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.
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 ResourceClips.com 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.
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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