Thursday 19th September 2019

Resource Clips


Posts tagged ‘Canterra Minerals Corp (CTM)’

August 1st, 2014

Diamond exploration watch: Canadian billionaire takes 19% stake in Canterra Stockhouse
Eric Sprott: “COMEX data is corrupted” GoldSeek
From Argentina to the Athabasca: Etienne Moshevich on hot prospects Streetwise Reports
Consumer confidence in the U.S. rises to highest since October 2007 VantageWire
Hawaiian island to run on lithium-ion batteries Industrial Minerals
Minerals on the edge—plate boundaries and minerals Geology for Investors
When nations unite against the West: The BRICS development bank Equedia

July 31st, 2014

Diamond exploration watch: Canadian billionaire takes 19% stake in Canterra Stockhouse
Eric Sprott: “COMEX data is corrupted” GoldSeek
From Argentina to the Athabasca: Etienne Moshevich on hot prospects Streetwise Reports
Consumer confidence in the U.S. rises to highest since October 2007 VantageWire
Hawaiian island to run on lithium-ion batteries Industrial Minerals
Minerals on the edge—plate boundaries and minerals Geology for Investors
When nations unite against the West: The BRICS development bank Equedia

July 31st, 2014

Diamond exploration watch: Canadian billionaire takes 19% stake in Canterra Stockhouse
Eric Sprott: “COMEX data is corrupted” GoldSeek
From Argentina to the Athabasca: Etienne Moshevich on hot prospects Streetwise Reports
Consumer confidence in the U.S. rises to highest since October 2007 VantageWire
Hawaiian island to run on lithium-ion batteries Industrial Minerals
Minerals on the edge—plate boundaries and minerals Geology for Investors
When nations unite against the West: The BRICS development bank Equedia

Athabasca Basin and beyond

March 9th, 2014

Uranium news from Saskatchewan and elsewhere for March 1 to 7, 2014

by Greg Klein

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Fission Uranium merges two zones, narrows gap between two others at Patterson Lake South

Fission Uranium merges two zones, narrows gap between two others at Patterson Lake South

Fission Uranium has four of its five rigs trying
to fill the gaps in the now six-zone PLS project.

With several zones stretched along a 1.78-kilometre potential strike at Patterson Lake South, Fission Uranium TSXV:FCU obviously wants to find one big, shallow, high-grade deposit. That dream came closer to reality with radiometric results released March 5 and 7. Zones R780E and R945E are now one, forever intertwined, while the gap between two zones to the west has been narrowed.

Scintillometer results from 20 holes released March 5 show mineralization at depths as shallow as 54 metres and as deep as 459 metres. Thirteen holes showed off-scale intervals, reaching the maximum 9,999 counts per second on the hand-held device that measures drill core for gamma radiation. Scintillometer readings are no substitute for assays, which are pending.

Apart from the hope of merging more zones—the goal of this winter’s drill program—Fission Uranium sees expansion potential. The best hole of this batch was the most easterly of the newly merged zone, which “bodes extremely well for high-grade expansion to the east.”

Two days later Fission Uranium unveiled scintillometer results for four more holes, each from a different zone, starting with R780E and moving west to the discovery zone. The interval nearest to surface started at 51 metres and the deepest ended at 276 metres. Intervals from one hole showed a total of 16.18 metres of off-scale radioactivity, while another hole gave up an off-scale composite of 2.65 metres. The gap between R390E and R585E has been narrowed to about 60 metres.

With 36 of the planned 85 winter holes complete, Fission Uranium claims a 100% hit rate. The company has one rig exploring outside the mineralized trend and four others attacking the gaps between these six zones:

The discovery zone, R00E, has a 165-metre strike and a lateral width up to about 45 metres. About 135 metres east, R390E has a 255-metre strike and a lateral width up to about 50 metres. Sixty metres east again, R585E has a 75-metre strike and a lateral width up to about 20 metres. About 105 metres east, R780E now has an approximately 270-metre strike, as a result of subsuming R945E. The lateral width reaches up to about 90 metres.

R780E’s geology “is similar to other zones,” Fission Uranium stated, “consisting of mineralization primarily associated with sequences of steeply south-dipping pelitic lithology with localized mylonites and cataclasites.”

Two other zones at the eastern and western extremities, R1155E and R600W, bring the potential strike to 1.78 kilometres.

Two weeks earlier Fission Uranium released lab assays from R585E that showed the project’s best hole ever—or maybe that should be “so far.”

Update: On March 10 Fission released its “second-best” radiometric results from PLS. Read more.

NexGen announces $10-million bought deal for Athabasca Basin exploration

Uranium news from Saskatchewan and elsewhere for March 1 to 7, 2014

With Fission Uranium’s PLS rigs in the background, NexGen drills Rook 1.

A $10-million bought deal for NexGen Energy TSXV:NXE reinforces the company’s new prominence in Athabasca Basin uranium exploration. Announced March 4, the private placement follows news of radiometric results from a new area of the company’s Rook 1 project, which is adjacent to PLS.

Subject to approvals, the deal involves 22.3 million units at $0.45 and gives the underwriters an option to buy an additional 15%. Each unit consists of a share and one-half warrant, with each entire warrant exercisable at $0.65 for two years. Proceeds will go to Basin exploration, working capital and general corporate purposes.

NexGen’s stock took off with the February 19 release of radiometric readings from the first hole in Rook 1’s Arrow area, which the company called “a totally new zone of uranium mineralization.” The news propelled the company from a 52-week low of $0.225 to a 52-week high of $0.65 in two days. The stock closed March 7 at $0.49.

Meanwhile NexGen has moved its other rig to Arrow to focus two drills on the new area.

NexGen holds several properties in the Basin. But it has yet to release results from last summer’s nine-hole campaign on the Radio project, where the company has a 70% earn-in.

NexGen expects to close the bought deal by March 26.

Zadar announces 2014 plans for PNE and Pasfield projects

With permit applications submitted, Zadar Ventures TSXV:ZAD announced plans for two projects on March 3. The 15,292-hectare PNE, about 11 kilometres northeast of PLS, has about 3,500 metres scheduled for winter and summer drilling, along with ground-based geophysics. Previously identified radon anomalies and conductive trends will help determine targets.

Plans for the 37,445-hectare Pasfield Lake property, within the Cable Bay shear zone in the east-central Basin, include airborne and ground geophysics and a proposed 3,800 metres of drilling “followed by a staged program of uranium exploration culminating in [a] 32,000-metre drilling program,” the company stated.

Pasfield Lake is one of a number of properties that Zadar acquired from Canterra Minerals TSXV:CTM late last year.

Noka Resources/Alpha Exploration begin radon surveys on Carpenter Lake

Radon surveys on lake water and sediment have begun at Carpenter Lake on the Basin’s south-central edge. Announced March 4 by Noka Resources TSXV:NX and Alpha Exploration TSXV:AEX, the four-to-five-week agenda will include sampling from about a thousand locations over a 16-kilometre stretch of the Cable Bay shear zone, which the companies have described as a “major regional shear zone with known uranium enrichment.”

Spring and summer plans for the 20,637-hectare property include high-resolution airborne radiometrics to search for near-surface uranium boulders, followed by ground prospecting and geochemical sampling. The work is part of the Alpha Minerals spinco’s 60% earn-in from Noka, a member of the Western Athabasca Syndicate that plans to drill its PLS-vicinity Preston Lake property this month.

Late last month Noka closed a $1.13-million private placement. Alpha Exploration announced plans for other projects in December and January.

Hodgins Auctioneers pursues Basin uranium claims

A company specializing in auctioning equipment and real estate has signed a conditional agreement to acquire uranium interests in the Basin. Under a deal announced March 6 with Majesta Resources Inc, Hodgins Auctioneers TSXV:HA would get a 25% interest in a 39,125-hectare contiguous package that comes within 10 kilometres of the Key Lake mill.

Apart from TSXV approval, the transaction hinges on raising a $350,000 private placement.

An initial 25% would cost Hodgins $100,000 in cash or debt, two million shares and $300,000 in exploration spending. An additional 35% would require an extra four million shares and $400,000 in spending. A further 30% would call for another $400,000 cash or debt and two million shares.

Hodgins attributed a “low cost relative to similar transactions in the area due to the relationship between two of the insiders of the corporation and the party which owns the mineral claims.” Majesta would act as project operator.

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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 19th, 2014

Uranium news from Saskatchewan and elsewhere for January 11 to 17, 2014

by Greg Klein

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Fission Uranium’s Patterson Lake South gives up more high-grade assays

More results from Fission Uranium’s TSXV:FCU Patterson Lake South show last summer’s sowing continues to reap high-grade rewards. Released January 15, the latest batch comes from two holes on the Athabasca Basin project’s R390E zone and four on the R780E zone, the third and fifth of seven zones trending northeast.

All holes were vertical or near-vertical. The R390E zone currently has a strike length of 255 metres and a lateral width of about 40 metres. Some highlights show:

Hole PLS13-102

  • 0.32% uranium oxide (U3O8) over 12.5 metres, starting at 119.5 metres in downhole depth

  • 0.58% over 9.5 metres, starting at 138 metres
  • (including 1.44% over 1 metre)

  • 0.12% over 9 metres, starting at 154 metres

  • 0.73% over 4 metres, starting at 171.5 metres

Hole PLS13-104

  • 0.13% over 12 metres, starting at 61 metres

  • 4.97% over 13 metres, starting at 99 metres
  • (including 13.2% over 4.5 metres)
  • (which includes 35.9% over 0.5 metres)

  • 0.42% over 6.5 metres, starting at 131 metres
  • (including 2.1% over 1 metre)

  • 0.22% over 17 metres, starting at 146.5 metres

Zone 780E shows a 60-metre strike and approximately 50-metre lateral width. The best assays include:

Hole PLS13-082

  • 1.25% over 41 metres, starting at 141 metres
  • (including 4.94% over 9 metres)

Hole PLS13-089

  • 0.17% over 16 metres, starting at 150 metres

  • 0.18% over 8 metres, starting at 198.5 metres

Hole PLS13-097

  • 0.99% over 48 metres, starting at 119 metres
  • (including 1.94% over 5 metres)
  • (and including 2.05% over 2.5 metres)
  • (and including 6% over 3.5 metres)

  • 0.54% over 6 metres, starting at 228.5 metres
  • (including 1.1% over 1 metre)

Hole PLS13-101

  • 0.5% over 34.5 metres, starting at 103 metres
  • (including 1.89% over 4.5 metres)

  • 0.63% over 11.5 metres, starting at 163 metres
  • (including 2.27% over 1 metre)

  • 1.04% over 17 metres, starting at 179 metres
  • (including 2.44% over 3.5 metres)

True widths were unavailable. Both zones remain open in all directions.

And the project’s potential remains open to speculation, not to mention exploration. On January 13 the company announced a new radon survey to follow up on 10 basement electromagnetic conductors. So far the technique has been used systematically on only one of the property’s over 100 basement EM conductors, Fission Uranium stated. Expected to last five or six weeks, the survey will take some 2,300 samples from three areas within Patterson Lake and a fourth within Forrest Lake, immediately south.

$50-million Uranium Participation financing bolsters commodity price confidence

In what’s been hailed as a testament of faith in uranium prices, Uranium Participation Corp TSX:U announced a $50-million private placement on January 16. “By mid-day the bought deal was complete,” reported Toll Cross Securities analyst Tom Hope.

Uranium Participation describes itself as “an investment alternative for investors interested in holding uranium.” Proceeds of the financing will be used to stockpile further purchases of U3O8 and uranium hexafluoride (UF6). Hope estimates the company will buy up to 1.28 million pounds to hold a total of about 14.7 million pounds “or approximately 9% of our estimated 2014 global mine output.”

A Denison Mines TSX:DML subsidiary manages Uranium Participation.

Declan grabs more ground north of Gibbon’s Creek

North of the company’s Gibbon’s Creek joint venture with Lakeland Resources TSXV:LK, Declan Resources TSXV:LAN has acquired the 11,100-hectare North Star property, the company announced January 17. The property “is believed to contain the northerly extensions of a number of important regional structures associated with uranium projects in the area,” Declan stated. “An interpretation of the magnetic background at Gibbon’s Creek shows a northerly trending structure which continues to the north through Lakeland Resources Ltd’s Star property, and onto the North Star property.”

The deal costs Declan $15,000 and 1.5 million shares, with a 2% gross sales royalty in effect. The previous week Declan and Lakeland reported Gibbon’s Creek boulder samples grading up to 4.28% U3O8, as well as some of the Basin’s highest-ever radon readings.

Read more about Lakeland Resources here and here.

Azincourt closes Peru property acquisitions

Uranium news from Saskatchewan and elsewhere for January 11 to 17, 2014

Along with the more advanced Macusani project, Azincourt’s newly acquired Muñani property positions the company in Peru’s emerging uranium district.

Azincourt Uranium TSXV:AAZ announced January 16 completion of its $2-million cash-and-share deal with Cameco Corp TSX:CCO and Vena Resources TSX:VEM. Coming with the advanced-stage Macusani project and the earlier-stage Muñani property, the buyout of Cameco and Vena’s Minergia S.A.C. places the purchaser prominently in Peru.

Back in Saskatchewan, Azincourt is earning into a 50/50 JV with Fission Uranium on their Patterson Lake North project. In December Azincourt closed two private placements totalling $2.5 million.

As for Vena, the deal “reactivates our investment in the uranium business,” chairman/CEO Juan Vegarra stated. The agreement allows Vena to double its Azincourt holdings within months.

Read more about Azincourt’s Peru acquisitions.

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Athabasca Basin and beyond

December 22nd, 2013

Uranium news from Saskatchewan and elsewhere for December 14 to 20, 2013

by Greg Klein

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News flash: Fission Uranium releases assays—actual lab assays—from Patterson Lake South

Frenetic as activity has been at Patterson Lake South, assays have been trickling in at a most leisurely pace. Results released by Fission Uranium TSXV:FCU on December 18 come from three holes that were drilled last summer and had scintillometer results reported in August and September. The backlog of assays, from about 50 holes, can only increase speculation about when the project’s maiden resource might appear and what it might show.

Uranium news from Saskatchewan and elsewhere for December 14 to 20, 2013

Even so, these results continue to impress with high-grade, near-surface intervals. Taken from R945E, the most easterly of six zones along a 1.78-kilometre trend, some of the better assays show 7.91% uranium oxide (U3O8) over 14 metres, 1.59% over 40 metres and 3.69% over 13.5 metres. One Russian doll interval-within-an-interval-within-an-interval graded 43.7% over 0.5 metres.

Highlights show:

Hole PLS13-084

  • 0.11% U3O8 over 8 metres, starting at 129.5 metres in downhole depth

  • 0.27% over 25.5 metres, starting at 156.5 metres

  • 0.3% over 7 metres, starting at 195 metres

  • 0.13% over 12.5 metres, starting at 206.5 metres

  • 3.69% over 13.5 metres, starting at 232.5 metres
  • (including 9.12% over 1 metre)
  • (and including 7.27% over 4.5 metres)

Hole PLS13-092

  • 0.84% over 16 metres, starting at 163 metres
  • (including 1.62% over 4 metres)
  • (and including 6.22% over 0.5 metres)

  • 0.15% over 7.5 metres, starting at 196 metres

Hole PLS13-096

  • 0.3% over 7.5 metres, starting at 98 metres

  • 1.59% over 40 metres, starting at 138 metres
  • (including 14.22% over 3 metres)

  • 2.4% over 11 metres, starting at 186 metres
  • (including 6.91% over 2 metres)

  • 7.91% over 14 metres, starting at 249.5 metres
  • (including 18.2% over 5.5 metres)
  • (which includes 43.7% over 0.5 metres)

True widths were unavailable. Drilling was vertical or near-vertical, with dips of 90, -88 and -89 degrees respectively.

The previous week, PLS’s now sole owner closed a $12.87-million financing for the project’s “most aggressive drill program to date” with about 100 holes totalling 30,000 metres, along with further geophysics. Winter is not a quiet time in the Athabasca Basin.

Lakeland recruits more expertise while planning Gibbon’s Creek winter program

Two more Lakeland Resources’ TSXV:LK appointments bring additional experience to the company’s management and board. December 16 and 19 announcements reported Neil McCallum joining as director and Frances Petryshen as corporate secretary.

McCallum, a project manager with Dahrouge Geological Consulting, has served a number of companies with target generation, hiring, logistics, land management, data compilation, project reviews and management.

“Among the first Basin projects I worked on was staking the Waterbury Lake project that started with Strathmore Minerals and turned into Fission Energy,” McCallum says. Fission Energy’s 60% interest in Waterbury was the main impetus for Denison Mines’ TSX:DML acquisition of the company earlier this year. The project’s J zone now shows an indicated resource of 291,000 tonnes averaging 2% for 12.81 million pounds U3O8.

“Also with Dahrouge, I worked on the Patterson Lake project, which morphed into Patterson Lake South,” McCallum adds. “Part of that work back in 2004 was digging through historic data, looking for projects that had been passed over by some of the major companies. So I’ve been familiar with the Basin since that time.”

His involvement in a variety of projects with prospect generator Zimtu Capital TSXV:ZC led him to Lakeland, a Zimtu core holding, about a year ago. “Having worked with Zimtu and Ryan Fletcher, I found I like the way he operates. He’s similar to me in that he’s a young guy who thinks outside the box. When you work with different projects and different teams you can look at the Basin from a different angle. I think that’s what people like Ryan and myself bring to the table—a bit of a different perspective.”

We’ll continue building our team and our projects so that when uranium’s price environment changes, which it will, we’ll be very well established.—Lakeland Resources
director Ryan Fletcher

As a Lakeland director, McCallum will play a wider role in the company than before. “A big part of Lakeland’s goal is to find projects either by staking or linking up with other companies,” he explains. “So a lot of what I’ll do is review those projects on a technical basis to make informed decisions.”

Fletcher reinforces those comments. “Our group has worked with Neil for several years now and I’ve seen the impact he’s had on other projects. But he’s also focused a lot on uranium and the Athabasca Basin. He has a talent for looking at historic data, filing through the assessment reports and putting it all into context. He’s already been helping with project management on our Gibbon’s Creek/Riou Lake project, but now he’s joining the board to represent shareholders and drive shareholder value.”

As corporate secretary Frances Petryshen brings 25 years of experience specializing in corporate compliance and governance for public, private and not-for-profit organizations. She’s been a director and officer with several public and private companies including CanAlaska Uranium TSX:CVV, where she worked from 2007 to 2012.

Petryshen is an accredited director and a fellow with the Institute of Chartered Secretaries and Administrators, where she currently serves as director and chairperson of the British Columbia branch.

“Her appointment is another important step towards adding the right people to deliver as we grow the company and expand our exploration and activity in the Athabasca,” said Lakeland president/CEO Jonathan Armes in a statement accompanying the announcement. “Frances will be an important contributor and a trusted adviser and associate to our team.”

The news follows several recent Lakeland announcements including the appointments of mining specialists Sam Wong as CFO and Canon Bryan as adviser, JVs with Declan Resources TSXV:LAN and Star Minerals Group TSXV:SUV, and a research report by Zimtu research and communications officer Derek Hamill.

With summer/autumn field work complete, planning now takes place for the 12,771-hectare Gibbon’s Creek winter campaign. “We’ll be very active throughout the new year as well,” Fletcher says. “We’ll continue building our team and our projects so that when uranium’s price environment changes, which it will, we’ll be very well established.”

Mega Uranium to get Energy Fuels’ interest in Bayswater; EFR signs KEPCO agreement

Under a share swap announced December 19, Energy Fuels TSX:EFR signed an agreement to exchange all its Bayswater Uranium TSXV:BYU stock with Mega Uranium TSX:MGA for 1.7 million newly issued Mega shares. Energy Fuels got the 11.5% interest in Bayswater on taking over Strathmore Minerals in September. Subject to all approvals, the co-signers expect to close the transaction by January 17.

The companies are hardly unacquainted. Energy Fuels is already a Mega shareholder. Mega, meanwhile, owns about 17% of NexGen Energy TSXV:NXE. Although Mega lost its bid for Rockgate Capital TSX:RGT in October, the following month it picked up 28% of the ASX-listed Toro Energy in return for Mega’s Lake Maitland pre-development project in Western Australia. Energy Fuels holds a 5% gross production royalty on the Reno Creek uranium project, which last March reached pre-feasibility under a Bayswater affiliate.

Energy Fuels supplies about 25% of American uranium production. In November the company suspended development of its Canyon mine in Arizona due to low commodity prices and legal action challenging the U.S. Forest Service’s approval of the mine.

On December 17 the company announced a strategic relationship agreement with the Korea Electric Power Corp. But details were lost in Energy Fuels’ vaguely written news release.

Ur-Energy offered 50% discount on Pathfinder Mines, AREVA to get 5% royalty

A revised agreement offers Ur-Energy TSX:URE a half-price deal on Pathfinder Mines and its two former Wyoming mines with historic resources. The acquisition was originally priced at US$13.25 million in July 2012. Now, “in recognition of current market conditions,” AREVA affiliate COGEMA Resources will let go of Pathfinder for approximately $6.625 million in return for a 5% gross royalty on Pathfinder’s Shirley Basin property. The royalty remains subject to caps depending on uranium’s price. Ur-Energy has already put $1.325 million into escrow. Some other details have yet to be negotiated, the company stated.

Three days after that December 16 announcement, the company reported a private placement expected to close on December 20 for approximately $5.18 million. The money was earmarked for the Pathfinder acquisition.

Earlier in December Ur-Energy reported a first shipment of 35,000 pounds U3O8 left its Lost Creek mine in Wyoming. Lost Creek’s resource update was released in November.

In late October the company closed a $34-million Wyoming state loan after having previously borrowed $35 million from RMB Australia Holdings Ltd.

Uranium exploration finds frac sand potential on Declan Resources’ Firebag River

Initial field work by Dahrouge Geological Consulting shows potential for high-quality frac sand on Declan Resources’ Firebag River property in northeastern Alberta, the company announced December 18. Samples from depths of less than two metres revealed “high silica content, quality sphericity and roundness values, and a high percentage of sand falling within the preferred 20/40 and 40/70 mesh sizes,” Declan stated.

Using figures from consulting firm PacWest, a December 2 Wall Street Journal report says oil and gas companies have boosted sand demand 25% since 2011, with another 20% increase expected over the next two years.

Declan intends to follow up on the finding “along with its principal objective of uranium exploration” at the 50,000-hectare property just southwest of the Basin. One day earlier the company released silver-copper results from its Nimini Hills property in Sierra Leone. In early December Declan signed a JV on Lakeland Resources’ Gibbon’s Creek project, a four-year option which would inject an extra $1.25 million into the property’s 2014 drill program.

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Athabasca Basin and beyond

December 7th, 2013

Uranium news from Saskatchewan and elsewhere for November 30 to December 6, 2013

by Greg Klein

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Introducing the Alpha Minerals spinco—Alpha Exploration Inc

With court blessing announced December 2 for the Alpha Minerals TSXV:AMW takeover by Fission Uranium TSXV:FCU, the deal faces just one more approval, this one from the TSXV. That was expected, but not announced, on December 6. Alpha’s spinco, Alpha Exploration Inc (anticipated ticker TSXV:AEX) gets about $3 million cash and all non-Patterson Lake South assets, including properties in Ontario and British Columbia as well as Saskatchewan. Each Alpha Minerals share fetches 5.725 Fission shares and one-half spinco share. Since December 3 Alpha Minerals shares have no longer traded with spinco shares attached.

The current Alpha Minerals board and management will “substantially” move into AEX positions.

Court approval for Fission Uranium’s spinco—tentatively titled Fission 3.0 to also commemorate Fission Uranium’s predecessor and Denison Mines’ TSX:DML acquisition Fission Energy—was announced the previous week. Each Fission Uranium shareholder gets one share of post-arrangement Fission Uranium as well as a share of the Fission spinout, expected to start trading December 10.

Having obtained full PLS ownership from its 50/50 joint venture ally, Fission Uranium has undoubtedly caught the attention of much bigger takeout artists.

Read more about the takeover.

Read more about uranium merger-and-acquisition activity.

Lakeland/Declan Resources JV accelerates work, strengthens their positions

In this market you have to work with strong partners. You have to collaborate and be a bit creative. We’re fortunate to work with people like Declan president Wayne Tisdale’s team and the financial connections they can bring.—Ryan Fletcher, director of Lakeland Resources

A new team of Lakeland Resources TSXV:LK and Declan Resources TSXV:LAN means an accelerated winter drill program for their Gibbon’s Creek flagship as well as the opportunity to put additional work into other Basin-area projects.

Declan’s first-year commitment will inject another $1.25 million into Gibbon’s, a 12,771-hectare north-central Basin property that already underwent over $3 million of work prior to last fall’s field campaign by Lakeland. Declan may earn 50% of the project by spending that $1.25 million, paying Lakeland $100,000 and issuing two million shares in 12 months. Over four years Declan may obtain a 70% interest for a total of $1.5 million in cash, 11 million shares and $6.5 million in spending.

The agreement further demonstrates Declan’s new direction, following its acquisitions in September and October of the 9,000-hectare Patterson Lake Northeast and 50,000-hectare Firebag River properties.

Declan’s commitment also allows Lakeland to ramp up its campaign for two other north-central Basin properties, South Pine and Perch Lake. Work on all those properties will be managed by Dahrouge Geological Consulting, led by PLS and Waterbury Lake veteran Jody Dahrouge.

Field results from Lakeland’s fall campaign are pending, while new appointments are anticipated from Declan.

Read more about the Lakeland/Declan JV and their other projects.

Read more about Lakeland Resources here and here.

Macusani claims low-cost uranium potential in Peruvian PEA

Macusani Yellowcake TSXV:YEL presented its case for a low-grade but potentially low-cost uranium mining operation in Peru with a preliminary economic assessment released December 5. The company envisions both open pit and underground operations with “a low stripping ratio in the open pit operations, anticipated low acid consumption and high process plant recoveries expected to be achieved in a short period of time.”

Uranium news from Saskatchewan and elsewhere for November 30 to December 6, 2013

The under-explored Macusani plateau shows considerable
uranium potential, according to the eponymous Macusani Yellowcake.

The report, using U.S. dollars, uses an 8% discount rate to calculate a $417-million after-tax net present value with a 32.4% internal rate of return. Those numbers assume a long-term price of $65 a pound uranium oxide (U3O8).

Initial capital expenditures would come to $331 million to build the mine and a plant processing 8.5 million tonnes per year. Total sustaining capital costs for the 10-year lifespan would reach $228 million. Payback would take 3.5 years.

Life of mine cash costs would average $20.57 a pound but, Macusani emphasized, years one to five would average $19.45, “placing it in the lowest quartile in the world using 2012 production figures.” Those first five years would produce an average 5.17 million pounds annually which would, were it operating now, rank the mine the world’s sixth largest, the company maintained. The 10-year average would be 4.3 million pounds.

The project, on the Macusani plateau in southeastern Peru, features multiple deposits, some adjacent to each other, others a few to several kilometres apart. The December 5 news release once again claimed last August’s resource update showed a 167% increase in measured and indicated categories. But there was no increase in the measured category. In fact measured pounds equal less than 1% of the M&I total.

Calling the project potentially “one of the lowest-cost uranium producers in the world,” Macusani CEO Laurence Stefan added, “The PEA demonstrates that the Macusani plateau has significant potential to become a major uranium-producing district, considering that only small areas have been explored to date.”

The company expects to begin pre-feasibility work in 2014.

NexGen announces initial geophysical results for Rook 1

An airborne radiometric survey over the PLS-vicinity Rook 1 project found at least five zones with elevated readings, NexGen Energy TSXV:NXE reported on December 2. Two of the zones are “proximal” to last summer’s drilling and could provide targets for another program beginning in January. Additionally aeromagnetic data identified regional and local basement structures.

The company will pursue the source of the elevated radiometrics next summer through ground radiometric surveying, mapping and sampling. Meanwhile the current data from 5,772 line-kilometres of high-resolution magnetic, very low frequency and radiometric surveys undergoes more comprehensive analysis.

Still to come are assays from NexGen’s nine-hole, 3,473-metre campaign at the eastside Basin Radio project, where the company holds a 70% option two kilometres east of Rio Tinto’s NYE:RIO Roughrider deposits. Having raised $5 million in late August, NexGen stated it’s still well-financed.

More near-surface, district-wide potential found in Argentina, says U3O8

In mid-November U3O8 Corp TSX:UWE said a discovery roughly 40 kilometres northeast of its Laguna Salada deposit could indicate district-scale potential. On December 4 the company stated another Argentinian discovery, on the southern extension of Laguna Salada, further suggests that potential. In both cases vertical channel sampling found near-surface, soft gravel uranium-vanadium mineralization.

Laguna Salada trials showed that screening could concentrate over 90% of its uranium in about 10% of the gravel’s original mass, resulting in 10 to 11 times greater grade, U3O8 stated. The company maintains its deposits offer continuous surface mining potential with alkaline leaching.

Dubbed La Susana, the new discovery’s slated for pitting and trenching to determine the extent of mineralization. While Laguna Salada’s PEA nears completion, the company continues JV negotiations with a province-owned mining company that could unite Laguna Salada with adjoining concessions.

U3O8 has a Colombian uranium-polymetallic project with a PEA and an earlier-stage project in Guyana.

Aldrin finishes Triple M gravity survey, offers $2-million private placement

With its ground gravity survey complete, Aldrin Resource TSXV:ALN stated anomalies coincide with previous results and already-identified drill targets. Data from 871 stations on Triple M, adjacent to and southwest of PLS, covered two parallel bedrock conductors already noted from an airborne VTEM survey and surface radon anomalies, the company reported on December 4.

Gravity anomalies consist of relatively low readings “reflecting the dissolution and removal of rock mass by the same basinal fluids that may also precipitate uranium,” Aldrin explained.

Two days earlier the company announced a $2-million private placement for Triple M exploration and drilling. The offer comprises 18.18 million units at $0.11, with each unit consisting of one flow-though share and one-half warrant, with each full warrant exercisable at $0.16 for 18 months.

In early November Aldrin reported closing a $972,500 first tranche of a private placement that had been announced the previous month. The company has also indicated plans to buy the Virgin property around the Basin’s south-central rim.

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Athabasca Basin and beyond

November 30th, 2013

Uranium news from Saskatchewan and elsewhere for November 23 to 29, 2013

by Greg Klein

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December 6 expected for Fission to finish Alpha acquisition; Fission spinco gets court approval

Now that both companies have put it to a vote, Fission Uranium’s TSXV:FCU acquisition of Alpha Minerals TSXV:AMW goes to the TSXV and Alberta Court of Queen’s Bench for final approval. The 50/50 Patterson Lake South joint venture partners announced overwhelming support at their respective meetings on November 28. The companies expect final approval on December 6.

The Fission tally was 99.55% from shareholders and 99.6% from security holders. Alpha’s enthusiasm was slightly more restrained, with 83.18% shareholder and 85.72% security-holder support.

Assuming final approvals come through, the arrangement will put the celebrated PLS uranium project under a single takeover target… er, company. Alpha and Fission will each create a spinco for their non-PLS assets.

Court approval for Fission’s spinco was announced November 29. Itself a spin-out resulting from last April’s Fission Energy acquisition by Denison Mines TSX:DML, Fission Uranium calls the new entity Fission 3.0. Each Fission Uranium shareholder gets one new share of post-arrangement PLS-holding Fission Uranium as well as a share of Fission Mach III, expected to start trading December 10.

Read more about the takeover.

Read more about uranium merger-and-acquisition activity.

PLS regional drilling disappoints but Fission/Alpha end campaign triumphantly

Two of the final 11 autumn holes at PLS confirmed continuity along a 30-metre strike at the project’s recently discovered sixth zone. But nine others failed to find significant radioactivity, according to scintillometer results released by Fission and Alpha on November 27. The non-mineralized nonet, sunk further west of the project’s western-most R600W zone, might please only an anti-nuke activist. Nevertheless “varying degrees of secondary hydrothermal alteration were present in all holes, thus providing encouragement for the prospectivity of the western strike extension” of the PL-3B EM conductor corridor. R600W remains open in all directions, the partners maintain.

Their hand-held scintillometer measures gamma ray particles in drill core up to a maximum of 9,999 counts per second. These results are no substitute for assays, which are still to come. But don’t hold your breath—so are assays for 40 holes drilled last summer.

Of the two mineralized holes, PLS13-123 reached a total depth of 260 metres, encountering sandstone at 90.7 metres and the basement unconformity at 100 metres. Some highlights show:

  • <300 to 1,200 cps over 20 metres, starting at 95 metres in downhole depth

  • <300 to 5,100 cps over 7.5 metres, starting at 132.5 metres

  • 320 to 2,300 cps over 2.5 metres, starting at 142.5 metres

Hole PLS13-124 found sandstone at 97.5 metres and the basement unconformity at 99 metres before stopping at 257 metres. Highlights include:

  • 450 to 5,500 cps over 6.5 metres, starting at 97.5 metres

  • <300 to 1,300 cps over 7.5 metres, starting at 114 metres

  • <300 to 2,500 cps over 11.5 metres, starting at 197 metres

True widths weren’t available. With dips of -87 and -89 degrees respectively, the two holes’ downhole depths are close to vertical.

The 11 land-based holes bring an end to this drill program, most of which took place from barges over the lake. Fifty-three holes totalling 16,485 metres found six near-surface zones along a 1.76-kilometre trend. Ending the season on a triumphant note, Alpha president Ben Ainsworth said the 12-month campaign nearly equalled “what was completed in four years of work on Hathor’s Roughrider discovery.”

Research report examines Lakeland Resources as company acquires additional Basin property

Just one day after a research report was released on Lakeland Resources TSXV:LK, the company reported expansionary plans in Saskatchewan’s Athabasca Basin. Announced November 27, a JV teams the company with Star Minerals Group TSXV:SUV on two claims totalling 1,092 hectares. The new turf sits adjacently north of the Gibbon’s Creek target, focal point of Lakeland’s Riou Lake property.

The acquisition takes place while results are pending from autumn field work at Gibbon’s Creek. “Based on preliminary findings we decided it was important that we acquire that ground,” Lakeland president/CEO Jonathan Armes tells ResourceClips.com. “Star Minerals is focused on a rare earth project north of the Basin so the agreement works well for both companies.”

Gibbon’s autumn campaign, including boulder sampling, line-cutting, a RadonEx survey and a ground DC resistivity survey, has just wrapped up, he adds. “We’re putting all the data together and we’ll get that out imminently.”

A distinct topographical feature of the new property is an uplifted block of basement rock that “highlights the evidence for structural offsets, a key feature of known unconformity-type uranium deposits,” Lakeland stated. Historic work by Cameco Corp TSX:CCO-predecessor Eldorado Nuclear found several anomalous soil samples around the uplifted block measuring up to 0.01% uranium. Trenching by Eldorado showed concentrations of rare earths that might also indicate unconformity-type uranium mineralization. The property has also undergone 14 historic drill holes.

Lakeland plans to follow up on the previous work while reviewing Gibbon’s Creek data to identify drill targets. “We still have two other priority projects, South Pine bordering Riou Lake on the west, and Perch Lake farther east,” Armes says. “There’s lots more field work we can do, even during winter. Both radon and resistivity can be carried out during the winter, so we’re not limited to fair weather programs.”

Gibbon’s Creek and the new claims also benefit from close proximity to the town of Stony Rapids, a few kilometres away. Apart from the new acquisition, Lakeland has a portfolio of nine properties totalling over 100,000 hectares in the northern and eastern Basin.

Under the JV agreement, Lakeland may earn a 100% interest in the two additional claims by paying Star $60,000 and issuing 600,000 shares over 12 months. Star retains a 25% buy-back option for four times the exploration expenditures up to 90 days following a resource estimate.

One day before the announcement, prospect generator Zimtu Capital TSXV:ZC released a report on Lakeland. Written by Zimtu research and communications officer Derek Hamill, it places Lakeland in the context of Athabasca Basin exploration, the nuclear energy industry and the outlook for uranium prices. Presented as both research and opinion, Hamill’s work shows a shareholder’s perspective—Lakeland is a core holding of Zimtu.

So a degree of self-interest can be acknowledged. But the breadth of research goes far beyond Lakeland, its people and projects, providing a level of detailed scrutiny not often applied to early-stage companies.

Download the Lakeland Resources research report.

Read more about Derek Hamill’s research.

Read more about Lakeland Resources.

UEX announces final Shea Creek results, initial 2014 uranium exploration plans

North from PLS along Highway 955, and 13 kilometres south of the Cluff Lake past-producer, a year’s drilling has wrapped up at Shea Creek. UEX Corp TSX:UEX reported final results for two concurrent programs reported November 27.

UEX picked up the entire $2-million tab for drilling around the Kianna deposit while funding $1.27 million of $2.6 million sunk into property-scale exploration as part of the company’s 49%/51% JV with AREVA Resources Canada.

Results were given in uranium oxide-equivalent (eU3O8) using readings from a downhole radiometric probe which were calibrated with an algorithm calculated by comparing previous probe results with assays.

The most promising results came from the Kianna deposit. Kianna East hole SHE-142-3 reached a total depth of 1,065 metres, finding the unconformity at 736.9 metres and expanding the zone to the south. Highlights show:

  • 0.99% eU3O8 over 5.3 metres, starting at 961.2 metres in downhole depth
  • (including 3.21% over 1.5 metres)

In addition, UEX credited hole SHE-135-16 with a northwest expansion to Kianna East. Ending at 1,038 metres’ depth, the hole found the unconformity at 750.5 metres. Some of the better results show:

  • 0.16% over 5.2 metres, starting at 956 metres
  • (including 0.41% over 0.9 metres)
  • (and including 0.49% over 0.7 metres)

  • 0.48% over 3 metres, starting at 979.9 metres

Kianna North hole SHE-135-17 hit the unconformity at 732.2 metres before stopping at 1,059 metres, expanding the zone’s eastern extension of basement-hosted mineralization. Highlights include:

  • 0.33% over 9.4 metres, starting at 724.6 metres
  • (including 0.5% over 1.3 metres)
  • (and including 0.53% over 4.4 metres)

  • 0.8% over 31.5 metres, starting at 848.8 metres
  • (including 3.29% over 1.3 metres)
  • (and including 3.22% over 1.3 metres)
  • (and including 4.05% over 4.1 metres)

Of 10 exploration holes that tested two conductors, eight failed to find significant results. Two holes at Anne South showed these results:

  • 0.14% over 0.9 metres, starting at 765.4 metres

  • 0.21% over 0.9 metres, starting at 748.4 metres

(True widths were unavailable for all holes.)

Four of the 10 holes confirmed the Saskatoon Lake East conductor’s location, providing a new target area parallel to the roughly three-kilometre trend hosting Shea’s four deposits. Combined, they comprise the Basin’s third-largest resource after Cameco’s McArthur River and Cigar Lake, showing:

  • indicated: 2.07 million tonnes averaging 1.48% for 67.66 million pounds U3O8

  • inferred: 1.27 million tonnes averaging 1.01% for 28.19 million pounds

Still undecided are next year’s plans for Shea Creek, where AREVA acts as project operator. UEX states work will depend on Q1 capital market conditions.

But another November 27 announcement reported a $2-million budget for three western Basin projects. Plans include about 4,000 metres of drilling to test EM conductors at the Laurie and Mirror River projects, and a 50.4-line-kilometre ground tensor magnetotelluric survey at the Erica project. Work is expected to start in January. By that time ownership will be divided approximately 49.1% by UEX and 50.9% by AREVA, again acting as operator.

Among other UEX projects, its 100%-held Hidden Bay on the Basin’s east side has three deposits totalling:

  • indicated: 10.37 million tonnes averaging 0.16% for 36.62 million pounds U3O8

  • inferred: 1.11 million tonnes averaging 0.11% for 2.71 million pounds

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Athabasca Basin and beyond

November 23rd, 2013

Uranium news from Saskatchewan and elsewhere for November 16 to 22, 2013

by Greg Klein

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Azincourt to acquire Peruvian company from Cameco and Vena for $2 million

So far best known for its 50% interest in the Patterson Lake North joint venture with Fission Uranium TSXV:FCU, Azincourt Uranium TSXV:AAZ plans to acquire an advanced-stage uranium project in Peru. Under definitive share purchase agreements announced November 22, the $8.1-million market cap Athabasca Basin junior proposes to buy Minergia S.A.C. from 50/50 co-owners Cameco Corp TSX:CCO and Vena Resources TSX:VEM. As well as the 4,900-hectare Macusani project, Minergia comes with its younger sister, 9,600-hectare Muñani, both in southeastern Peru.

Subject to approvals, the deal would have Azincourt give Cameco and Vena $750,000 worth of shares and $250,000 each. Vena chairman/CEO Juan Vegarra would join Azincourt as an independent director. Azincourt would spend between $1.5 million and $2 million on the projects annually.

The deal would also allow Vena to buy Cameco’s portion of Azincourt shares for the purchase price plus 50% of any increase in the market price.

In a statement accompanying Vena’s announcement, Vegarra noted that Azincourt president/CEO Ted O’Connor is “the former director of Cameco’s corporate development group who was responsible for overseeing Cameco’s significant investment in Minergia.”

With over $12 million of work between 2007 and 2011, Macusani comes with an historic resource that was released in September 2011. Using a 0.009% cutoff, five of the property’s nine areas show:

  • measured: 10.39 million short tons averaging 0.025% for 5.69 million pounds uranium oxide (U3O8)

  • indicated: 34.16 million tons averaging 0.018% for 12.52 million pounds

  • inferred: 37.79 million tons averaging 0.02% for 17.42 million pounds

The project could offer low-cost open pit, acid heap leach potential, according to Azincourt.

As for Muñani, it shows uranium mineralization in sandstone and outcrops, has undergone airborne geophysics and ground prospecting, and has drill targets ready, Azincourt stated.

Although two years of depressed prices have pushed the projects into dormancy, Azincourt plans to complete community agreements and permitting prior to another drill program.

Vena also announced that Silvia Dedios has been named general manager following David Bent’s resignation. Walter Cuba becomes project manager to work with Azincourt on Minergia’s uranium assets.

Last June Vena dropped out of negotiations with a private Peruvian company to create a JV for three other Vena projects. In August the company settled $150,350 of debt for 1.64 million shares.

Azincourt and Fission update winter plans for Patterson Lake North

Back in the Basin, Azincourt and Fission updated their previously announced winter plans for Patterson Lake North on November 18. The program now includes a radon survey at Hodge Lake as well as further electromagnetic work and eight to 10 holes totalling 2,500 to 3,000 metres.

Initial results from a five-kilometre ground magnetotelluric survey over the northern part of an eight-kilometre VTEM conductive trend suggest it comprises a series of parallel west-dipping basement EM conductors, the JV stated. Further EM work will increase resolution and orient a resistivity survey scheduled for next summer. “Many structurally controlled high-grade uranium occurrences in the Athabasca Basin are related to hydrothermal alteration systems associated with basement EM conductors,” the companies emphasized. Drill targets will be refined by identifying an EM basement conductor with a resistivity low signature, especially when associated with a cross-cutting interpreted structural feature, the partners explained.

Diamond drilling is slated to begin in January, after the holes have been pre-collared with RC rigs.

Azincourt is earning a 50% interest in the 27,408-hectare project adjacent to Fission’s better-known project, the Patterson Lake South JV with Alpha Minerals TSXV:AMW. Fission acts as operator on both projects.

Denison considers compulsory acquisition as Rockgate takeover now 86% complete

Delighted with “such overwhelming enthusiasm,” Denison Mines TSX:DML president/CEO Ron Hochstein announced on November 18 his company has so far nabbed 100.54 million shares for 86% control of Rockgate Capital TSX:RGT. In another extension to the offer—the final one, this time—Denison now says Rockgate laggards have until November 29 to throw in their lot with the victor.

If the company can get just 4% more of Rockgate’s total shares, Denison intends to acquire the rest through a compulsory acquisition. Otherwise the aggressive uranium miner/explorer will try an “amalgamation or other corporate reorganization” to part the hold-outs from their holdings. On October 30 Denison stated it was lowering the minimum tender condition from 90% to two-thirds of outstanding shares.

At that time directors of the two companies softened their positions considerably. Rockgate president/CEO Karl Kottmeier initially denounced the Denison offer as an “unsolicited opportunistic hostile takeover bid” which scuttled Rockgate’s proposed merger with Mega Uranium TSX:MGA. Rockgate’s board did, however, reluctantly recommend shareholder acceptance.

Read more here and here.

Read more about uranium merger-and-acquisition activity.

Read about Denison’s Q3 report.

Denison moves its people into Rockgate management/board positions

Rockgate’s changing of the guard, meanwhile, presages its takeover. The company announced five departures from its seven-person board on November 22. Gone are Doug Ford, Edward Ford, Allen Ambrose, Gord Neal and Phil Williams. Replacing them are Denison directors Ron Hochstein, Robert Dengler and Catherine Stefan, with William Rand becoming chairperson.

Rockgate’s Karl Kottmeier, Doug Ford and Kirk Gamely step down from management, although Kottmeier and Bryan Hyde will remain on Rockgate’s board to smooth the transition of its flagship Falea project in southwestern Mali, which was scheduled for pre-feasibility in early 2014. Denison’s Hochstein now becomes Rockgate president/CEO, David Cates CFO and Sheila Colman corporate secretary.

Denison has said that on acquiring Rockgate it will spin out its African assets to concentrate on the Athabasca Basin.

Mega Uranium closes Australian sale, gains 28% of Toro Energy

Undeterred by its Rockgate failure, Mega has now picked up 28% of an ASX-listed company with “one of the larger pre-development uranium projects worldwide.” That results from the completed sale of Mega’s Lake Maitland property in Western Australia to Toro Energy. In a deal valued at about AU$37 million last August, Mega gets about 28% of Toro shares and fills Toro board positions with Mega executive VP of corporate affairs Richard Patricio and executive VP for Australia Richard Homsany, the Toronto-listed company announced November 19.

Blue Sky drills Ivana project in Argentina, offers $500,000 private placement

Uranium news from Saskatchewan and elsewhere for November 16 to 22, 2013

Located in Argentina’s Rio Negro province, Blue Sky’s
Ivana project currently undergoes a 2,000-metre drill program.

Now underway at Blue Sky Uranium’s TSXV:BSK Ivana project in Argentina, a nine-hole, 2,000-metre drill campaign targets shallow, roll-front uranium mineralization to 400 metres in depth. Announced November 18, Phase I work also includes ground geophysics. The 71,300-hectare property has previously undergone airborne radiometrics, sampling, prospecting, mapping and trenching.

AREVA funds the work under an option to spend $2 million by December 31 on Blue Sky’s Argentinian properties. On completion, AREVA may fund an additional $3 million on one project, or $4 million combined on two projects, to earn a 51% interest by the end of 2017. In addition to the project in Rio Negro province, Blue Sky currently focuses on its Sierra Colonia property in central Chubut province.

The company also announced a private placement of 10 million units at $0.05 for $500,000. Each unit consists of one share and one transferable warrant exercisable at $0.10 for two years.

Ground gravity survey underway on Aldrin Resource’s Triple M

Announced by Aldrin Resource TSXV:ALN on November 20, a ground gravity survey on the PLS-vicinity Triple M property intends to find extensively altered basement rocks associated with two bedrock conductive anomalies shown in last summer’s VTEM survey. Identified by anomalous gravity lows, extensively altered rocks are associated with strong uranium mineralization elsewhere in the region, the company stated. Triple M’s schedule calls for completion of the gravity survey by year-end.

The previous week Aldrin released initial radon results from 527 sample sites. The company also plans to buy the 49,275-hectare Virgin property around the Basin’s south-central edge.

Zadar Ventures acquires two more properties from Canterra Minerals

With two new acquisitions just south of the Basin’s southeastern rim, Zadar Ventures TSXV:ZAD has signed another definitive purchase agreement. The deal, announced November 20, has Zadar issuing 160,000 shares to Canterra Minerals TSXV:CTM and 170,000 to African Oil Corp in return for the 5,831-hectare Highrock and the 5,583-hectare Riverlake projects. Canterra retains a 2% NSR on both properties, of which Zadar may buy half for $1 million.

Both properties have seen historic EM surveys, soil sampling and drilling. Radioactive pitchblende pebbles found immediately west of Highrock might have originated on the property, Zadar stated. Highrock sits eight kilometres from Cameco’s former Key Lake mine.

Riverlake features a 1,200-metre by 600-metre soil anomaly with uranium values up to 0.0374% over three EM conductors with a combined strike of five kilometres, Zadar added. A hole drilled in 2008 found 63 metres of radioactivity five to 10 times the background level.

In September the company announced its acquisition of the 37,445-hectare Pasfield Lake property, also from Canterra. Earlier that month Zadar reported finding radioactive boulders on its PLS-vicinity PNE project.

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