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Posts tagged ‘AREVA (ARVCF)’

Athabasca Basin and beyond

May 25th, 2013

Uranium news from Saskatchewan and elsewhere for May 18 to 24, 2013

by Greg Klein

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Alpha/Fission plan $6.95-million campaign for Patterson Lake South

A review of uranium activity from Saskatchewan and beyond

With three rigs, three barges and $6.95 million, Fission Uranium TSXV:FCU and Alpha Minerals TSXV:AMW have a busy summer planned for Patterson Lake South. The 44-hole, 11,000-metre campaign announced May 21 will focus on delineating and expanding three zones of high-grade, near-surface uranium mineralization. Additional targets southwest and northeast of the 850-metre trend come courtesy of a radon survey. Ground geophysics will follow up on two “highly prospective” areas spotted by an airborne survey over the property’s southwest and southeast areas. The agenda also includes environmental baseline studies and sampling for metallurgical tests.

The 50/50 joint venture partners patted each other on the back for finding mineralization in 82% of their targets during a winter campaign that attracted widespread attention in and around the Athabasca Basin’s southwestern rim. Their discoveries sit 3.8 kilometres to 4.6 kilometres from one of the Basin’s largest known high-grade boulder fields.

Companies collaborate on PLS-region flyover

Six companies are pooling their money to fund a joint airborne geophysical survey in the PLS area. A May 24 announcement from Yellowjacket Resources TSXV:YJK said Lakeland Resources TSXV:LK, Skyharbour Resources TSXV:SYH, Aldrin Resources TSXV:ALN, Forum Uranium TSXV:FDC and Canadian International Minerals TSXV:CIN will join Yellowjacket on the study that begins May 26.

Yellowjacket will focus a 2,000-line-kilometre VTEM-Plus time domain system and 2,000-line-kilometre radiometric survey on parts of its 83,600-hectare Preston Lake project 26 kilometres southeast of the PLS discovery area. VTEM-Plus will search for basement conductors similar to the structures hosting the PLS discoveries while radiometrics will hunt down uranium boulder trains and in-situ mineralization. Although reports will come in daily, full results along with interpretation are scheduled for late July.

Historic Preston Lake work found anomalous uranium in lake sediment, as well as graphitic faults associated with sulphides and anomalous radioactivity. Rock samples of up to 5.4 parts per million uranium might indicate “either the down-ice glacial transport of uranium boulders from source or an in-situ source of uranium,” Yellowjacket stated.

The company’s Preston Lake and Patterson East properties total over 158,200 hectares, making Yellowjacket the PLS area’s largest claim holder. YJK also holds six other Basin properties. On the agenda for its May 29 AGM is a proposed name change to Athabasca Nuclear Corp. (Update: On June 6, 2013, Yellowjacket Resources began trading as Athabasca Nuclear Corp TSXV:ASC.)

We have a plan in place to attack this as a team. With the three companies combined we have a number of highly qualified geologists who have collectively been up in this part of Canada for a long time, so we have many, many years of exploration expertise behind us.—Jordan Trimble, Skyharbour Resources manager of corporate development and communications

Survey participant Skyharbour benefits from the money and expertise of two additional companies, SYH manager of corporate development and communications Jordan Trimble points out. The earn-ins announced last week allow Lucky Strike Resources TSXV:LKY and Noka Resources TSXV:NX each a 25% interest in Skyharbour’s portfolio of seven Basin properties, six in the PLS region. In return Lucky Strike and Noka each pay Skyharbour $100,000 and fund $500,000 of exploration a year for two years.

“In this market especially, the financial capital they’re providing is hugely beneficial,” Trimble says. “We have a plan in place to attack this as a team. With the three companies combined we have a number of highly qualified geologists who have collectively been up in this part of Canada for a long time, so we have many, many years of exploration expertise behind us. This is just the start of the program. There’ll be lots more news to come.”

UEX offers $3.175-million private placement

Already holding about $10.6 million in cash, UEX Corp TSX:UEX announced on May 24 a private placement of 6.35 million flow-through shares at $0.50 for proceeds of $3.175 million. An additional 1.85 million flow-through shares may be issued under the same terms should Cameco Corp TSX:CCO exercise its right to maintain an approximately 22.58% interest in UEX. The company hopes to close the placement by June.

UEX holds 17 Basin projects totalling 264,363 hectares including its 49.9% interest in Shea Creek, the Basin’s third-largest uranium resource. The UEX portfolio includes nine other JVs with AREVA and one with both AREVA and Japan-Canada Uranium (JCU). UEX holds a 100% interest in the other six.

NexGen hires ex-Hathor/Rio geos, plans Radio drill campaign

NexGen Energy TSXV:NXE snagged more expertise with two new hires announced May 22. Senior geologist James Sykes moved from Denison Mines TSX:DML to Hathor Exploration and from Hathor to Rio Tinto when the latter bought Hathor and its Roughrider deposit in 2011 for $654 million. Sykes is credited with building the 3D geological model of the Roughrider system that led to the discovery of the Roughrider East and Far East deposits.

Exploration geologist Matthew Schwab has a similar background. A member of the Hathor team that explored Roughrider and defined its mineralized zones, he also comes to NexGen via Rio.

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Athabasca Basin updated

May 11th, 2013

A review of Saskatchewan uranium activity from April 27 to May 10, 2013

by Greg Klein

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Fission/Alpha conduct radon survey at Patterson Lake South

What? Two weeks without assays from Patterson Lake South? No scintillometer readings either? Taking a break from reporting drill results, Fission Uranium TSXV:FCU and Alpha Minerals TSXV:AMW instead revealed a survey showing “the strongest radon-in-water anomaly to date,” the companies stated on May 6. That result was 13.3 pCi/L, found about 170 metres northeast along strike of the project’s R780E zone.

By the way, pCi/L stands for “picocuries per litre.” But you knew that, didn’t you? Regardless, all those picolitres per whatever suggest good news for a project that based its initial drill targets on these measurements of radon gas, which is released by radioactivity. Those targets found two of three discovery zones featuring the high-grade, near-surface assays that sparked the acquisition rush around the southwestern rim of Saskatchewan’s Athabasca Basin.

Overall the survey found six radon anomalies, in addition to the original five, “all associated with known conductors and offsetting structures.” One anomaly was found as far as 1,500 metres along strike of R780E. The 50-50 joint venture partners now plan summer drilling from barges on the lake and further radon surveys next winter.

Forum, NexGen release NW Athabasca assays

A JV within a JV, Forum Uranium TSXV:FDC and NexGen Energy TSXV:NXE reported assays on May 9 for their Northwest Athabasca project. Highlights from Zone A show:

  • 0.14% U3O8 over 3 metres, starting at 80.5 metres
  • 1.34% over 3 metres, starting at 88.5 metres
  • (including 1.86% over 1.5 metres)
  • (which includes 2.48% over 0.5 metres).

True widths weren’t available.

A result from the Barney zone showed:

  • 2.32% U3O8 over 0.5 metres, starting at 169 metres.

Still pending are assays for a 30-metre interval of uranium mineralization at the project’s Otis West zone, the partners stated. Zone A lies on the north side of the Maurice Bay deposit, which has an historic, non-43-101 resource of 1.5 million pounds uranium averaging 0.6% U3O8.

Forum and NexGen may earn 30% each of the project, which would leave Cameco Corp TSX:CCO a 27.5% interest in its JV with AREVA Resources, which holds the remaining 12.5%. Forum acts as project operator. NexGen made its Venture debut on April 23.

Yellowjacket offers $600,000 private placement, plans airborne survey

Saskatchewan uranium activity April 27 to May 10, 2013

Having announced a $600,000 offering on April 30, Yellowjacket Resources TSXV:YJK followed up on May 10 with plans to begin flying its claims in the Patterson Lake South vicinity later this month. “The airborne survey will cover approximately 2,910 line-kilometres using VTEM-plus, EM and magnetometer arrays, with an additional 1,700 line-kilometres of radiometric sensor coverage,” the company stated. Results are expected in late July.

The private placement would issue up to 5 million units at $0.12, with each unit consisting of one share and one-half share warrant. Each whole warrant will be exercisable for a share at $0.20 for 18 months. If the shares trade at or above a volume-weighted average of $0.30 for more than 10 consecutive trading days, any unexercised warrants will expire 30 days after the company issues written notice.

Yellowjacket will use the proceeds for its Saskatchewan uranium projects and general working capital. With over 158,000 hectares, the company says it’s the largest claim holder in the Patterson Lake area.

Zadar acquisition approved

Zadar Ventures’ TSXV:ZAD 100% option on the Bull Run project cleared TSXV approval, the company reported on May 10. First announced April 17, the 9,185-hectare acquisition consists of three blocks in the southwestern Basin. In return Zadar pays $265,000 and issues 550,000 shares over six years, as well as spending $50,000 by July 2015 and $100,000 by July 2016.

Last month the company picked up the 2,729-hectare Upper Poulton Lake property adjoining the Richmond Lake project, part of the former Fission Energy portfolio acquired by Denison Mines TSX:DML in April. The same month Zadar announced completion of its 60% earn-in on the 17,300-hectare Whiskey Gap uranium project in southwestern Alberta.

Athabasca Uranium expands

Athabasca Uranium’s TSXV:UAX eastside Basin portfolio grew by 10,157 hectares with the Fisher River option announced May 7. Three kilometres north of the company’s Keefe Lake project, it’s contiguous with the southern part of UAX’s McCarthy Lake project and some Denison claims.

The property’s Fisher River zone features “conductive targets near or at the unconformity and associated with faulting” which the company stated “are typically the mainstay of uranium exploration” in the Basin.

Additionally the zone “appears to be crosscut by a series of northwest lineaments, which is significant as secondary faulting greatly improves a target’s quality—deposits such as Shea Creek and McArthur River are unequivocally associated with cross-faulting. Unconformity depths at Fisher are shallow, estimated to be between 125 to 170 metres,” the company added.

The vendor gets $10,000 and 3 million shares up front and another $500,000 by the fourth anniversary, along with a 1% NSR. Athabasca Uranium may buy back half the NSR for $1 million.

The company also announced it’s reviewing a recently completed model of its Keefe Lake project by the University of Saskatchewan geophysical team prior to determining the Phase 3 drill program. Athabasca Uranium holds over 70,000 hectares in the eastern Basin.

Uravan to fly Stewardson Lake, review Halliday Lake

Uravan Minerals TSXV:UVN reported on May 7 news from its Stewardson Lake and Halliday Lake projects, both under option to Cameco. Stewardson, in the south-central Basin, will get a heli-borne EM survey over 779 line-kilometres with 500-metre spacing in June. A ground EM survey will follow, along with geochemical sampling on the 21,349-hectare property. The company is now interpreting ground geophysics undertaken last March on the 2,169-hectare Halliday project in the eastern Basin.

While Uravan acts as project operator, Cameco has an option to earn up to 70% of the two projects by funding a total of $22 million.

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Athabasca Basin report

April 27th, 2013

Who’s doing what in the super-charged Saskatchewan uranium play

by Greg Klein

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Denison gets Fission Energy, spinco Fission Uranium gets Patterson Lake South

It’s a done deal, both companies announced April 26. Denison Mines TSX:DML closed its acquisition of Fission Energy TSXV:FIS. The latter company stops trading at the close of April 29 but a new outfit, Fission Uranium Corp TSXV:FCU, is expected to begin trading on May 1. (Update: Fission Uranium Corp TSXV:FCU began trading on April 30, 2013.) Fission Uranium will retain the Fission Energy team and their most celebrated asset, a 50% interest in Patterson Lake South.

For each Fission Energy share, holders get 0.355 of a Denison share, a full Fission Uranium share and, for good measure, one ten-thousandth of a penny. The new company also gets about $17 million from Denison, a handy sum to continue its share of PLS drilling while shopping for other properties.

The acquisition went much as planned except for a late decision to change the new company’s stock ticker to FCU. It was originally registered as FUC.

Read more about the Denison/Fission acquisition here.

Patterson Lake South rolls out the results

Patterson Lake South, meanwhile, continues to shock and awe the market with near-surface results showing off-scale scintillometer readings and high-grade assays about every week—at least.

Athabasca Basin report

Just a couple of examples: An April 22 announcement reported assays of 6.57% U3O8 over 53 metres, including 29.26% over 10.5 metres. The intercept started at a downhole depth of 95 metres. Only two days later came assays of 6.26% over 49.5 metres, including 35% over 6 metres, starting at 66 metres in downhole depth.

A 50/50 joint venture between Fission Energy and Alpha Minerals TSXV:AMW, the PLS discovery sparked the current staking rush around the Athabasca Basin’s southwestern rim. Alpha filed an NI 43-101 technical report for the property on April 14.

Read more about the Patterson Lake South discovery here and here.

Read more about the Athabasca Basin staking rush here.

Alpha private placement closes at $12.28 million

While Fission Uranium starts off with about $17 million from Denison, its JV partner-to-be, Alpha Minerals, has just picked up $12.28 million. On April 25 the company announced completion of 1.2 million flow-through shares at $4.40 each and 1.75 million units at $4. Each unit consists of one non-flow-through share and half of a warrant. Each whole warrant will be exercisable at $5 for 24 months.

The private placement was originally offered up to $7.28 million, but was increased by $5 million on April 9.

NexGen now on the TSXV

Its reverse takeover with Clermont Capital complete, NexGen Energy Ltd TSXV:NXE made its Venture debut on April 23. NexGen interprets its flagship Radio property to be on the same structural trend as Rio Tinto’s Roughrider deposit and Denison’s Waterbury Lake J-zone. NexGen holds an option to acquire an initial 70%, then the remaining 30% subject to a 2% NSR.

Another NexGen standout is Rook 1, immediately northeast of Patterson Lake South.

Under a JV within a JV, NexGen and Forum Uranium TSXV:FDC have an option to earn 30% each of the Northwest Athabasca project, currently held 87.5% by Cameco Corp TSX:CCO and 12.5% by AREVA Resources. On April 10 project operator Forum announced completion of a 3,500-metre program that hit uranium mineralization in eight of 17 holes.

Last November NexGen picked up 10 Canadian uranium properties from Mega Uranium TSXV:MGA. On April 22 Mega acquired an approximately 25.2% interest in NexGen, which currently has about $6 million on hand.

Read more about NexGen here and here.

As for Waterbury and the J-zone …

In the eastside Basin neighbourhood of Radio and Roughrider, Waterbury Lake is now held 60% by Denison, a result of its Fission Energy acquisition. A consortium headed by the Korean power utility Kepco holds the remaining 40%.

Last winter Fission Energy sunk 68 holes totalling over 21,000 metres to define and expand the project’s J-zone. Scintillometer results announced April 5 showed mineralization in 35 holes. Assays are pending for this final stage of a three-year, $30-million campaign.

Forum to fly Clearwater

In addition to its NexGen collaboration, Forum plans an airborne magnetic and electromagnetic survey over its 100%-held, 9,910-hectare Clearwater property immediately southwest of Patterson Lake South. Funding comes from a $500,000 private placement that closed April 23.

Denison drills turn Wheeler River

On the Basin’s east side, winter drilling at Denison’s 60% Wheeler River project completed 14,577 metres in 27 holes. On April 24 the company announced it had extended the new 489 zone along strike by 65 metres. The zone lies 2.1 kilometres from the project’s Phoenix deposits, which Denison calls “the most significant new uranium discovery in the Athabasca Basin in many years.”

Denison acts as project operator for partners Cameco, which holds a 30% interest, and JCU (Japan-Canada Uranium) Exploration, which holds 10%.

Lakeland stakes more land

Now a “pure play uranium exploration company focused on the Athabasca Basin,” Lakeland Resources TSXV:LK announced on April 25 it had staked three more properties. The Small Lake, Hawkrock Rapids and Circle Lake properties total 54,745 hectares in the northern and northeastern Basin.

The news followed an April 2 announcement that Lakeland staked two other northern Basin properties, the 9,645-hectare Otherside and 35,429-hectare Riou Lake. All five properties, totalling nearly 100,000 hectares, were chosen on the basis of previous work by former operators. Lakeland intends to study historic data prior to planning a work program.

The company has also signed a non-binding letter of intent for eight other Basin properties totalling about 190,000 hectares.

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