Uranium news from Saskatchewan and elsewhere to October 31, 2014
by Greg Klein
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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:
- 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)
- 0.62% over 13 metres, starting at 169 metres
- (including 2.42% over 2.5 metres)
- 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)
- 5.02% over 5 metres, starting at 256.5 metres
- 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)
- 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)
- 1.85% over 8 metres, starting at 234 metres
- (including 6.63% over 2 metres)
- 0.27% over 22.5 metres, starting at 191.5 metres
- 0.37% over 19.5 metres, starting at 216.5 metres
- 0.56% over 16 metres, starting at 164.5 metres
- (including 1.44% over 4.5 metres)
- 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.
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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