Thursday 27th October 2016

Resource Clips

Posts tagged ‘Bannerman Resources Ltd (BAN)’

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

May 3rd, 2014

Uranium news from Saskatchewan and elsewhere for April 26 to May 2, 2014

by Greg Klein

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Wheeler River JV gives up 36.8% U3O8 over 6.5 metres, Denison plans June resource

Denison Mines TSX:DML diverted attention from activity in and around the Athabasca Basin’s southwest on April 30 with huge grades from the east. Assays from seven of 11 winter holes at Zone A of the Phoenix deposit were reported along with previously released uranium oxide-equivalent (eU3O8) results from a downhole probe for the same holes. In most cases the actual U3O8 graded higher than the eU3O8, sometimes with wider intervals.

Here are the best assays, with the previous eU3O8 results in brackets:

Hole WR-538

  • 2.92% U3O8 over 5 metres, starting at 393 metres in vertical depth
  • (2.14% eU3O8 over 5.1 metres)

Hole WR-539

  • 13.12% U3O8 over 5 metres, starting at 400 metres
  • (11.63% eU3O8 over 3.5 metres)

Hole WR-545

  • 24.47% U3O8 over 3.5 metres, starting at 401.7 metres
  • (16.98% eU3O8 over 3.1 metres)

Hole WR-548

  • 36.83% U3O8 over 6.5 metres, starting at 406.8 metres
  • (29.61% eU3O8 over 6.5 metres)

Hole WR-550

  • 29.32% U3O8 over 4 metres, starting at 406.2 metres
  • (18.37% eU3O8 over 4.7 metres)

Hole WR-555

  • 15.99% U3O8 over 3 metres, starting at 404.5 metres
  • (12.92% eU3O8 over 2.7 metres)

With vertical holes and approximately horizontal mineralization, the intercepts are close to true widths, Denison stated. One of the 11 holes wasn’t assayed while three others, with core recovery below 80%, were reported with eU3O8 only.

Uranium news from Saskatchewan and elsewhere for April 26 to May 2, 2014

Still to come are assays for 16 holes from other parts of Wheeler including the newly discovered Gryphon zone, three kilometres northwest of the Phoenix deposit.

A Phoenix resource estimate is scheduled for June. Operator Denison holds a 60% interest in the project, along with Cameco Corp TSX:CCO (30%) and JCU (Canada) Exploration (10%). The 11,720-hectare property lies 35 kilometres from the Key Lake mill.

Denison also acted as operator on 10 of its 12 winter programs in the eastern Basin, which included eight drill campaigns. “Highlights included intersections of weak uranium mineralization at the Oban target area at Waterbury Lake, intersections of weak uranium mineralization and strong base metal mineralization at Hatchet Lake, and intersections of weak uranium mineralization at Bell Lake,” the company added.

In mid-April Denison announced a definitive agreement to acquire International Enexco TSXV:IEC on the same terms reported in a March letter of intent.

Patterson Lake South exploration drilling disappoints but Fission finds high radon readings

Having announced the completion of winter delineation drilling the previous week, Fission Uranium TSXV:FCU followed up on April 28 with an exploration update for Patterson Lake South. Ten holes failed to find significant radioactivity. But some radon-in-water anomalies were “on the scale of intensity as the anomalies associated with the PL-3B conductor” found last year, which the company called “a contributing factor in the success of drill collar step-outs as large as 465 metres.”

Mineralization has so far been revealed on two basement electromagnetic conductors, PL-3B and PL-3C. Last winter’s 12 exploration holes included two on PL-3C, which expanded the strike with the new R1620E zone. The most recent 10 holes, on conductors PL-1B and PL-2C, “provided encouraging data for use in upcoming drill programs,” the company stated.

PLS now consists of five zones along a 2.24-kilometre potential strike that’s open to the east and west. Still pending are assays for approximately 70 holes. Spring plans for the 31,039-hectare project have yet to be announced—as is the case for a maiden resource target date.

The company also reported the exercise of 17.97 million warrants on April 28 from a private placement that raised $28.75 million earlier that month.

Declan adds properties, releases VTEM, offers $2-million placement

Among news announced April 30 by Declan Resources TSXV:LAN are property acquisitions in Saskatchewan and Wyoming, preliminary VTEM results from Alberta and a $2-million offering.

The 10-claim Copper Mountain property in Wyoming covers most of the historic North Canning deposit which holds a non-43-101 resource averaging 0.05% uranium for approximately 6.5 million pounds U3O8, according to a reference book. The vendors get two million shares and a 2% gross overriding royalty. The Athabasca property costs Declan nine million shares. Its location wasn’t divulged.

From the Basin’s Alberta side, the company said early VTEM findings for its newly acquired Maybelle North and Richardson River properties indicate four EM trends linked to regional magnetic linears. Declan hopes further analysis will help find graphitic conductors within meta-sedimentary rocks associated with the Basin’s unconformity-style deposits.

The company also offered a private placement up to $2 million and cancelled 2.4 million options.

In March Declan announced plans for the northern Basin’s Gibbon’s Creek project, in which the company holds a $1.25-million first-year exploration commitment under a joint venture with Lakeland Resources TSXV:LK.

NexGen completes ground gravity at Rook 1’s Arrow zone, plans May drilling

Discovered last February, the Arrow zone continues to command NexGen Energy’s (TSXV:NXE) attention at its PLS-neighbouring Rook 1 project. A tightly spaced ground gravity survey extended a potential alteration system adjacent to recent drilling and along strike, the company stated April 29. The results will help NexGen choose drill targets for a three-rig program of over 13,000 metres to begin in mid-May.

So far seven of eight holes at Arrow hit mineralization, according to radiometric results from a hand-held spectrometer. Assays are still to come.

The previous week NexGen announced a property acquisition from Long Harbour Exploration TSXV:LHC.

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Athabasca Basin and beyond

April 12th, 2014

Uranium news from Saskatchewan and elsewhere for April 5 to 11, 2014

by Greg Klein

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Fission Uranium reports seven strong holes from Patterson Lake South

They probably don’t surprise anyone anymore but Fission Uranium’s (TSXV:FCU) weekly dispatches from Patterson Lake South continue to impress. Radiometric readings from all seven holes released April 7 showed wide intervals and “off-scale” radioactivity.

The results, which are no substitute for assays, come from a hand-held scintillometer that measures gamma radioactivity from drill core in counts per second up to a maximum possible (“off-scale”) reading of 9,999 cps. Lab results are pending.

Uranium news from Saskatchewan and elsewhere for April 5 to 11, 2014

Fission Uranium found off-scale radiometric readings for intervals
from each of seven holes in this week’s news from Patterson Lake South.

This week’s batch comes from zone 780E, the third of five zones along a west-east strike that just last week extended to 2.24 kilometres and remains open at both ends.

The star hole was PLS14-201, which gave up a composite total of 82.5 metres (not true widths) of mineralization including a composite of 16.8 metres straining the scintillometer at 9,999 cps. The interval closest to surface began at 84 metres in downhole depth while the deepest stopped at 340.5 metres.

The other six holes showed intervals in roughly similar ranges of depth, with one beginning as close as 58.5 metres from surface and the deepest ending at 415 metres.

The company has now finished 70 of 100 holes totalling 30,000 metres planned for the $12-million winter campaign. Four rigs will sink about 85 of those holes to delineate the 31,039-hectare project’s main mineralized trend. A fifth rig explores farther away.

Also on April 7 Fission Uranium granted insiders 500,000 options at $1.65 for five years. The previous week the company granted 6.5 million options on the same terms.

Lakeland Resources stakes five more Saskatchewan properties totalling 52,255 hectares

A quintet of new acquisitions in and around the Athabasca Basin bolstered Lakeland Resources’ (TSXV:LK) portfolio to 16 properties totalling about 157,000 hectares. The turf came through staking which, president/CEO Jonathan Armes told on April 11, is ideal for juniors “because you own it 100% with no encumbrances, underlying NSRs and so on.”

Neil McCallum, a company director and project geologist/manager with Dahrouge Geological Consulting, says Lakeland had been studying the properties while waiting for them to come available. “A lot of people get land because it’s in or near the Basin without targeting anything in particular. You can do a lot of research, if you know what you’re looking for, to find good targets before you acquire them.”

A lot of people get land because it’s in or near the Basin without targeting anything in particular. You can do a lot of research, if you know what you’re looking for, to find good targets before you acquire them.—Lakeland Resources
director Neil McCallum

The new ground includes Lazy Edward Bay, a 21,990-hectare project on the Basin’s southern margin with four shallow trends that Lakeland considers drill-ready.

Just off the Basin’s northeastern rim, the 7,195-hectare Karen Lake project has yet to be drilled despite several silt samples grading over 1% uranium. Another 2,889-hectare property along the Basin’s northern edge, Black Lake has a shallow depth to the unconformity of about 260 metres and has undergone historic and recent geophysics.

The 16,925-hectare Hidden Bay sits about eight kilometres east of the Basin and hosts an outlier of Athabasca sandstone and at least four graphitic corridors. About 70 klicks south of the Basin, the 3,258-hectare Fedun Lake property sits on the Wollaston domain that hosts most of the Basin’s uranium deposits.

With cash in hand from last month’s oversubscribed $2.8-million private placement, McCallum says Lakeland is “certainly funded to prioritize the projects we want to work ourselves. If we find JV opportunities for other projects, we wouldn’t mind that either. We have enough projects that we can work some ourselves and have those JV opportunities at the same time.”

Speaking of joint ventures, Gibbon’s Creek is about to undergo a ground electromagnetic survey prior to an anticipated 2,500-metre drill campaign funded by partner Declan Resources TSXV:LAN. Boulder samples from the 12,771-hectare northern Basin project have graded as high as 4.28% uranium oxide (U3O8) while a RadonEx survey showed some of the highest measurements ever found in the Basin.

Read more about Lakeland’s new acquisitions.

MPVC/CanAlaska report radon anomalies from Northwest Manitoba project

Now trading under TSXV:UNO following its change of business, MPVC Inc joined CanAlaska Uranium TSXV:CVV on April 8 to announce “highly anomalous radon results” from the Maguire Lake area of their Northwest Manitoba project. The land-based survey covered a three-by-10-kilometre section of the 143,603-hectare project finding trends “in some cases over four kilometres and approximately 100 to 200 metres wide.” The survey also identified areas of about 400 by 800 metres where radon measured over three times the background levels, sometimes coinciding with gravity and resistivity lows.

Two islands with anomalous values also feature radioactive outcrops. Boulder samples from one island have graded up to 66% U3O8.

The Manitoba property shares some geological features with the Basin, with a distinction that “uranium mineralization outcrops within our project area rather than being deeply buried as is the case with many deposits in the Basin,” the companies stated.

Upcoming plans include a radon survey over the lake itself prior to a drill program scheduled to begin in late April. As part of its 80% option with CanAlaska, MPVC must spend $3.2 million on exploration by 2015.

The previous week CanAlaska sold its Kasmere South project in Manitoba to a private company for $1.8 million to help advance its “core Japanese and Korean joint ventures at West MacArthur and Cree East.”

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Athabasca Basin and beyond

October 26th, 2013

Uranium news from Saskatchewan and elsewhere for October 19 to 25, 2013

by Greg Klein

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Forum reports radon results from PLS-adjacent Clearwater

Forum Uranium TSXV:FDC released soil and water radon surveys from its Clearwater project adjacently southwest to Patterson Lake South. Soil results “are similar and higher than those located immediately west” of the PLS R00E zone, according to Forum’s October 22 announcement. Radon surveys played an important role in identifying drill targets at R00E and east along trend. The Alpha Minerals TSXV:AMW/Fission Uranium TSXV:FCU joint venture now plans autumn drilling west of R00E while waiting for freeze-up.

Forum’s results for three grids show:

  • Bear grid: Up to 1.33 picocuries per square metre per second (pCi/m2/s)

  • West Bear grid: Up to 1.08 pCi/m2/s

  • Mungo grid: Up to 0.92 pCi/m2/s

Additionally, a small lake in the Mungo grid returned up to 18 picocuries per litre (pCi/L), “which is considered to be very anomalous when compared with a maximum value of 12 pCi/L immediately over the Patterson Lake South deposits,” Forum stated. The company added that 428 samples were taken “over areas with electromagnetic conductors and over the interpreted extension of the Patterson Lake structure that hosts the PLS deposits.”

Near-term plans include a ground gravity survey over the same areas and possibly further radon studies prior to setting targets on the 9,910-hectare property for a drill campaign to begin in late January.

Lakeland Resources appoints expert adviser, closes second tranche

In joining the Lakeland Resources TSXV:LK advisory board, Athabasca Basin veteran John Gingerich returns to some familiar turf. With over 30 years’ experience, the geoscientist worked for Eldorado Nuclear from 1979 to 1986, spending most of that time in the north-central Basin exploring property now held by Lakeland, the company stated on October 23. Additionally he served in the Noranda group’s senior management, founded Geotechnical Business Solutions and chairs both the Canadian Mining Industry Research Organization’s exploration division and the Ontario Geological Survey’s advisory board.

The radon survey is done and line-cutting and resistivity are underway. Once we compile that data we’ll have it interpreted and zero in on drill targets likely for January. We’ll have a fairly steady stream of news over the next few months.—Jonathan Armes, president/CEO
of Lakeland Resources

Speaking to, Lakeland president/CEO Jonathan Armes says Gingerich “co-ordinated exploration activities from Stony Rapids to Fond du Lac, on properties we’re now exploring, so he’s quite familiar with that neck of the woods. But at that time they didn’t have some of the technologies we now have in the way of geophysics and radon surveys. He said it was tough determining where to drill back in those days. But he certainly feels there’s potential based on the historic findings. He’s also trying to dig up some additional historic work besides the data we’ve already found. He’s definitely a valuable addition to our board, given his experience up there.”

Gingerich joins two other industry authorities on Lakeland’s advisory board, Richard Kusmirski and Thomas Drolet.

Lakeland also announced the closing of a second and final tranche of its private placement, bringing in $318,948 for a total of $1,057,718 to fund further work. Activity focuses on the Gibbon’s Creek target of the Riou Lake property.

“The radon survey is done and line-cutting and resistivity are underway,” Armes says. “Once we compile that data we’ll have it interpreted and zero in on drill targets likely for January. We’ll have a fairly steady stream of news over the next few months. We also retained an interest in the gold project we vended to New Dimension Resources [TSXV:NDR], which will likely be drilled in the next few weeks. That’s a bonus side story for us while we continue our focus on the Basin. So things are going extremely well.”

Read more about Lakeland Resources.

Rockgate reluctantly recommends Denison bid, Denison extends deadline

It’s an “unsolicited opportunistic hostile takeover bid,” according to Rockgate Capital TSX:RGT directors. So it was with obvious reluctance that they recommended shareholders accept the offer from Denison Mines TSX:DML. Nearly five weeks of effort failed to find a superior proposal, Rockgate announced October 21.

Uranium news from Saskatchewan and elsewhere for October 19 to 25, 2013

A crew prepares to drill a target on
Rockgate’s flagship Falea project in Mali.

But three days later, and just one day before its offer was to expire, Denison extended the deadline to November 1. Denison stated that, while its bid remains open for acceptance, the company needed time to remedy change of control protections that Rockgate had provided to employees and consultants: “In light of these actions, the conditions to Denison’s takeover bid offer cannot be fulfilled.”

Read more about Denison’s offer, Rockgate’s response and the failed merger with Mega Uranium.

Read about other uranium merger-and-acquisition activity.

Zadar completes PNE Phase II, grants options

Results are pending but Phase II exploration at Zadar Ventures’ TSXV:ZAD PNE project has wrapped up, the company announced October 22. Work included scintillometer prospecting, boulder mapping and radon surveys over nine areas. The company added that an eight-kilometre conductive trend on the adjacent Patterson Lake North project announced earlier this month by JV partners Fission and Azincourt Uranium TSXV:AAZ marks a “very positive development” for the 15,292-hectare PNE property.

Zadar also announced 100,000 incentive options at $0.25 for two years.

Last month the company signed a definitive agreement to acquire the 37,445-hectare Pasfield Lake property on the Athabasca Basin’s east side.

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Athabasca Basin and beyond

September 7th, 2013

Uranium news from Saskatchewan and elsewhere for August 31 to September 6, 2013

by Greg Klein

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PLS to come under Fission control as Alpha agrees to sweetened takeover offer

The Patterson Lake South partners have come to terms. Joint September 3 news releases from Alpha Minerals TSXV:AMW and Fission Uranium TSXV:FCU announced a letter of intent to combine the 50/50 joint venture under Fission’s control. The acquisition would cost 5.725 Fission shares for each Alpha share while each company would spin out its non-PLS assets into a new entity. Alpha gets no place on Fission’s management team but would nominate two directors to Fission’s five-person board.

Uranium news from Saskatchewan and elsewhere for August 31 to September 6, 2013

With three barges supporting drill rigs,
the Alpha/Fission flotilla patrols Patterson Lake South.

The deal sweetens Fission’s previous offer of 5.3 shares announced August 26 and represents a 14.5% premium to the shares’ August 23 close and 11% to their August 30 close.

Shareholders of each company will get shares in their respective spincos, which will hold all non-cash and non-PLS assets. Each spinco will get $3 million in start-up cash.

Alpha’s other projects include three Athabasca Basin uranium projects and two gold properties in Ontario and British Columbia. Fission holds interests in six other Basin properties and one in Peru.

Pending all shareholder and regulatory approvals, the companies hope to consummate by November.

Fission/Alpha report best PLS hole so far

With the ink barely dry on their LOI, Alpha and Fission released more drill results on September 4—real assays this time, instead of teasing the market with scintillometer readings. And this time, according to Fission president/COO Ross McElroy, a single hole provided “not only the best results to date on the PLS property, but on a level with the best holes within the Athabasca Basin district.”

Sunk on the western part of R390E, the second of four zones extending from southwest to northeast, hole PLS13-075 showed a highlight of:

  • 9.08% uranium oxide (U3O8) over 54.5 metres, starting at 61 metres in vertical depth

  • (including 21.76% over 21.5 metres)

Additional results from the same hole showed:

  • 0.09% over 0.5 metres, starting at 57.5 metres

  • 0.07% over 7.5 metres, starting at 118 metres

  • 0.24% over 11.5 metres, starting at 130 metres

  • 0.65% over 2 metres, starting at 146.5 metres

  • 0.71% over 1.5 metres, starting at 151 metres

  • 0.06% over 0.5 metres, starting at 157 metres

  • 0.27% over 2.5 metres, starting at 160 metres

  • 0.27% over 1 metre, starting at 176.5 metres

True widths were unavailable. The vertical hole reached a total depth of 248 metres and was collared 30 metres grid west of PLS13-061, which last June showed 1.39% U3O8 over 23.5 metres starting at 110 metres, and included 4.34% over 6 metres.

The $6.95-million campaign will include additional drilling on the R390E zone, which has the largest of the lake water radon anomalies found last winter.

First tranche brings Lakeland Resources $738,000

Lakeland Resources TSXV:LK closed the first tranche of its private placement, issuing 5.7 million units at $0.10 and 1.35 million flow-through units at $0.125 for gross proceeds of $738,770, the company announced on September 3. The money goes to Athabasca Basin uranium exploration and general working capital.

Lakeland holds nine Basin properties and currently focuses on the Riou Lake project’s Gibbon’s Creek area, which has at least 23 historic holes. The project shows shallow depths to basement rock and also has radioactive boulders grading up to 11.3% uranium. Situated on high ground, the property can be drilled year-round.

Read more about Lakeland Resources.

Energy Fuels completes Strathmore takeover

Its acquisition of Strathmore Minerals TSX:STM now complete, Energy Fuels TSX:EFR has taken “an important step toward achieving our goal of becoming the dominant uranium producer within the U.S.,” according to joint statements issued September 3. Energy Fuels currently holds No. 2 position, with guidance of about 1.15 million pounds uranium oxide (U3O8) for fiscal 2013. The company added that the United States “is the world’s largest nuclear power market and heavily dependent on imported uranium for over 90% of its supply requirements.” Read more about the acquisition here and here.

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