Tuesday 25th October 2016

Resource Clips

Posts tagged ‘cameroon’

UN fails to staunch flow of blood diamonds, gold from Central African Republic

November 5th, 2014

by Greg Klein | November 5, 2014

Even after the Kimberley Process banned diamond imports from the Central African Republic last year, the country exported an estimated 140,000 carats worth $24 million, according to a November 5 Reuters story. As violence escalates again, a UN panel wants mining sites monitored by troops and drones.

Following an outbreak of sectarian fighting in late 2012, Muslim Seleka rebels established regional strongholds. Between December 2013 and last August, about 3,000 people were killed amid reports of looting, kidnapping and rape. Mining licences and commodity taxes help fund the carnage, the UN found.

About 8,000 peacekeepers out of a 12,000-strong commitment are currently deployed in the CAR, Reuters added.

Diamonds are a rebel’s best friend in CAR, as armed groups smuggle blood diamonds and trade them for arms.—Sasha Lezhnev,
senior policy analyst
with the Enough Project

In August at least 25 illegal miners died after an open pit collapsed at or near AXMIN Inc’s (TSXV:AXM) Passendro gold project in the south-central CAR. It was the second such accident in the area since June 2013, when at least 37 people died. AXMIN had already suspended its exploration and pre-development work at the location, declaring a force majeure in December 2012.

“The victims of the deadly collapse were artisanal miners, who use their hands and cheap tools to dig minerals out of the earth in illicit operations that help finance the violent conflicts in the war-ravaged country,” the Globe and Mail reported.

French uranium giant AREVA pulled out of the CAR in 2012, where its 90%-held Bakouma project began test mining in 2010 and was scheduled for full production in 2014 to 2015.

A May report from the Enough Project blamed illicit diamonds, oil and ivory for funding weapons, fuel and poaching equipment.

“Diamonds are a rebel’s best friend in CAR, as armed groups smuggle blood diamonds and trade them for arms,” said Sasha Lezhnev, the project’s senior policy analyst.

CAR diamonds “are sold to traders in the Darfur region of Sudan, as well as Chad, Cameroon and the Democratic Republic of Congo,” the report stated. “The traders circumvent the international Kimberley Process certification scheme and [the diamonds] are likely sold on the world market in the United Arab Emirates, Belgium, India, South Africa, Saudi Arabia and Qatar.”

Athabasca Basin and beyond

July 13th, 2013

Uranium news from Saskatchewan and elsewhere for July 6 to 12, 2013

by Greg Klein

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Four companies seal $6-million exploration plan for PLS-area’s largest package

With a formal agreement signed, an airborne survey about finished and a field crew on site, progress continues on the four-company Western Athabasca Syndicate Project, the Patterson Lake South-area’s largest land package. Skyharbour Resources TSXV:SYH, Athabasca Nuclear TSXV:ASC, Lucky Strike Resources TSXV:LKY and Noka Resources TSXV:NX announced the formal agreement July 10, saying the strategic alliance shares synergies while mitigating risk and dilution.

Uranium news from Saskatchewan and elsewhere

Four companies plan to spend $6 million over two years exploring the PLS-area’s largest package, the Western Athabasca Syndicate Project.

As previously reported in a memorandum of understanding, Skyharbour contributes seven Athabasca Basin properties to combine with Athabasca Nuclear’s 125,375-hectare Preston Lake, forming a 287,130-hectare package. Apart from the 11,769-hectare Wheeler project on the Basin’s east side, the properties are contiguous to the high-grade, near-surface uranium discovery of Fission Uranium TSXV:FCU and Alpha Minerals TSXV:AMW.

With 25% earn-ins for each company, the syndicate will jointly fund a $6-million program over two years. Noka and Lucky Strike will each put up $1 million a year while Skyharbour and Athabasca Nuclear will each spend $500,000. Cash and shares also change hands.

Data from the VTEM-plus time domain survey will be analysed for conductive trends like those hosting the PLS discovery. Under a joint program with two other companies, the survey also flew properties held by Forum Uranium TSXV:FDC and Aldrin Resource TSXV:ALN. So far the survey has found two parallel basement conductive trends on Aldrin’s Triple M property and a conductive trend extending from the PLS discovery into Forum’s Clearwater project.

Referring to activity surrounding the Alpha/Fission discovery, Dundee Capital Markets senior analyst David Talbot told ResourceClips.com, “This is an area play because these are area-type deposits. They tend to occur in clusters. The chances that Fission and Alpha are the only ones that have uranium on their property is probably relatively low.”

Following the VTEM, a radiometrics survey will search for boulder trains and in-situ radioactivity. Also on the syndicate’s agenda are radon surveys, geochemical sampling, prospecting and scintillometer surveying. Athabasca Nuclear acts as project operator, in consultation with the other three geological teams. The companies plan to follow Alpha’s 43-101 technical report, which details procedures leading to the PLS discovery.

Skyharbour president/CEO Jordan Trimble told ResourceClips.com, “I think it’s the lowest-risk way, on a per-company basis, to carry out this kind of large, aggressive exploration program.”

Read more about the Western Athabasca Syndicate Project.

Noka picks up two more properties

One day after sealing the syndicate deal, Noka announced two more Basin acquisitions. For the 151,170-hectare Clearwater project, the company issues two million shares and grants a 5% NSR. The transaction makes one of the vendors, Ryan Kalt, a company insider. For the 50,161-hectare Athabasca North, Noka issues 600,000 shares and grants a 2% NSR. TSXV approval has already come through. Noka also issued 130,000 shares and paid $14,000 as a finder’s fee.

Cameco, Mega mull Kintyre deal Down Under

About 1,250 kilometres north of Perth, at the western edge of Western Australia’s Great Sandy Desert, lies Cameco Corp’s TSX:CCO Oz flagship, the Kintyre deposit. Now the major is negotiating with a junior to co-operate on some additional claims adjacent to the project. Announced July 11 by Mega Uranium TSX:MGA, the two companies have signed a non-binding understanding that could give Cameco an initial 51% interest in the Kintyre Rocks project, held by Mega’s subsidiary Boxcut Mining. The talks imply Cameco’s continued interest in a project that had its feasibility study shelved last year.

Kintyre, held 70% by Cameco and 30% by Mitsubishi, has a 2011 resource showing:

  • an indicated category of 5.26 million tonnes averaging 0.49% for 56.4 million pounds uranium oxide (U3O8)
  • an inferred category of 505,000 tonnes averaging 0.47% for 5.3 million pounds.

The project reached pre-feasibility in 2012, detailing an open pit producing an average six million pounds a year for seven years. But economic survival called for $67-a-pound uranium, a price not seen after the March 2011 Fukushima accident. Full-feas was suspended and Cameco recorded a $168-million write-down. Work continued, however, on an engineering study and environmental permitting. The company also stated its interest in finding satellite deposits.

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Athabasca Basin and beyond

June 8th, 2013

Uranium news from Saskatchewan and elsewhere for June 1 to 7, 2013

by Greg Klein

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Final assays wrap up rewarding winter at Patterson Lake South

In a sense, the project’s been making history all along. But Patterson Lake South’s winter drill program is now history in another sense, with assays reported for 17 final holes. Alpha Minerals TSXV:AMW and Fission Uranium TSXV:FCU released the results June 5, with the latter company’s president/CEO Ross McElroy calling the campaign “one of the most impressive uranium exploration programs I’ve ever seen or been a part of,” citing “huge intersections and high grades.” He forgot to mention near-surface depths.

Fifteen holes represent closely spaced infill drilling in the project’s three zones. Here are some highlights.

R00E zone

  • 4.63% uranium oxide (U3O8) over 6 metres, starting at 61.5 metres in downhole depth
  • (including 6.86% over 4 metres)
  • 0.12% over 2.5 metres, starting at 51 metres
  • 0.36% over 1.5 metres, starting at 52 metres.

R390E zone

  • 1.15% over 63.5 metres, starting at 82 metres
  • (including 9.51% over 2 metres)
  • 1.39% over 23.5 metres, starting at 110 metres
  • (including 4.34% over 6 metres)
  • 0.26% over 21 metres, starting at 77 metres
  • (including 0.75% over 5 metres)
  • 0.43% over 10.5 metres, starting at 125.5 metres
  • (including 1.37% over 2 metres).

R780E zone

  • 1.22% over 7 metres, starting at 144 metres
  • (including 3% over 2.5 metres)
  • 0.57% over 10 metres, starting at 166 metres
  • (including 1.87% over 2.5 metres)
  • 0.2% over 15.5 metres, starting at 159.5 metres
  • 0.4% over 4.5 metres, starting at 109.5 metres.
Uranium news from Saskatchewan and elsewhere for June 1 to 7

True widths weren’t provided. Two additional holes tested regional targets but failed to find significant mineralization. The 50/50 joint venture partners claim an 82% drill strike rate that discovered two new zones as well as expanding the R00E zone.

Drilling’s scheduled to resume in early July, fuelled by a $6.95-million budget. Fission remains project operator until April 2014, when Alpha resumes the role.

Fission stakes new ground, says “still many underexplored areas” in Basin

Having helped bring fame to the area in and around the Athabasca Basin’s southwestern rim, Fission’s also looking at the Basin’s northwest and northeast. That’s where the company staked three properties announced in a June 3 news release.

On the Basin’s north-central edge, the 15,373-hectare Beaver River property “includes most of the known electro-magnetic conductors in the area,” the company stated. Surface samples have shown grades of 3.66%, 3.37% and 2.93% U3O8.

Fifteen kilometres west of Uranium City, in an area steeped in mining history, the 1,188-hectare Thompson Lake has provided grab samples of 2.23% and 0.11% U3O8.

At 2,941 hectares, Manitou Falls has six radiometric anomalies and multiple conductors identified in historic data.

Fission has Beaver River slated for summer fieldwork to determine winter drill targets.

Forum, NexGen hit 39.5 metres of 0.152% at NW Athabasca

Another JV with drill results, Forum Uranium TSXV:FDC and NexGen Energy TSXV:NXE released more assays from their Northwest Athabasca project on June 5. The holes tested the Otis West zone, immediately south of historic Maurice Bay, which has a non-43-101 deposit of 680 tonnes averaging 0.6% U3O8.

Assay highlights show:

  • 0.152% U3O8 over 39.5 metres, starting at 131 metres in downhole depth
  • (including 0.211% over 24.5 metres)
  • 0.166% over 3.5 metres, starting at 125.5 metres
  • 0.243% over 0.5 metres, starting at 96.8 metres
  • 0.185% over 0.5 metres, starting at 101.5 metres.

True widths weren’t available. Mineralization remains open at depth and to the east, with future drilling planned to follow the Otis fault, parallel to the Maurice Bay fault, eastward. The companies added, “This is the fourth target drilled on the property that has intersected basement-hosted uranium mineralization typical of uranium deposits in the western Athabasca Basin such as Patterson Lake South, Cluff Lake and Shea Creek.”

The partners are earning 30% each of the project from Cameco Corp’s TSX:CCO 87.5%. AREVA Resources Canada holds the remaining 12.5%. Forum acts as project operator.

Forum issues options

The same day Forum also reported that it granted insiders options on a total of 800,000 shares at $0.40 for five years.

Skyharbour appoints Jordan Trimble president/CEO/director, looks for fourth JV partner

A June 5 dispatch from Skyharbour Resources TSXV:SYH announced Jordan Trimble’s appointment as president, CEO and board member. James Pettit is now board chairman. Donald Huston has resigned as president/CEO but remains a director.

Trimble holds a bachelor of science with a minor in commerce, is a 2013 Level II CFA candidate and has completed the Canadian Securities Course and Technical Analysis Course offered through the Canadian Securities Institute, as well as several courses in geology, exploration and mining. In his work with numerous TSXV-listed companies he has specialized in corporate finance and strategy, shareholder communications, marketing, structuring deals and raising capital.

Trimble was heavily involved in Skyharbour’s decision to move into the Basin after considering other properties around the world. “The strategy was quite simple,” he says. “It was to go in there as early and as cheaply as we could, accumulate a large land position and employ this joint venture model to fund exploration and also create synergies with the partner companies. With our geological team I staked the first 100,000-acre land package and thereafter we acquired the other 300,000 acres that culminated in the total package.”

Having brought on Lucky Strike Resources TSXV:LKY and Noka Resources TSXV:NX to earn 25% each of the properties, Skyharbour is now looking for a fourth company. “With risk spread across four companies, four very capable technical teams, some really bright geologists, a methodology similar to what worked for Fission and Alpha, and this large land package, we can improve the chances of finding the next big discovery,” Trimble says. “We’re still working towards a final syndicate and JV structure and should have everything done within the next month or two.”

Skyharbour is currently taking part in a group airborne geophysical survey of PLS-area properties with Forum, Aldrin Resource TSXV:ALN and Athabasca Nuclear TSXV:ASC.

Lakeland picks up four properties, drops eight others

Reinforcing its reputation as a “pure play uranium exploration company” focused on the Basin, Lakeland Resources TSXV:LK announced four more acquisitions on June 5.

Among the company’s first priorities are two optioned properties untested by modern exploration techniques. The 211-hectare South Pine project sits adjacent to Lakeland’s Riou Lake property in the northern Basin. Pre-1982 work found a 2.5-kilometre basement conductor and non-43-101 drill results up to 0.15% U3O8 over 0.13 metres immediately above the unconformity. In the northeastern Basin, the 1,681-hectare Perch Lake property hosts a four-kilometre basement conductive trend and an unexplained uranium radiometric anomaly, the company stated.

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