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Posts tagged ‘Forum Uranium Corp (FDC)’

Athabasca Basin and beyond

May 1st, 2015

Uranium news from Saskatchewan and elsewhere to May 1, 2015

by Greg Klein

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NexGen ends winter with outstanding step-outs, plans 2015 maiden resource

Following a season in which 44 of 46 holes at Rook 1’s Arrow zone found mineralization, the last one released by NexGen Energy TSXV:NXE showed the project’s highest total composite mineralization. That April 29 announcement followed an April 23 batch of results that included some of the zone’s strongest offscale radioactivity. Although lots of assays are still pending, drilling resumes in early June with five rigs expected to sink a total of 25,000 metres. The longer-term goal is a maiden resource by December.

Winter’s record-breaker was angled hole AR-15-45b, which drilled through A2 and A3, two of the zone’s three mineralized shears. It returned a composite 226 metres of mineralization distributed within a 468-metre section starting at 391 metres in downhole depth. Included was a composite 9.8 metres that went “offscale” between 10,000 and 54,000 counts per second.

The results come from a hand-held scintillometer that measures drill core radioactivity. Readings above 10,000 cps are considered offscale due to the limitations of earlier devices. These measurements don’t substitute for assays, which have yet to arrive.

Another radioactive announcement six days earlier heralded a substantial expansion to A2’s high-grade core, some of Arrow’s strongest off-scale measurements and semi-massive to massive pitchblende that would make a geologist’s mouth water. Currently marking Arrow’s southwestern border, hole AR-15-44b stepped out 76 metres southwest along strike from AR-14-30, which last October assayed 7.54% U3O8 over 63.5 metres.

AR-15-44b found a composite 190.7 metres within a 519-metre section, starting at 430.5 metres in depth. The results included an offscale composite of 40.45 metres.

Other highlights include:

  • AR-15-43a, with 92 composite metres within a 501.5-metre section, starting at 346 metres

  • AR-15-42a, with 68.9 composite metres within a 592.5-metre section starting at 142.5 metres

Arrow now covers 515 metres by 215 metres, with mineralization found vertically at depths between 100 metres and 920 metres. Still open in all directions and at depth, the zone boasts significant off-scale mineralization at both its southwestern and northeastern extents.

Beyond Arrow, NexGen’s winter season also resulted in Rook 1’s Bow discovery.

Athabasca Basin bought deals: Fission closes $20 million, Denison announces $15 million

April 29 proved a good day for uranium financings as the Basin’s two most prominent explorers announced substantial bought deals. Fission Uranium TSX:FCU completed a private placement of 13.34 million flow-through shares at $1.50 to bring in $20.01 million. Denison Mines TSX:DML announced an agreement to purchase 12 million flow-through shares at $1.25 for $15 million, an offer that’s expected to close around May 26.

Fission’s placement started at $15 million on April 1. Within hours the figure rose to $17.4 million. With the underwriters exercising their additional 15% option, the deal closed on $20.01 million. Earlier this month the company finished its winter program at Patterson Lake South, which strived to expand and upgrade the Triple R deposit and the R600W zone, as well as explore the PLS property farther afield.

Denison also wrapped up winter work earlier this month after sinking 61 holes totalling 30,400 metres on seven projects, most of them joint ventures. Summer plans call for about 34,000 metres on eight projects, focusing on the flagship Wheeler River project, which has a maiden resource for the Gryphon zone planned for December to complement the very high-grade Phoenix deposit three kilometres southeast. Denison holds 60% of the JV with Cameco Corp TSX:CCO (30%) and JCU (Canada) Exploration (10%).

Also announced April 29, Cameco’s Q1 results showed $566 million in revenue, a 35% increase over the same period last year. Gross profit reached $129 million, a 19% increase. But a net loss attributable to shareholders sunk to $9 million, or $0.02 per share diluted, 107% below Q1 2014 performance. The company attributed blame “primarily due to higher mark-to-market losses on foreign exchange derivatives.”

In a more modest financing the following day, Kivalliq Energy TSXV:KIV closed the final tranche of a private placement totalling nearly $2.8 million. UEX Corp TSX:UEX offered a $2.5-million placement on April 21.

Phase I drilling finds U3O8 at Lakeland Resources’ Star/Gibbon’s Creek project

Assays released May 1 show a promising start to Lakeland Resources’ (TSXV:LK) Star/Gibbon’s Creek project. As a result the company plans geophysics and drilling to complement last winter’s 14-hole, 2,550-metre program on the road-accessible property a few kilometres from the town of Stony Rapids, on the Basin’s north-central rim.

Among highlights from the project’s South trend was hole GC15-03, immediately below the sub-Athabasca unconformity, which showed:

  • 333.8 ppm U3O8 over 1.1 metres, starting at 106.8 metres in downhole depth
  • (including 0.13% over 0.23 metres)

True widths weren’t available.

The hole also revealed uranium enrichment, strong hydrothermal alteration and the pathfinder elements boron, cobalt and nickel between 106.8 and 133 metres in depth.

Additional anomalous uranium came from two holes north and south of GC15-03:

Phase I drilling finds U3O8 at Lakeland Resources’ Star/Gibbon’s Creek project

Drill results show uranium enrichment, strong hydrothermal
alteration and pathfinder geochemistry for hole GC15-03.

GC15-04

  • 86.7 ppm over 1 metre, starting at 114.2 metres

GC15-11

  • 123.3 ppm over 2.1 metres, starting at 103.4 metres

GC15-02, collared near an historic hole that assayed 0.18% over 0.13 metres, showed:

  • 120.3 ppm over 1 metre, starting at 101 metres

At the South zone’s eastern end, GC15-10 returned “a strong illite clay alteration assemblage from the unconformity (80.9 metres) to 148 metres’ depth,” Lakeland stated. “This interval corresponds to a zone of strong ductile shearing and local brittle-ductile cataclastic brecciation.”

GC15-06 on the Centre zone tested an area with some of the Basin’s strongest land-based RadonEx measurements. “Highly anomalous geochemical pathfinders were noted throughout the hole, including a zone of uranium enrichment from approximately 41 metres to 109.5 metres in depth.”

The company now plans airborne electromagnetics on the project’s eastern margins, ground gravity at the South trend and additional RadonEx surveys. Further drilling around GC15-06 and the South trend will follow.

“Given the early stage of exploration at Gibbon’s Creek, results obtained from this first round of drilling are very encouraging,” said president Jonathan Armes. “The geochemical, clay and alteration results are suggestive of a nearby basement-hosted or unconformity-hosted uranium occurrence…. Lakeland will have multiple exploration programs ongoing in and around the Athabasca Basin this summer and fall, which should provide for an exciting year.”

With one of the Basin-region’s largest portfolios, Lakeland currently holds 32 properties totalling over 300,000 hectares. Among other drill-ready projects are Newnham Lake, east of Star/Gibbon’s, and Lazy Edward Bay on the Basin’s southern rim.

Last week the company appointed well-known geologist Jody Dahrouge to Lakeland’s board of directors. During his 25-year career he played a key role in Fission Energy’s acquisition of Waterbury Lake, Patterson Lake and Patterson Lake South. Waterbury Lake now hosts the J-zone discovery, while PLS holds the Triple R deposit.

Read more about Lakeland Resources’ Star/Gibbon’s Creek project.

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Athabasca Basin and beyond

March 1st, 2015

Uranium news from Saskatchewan and elsewhere to March 1, 2015

by Greg Klein

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Saskatchewan’s number two for mining jurisdictions worldwide

The province has held a top 10 position for at least five years, but last week Saskatchewan reached second place in a global survey of miners and explorers. The Fraser Institute study released February 24 rated jurisdictions for a number of factors, with the most important attributes making up the Investment Attractiveness Index. There sits Saskatchewan, second only to Finland.

The index considers responses for two separate categories, giving a 60% weight to geology and 40% to public policy. As Macdonald-Laurier Institute managing director Brian Lee Crowley told ResourceClips.com, reserves aren’t much good without policies that allow responsible development. Some comments quoted by the Fraser Institute bear that out.

Uranium news from Saskatchewan and elsewhere to February 27, 2015

A province founded on agriculture, Saskatchewan became one of
the world’s leading mining jurisdictions thanks to geology and policy.

“In Saskatchewan, ‘Duty to Consult’ is the responsibility of government, not the company. Something like the Ring of Fire fiasco in Ontario would not happen in Saskatchewan.”

“Good geoscientific support and permitting procedures which allow for timely planning and efficient support from provincial administration in addressing land access and Amerindian issues.”

“Saskatchewan is open to uranium exploration.”

Speaking to the Regina Leader-Post, survey director Kenneth Green said, “In addition to being blessed with an abundance of mineral potential, Saskatchewan gets credit for having a government with a transparent and productive approach to mining policy. The province offers a competitive taxation regime, good scientific support, efficient permitting procedures and clarity around land claims.”

More good words came from provincial Economy Minister Bill Boyd. “Clearly, there is a very good resource here in the province, whether it’s in potash, uranium or other minerals that we mine here in Saskatchewan,’’ the Leader-Post quoted him. “We’ve been able to create a business climate here in Saskatchewan that’s positive. There’s a good workforce in Saskatchewan, a trained workforce, as well.’’

Four other Canadian jurisdictions made the top 10 for investment attractiveness. Additionally the survey showed a significant improvement in Canada’s median score on the Policy Perception Index.

Read more about Canada’s performance in the global mining survey.

Download the survey.

NexGen adds third high-grade section to Rook 1’s Arrow zone

Having discovered another high-grade section of the Arrow zone with Rook 1’s best angled hole yet, NexGen Energy TSXV:NXE assigned new names to the project’s features. A1, A2 and A3 designate three mineralized shears trending northeast to southwest. The latest hole, AR-15-39, found composite mineralization totalling 89.15 metres within 436.5 metres that started at 433.5 metres in downhole depth. Scintillometer readings above 10,000 counts per second coincided with “dense accumulations of semi-massive to massive pitchblende,” the company stated February 24.

The results, from a handheld device that scans drill core for gamma radiation, are no substitute for the still-pending assays. Readings of 10,000 cps or more are called “offscale” due to the limitations of a previous model.

Drilled at a -70 dip between AR-15-37 and -38, the new hole went offscale for seven metres at A2, reinforcing “the continuity of semi-massive to massive pitchblende” in that shear. A3 revealed another 9.75 offscale metres, representing “a 200-metre down-dip extension from high-grade uranium assay intervals in drill holes AR-14-08 and -13,” NexGen added.

One week earlier the company released two holes extending mineralization 81 metres southwest along strike from Rook 1’s best hole so far—angled or vertical and “amongst the best drill results” in the Athabasca Basin.

Both holes revealed “significant dense accumulations of semi-massive to massive pitchblende,” with AR-15-37 giving composite radiation readings for 76 metres within a 264.5-metre section beginning at 405 metres in downhole depth. That included an offscale composite of 9.35 metres.

AR-15-38 showed composite mineralization of 82.35 metres within a 247.5-metre section starting at 474 metres, with a composite 4.5 metres above 10,000 cps.

NexGen also reported its third rig began drilling 400 metres northeast along Arrow’s strike. That’s where a radon-in-lake-water anomaly, 480 metres long by 20 to 150 metres wide, is “optimally situated along the southeast-dipping VTEM conductor [and] projected to reach the unconformity.”

As of February 24, drilling hit mineralization in 37 of 39 Arrow holes, with 5,519 metres of the 18,000-metre winter program complete. The zone covers about 515 metres by 215 metres, with mineralization as shallow as 100 metres and as deep as 817.5 metres in vertical depth.

Arrow remains open in all directions and at depth.

Ever modest, NexGen CEO Leigh Curyer said the zone “is quickly becoming a significant discovery on a world scale with relatively very few holes drilled.”

Fission hits high grade west of Triple R resource

Sunday’s not the usual day to release news of this nature. But March 1 begins PDAC 2015, so what better time to assert bragging rights? Whatever the reason, Fission Uranium TSX:FCU chose the day to announce a radioactive find 555 metres west of its Triple R deposit. The news reinforces interest in R600W, the most westerly of Patterson Lake South’s four zones, where five previous holes showed only low-grade mineralization.

Scintillometer readings for land-based hole PLS15-343 showed 65.5 metres of radiation starting at 105.5 metres in downhole depth, including a continuous 8.85 metres over 10,000 counts per second “with peaks up to 52,900 cps at shallow depth,” the company reported. A second radioactive interval of four metres began at 342.5 metres.

As explained in the NexGen item above, scintillometer readings are no substitute for assays, which are pending. Readings above 10,000 cps are often called “offscale” due to the limitations of earlier scintillometers.

Technical problems terminated the hole at 368 metres “in moderately altered semi-pelitic gneiss,” Fission stated.

R600W’s strike runs 30 metres with a north-south lateral width up to about 20 metres. The project’s four zones extend for a 2.24-kilometre potential strike along the PL-3B conductor. The two middle zones, R00E and R780E, comprise the Triple R resource that shook the market in January. In mid-February Fission announced nine holes that expand R780E, by far the project’s largest zone.

The $10-million, four-rig winter agenda calls for 35 holes on Triple R and R600W, along with 28 holes on regional targets, for a total of about 20,230 metres.

Read more about the Triple R resource estimate.

See an historical timeline of the PLS discovery.

Lakeland Resources bolsters its Basin portfolio

Now with 32 properties totalling over 300,000 hectares, Lakeland Resources TSXV:LK has enlarged what was already one of Saskatchewan’s largest exploration portfolios. New acquisitions announced February 20 include two land packages in the southeastern Basin’s Key Lake area, which gave up over 200 million pounds of uranium by 2002 and still hosts the Key Lake mill.

One of the area acquisitions, the KLR property, features “a significant number of historic conductors within basement rock types and at least two unexplained radiometric anomalies,” Lakeland stated. Sampling of surface rocks and lake and stream sediment brought results up to 691 ppm uranium. Historic drilling revealed 0.12% U3O8 across 0.1 metres. The new turf complements Lakeland’s existing Key Lake-region properties.

Six new claims sit adjacent to Lakeland holdings in the southwestern Basin’s Carter Lake area. The company also gained ground in the Mathews Lake area, north of Lake Athabasca and within basement rocks of the Beaverlodge Domain.

The Carson Lake property lies beyond the Basin’s northeastern margin but within the Wollaston Domain, which hosts most of the Basin’s currently operating mines.

South of the Basin, along the highly prospective Cable Bay shear zone, Lakeland picked up Black Birch East. Historic work on the 26,389-hectare property “showed a number of electromagnetic conductors and radiometric anomalies roughly coincident with the CBSZ.”

The acquisitions result from two transactions, subject to TSXV approval. One set of properties costs $40,880 and 1.12 million shares. A set of two other properties calls for $32,636 and 326,350 shares. Both transactions include a 2% NSR, half of which Lakeland may buy back for $2 million per property.

In late January the company began drilling its Star/Gibbon’s Creek project on the Basin’s north-central rim. Other drill-ready projects include Lazy Edward Bay on the Basin’s southern margin and Newnham Lake, east of Star/Gibbon’s.

In December Takara Resources TSXV:TKK took out a 50% option on Lakeland’s Fond du Lac property. Last year’s private placements brought Lakeland over $5.1 million.

Read more about Lakeland Resources’ Star/Gibbon’s Creek project.

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Athabasca Basin and beyond

October 31st, 2014

Uranium news from Saskatchewan and elsewhere to October 31, 2014

by Greg Klein

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Fission hits 8.53% over 24 metres at Patterson Lake South

The 600th company to graduate from the Venture to the big board since 2000,
Fission Uranium opens the TSX on October 30. (Photo: TMX Group)

 

Fission hits 8.53% U3O8 over 24 metres at Patterson Lake South

A second batch of assays hit the streets October 27 from Fission Uranium’s (TSX:FCU) Patterson Lake South summer program, the final drill season before a maiden resource due in December. Thirteen holes from the R780E zone showed mineralization at shallow depths, some with very impressive results. Several holes broaden the zone’s lateral width at different locations up to about 93 metres north and 38 metres south, and also extend the depth. Still the focal point of PLS, R780E remains by far the largest of four zones along a 2.24-kilometre potential strike that’s open at both ends.

Some of the best results follow:

Hole PLS14-253

  • 1.33% U3O8 over 16.5 metres, starting at 117.5 metres in downhole depth
  • (including 3.57% over 5.5 metres)

  • 1.65% over 5 metres, starting at 155 metres
  • (including 5.37% over 1.5 metres)

PLS14-254

  • 0.62% over 13 metres, starting at 169 metres
  • (including 2.42% over 2.5 metres)

PLS14-256

  • 1.76% over 39.5 metres, starting at 61.5 metres
  • (including 3.16% over 8 metres)
  • (and including 6.22% over 3.5 metres)

  • 1.17% over 11.5 metres, starting at 104 metres
  • (including 3.99% over 2.5 metres)

PLS14-257

  • 5.02% over 5 metres, starting at 256.5 metres

PLS14-259

  • 4.21% over 38.5 metres, starting at 132 metres
  • (including 23.53% over 6 metres)

  • 2.77% over 13.5 metres, starting at 205 metres
  • (including 6.95% over 4 metres)

PLS14-261

  • 1.43% over 42.5 metres, starting at 58 metres
  • (including 5.91% over 9.5 metres)

  • 0.74% over 26 metres, starting at 104 metres
  • (including 2.42% over 6 metres)

PLS14-263

  • 1.85% over 8 metres, starting at 234 metres
  • (including 6.63% over 2 metres)

PLS14-264

  • 0.27% over 22.5 metres, starting at 191.5 metres

  • 0.37% over 19.5 metres, starting at 216.5 metres

PLS14-270

  • 0.56% over 16 metres, starting at 164.5 metres
  • (including 1.44% over 4.5 metres)

PLS14-271

  • 8.53% over 24 metres, starting at 78 metres
  • (including 24.87% over 7.5 metres)

  • 0.55% over 28.5 metres, starting at 105.5 metres
  • (including 2.02% over 3.5 metres)

True widths weren’t provided.

These results bring the total to 42 holes reported. Assays for another 18 delineation holes and 22 exploration holes are pending. The previous batch of summer assays, released earlier this month, included the project’s strongest intercept so far.

Lakeland Resources ready to drill Star/Gibbon’s project, confirms drill-ready targets at Lazy Edward Bay

A busy summer has moved two Lakeland Resources TSXV:LK projects to the drill-ready stage, one of which will see a rig working as soon as winter conditions allow. Announced October 28, a 1,500-metre program on the adjacent Gibbon’s Creek and Star properties follows positive results from surface sampling and a DC-resistivity survey, some of the Athabasca Basin’s highest RadonEx readings and confirmation of a radioactive boulder field grading up to 4.28% U3O8.

Uranium news from Saskatchewan and elsewhere to October 31, 2014

A structural lineament connects this radioactive boulder field with
two other mineralized systems on the Star/Gibbon’s Creek properties.

The two properties on the Basin’s north-central rim host a regional, multi-staged, structural lineament immediately west of the Star Uplift, a basement outcrop about 350 metres by 700 metres, that extends south to the Gibbon’s Creek boulder field about three kilometres away. In addition an east-west resistivity low, interpreted as an alteration corridor, has been found near an historic intercept of 1,500 parts per million uranium.

Surface sampling at the uplift found a gold trend that also revealed platinum group elements, rare earths and anomalous low-grade uranium. Follow-up drilling will test the trend and examine basement geology as it relates to the Gibbon’s Creek targets, Lakeland stated.

With depth to the unconformity ranging from 50 to 250 metres, the company anticipates an economical program of shallow drilling. Roads and power lines cross the property, which lies a few kilometres from the town of Stony Rapids.

The company wholly owns Gibbon’s Creek and holds a 100% option on Star.

Meanwhile exploration at Lazy Edward Bay has confirmed the project’s drill-ready targets, as well as its prominence in Lakeland’s portfolio. Field work on two areas of the 26,375-hectare property on the Basin’s southeastern edge revealed anomalous rock samples, soil samples and RadonEx readings, the company announced October 30.

The Liberty Trend consists of an approximately five-kilometre-long conductive zone intruded by diabase dykes. Near a radioactive spring reported earlier in October, two boulders graded 537 ppm and 896 ppm U3O8, also showing anomalous levels of the pathfinder elements arsenic, cobalt, chromium, nickel and lead.

Two nearby soil samples returned uranium values of 13.7 ppm and 14.8 ppm, along with 2,920 ppm arsenic, 119 ppm cobalt and 112 ppm nickel. An outcrop sample farther south showed low-grade uranium and was also enriched in copper, cobalt and zinc, the company added.

The significance of the Liberty Trend “appears to be a rare combination of favourable geochemistry, geophysics and surface rock samples anomalous in radioactivity coupled with a series of radioactive springs within a complex structural setting,” said Lakeland president/CEO Jonathan Armes. “This confluence of geologic features attests to the potential of this area to host a large mineralizing system.”

The project’s Bay Trend underwent 150 soil samples over a 789-sample radon-in-soil grid. The samples showed several anomalous geochemical results coinciding with previously identified basement conductors. This year’s work further refines the conductors.

Results from both the Liberty and Bay trends confirm high-priority drill-ready targets and Lazy Edward’s place among “the most promising early-stage exploration projects that Lakeland has assembled, which include the Gibbon’s Creek, Star and Newnham Lake properties,” Armes said.

Read more about Lakeland Resources.

Fission 3.0 stakes new ground, joins Brades on Clearwater West fall campaign

Seven new acquisitions, along with expansions to four other properties, bring the Fission 3.0 TSXV:FUU portfolio up to 17 projects totalling 232,088 hectares, all in the Basin area except one in Peru. The expansion came through staking, the company announced October 29.

Karpinka Lake, a 3,072-hectare property 40 klicks south of the Basin, features at least 14 historic uranium occurrences. The most significant “consists of a series of five discontinuous low-grade zones of stratabound uranium mineralization,” Fission 3.0 stated.

Midas, a 1,476-hectare property near Uranium City, has five known uranium occurrences including an historic intercept of 0.19% U3O8 over 9.6 metres.

On the Basin’s north-central rim, the 1,678-hectare Hearty Bay property sits up-ice from a boulder train that graded up to 3% uranium.

Eighty kilometres south of the Basin’s southeastern margin, the 5,745-hectare Hobo Lake property has had historic lake sediment samples showing anomalous uranium. South of the Basin but north of Hobo Lake, the 1,213-hectare Costigan Lake property benefits from a 2005 airborne radiometric survey that found anomalous radioactivity associated with conductors.

Just beyond the Basin’s southern edge, the 1,866-hectare River Lake “has potential to host outliers of sandstone cover, which is the favourable host rock for unconformity and perched styles of uranium mineralization.”

East of the Basin’s northeastern margin, the 2,412-hectare Flowerdew Lake underwent airborne geophysics in 2005, finding “moderate to strong formational electromagnetic conductors trending northeast.”

A 1,024-hectare addition to Beaver River covers an extension of the property’s EM conductors and includes two historic uranium showings. Cree Bay got another 5,252 hectares of contiguous turf along the prospective Black Lake shear zone. Grey Island grew by 1,271 hectares over a strong EM conductor. Thompson Lake added 577 hectares, also covering the extension of a conductor.

On October 15 Fission 3.0 and Brades Resource TSXV:BRA announced fall plans for their Clearwater West joint venture. The program calls for mapping, prospecting and a DC resistivity survey to follow up on radiometric anomalies identified last May. Brades holds a 50% option on the 11,835-hectare project, where Fission 3.0 acts as operator. Read a review of the companies’ announcement by Geology for Investors.

Winter drilling planned for Azincourt/Fission 3.0’s Patterson Lake North

Patterson Lake North’s agenda calls for a $1.5-million, 3,200-metre winter program, JV partner Azincourt Uranium TSXV:AAZ announced October 21. Work will follow up on last summer’s drilling, targeting the property’s A1-A4 conductor area and two untested areas, the N conductor trend and the Broach Lake conductor system.

The 27,408-hectare property lies adjacent to and north of Patterson Lake South. Fission 3.0 acts as operator. Azincourt, which currently holds a 10% stake, said its $1.5-million winter expenditure will complete the $3-million year-two requirement, raising its total to 20%. The option allows Azincourt up to a 50% interest.

The company also stated it distributed the Macusani Yellowcake TSXV:YEL stock resulting from that company’s acquisition of Azincourt’s Peruvian properties (read more here and here). Shareholders got “the equivalent of $0.09 per Azincourt share, based on the recent Macusani share price.”

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Athabasca Basin and beyond

October 4th, 2014

Uranium news from Saskatchewan and elsewhere for September 27 to October 3, 2014

by Greg Klein

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Fission continues PLS main zone’s perfect score, gets conditional approval for TSX listing

In a week that saw Fission Uranium TSXV:FCU win conditional approval to move up to the TSX big board, the company maintained this season’s 100% hit rate at Patterson Lake South’s R780E zone. All seven holes released September 29 returned wide mineralization. The main zone now boasts 61 successes out of 61 summer holes.

The results come from a hand-held device used to measure drill core for radiation. They’re no substitute for assays, which are pending.

Among the most recent batch’s highlights, hole PLS14-290 revealed intervals totalling a composite 97.5 metres of mineralization, the shallowest beginning at 113.5 metres in downhole depth. PLS14-298 showed a composite 84 metres, with the shallowest intercept starting at 146.5 metres. PLS14-296 came up with a 94.5-metre composite, with one interval starting at 96 metres. True widths weren’t available.

An innovation to the summer program has been angled drilling from barges over the lake. Now Fission’s emphasizing three “scissor” holes, each sunk north to south at an opposite azimuth to a south-to-north hole. The purpose is to “provide geometry control and confirmation on the mineralization.” PLS14-290, for example, “intersected well-developed mineralization … in an area that had previously only seen moderate results.”

By far the biggest of four zones along a 2.24-kilometre potential strike, R780E shows a continuous strike of 930 metres and, at one point, a lateral width of 164 metres. The project’s mineralization sits within a metasedimentary lithologic corridor bounded to the south by the PL-3B basement electromagnetic conductor.

Still to come are assays to replace the summer’s radiometric results, as well as assays for the final dozen of last winter’s 92 holes. December’s still the target for a maiden resource.

Fission greeted October 3 by announcing conditional approval for a TSX listing. The company anticipates big board trading on or about October 8, retaining its FCU ticker.

In an interview posted by Stockhouse October 3, Fission chairperson/CEO Dev Randhawa contrasted Saskatchewan’s stability with that of other uranium-rich jurisdictions like Uzbekistan, Kazakhstan, Namibia and Niger. Verifying his intention to sell the project, Randhawa told journalist Gaalen Engen, “We have about six or seven Asian and North American companies in the midst of due diligence who are interested in doing private placement and/or taking over the company.”

The previous week Fission closed a $14.4-million private placement and released regional PLS drill results.

Field work and drilling approach for Lakeland Resources’ Star/Gibbon’s Creek flagship

Uranium news from Saskatchewan and elsewhere for September 27 to October 3, 2014

Scintillometer in hand, a geologist prospects
for radiometric anomalies over the Star uplift.

Announced September 29, the termination of an option with Declan Resources TSXV:LAN gives Lakeland Resources TSXV:LK full control of its 12,771-hectare Gibbon’s Creek project, which features boulder samples up to 4.28% U3O8 and some of the Athabasca Basin’s highest-ever radon readings. Three days later Lakeland released rock and soil sample results from its adjacent Star property, showing gold, platinum and palladium, as well as some rare earths and low-grade uranium. Especially when considered for their proximity to a structural lineament that runs through both properties, the results show similarities to major Basin discoveries of high-grade uranium, the company states. With the two properties on the Basin’s north-central margin united as one project, Lakeland has additional field work planned for autumn. That leads up to a drill program slated to begin this winter, if not sooner.

Jody Dahrouge, president of Dahrouge Geological Consulting, told ResourceClips.com of geophysical data showing “a major regional structural lineament that’s about 30 or 40 kilometres in length, and it’s been reactivated many times over 100 million years or more. This is a key ingredient to every uranium deposit in the Athabasca Basin…. Having it reactivated time and time again allows multiple generations of fluid to flow along that structure and deposition of perhaps multiple ore bodies.”

He identified three mineralizing systems within five to 10 kilometres of the structure. The Star uplift, a basement outcrop about 700 metres by 350 metres, was the location of many of the samples showing gold and platinum group elements, along with some rare earths and low-grade uranium.

A massive alteration zone about a kilometre south had historic drill results up to 1,500 parts per million uranium. A few kilometres farther sits the boulder field that graded up to 4.28% U3O8. “Clearly something’s going on and clearly it’s related to the structure,” Dahrouge said.

With drill permits in place, road access from a nearby community, shallow depths, high ground that can be worked year-round and a healthy treasury, Lakeland now plans the next stage of an extensive exploration program for its flagship.

Read more about Lakeland’s Star/Gibbon’s Creek project.

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Athabasca Basin and beyond

August 30th, 2014

Uranium news from Saskatchewan and elsewhere for August 23 to 29, 2014

by Greg Klein

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Patterson Lake South’s main zone swallows neighbour as Fission’s summer progresses

Fission Uranium TSXV:FCU has once again merged Patterson Lake South’s R780E zone with a neighbour. Of seven summer holes announced August 26, one “demonstrated the continuity between the shallow depth, high-grade R780E to the west and the R1155E zone to the east,” the company stated. That extends the zone’s strike by 75 metres to 930 metres. “All seven holes returned wide mineralization,” Fission added.

The project now has four zones along a 2.24-kilometre potential strike that remains open to the east and west.

These results come from a handheld scintillometer that measures drill core radiation in counts per second. The readings are no substitute for assays, which are still to come.

In addition to the easterly expansion, R780E’s high-grade mineralization has extended 15 metres west, prompting plans for further drilling there in an attempt to upgrade the area.

Among other highlights, one hole revealed a total of 103 metres (not true width) of mineralization over a 146-metre section, starting at a downhole depth of 57.5 metres. Another gave up a composite 49.5 metres starting at 63 metres in depth.

The week before Fission had announced a widening of R780E. As a result the company added 10 more step-out holes to a summer program that has focused on delineation drilling for a December resource. Additionally, an exploration hole released another week earlier found mineralization 17 kilometres from the discovery area.

While radiometric results continue to come from summer drilling, the company still has assays pending for 12 of last winter’s 92 holes.

NexGen hole-in-progress tests depth of Rook 1 high-grade mineralization

Uranium news from Saskatchewan and elsewhere for August 23 to 29, 2014

Uranium-bearing massive pitchblende from hole AR-14-30, which set a project record for composite “off-scale” mineralization at NexGen’s Rook 1.

Vying for attention with Fission, next-door neighbour NexGen Energy TSXV:NXE proclaimed “a landmark drill hole” from its Rook 1 project on August 26. AR-14-30 revealed a composite 186.9 metres of mineralization (not true thickness) within a 287.7-metre section starting at 298.3 metres in vertical depth. The hole was still in progress.

As is the case for Fission’s latest batch, these scintillometer results don’t substitute for assays, which will follow.

The Arrow zone’s first vertical hole, AR-14-30 tests the depth of high grades reported for AR-14-15, an angled hole collared roughly 225 metres away. So far AR-14-30 has set a Rook 1 record for composite “off-scale” mineralization (above 9,999 cps) totalling 53.85 metres.

The previous week NexGen reported radiometric results for step-out drilling that extended Arrow’s width by 35 metres. The zone’s now 215 metres wide and 515 metres in strike, remaining open in all directions.

Lakeland Resources expands Newnham Lake property to revisit historic work

On the Basin’s northeastern rim, Lakeland Resources TSXV:LK has expanded its Newnham Lake property to about 24,500 hectares, bringing into one package an area that’s seen extensive previous exploration—but work that predated current knowledge of the region’s deeper basement-style mineralization.

Announced August 27, the property now includes “the entire folded and faulted, graphitic meta-pelite trend which was the subject of the historic work,” the company stated. Over 140 drill holes tested the trend by 1984, focusing on the unconformity separating the sandstone from the basement rock below. But most holes stopped less than 25 metres past the unconformity.

More recent Basin discoveries have shown rich mineralization deeper into the basement. Last March Denison Mines TSX:DML heralded its Wheeler River project’s newly found Gryphon zone, with high-grade mineralization about 200 metres beneath the sub-Athabasca unconformity. This summer’s standout assay graded 21.2% U3O8 over 4.5 metres.

Nevertheless historic work at Newnham did show promise. Immediately below the unconformity, a 20-centimetre interval revealed 0.2% U3O8, along with high nickel, arsenic and lead values. Another hole found a 20-centimetre interval of 0.13% in the basement, while a third showed 0.038% over one metre directly above the unconformity.

Between 1997 and 2011, the property underwent ground and airborne geophysics, including an electromagnetic survey that identified drill targets yet to be tested. That recent work was conducted by JNR Resources when Rick Kusmirski served as president/CEO. Now he’s a Lakeland director and, as corporate communications manager Roger Leschuk says, “He sees unfinished business there.”

Adding to a busy summer of news, Lakeland announced plans the previous week for its Star, Lazy Edward Bay and Fond du Lac projects, as well as the appointment of uranium veteran Steven Khan to the board of directors.

Read more about Lakeland Resources.

Northern Uranium drills NW Manitoba

Drilling has begun on Northern Uranium’s (TSXV:UNO) Northwest Manitoba project, the company announced August 27. Some 39 high-priority land targets, and seven high-priority and five not-so-high-priority lake targets were selected following geophysics, “exceptionally anomalous radon results” and prospecting that found boulders grading up to 66% U3O8. The company, formerly MPVC Inc, holds an 80% option on the property from CanAlaska Uranium TSXV:CVV.

The Wollaston area has also attracted attention from Kivalliq Energy TSXV:KIV, Roughrider Exploration TSXV:REL and Athabasca Nuclear TSXV:ASC.

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Athabasca Basin and beyond

August 23rd, 2014

Uranium news from Saskatchewan and elsewhere for August 9 to 22, 2014

by Greg Klein

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Fission widens main zone, plans more step-outs, arranges $12.5-million bought deal

Although infill drilling has been the priority for Fission Uranium’s (TSXV:FCU) summer program, two step-outs have widened Patterson Lake South’s R780E zone, inspiring a 10-hole addition to the campaign. Radiometric results for nine holes released August 18 include one that extended the zone about 30 metres north and another 15 metres south. All nine holes returned wide mineralization, the company stated.

Uranium news from Saskatchewan and elsewhere for August 9 to 22, 2014

R780E is the middle and largest of five zones along a 2.24-kilometre potential strike that’s open to the east and west.

These results, which are no substitute for assays, come from a handheld scintillometer that measures drill core for radiation in counts per second. Last month Fission replaced its old model, which maxed out at 9,999 cps, with a new-fangled gadget capable of measuring up to 65,535 cps. But the company still refers to anything above four nines to be “off-scale.”

By that standard several intervals were well off-scale, with a few reaching past 60,000 cps.

Another innovation introduced last month is barge-based angled drilling, allowing a better understanding of the geometry of mineralization beneath the lake. Encouraged by the widening of R780E, Fission plans another 10 step-outs. That adds 4,700 metres to a summer agenda now expected to total 25,000 metres in 73 holes.

There seems to be little worry about paying for all that. On August 18 Fission announced a $12.52-million bought deal that’s expected to close around September 23. Roughly three months later comes the maiden resource’s due date.

Winter assays reported August 13 further boosted confidence in R780E, while a summer exploration hole released two days earlier showed interesting radiometric results 17 kilometres away. Read more.

NexGen steps out to widen Rook 1’s Arrow zone

If any company can compete with Fission’s top spot as the Athabasca Basin’s number one newsmaker, it might be next-door neighbour NexGen Energy TSXV:NXE. Four “aggressive” step-out holes have extended the company’s Rook 1 Arrow zone from 180 metres to 215 metres in width for a zone that’s 515 metres in strike and open in all directions. The northwest-southeast fence of drilling announced August 20 has also revealed “multiple sub-vertical stacked mineralized shear zones” increasing the company’s hopes of finding additional high-grade areas.

One of the five holes failed to find significant mineralization.

Like Fission’s August 18 news, the results come from scintillometer readings that don’t substitute for assays, which are pending.

So far 25 of 27 Arrow holes totalling 15,318 metres have shown mineralization. Another three holes at Area A, however, failed to find anomalous radioactivity. They tested an electromagnetic conductor that NexGen interprets to be PL-3B, which hosts the PLS discovery.

Lakeland Resources updates three projects, appoints uranium veteran to board

As a busy summer progresses, Lakeland Resources TSXV:LK reported a new addition to its board and further work on one of the largest portfolios in and around the Basin. On August 20 the company announced the appointment of director Steven Khan, a veteran of Canadian investment and corporate governance with specific experience in raising funds and forging joint ventures for uranium companies. The next day Lakeland released a progress update for three of its projects.

The projects are Star, Lazy Edward Bay and Fond du Lac on the northern, southern and eastern margins of the Basin respectively. “That’s the shallowest depth—the depth to the unconformity becomes more shallow as you get closer to the Basin’s margin,” explains president/CEO Jonathan Armes. “At Gibbon’s Creek our target depths are between about 80 and 120 metres below surface. We hope the others will fall into that kind of range so we’ll be drilling 150- to 200-metre holes.”

At the Star property, crews from Dahrouge Geological Consulting have just wrapped up six days of sampling and mapping. They picked up some 73 rock samples and 124 soil samples around a basement outcrop that’s shown anomalous concentrations of gold, platinum group elements and rare earth elements, as well as highly anomalous uranium. The combination suggests a strong hydrothermal system.

“Those are typical pathfinders for uranium in the Basin,” says Armes. “At Patterson Lake South they had gold grades running two or three grams. So with the first pass on our exploration program in late 2013 we had gold grades of four or five grams.”

Lakeland holds a 100% earn-in option on Star, which has year-round road access from the town of Stony Rapids a few kilometres away.

Now that permits have arrived, mobilization to Lazy Edward Bay should begin ASAP, he adds. Under initial scrutiny will be the BAY trend, actually two parallel conductive trends, which will undergo a RadonEx survey. Field crews will also search out boulders or other signs of unconformity-style mineralization.

“We have Lazy Edward drill targets already but a lot of them were defined by yesterday’s technology,” Armes explains. “We’ll use RadonEx and other work to re-interpret the historic data to better define targets.” In all, the property has six known trends.

Lakeland adviser Rick Kusmirski knows the property from his time as president/CEO of JNR Resources. “He dug up some historic data which is very helpful to identify areas to focus on. There’s some historic areas we want to re-visit.”

Also in line for RadonEx is Fond du Lac, initially targeting a coincident geochemical and conductive target. Geologist and Lakeland director Neil McCallum thinks historic work “missed it by a couple of hundred metres,” Armes says.

But while the summer activity continues, he also looks further ahead “from a treasury standpoint as well as our projects. We’re convinced that 2015 is going to see a significant move in uranium prices. If we ever re-visit 2006 and 2007 levels, when there were 50, 60, 70 juniors active, we hope to be ready and get as many drill programs going as possible through the joint venture and prospect generator model, along with any programs we focus on 100% ourselves.”

[Khan’s JV work with Sumitomo and Kepco] was certainly a great experience in negotiating and concluding contracts, and working with them on the joint management committees. That built long-term relationships but also gave me insight into the Asian psyche and some of the issues they have to deal with.—Steven Khan, director
of Lakeland Resources

Just one day before the exploration update, Lakeland announced Steven Khan’s appointment as director. His background includes key positions with uranium companies Energy Fuels TSX:EFR, Strathmore Minerals and Fission Uranium’s predecessor, Fission Energy. He helped found the latter company, holding the role of executive VP. Khan served as president/chairperson of Strathmore Minerals until last year’s takeover by Energy Fuels, where he stayed on as a director until recently.

Khan played an instrumental part in the negotiating team that brought Japan’s Sumitomo Corp into a JV on Strathmore’s Roca Honda project in New Mexico. He also helped bring the Korea Electric Power Corp into two other JVs, with Strathmore on the Gas Hills project in Wyoming and with Fission, leading to the Waterbury Lake discovery.

Khan has nearly 20 years of experience in all aspects of the Canadian investment industry, including fundraising for early-stage private and public companies.

A confluence of factors convinced him to join Lakeland, he says. “I’ve had a long-term relationship with some of the company’s principals and I’ve always been interested in returning to the Athabasca Basin arena after I left Fission Energy in 2010. Strathmore was more focused on the U.S., where I spent the last number of years. That combination of moving back to the Basin, working with a group of people I respect and seeing a number of properties that have potential presented an opportunity for me.”

He says his work with Sumitomo and Kepco “was certainly a great experience in negotiating and concluding contracts, and working with them on the joint management committees. That built long-term relationships but also gave me insight into the Asian psyche and some of the issues they have to deal with.”

Khan thinks Asian companies might revive their previous interest in early-stage explorers. “Before Fukushima they were attracted to earlier-stage projects like Fission had at the time, as well as more advanced projects like those of Strathmore in the U.S. When uranium prices come back I think they’ll be forced to return to earlier-stage projects because most of the advanced projects will have been tied up.”

As for uranium’s current price, “its resurgence has been muted and is taking longer than expected. But I think that in the medium to longer term, demand will certainly outstrip supply.”

“I’m quite excited about getting involved with the Lakeland team and I think the opportunity for the sector is attractive,” Khan emphasizes. “I think there’s going to be more Athabasca Basin discoveries and that bodes well for companies like Lakeland that are properly positioned and properly financed. So for me the timing is good and the interplay of several factors is favourable.”

Read more about Lakeland Resources.

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Athabasca Basin and beyond

July 12th, 2014

Uranium news from Saskatchewan and elsewhere for June 28 to July 11, 2014

by Greg Klein

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NexGen extends Arrow’s reach at Rook 1

The first six summer holes at the Rook 1 project’s Arrow zone have more than doubled the potential strike, NexGen Energy TSXV:NXE stated July 7. Radiometric measurements extended the 215 metres determined by eight winter holes to a potential 470-metre strike open in all directions.

Although assays have been released for the winter program, the company bases its summer results on radiation readings from a gamma spectrometer and a gamma probe. The results are no substitute for assays, which are pending.

Some of the highlights include hole RK-14-37, which totalled a composite 8.1 metres of “off-scale” radioactivity straining the spectrometer’s limit of 9,999 counts per second. The drill hit 17 anomalous intercepts totalling a composite 78.05 metres of mineralization within a 227.8-metre section beginning at 378 metres in downhole depth.

RK-14-34 found 29 intercepts totalling a composite 100.6 metres of mineralization within a 627.9-metre section that started at 221.4 metres in depth.

RK-14-31 found 35 intercepts totalling 125.8 metres of mineralization within a 430.7-metre section beginning at 221.4 metres in depth.

True widths weren’t provided. All six Arrow holes, which totalled 4,324 metres, showed visible mineralization. One hole is still in progress.

About 200 metres away, the Dagger area took in four holes totalling 1,349 metres without showing anomalous radioactivity. In addition to further Arrow drilling, “preparations have been made for regional drilling to continue at Area K (Dennis Lake),” the company stated.

Rook 1 straddles the southwestern rim of the Athabasca Basin, on the northeastern border of Fission Uranium’s (TSXV:FCU) Patterson Lake South.

Fission Uranium drills 12.35% U3O8 over 13.5 metres, 4.68% over 25 metres at PLS

More high-grade assays from Fission Uranium continue to build Patterson Lake South’s R780E zone, focus of the highly anticipated maiden resource scheduled for December. Of nine holes released July 2 from last winter’s infill drilling, all showed mineralization. A half dozen brought especially impressive results. Some highlights include:

Hole PLS14-170

  • 0.35% uranium oxide (U3O8) over 58 metres, starting at 135.5 metres in downhole depth
  • (including 1.2% over 5.5 metres)
Fission drills 13.5 metres of 12.35%, 25 metres of 4.68% at Patterson Lake South

With 39 winter holes still to report,
Fission Uranium has embarked on
a 63-hole summer campaign.

  • 0.31% over 12 metres, starting at 202 metres

  • 2.9% over 20 metres, starting at 217.5 metres
  • (including 8.35% over 4 metres)

  • 0.58% over 11 metres, starting at 260 metres

Hole PLS14-174

  • 0.8% over 25 metres, starting at 105 metres
  • (including 3.45% over 1.5 metres)
  • (and including 2.8% over 1 metre)
  • (and including 4.39% over 1.5 metres)

  • 0.87% over 13.5 metres, starting at 135 metres
  • (including 9.24% over 1 metre)

Hole PLS14-175

  • 0.7% over 21 metres, starting at 120.5 metres
  • (including 3.35% over 2.5 metres)

  • 0.38% over 26 metres, starting at 144 metres
  • (including 1.44% over 2.5 metres)

Hole PLS14-178

  • 0.12% over 25.5 metres, starting at 135.5 metres

  • 0.19% over 15 metres, starting at 164.5 metres

Hole PLS14-179

  • 2.99% over 1 metre, starting at 184.5 metres

  • 2.25% over 8.5 metres, starting at 244 metres

Hole PLS14-180

  • 0.44% over 21 metres, starting at 136.5 metres
  • (including 3.45% over 2 metres)

  • 4.68% over 25 metres, starting at 165 metres
  • (including 18.56% over 5.5 metres)

Hole PLS14-186

  • 12.35% over 13.5 metres, starting at 157 metres
  • (including 23.41% over 7 metres)

  • 1.52% over 2.5 metres, starting at 175 metres

  • 0.9% over 7 metres, starting at 188 metres
  • (including 3.61% over 1.5 metres)

True widths weren’t provided. With five PLS zones stretching east-west along a 2.24-kilometre potential strike, Fission Uranium stated these results show “the continued strong nature of uranium mineralization as the R780E zone moves eastwards.”

Still to come are assays for 39 holes from the 92-hole winter campaign. One week before unloading this latest batch of results, the company announced a 20,330-metre, 63-hole summer program that would eat $12 million of this year’s $28-million budget. As was the case last winter, most of the drilling will focus on delineation for a December resource.

Gold, PGEs and REEs suggest a “robust hydrothermal system” at Lakeland Resources’ Star uranium project

Recently compiled data shows potential for a regional hydrothermal system on Lakeland Resources’ (TSXV:LK) Star uranium property, adjacently north of the company’s Gibbon’s Creek joint venture. That’s the verdict for samples taken last year, which assayed for gold, platinum group elements and rare earth elements, as well as uranium.

The Star property covers “a quasi-circular basement uplift,” a feature considered “an ideal location for the development of uranium occurrences associated with the unconformity or sub-unconformity of the Athabasca Basin,” the company stated July 8.

One outcrop sample assayed 5.7 grams per tonne gold, 0.36 g/t platinum and 0.39 g/t palladium. Another showed 1.8 g/t gold, 0.08 g/t platinum and 0.12 g/t palladium.

A sandstone boulder revealed 257 ppm uranium and 0.3% total rare earth oxides, including 1,216 ppm dysprosium and 321 ppm yttrium. Another outcrop sample showed 6.9% TREO, predominantly light REE-enriched.

The assays further indicate potential for a regional hydrothermal system as “demonstrated by intense alteration associated with historic uranium mineralization within the Gibbons Creek property located immediately to the south,” Lakeland stated. “Within the Athabasca Basin, there are a number of projects where highly anomalous precious metals and/or rare earth elements occur in spatial relation to uranium deposits and/or mineralization. Examples of such mineralization include the Nicholson Bay and Fish Hook Bay uranium-gold-platinum group elements occurrences, and the MAW zone-Wheeler River occurrences.”

The Star project’s now slated for a near-term mapping and sampling program. Lakeland may earn a 100% interest in the property by paying $60,000 and issuing 600,000 shares over 12 months. The vendor retains the option of a 25% buyback for four times Lakeland’s exploration expenses.

Declan Resources TSXV:LAN has an option to earn 70% of the adjacent Gibbon’s Creek JV, which has shown boulder samples grading up to 4.28% U3O8 and some of the Basin’s highest-ever radon readings.

With an acquisition announced late last month, Lakeland now holds interests in 17 properties totalling 164,316 hectares in and around the Basin.

GoviEx debuts on CSE, orders enviro/social assessment for Niger project

The company began public trading just last month but GoviEx Uranium CSE:GXU has been advancing its Madaouela project in Niger since 2008. On July 2 the company announced contracts to complete an environmental and social impact assessment expected to “culminate the detailed feasibility study and environmental work already undertaken.”

Uranium news from Saskatchewan and elsewhere for June 28 to July 11, 2014

Backed by Toshiba and a Cameco subsidiary, GoviEx’s
Madaouela project in Niger moves towards feasibility.

As of March 2013 Madaouela’s seven deposits showed resources totalling 22.92 million pounds uranium oxide-equivalent (eU3O8) measured, 75.3 million pounds indicated and 24.1 million pounds inferred. Included are probable reserves of 25,300 tonnes.

Five of the deposits “have been developed to pre-feasibility level of confidence,” the company states.

The July 2 announcement quoted GoviEx chief executive Daniel Major, “Through the use of proprietary technologies never before used in Niger, our project team has presented a commercially viable project and one that seeks to limit its impact on the environment with a particular focus on limitation of dust, reduction in water usage and commercialization of the molybdenum byproduct resource.”

Executive chairman Govind Friedland’s bio lists a number of accomplishments even after he took part in the 1996 Voisey’s Bay discovery. Friedland went on to graduate from the Colorado School of Mines, provided business development services to Ivanhoe Mines and Ivanhoe Energy, and co-founded Ivanhoe Industries. Yes, he’s the son of that Friedland.

Two Niger mines operated by AREVA produce 7.5% of global supply, ranking the country as the world’s fourth-largest producer. While the government supports mining, the industry has been plagued by terrorist kidnappings and a bombing.

Fission 3.0, Azincourt report scintillometer results from PLN

One of four summer holes at Patterson Lake North shows anomalous radioactivity, JV partners Fission 3.0 TSXV:FUU and Azincourt Uranium TSXV:AAZ reported July 7. Two intercepts of 0.5 metres and 7.5 metres (not true widths) showed variable readings up to 1,450 counts per second on a hand-held scintillometer. Assays are pending.

The hole, PLN14-019, “is still in progress at 258 metres, although no further intervals of mineralization are expected,” the companies stated. The three other holes “intersected anomalous hydrothermal clay altered intervals, associated with structurally disturbed sections. This further highlights the partners’ confidence of the prospectivity and potential of the A1 conductor to host high-grade uranium mineralization.”

This summer’s five-hole program will total about 1,600 metres. Fission 3.0 acts as operator on the 27,408-hectare property, where Azincourt has a 50% earn-in.

Last April the companies reported that winter drilling failed to find radioactivity but did “confirm the high prospectivity of the target areas.”

In late May Azincourt and Macusani Yellowcake TSXV:YEL stated they would extend to June 15 a letter of intent to consolidate their Peruvian assets. That date passed without further announcement. (Update: The companies announced a definitive agreement on July 14.)

Those properties surround a project held by Fission 3.0, which holds interests in nine others in Saskatchewan and Alberta. Along with JV partner Brades Resource TSXV:BRA, Fission 3.0 announced VTEM results from their Clearwater West project in May.

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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 19th, 2014

Uranium news from Saskatchewan and elsewhere for April 12 to 18, 2014

by Greg Klein

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Fission Uranium releases second batch of winter assays from Patterson Lake South

With its first set of Patterson Lake South assays since February 19 and only the second since winter drilling began in mid-January, Fission Uranium TSXV:FCU reported 12 holes on April 14. Nine showed high grades and all came from zone R780E, the third of five zones along a 2.24-kilometre west-east potential strike that remains open at both ends. Among the best assays were:

Hole PLS14-125

  • 0.46% uranium oxide (U3O8) over 56.5 metres, starting at 119.5 metres in downhole depth
  • (including 1.91% over 6 metres)
  • (and including 1.71% over 2.5 metres)

  • 0.21% over 12 metres, starting at 225.5 metres

Hole PLS14-126

  • 1.3% over 8.5 metres, starting at 152.5 metres
  • (including 4.44% over 1 metre)

  • 2.41% over 5.5 metres, starting at 178 metres
  • (including 4.66% over 2 metres)

  • 0.96% over 5 metres, starting at 230 metres

Hole PLS14-128

  • 0.46% over 6 metres, starting at 167.5 metres

  • 6.74% over 4 metres, starting at 216.5 metres
  • (including 13.04% over 2 metres)

Hole PLS14-130

  • 0.47% over 17 metres, starting at 84.5 metres
  • (including 1.57% over 3.5 metres)

  • 3% over 4 metres, starting at 142.5 metres
  • (including 11.1% over 1 metre)

Hole PLS14-131

  • 0.22% over 22.5 metres, starting at 168.5 metres

  • 0.3% over 30.5 metres, starting at 199.5 metres
  • (including 0.93% over 3.5 metres)

  • 0.34% over 21.5 metres, starting at 234.5 metres

Hole PLS14-132

  • 0.4% over 12.5 metres, starting at 72 metres
  • (including 3.28% over 1 metre)

  • 0.72% over 46 metres, starting at 134.5 metres
  • (including 2.41% over 10.5 metres)

  • 1.54% over 5.5 metres, starting at 216 metres
  • (including 2.74% over 3 metres)

  • 4.03% over 8 metres, starting at 226.5 metres
  • (including 8.48% over 3.5 metres)

Hole PLS14-133

  • 0.9% over 13.5 metres, starting at 167 metres
  • (including 8.37% over 1 metre)

  • 0.48% over 21.5 metres, starting at 184 metres
  • (including 1.03% over 5 metres)

Hole PLS14-136

  • 0.92% over 41 metres, starting at 119 metres
  • (including 2.59% over 8 metres)
  • (and including 3.69% over 2.5 metres)

True widths were unavailable.

The previous week Fission Uranium stated 70 holes had been completed out of a planned 100 winter holes totalling approximately 30,000 metres. About 85 holes, using four rigs, will concentrate on delineation. A fifth rig explores outside the main mineralized trend. The 31,039-hectare project’s winter budget comes to $12 million, including geophysics. No target date has been announced for the project’s highly anticipated maiden resource.

Macusani Yellowcake, Azincourt sign LOI to consolidate Peruvian properties

Uranium news from Saskatchewan and elsewhere for April 12 to 18, 2014

Azincourt’s Macusani project, on Peru’s Macusani plateau
and surrounded by Macusani Yellowcake, borders a Fission 3.0
property also called Macusani.

Under a letter of intent announced April 17, Macusani Yellowcake TSXV:YEL would swallow up additional properties held by Azincourt Uranium TSXV:AAZ but surrounded by Macusani in southeastern Peru. The deal would give Azincourt 68.35 million Macusani shares, representing about 30% of the company following the transaction. Macusani would then control over 949 square kilometres hosting “one of the largest undeveloped uranium projects in the world,” the two companies stated.

Macusani’s current package, on Peru’s Macusani plateau, hosts four low-grade deposits that offer low-cost mining potential, according to a December preliminary economic assessment. August resource estimates total 321,000 pounds U3O8 measured, 31.15 million pounds indicated and 30.08 million pounds inferred.

Azincourt completed the acquisition of its two Peruvian assets in January, before contracting technical studies on them. An historic, non-43-101 resource released in 2011 for Azincourt’s 4,900-hectare, now confusingly named Macusani project showed 5.69 million pounds measured, 12.52 million pounds indicated and 17.42 million pounds inferred. The company’s 9,600-hectare Muñani project has undergone airborne geophysics and ground work but has yet to be drilled. Prior to Azincourt’s acquisition, the two projects had lain dormant for two years following Fukushima.

On closing the deal Macusani anticipates a new PEA that would “easily” incorporate the new properties into its existing mine plan.

The consolidated turf would then surround some 51 square kilometres held by Fission 3.0 TSXV:FUU. The Fission Energy spinco collaborates with Azincourt on their PLS-adjacent PLN joint venture.

Definitive agreement advances Denison’s acquisition of Enexco

Denison Mines TSX:DML moved closer to its planned acquisition of International Enexco TSXV:IEC with a definitive agreement announced April 14. Terms of the all-share deal remain unchanged from the LOI reported last month.

In early April Denison reported radiometric results from the Wheeler River JV’s newly discovered Gryphon zone. More radiometric results followed the next day from Enexco’s Mann Lake JV.

Forum announces initial drill results from Clearwater

Spring break-up brought an early end to the Clearwater project’s first drill program, but Forum Uranium TSXV:FDC identified “five major structural trends with reactivated graphitic shear zones [and] alteration,” according to an April 17 statement. Core from two holes showed “locally elevated radioactivity” up to 300 counts per second.

Nine holes totalling 2,310 metres tested widely spaced targets “including a number of gravity lows, radon anomalies and EM conductors both on strike and running parallel” to the PLS trend, the company added. Forum expects to have more detailed results by early June.

The program focused on the 9,910-hectare project’s northern claim, which borders the southwest of PLS and is slated for summer follow-up work. Clearwater’s southern claim, with conductive trends, radiometric anomalies and significant values for uranium in lake sediment, has yet to be drilled.

In late March the company resumed drilling at its Northwest Athabasca project, a JV with NexGen Energy TSXV:NXE, Cameco Corp TSX:CCO and AREVA Resources Canada. Forum holds other properties in Nunavut and the northeastern Athabasca Basin.

Fission 3.0, Brades report initial radiometric and VTEM results from Clearwater West

Fission 3.0 and Brades Resource TSXV:BRA reported initial interpretations of two airborne surveys over their Clearwater West project on April 15. A radiometric survey using patent-pending equipment and methodology found a cluster of anomalies on the eastern 10 kilometres of the property where historic data shows EM conductors, the partners stated. Ground prospecting will follow up this summer.

A VTEM survey suggests the property’s east side hosts EM conductors that might continue from the PLS property bordering to the north. More detailed evaluation will follow.

The project’s $700,000 first-year program will also include ground geophysics and geochemical surveys including radon measurements. Fission 3.0 acts as operator on the 11,835-hectare property. Brades holds a three-year option to earn 50%.

Western Athabasca Syndicate to expand Swoosh drill program

The four-company Western Athabasca Syndicate reported preliminary drill results from its Preston property on April 15. Five holes totalling 986 metres tested the Swoosh target, a six-kilometre corridor identified by gravity, magnetic and EM surveys, and coinciding with surficial geochemical anomalies, the alliance stated. The group consists of Skyharbour Resources TSXV:SYH, Athabasca Nuclear TSXV:ASC, Noka Resources TSXV:NX and Lucky Strike Resources TSXV:LKY.

All five holes hit a hydrothermally altered and reactivated structural zone. A downhole probe found elevated radioactivity in three holes, including one interval of 802 cps over 1.95 metres (not true width) starting at 186.68 metres in downhole depth. Four holes reached depths between 200 and 275 metres. A fifth was abandoned due to poor conditions. More detailed evaluation is expected in May.

Backed by an expanded budget, drilling will continue at Swoosh until late April. The following month the syndicate will test two other targets, CHA and Fin. Athabasca Nuclear acts as operator on the 246,643-hectare property.

On April 14 Ryan Kalt formally became Athabasca Nuclear’s CEO, having already held the position on an interim basis. Kalt has been prominent in acquiring Basin properties, including Preston, and as a director shifted the company to uranium exploration. With a 21.25% stake, he’s also the company’s largest shareholder. On April 15 Athabasca Nuclear announced an advance notice bylaw.

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Athabasca Basin and beyond

April 6th, 2014

Uranium news from Saskatchewan and elsewhere for March 29 to April 4, 2014

by Greg Klein

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Fission Uranium stretches strike with new zone at Patterson Lake South, closes $28.75-million financing

Step-out drilling has added a new zone to Fission Uranium’s (TSXV:FCU) Patterson Lake South, shortly after infill drilling had merged other zones. Announced March 31, zone R1620E lies 465 metres east of R1155E, extending the project’s potential strike from 1.78 kilometres to 2.24 kilometres.

The results come from a hand-held scintillometer that measures gamma radiation from drill core in counts per second. Scintillometer readings are no substitute for assays, which are pending.

Uranium news from Saskatchewan and elsewhere for March 29 to April 4, 2014

The road to Patterson Lake South, where Fission has four
of its five rigs trying to merge zones into one big deposit.

Six new holes all showed mineralization, with the new zone’s inaugural hole, PLS14-196, revealing a 30-metre interval ranging between 300 cps and 6,100 cps starting at 99 metres in downhole depth. The maximum that the scintillometer can measure is 9,999 cps. Drilling on PLS14-196 continues.

Among other holes, PLS14-190, south of zone R1155E, “suggests that further step-outs to the south may be prospective,” the company stated.

Starting from the west, zone R600W has both a 30-metre east-west strike and a 30-metre north-south lateral width. About 510 metres east, discovery zone R00E has a strike of approximately 165 metres and a lateral width up to about 45 metres. Another 135 metres east sits R780E, with about 855 metres in strike and up to about 95 metres in lateral width.

Neighbouring 75 metres east, R1155E so far has just three mineralized holes. Fission Uranium declared the new zone, 465 metres east again, on the basis of a single hole over conductor PL-3C, “the suspected 1.3-kilometre-long strike extension of the mineralized PL-3B conductor” at an interpreted cross-fault, the company added.

So far 63 of a planned 100 holes totalling 30,000 metres have been sunk. The winter budget comes to $12 million but on April 1 the company announced its most recent private placement closed with gross proceeds of $28.75 million.

Three days later Fission Uranium granted insiders 6.5 million options at $1.65 for five years.

NexGen’s best-ever hole extends strike at Rook 1’s Arrow zone

NexGen Energy TSXV:NXE ended its Rook 1 winter drill program with a “massive” step-out showing the project’s best hole yet. Results for three holes released March 31 lengthen the strike to about 215 metres, open to the southwest.

The winter campaign comprised 17 holes totalling 7,442 metres, but it wasn’t until late February that the Arrow discovery diverted attention to this new zone of the PLS-adjacent project. A second hole in early March contributed to the company’s optimism. In all, seven of eight Arrow holes so far have found significant mineralization.

The results come from a hand-held spectrometer that measures drill core for radiation in counts per second. As is the case with Fission Uranium’s scintillometer readings, the results are no substitute for assays, which NexGen expects to see in about six weeks.

NexGen reports radiometric readings differently than Fission Uranium, providing a more detailed breakdown of small intercepts.

The step-out, hole RK-14-30, found a composite 47.2 metres (not true widths) of anomalous intercepts at least 0.05 metres wide measuring over 500 cps. A total of 8.3 metres surpassed the spectrometer’s maximum possible reading of 9,999 cps. Mineralization began at 84.15 metres in downhole depth, with the deepest intercept stopping at 701.45 metres.

RK-14-29 also revealed many small intercepts, with the first starting at 50.6 metres in downhole depth and the last ending at 569 metres.

RK-14-28 intercepts started at 87 metres in downhole depth, with the last ending at 549 metres.

Having closed an $11.5-million bought deal the previous week, NexGen now has about $15 million to spend. Spring breakup work will include detailed petrography and petrophysics before drilling resumes in the summer.

Denison drills 17.3% eU3O8 over 4.2 metres at new Wheeler River zone

Denison Mines TSX:DML reported a second hole on April 2 that supports last month’s discovery of the Gryphon zone at the Wheeler River JV. WR-560 was drilled 40 metres along the up-dip extension of the first hole, revealing one especially high-grade interval. The results come from a downhole probe that measures radiation in uranium oxide-equivalent (eU3O8). Although the probe is more accurate than a scintillometer or spectrometer, its readings are no substitute for assays. Nevertheless they show:

  • 0.1% eU3O8 over 1.3 metres, starting at 653.5 metres in downhole depth

  • 0.1% over 4.1 metres, starting at 676.2 metres

  • 17.3% over 4.2 metres, starting at 757.9 metres

  • 0.3% over 2.6 metres, starting at 770.7 metres

True widths are estimated at about 75%. Denison interprets these results “to be a new lens in the footwall, about 50 metres northwest of the high-grade intersection in WR-556,” Gryphon’s discovery hole. Mineralization lies approximately 200 metres beneath the unconformity and remains open in both strike directions and at depth, the company stated.

With spring break-up underway, drilling is expected to resume in early June, largely focusing on the new find. Gryphon is three kilometres northwest of the project’s Phoenix deposit, which produced a batch of drill results in February.

Denison holds a 60% interest in Wheeler and acts as operator. Cameco Corp TSX:CCO holds 30% and JCU (Canada) Exploration the rest.

Declan picks up six Alberta and Saskatchewan properties

Calling it a “six-pack” of new properties, Declan Resources TSXV:LAN announced a package of Alberta and Saskatchewan acquisitions in and around the Basin on April 1. Totalling roughly 101,000 hectares, the properties include Maurice Creek in Alberta, immediately northwest of the Northwest Athabasca project, a JV involving Cameco, Forum Uranium TSXV:FDC and NexGen that hosts the historic Maurice Bay deposit.

Two other Alberta properties, Maybelle North and Richardson River, “cover potential northerly extensions to the structure which is host to a significant uranium deposit at Dragon Lake along the Maybelle River shear zone,” Declan stated.

The other properties are Archer Lake and Jackfish Creek, also in Alberta, and Thorburn Lake in Saskatchewan.

The optioner gets $25,000 and 2.5 million shares on TSXV approval, another $125,000 within a year and a 3% gross overriding royalty with a 1% buyback clause for $1 million. To keep the properties in good standing Declan must spend $225,000 by April 17.

Declan also announced changes to its board, which now consists of David Miller, Wayne Tisdale, Michelle Gahagan, Hikmet Akin, Gordon King, Jamie Newall and Craig McLean.

Declan’s flagship is Gibbon’s Creek, a joint venture with Lakeland Resources TSXV:LK.

International Enexco reports new radiometric results from Mann Lake

The latest hole from its Mann Lake JV suggests the project has at least 300 metres of mineralized trend within the footwall of the western conductor target, International Enexco TSXV:IEC stated April 3. The results come from a downhole radiometric probe and are no substitute for assays.

Sunk 150 metres north of the project’s best interval so far, hole MN-065 showed:

  • an average 3.67% eU3O8 over 1.2 metres, starting at 689.8 metres in downhole depth

  • (including an average 6.51% over 0.7 metres)

  • (which includes an average 11.02% over 0.3 metres)

True widths weren’t available.

So far eight holes have tested about 1.8 kilometres of the target, which the company says remains prospective for its entire 3.1-kilometre length. Enexco anticipates follow-up drilling next winter along the conductor and on other areas. The southeastern Basin project is operated by JV partner Cameco, which holds 52.5%, leaving Enexco with 30% and AREVA Resources Canada 17.5%.

But how long Enexco will be involved depends on the outcome of Denison’s most recent acquisition activities. The two companies signed a letter of intent last month for an all-share deal that would give Denison all of Enexco’s Basin properties while spinning out the others. The companies currently JV on another southeastern Basin property, Bachman Lake.

Uracan/UEX drill results suggest prospective target at Black Lake

Black Lake partners Uracan Resources TSXV:URC and UEX Corp TSX:UEX reported the first six holes from their northern Basin JV on April 2, with one mineralized hole suggesting a new target. BL-148 showed:

  • 0.13% U3O8 over 0.5 metres, starting at 275 metres in downhole depth

  • 0.04% over 0.5 metres, starting at 299.5 metres

  • 0.12% over 1 metre, starting at 317 metres

True widths weren’t provided. The three intervals occur up to 19 metres below a footwall unconformity between the basement and sandstones, representing a mineralization style that “has not been encountered previously in this area of the property and represents a new prospective target,” the companies stated.

Next in line is a ground DC resistivity survey to precede further drilling and field work. Uracan may earn 60% of the 30,381-hectare project from UEX, which holds an 89.99% interest. AREVA Resources Canada holds the remaining 10.01%. UEX acts as operator.

Previous Black Lake drilling has found intervals as high as 0.69% over 4.4 metres, starting at 310 metres in downhole depth, 0.79% over 2.82 metres, starting at 310 metres, and 0.67% over 3 metres, starting at 274 metres.

The property borders Gibbon’s Creek, where JV partners Lakeland and Declan have reported boulder samples grading up to 4.28% and some of the Basin’s highest-ever radon readings.

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