0.3 metres)

True widths weren’t available.

So far eight holes have tested about 1.8 kilometres of the target, which the company says remains prospective for its entire 3.1-kilometre length. Enexco anticipates follow-up drilling next winter along the conductor and on other areas. The southeastern Basin project is operated by JV partner Cameco, which holds 52.5%, leaving Enexco with 30% and AREVA Resources Canada 17.5%.

But how long Enexco will be involved depends on the outcome of Denison’s most recent acquisition activities. The two companies signed a letter of intent last month for an all-share deal that would give Denison all of Enexco’s Basin properties while spinning out the others. The companies currently JV on another southeastern Basin property, Bachman Lake.

Uracan/UEX drill results suggest prospective target at Black Lake

Black Lake partners Uracan Resources TSXV:URC and UEX Corp TSX:UEX reported the first six holes from their northern Basin JV on April 2, with one mineralized hole suggesting a new target. BL-148 showed:

  • 0.13% U3O8 over 0.5 metres, starting at 275 metres in downhole depth

  • 0.04% over 0.5 metres, starting at 299.5 metres

  • 0.12% over 1 metre, starting at 317 metres

True widths weren’t provided. The three intervals occur up to 19 metres below a footwall unconformity between the basement and sandstones, representing a mineralization style that “has not been encountered previously in this area of the property and represents a new prospective target,” the companies stated.

Next in line is a ground DC resistivity survey to precede further drilling and field work. Uracan may earn 60% of the 30,381-hectare project from UEX, which holds an 89.99% interest. AREVA Resources Canada holds the remaining 10.01%. UEX acts as operator.

Previous Black Lake drilling has found intervals as high as 0.69% over 4.4 metres, starting at 310 metres in downhole depth, 0.79% over 2.82 metres, starting at 310 metres, and 0.67% over 3 metres, starting at 274 metres.

The property borders Gibbon’s Creek, where JV partners Lakeland and Declan have reported boulder samples grading up to 4.28% and some of the Basin’s highest-ever radon readings.

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Athabasca Basin and beyond

February 22nd, 2014

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

by Greg Klein

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New “zone” at Rook 1 rocks NexGen stock

Judging by share performance, radiometric readings from NexGen Energy’s TSXV:NXE Rook 1 project far outshone next-door neighbour Fission Uranium’s TSXV:FCU Patterson Lake South last week—even though PLS assays showed its best hole yet. Possibly a bit premature, NexGen claimed the first hole in Rook 1’s Arrow area constitutes “a totally new zone of uranium mineralization.” Then again, the company also refers to intercepts as “zones.”

NexGen’s February 19 announcement said scintillometer readings showed a number of significant radioactive intervals in a hole that’s still being drilled. By “significant,” the company means at least five centimetres above 500 counts per second from a hand-held device that measures gamma ray particles in cps.

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

NexGen’s first hole in the Arrow area of Rook 1 stole attention
from Patterson Lake South and catapulted the company’s stock.

Results so far show well over a dozen “significant” intervals ranging from 0.05 metres to 1.65 metres in width. They occurred between downhole depths of 207.8 metres and 319.1 metres.

Radiometric readings are no substitute for assays, which are pending.

The company’s now revising its original 6,000-metre program “to substantially expand the program at Arrow and the other 11 western-located Rook 1 target areas,” according to CEO Leigh Curyer.

Last summer’s drilling found three mineralized holes roughly four kilometres southwest of Arrow, closer to the PLS boundary.

NexGen’s stock soared. Having previously closed on a 52-week low of $0.225, it shot up to a 52-week high of $0.65 in two days, before closing February 21 on $0.53.

Another best hole to date from Fission Uranium’s Patterson Lake South

Although upstaged by NexGen’s same-day announcement, Fission Uranium once again outperformed previous results by reporting its “strongest mineralized hole to date” from PLS on February 19.

The celeb du jour is hole PLS14-129 on zone R585E, the fourth of seven zones along a southwest-northeast potential strike of 1.78 kilometres. The zone itself has a defined strike of 30 metres and a lateral width of about 10 metres.

Of eight intervals reported, the best results show:

  • 13.66% uranium oxide (U3O8) over 38 metres, starting at 56 metres in downhole depth
  • (including 38.49% over 10.5 metres)

  • 11.19% over 31.5 metres, starting at 108.5 metres
  • (including 27.57% over 12 metres)

  • 6.82% over 11.5 metres, starting at 145.5 metres
  • (including 20.28% over 2.5 metres)

  • 3.37% over 12.5 metres, starting at 160 metres
  • (including 9.57% over 4 metres)

True widths weren’t available. Drilling was vertical.

“Nothing less than phenomenal,” was president/COO and chief geologist Ross McElroy’s immodest appraisal. The grade-times-thickness value nearly doubled that of the previous best hole, which dates back to September on the neighbouring R390E zone.

Last week Fission Uranium released a batch of radiometric readings for seven holes from four zones. The $12-million campaign, which includes ground geophysics as well as 90 holes totalling 30,000 metres, continues.

Anthem reports initial drill results from Hatchet Lake JV with Denison

Anthem Resources TSXV:AYN released preliminary drill results from Hatchet Lake, a joint venture with Denison Mines TSX:DML, on February 20. The 10-hole, 2,025-metre program on the Athabasca Basin’s eastern edge found no significant mineralization but a downhole radiometric probe intersected anomalous radioactivity in four holes.

The campaign also found prospective features “including strong fracturing, de-silicification (sanding) and clay and hematite alteration in the sandstone, and weak to strong chlorite and clay alteration, graphitic fault zones and sulphide mineralization in the basement,” Anthem stated. Assays are still to come.

Anthem’s cash position prevented a contribution to Hatchet’s $750,000 budget and the $300,000 IP survey on the Murphy Lake property, also part of the JV. As a result, Anthem’s interest dropped from 50% to about 41%. Denison acts as project operator.

Forum to acquire northeastern Basin property from Anthem

The same day as the Hatchet Lake news, Anthem and Forum Uranium TSXV:FDC announced an agreement to move a Basin property from the former to the latter. Forum will get the 14,205-hectare Fir Island claims on the Basin’s northeastern margin for 300,000 shares and a 1.5% NSR, of which Anthem may buy two-thirds for $1 million.

With little or no sandstone cover and road access within two kilometres, the property lies directly on a major structure, the Black Lake Shear Zone, and adjacent to the former Nisto mine, Forum stated. Previous geophysical and geochemical surveys identified several shallow drill targets which Forum plans to refine through ground gravity work.

Two weeks earlier the company announced it would buy two sets of claims from Agnico Eagle Mines TSX:AEM to consolidate Forum’s North Thelon project in Nunavut.

This month Forum plans to begin drilling 12 to 15 holes totalling 3,000 metres at its 9,910-hectare PLS-adjacent Clearwater project. The company’s eastside Basin 40%/60% Henday JV has $150,000 worth of summer magnetic and electromagnetic surveys planned by project operator Rio Tinto NYE:RIO.

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Athabasca Basin and beyond

January 25th, 2014

Uranium news from Saskatchewan and elsewhere for January 18 to 24, 2014

by Greg Klein

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Fission Uranium resumes Patterson Lake South drilling, focuses on delineation

Nature takes its annual repose as winter settles on Saskatchewan’s Athabasca Basin. Feathered flocks have flown to finer climes, leaving their four-footed furry friends to wander the white wilderness or succumb to seasonal slumber. Days are short but, as darkness descends, aurora borealis performs its passionate pantomime, twisting and twirling, shining and shimmering, in heavenly hues of silvery green and blue.

Purple runs the prose. And drilling resumes on Patterson Lake South.

With a few additions, that’s the gist of a January 20 announcement from Fission Uranium TSXV:FCU. The company expects to spend $12 million on PLS this season, part of the year’s $20-million budget. Five rigs will sink 90 holes totalling 30,000 metres. With seven zones open in all directions and situated along a 1.78-kilometre strike, Fission Uranium plans to direct about 80% to 85% of its drilling to the gaps between five high-grade zones. Additionally, exploration drilling will test electromagnetic conductors following interpretation of ground geophysics and radon results.

Uranium news from Saskatchewan and elsewhere for January 18 to 24, 2014

Last year’s Patterson Lake South activity, pictured here,
will be dwarfed by this year’s $12-million winter campaign.

All that infill drilling can only heighten anticipation of a maiden resource, although the company has yet to set a target date. But to tease the market even more, Fission Uranium couldn’t resist stating its 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 granted insiders five-year options on 8.4 million shares at $1.20. The previous week Fission Uranium released assays from six holes drilled last summer.

NexGen Energy begins 6,000-metre Rook 1 program

With a geophysical interpretation that might validate closeology, NexGen Energy TSXV:NXE has begun winter drilling at Rook 1, adjacently northeast of PLS. Two rigs will sink about 6,000 metres on the property, which the company says includes an interpreted extension of the 3B conductor that hosts Fission Uranium’s near-surface, high-grade discovery. Targets will follow up on three widely spaced holes from last summer that found mineralization in an area spanning 1.6 by 1.2 kilometres, according to the January 20 announcement. Further drilling will test areas already identified by VTEM, magnetics, ground gravity and DC resistivity surveys. One large structural zone will undergo additional ground gravity.

Recent financings have contributed to the company’s $7.8-million bank account, which has about $3 million slated for the flagship’s winter campaign. The previous week NexGen announced an extension to its 70% option on the Radio project in the northeastern Basin. Results have yet to be released from Radio’s nine-hole, 3,473-metre summer program.

Azincourt and Fission 3.0 start 3,000 metres at Patterson Lake North

Also adjacent to PLS, a drill’s turning at the Patterson Lake North joint venture of Azincourt Uranium TSXV:AAZ and Fission 3.0 TSXV:FUU, the companies announced in separate statements on January 20 and 21. The latter company, which holds the non-PLS assets spun out of Fission Uranium, acts as operator on the million-dollar program. The agenda includes a radon-in-water survey, ground geophysics and eight to 10 holes totalling about 3,000 metres over previously identified conductors.

The campaign’s focal points are Hodge Lake in PLN’s south-central area, the west-central Harrison Lake and Broach Lake in the southeast. Azincourt is earning a 50% interest in the 27,408-hectare project. The previous week Azincourt closed a $2-million cash-and-share deal with Cameco Corp TSX:CCO and Vena Resources TSX:VEM to acquire two uranium properties in Peru.

TAD to begin Athabasca exploration with airborne geophysics

Having been diverted by other area plays, TAD Mineral Exploration TSXV:TJ “finally” starts work on the 4,000 hectares it staked in the PLS area last April. On January 20 the company announced an impending VTEM max program. TAD also holds claims near Colorado Resource’s TSXV:CXO North ROK copper-gold project in British Columbia and Zenyatta Ventures’ TSXV:ZEN graphite project in central Ontario.

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Athabasca Basin updated

May 18th, 2013

A review of Saskatchewan uranium activity from May 11 to 17, 2013

by Greg Klein

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More high-grade, near-surface results from Fission/Alpha’s Patterson Lake South

The best assay yet from Patterson Lake South’s R00E zone hit the news on May 16. That’s when the Fission Uranium TSXV:FCU and Alpha Minerals TSXV:AMW joint venture reported nine more holes from last winter’s 46-hole program. Some highlights include:

  • 4.8% U3O8 over 22 metres, starting at 67.5 metres in downhole depth
  • (including 20.73% over 4 metres)
  • 3.56% over 18 metres, starting at 75.5 metres
  • (including 11.95% over 4.5 metres)
  • 1.93% over 18.5 metres, starting at 64.5 metres
  • (including 8.04% over 2.5 metres)
  • 0.87% over 10.5 metres, starting at 62 metres
  • (including 2.01% over 3.5 metres)
  • 0.23% over 21 metres, starting at 64 metres.

True widths weren’t available. Further assays are pending.

The shallowest of the project’s three discovery zones, R00E shows continuous mineralization for 120 metres of strike and remains open in all directions. The 50-50 partners consider it a priority for next season’s drilling on the property that caused so much activity in and around the Athabasca Basin’s southwestern rim.

Noka, Lucky Strike earn-ins finance Skyharbour exploration in PLS region

Two option agreements have Skyharbour Resources TSXV:SYH financed to explore one of the PLS region’s largest land packages. The company granted Lucky Strike Resources TSXV:LKY and Noka Resources TSXV:NX each a 25% earn-in on seven properties totalling 161,755 hectares. In deals announced May 14 and 16 respectively, each company pays Skyharbour $100,000 and funds $500,000 of exploration a year over two years. Noka issues Skyharbour 640,000 shares, while Lucky Strike issues the optionor two million shares. Skyharbour remains project operator and retains a 2% NSR on approximately 46,000 hectares the company staked directly while a vendor holds a 2% NSR on the rest of the package.

We had our foot to the pedal to do these deals with Noka and Lucky Strike so we can get to work without having to go back to the market.—Jordan Trimble, manager of corporate development and communications for
Skyharbour Resources

Events have moved quickly since March, when the company announced its entry into the region. “Now that we’ve brought in these two partners we’ve recuperated the $200,000 all-in costs in the initial outlay, we have a 10% equity position in both companies and their work commitment is half a million each for a total of $1 million a year for two years,” says Jordan Trimble, Skyharbour’s manager of corporate development and communications. The seven properties involved in the agreements include Wheeler, on the Basin’s eastern flank.

But exploration will focus on the PLS area, starting with a joint airborne survey that will fly properties held by Skyharbour and at least three other companies. “Given that we have such a large land package, the most effective way to do the geophysics is to put together a team to share expenses,” Trimble says.

He expects the survey to take two or three weeks, followed by a few weeks of interpretation and a summer of fieldwork. “You can work there until October and then winter is the best time to drill.”

He sees other advantages too. “We’ll be using the same methodology that Alpha and Fission employed. They spent the last four or five years refining the exploration methodology in this area. It’s unique because it’s outside the Basin. If you read their technical report, they have a very refined process and specific geophysical targets that they look for in conjunction with radon anomalies and boulder fields, etc. Given that we don’t have to re-invent the wheel, we’re hoping to have drill targets by the end of the year.”

He adds, “We had our foot to the pedal to do these deals with Noka and Lucky Strike so we can get to work without having to go back to the market.”

Alpha’s PLS discovery team looks north

While Fission toils as PLS project operator, the Alpha team has turned its attention farther north. Along with JV partner Acme Resources TSXV:ARI, Alpha’s studying reports from previous operators on their Skull Lake claim adjacent to the former Cluff Lake mine, which gave up 60 million pounds of uranium by 2005.

The data shows four radon anomalies on the 2,416-hectare property, one over two kilometres long and in the direction of glacial drift from three historic holes. Scintillometer readings from one hole found gamma ray particles percolating as high as 900 counts per second.

Plans for summer include re-sampling the anomalies and searching for radioactive rocks and debris from a potential up-ice source. Alpha holds an 80% interest in the JV.

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