Friday 28th October 2016

Resource Clips

Posts tagged ‘haiti’

Athabasca Basin and beyond

April 6th, 2014

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

by Greg Klein

Next Page 1 | 2

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.

Next Page 1 | 2

Athabasca Basin and beyond

July 20th, 2013

Uranium news from Saskatchewan and elsewhere for July 13 to 19, 2013

by Greg Klein

Next Page 1 | 2

Step-out hole extends PLS zone by 15 metres

The first hole of Patterson Lake South’s summer program found 85.5 metres of “the most abundant off-scale mineralization of any hole drilled on the property,” stated Fission Uranium TSXV:FCU president/COO Ross McElroy. In dual announcements made July 18, Fission and 50/50 joint venture partner Alpha Minerals TSXV:AMW said scintillometer readings show the step-out extends the R390E zone 15 metres grid west. R390E is the middle of three zones along an 850-metre northeast-southwest trend.

Although its readings aren’t substitutes for assays, the scintillometer determines radioactivity by measuring gamma ray particles in counts per second, up to an off-scale reading of more than 9,999 cps. Results for PLS13-072 show:

Uranium news from Saskatchewan and elsewhere for July 13 to 19, 2013

Alpha/Fission’s $6.95-million summer drill program has begun,
with the first hole extending one zone by 15 metres.

  • <300 to >9,999 cps over 85.5 metres, starting at 62 metres in downhole depth
  • (including 1,100 to >9,999 cps over 16.5 metres)
  • (and including 5,000 to >9,999 cps over 6.9 metres)
  • (and including <300 to 8,600 cps over 5 metres)
  • (and including <300 to 720 cps over 2.5 metres).

Assays are pending. True widths weren’t available. Drilling on the hole was suspended due to mechanical failure. All PLS holes will get a radiometric probe to assess radioactivity more accurately.

Interestingly, the drill found no Devonian sandstone between the overburden and the basement bedrock, which started at 55.7 metres’ depth. “This may be a result of the RC rig casing past the overburden and bedrock contact, and so the presence or absence of Devonian sandstone is inconclusive,” stated Alpha’s news release. “Alternatively, the lack of Devonian sandstone and presence of shallower mineralization may indicate that the bedrock source of the high-grade uranium boulders is possibly approaching further to the west of PLS13-072. Other step-out drill holes may resolve this.”

The program uses two diamond rigs in addition to the reverse circulation drill. With a $6.95-million budget, the 44-hole, 11,000-metre drill campaign and ground geophysics surveys continue on the 31,000-hectare property two kilometres from Highway 955.

Fission applies for boulder-finding patent

Along with collaborator Special Projects Inc, Fission wants to patent the system used to discover the PLS high-grade uranium boulder field. Calling it “an invention entitled System and Method for Aerial Surveying or Mapping of Radioactive Deposits,” Fission announced the application on July 16.

The company explained that radiometric surveys can be affected by a number of variables including weather, topography and cosmic activity, as well as more controllable factors such as sensor height and aircraft speed. The invention “is particularly sensitive to addressing these variables,” Fission stated.

The news release didn’t specify the invention of new technology.

Forum extends Key Lake-area holdings

Towards the Athabasca Basin’s southeast corner, Forum Uranium TSXV:FDC picked up the Highrock South property, adding another 1,381 hectares to its Key Lake area holdings. The company’s July 17 announcement states the property “is a continuation of the prospective Key Lake/Black Forest conductive trend” that hosted Cameco Corp’s TSX:CCO former deposits and the geology “compares favourably” with PLS. Highrock South lies about 15 kilometres south of the world’s largest high-grade uranium mill.

Forum pays $2,500, issues 25,000 shares and grants a 2% NSR. The company holds six other projects totalling over 90,000 hectares in the area, as well as other projects in Saskatchewan and Nunavut’s Thelon Basin.

Brades moves into Athabasca Basin

Brades Resource TSXV:BRA marked its Saskatchewan entry with the Lorne Lake acquisition announced July 16. The approximately 39,450-hectare property shows “extensive regional faulting and lineaments and covers one of only three identified cross-cutting major fault structures located in the western Athabasca Basin,” as well as “favourable magnetic geophysical data,” the company stated.

In return, Brades will issue a total of 3.5 million shares to two vendors including Ryan Kalt, who will also get a 2% NSR. On closing the deal, Kalt becomes a company insider.

On July 19 Brades announced the appointment of Evany Hung as CFO, replacing Christopher Cherry. The company also holds the 14,133-hectare BRC porphyry copper-gold property in northwestern British Columbia.

Noka retains Dahrouge Geological Consulting

On July 18 Noka Resources TSXV:NX announced it retained Dahrouge Geological Consulting to manage and explore Noka’s Athabasca Basin properties. Dahrouge and its predecessor, Halferdahl & Associates, have over 40 years’ experience with mineral projects, including over 30 years in uranium, Noka stated. The announcement credited Jody Dahrouge and his team with “the conceptualization and acquisition of several uranium properties within the Athabasca Basin, most notably these include such projects as Waterbury Lake (J zone), Patterson Lake and in part Patterson Lake South.”

Noka’s properties include Clearwater and Athabasca North, as well as a 25% earn-in on the Western Athabasca Syndicate Project, a four-company strategic alliance with Skyharbour Resources TSXV:SYH, Athabasca Nuclear TSXV:ASC and Lucky Strike Resources TSXV:LKY that’s exploring the PLS-area’s largest land package.

Read more about the Western Athabasca Syndicate Project.

Paladin reports quarterly revenue of $107.4 million, record production

Paladin Energy’s TSX:PDN quarterly report, released July 16, showed sales revenue for three months ending June 30 of US$107.4 million. The company sold 2.32 million pounds of uranium oxide (U3O8) at an average price of $46.22 a pound.

Both of the company’s mines achieved quarterly production records. Langer Heinrich in Namibia produced 1.35 million pounds U3O8 while Kayelekera in Malawi gave up 789,430 pounds for a combined 2.14 million pounds, up 8% from the previous quarter. Fiscal 2013 production met guidance with 8.25 million pounds. The fiscal 2014 forecast ranges from 8.3 million to 8.7 million pounds.

The company also stated it had cut production costs by 9% at Langer Heinrich and 24% at Kayelekera, compared with June 2012. Paladin has been negotiating the sale of a minority interest in Langer Heinrich.

As for the company’s other projects, its Michelin property in Labrador has more exploration planned for summer and a resource update scheduled for next quarter. At Western Australia’s Manyingee project, work continues on an updated resource and hydrogeological modelling. Exploration on its Agadez property in Niger, however, has been suspended following the May 23 terrorist attacks that hit a military barracks and a uranium mine operated by AREVA.

In April Paladin became sole owner of the Angela project in Northern Territory, with an inferred resource of 30.8 million pounds, after buying Cameco’s 50% interest. Paladin also holds other Australian properties.

Cameco wants Canada to allow foreign ownership, Paladin concurs

Cameco “has broken ranks with the Canadian government by taking the position that Australian companies should be able to wholly own uranium mines in the country,” reported Australia’s Financial Review (subscription required) on July 15. Not surprisingly the journal added that John Borshoff, managing director/CEO of Australia’s Paladin, “says Canada must heed the words of one of its biggest companies and prioritize lifting restrictions on foreign ownership.”

Next Page 1 | 2

Shock Waves

April 30th, 2012

Majescor Flourishes in Post-Quake Haiti

By Ted Niles

Next Page 1 | 2

Dan Hachey tells a revealing story. The President/CEO of Majescor Resources TSXV:MJX relates how, “A few weeks ago, an institutional investor came up to us and said, ‘You are the guys working in Haiti? Well, God bless you and good luck,’ and he walked away. That’s what we’ve had to deal with from the beginning on this project.” Haiti has a reputation that’s hard to shake, but Hachey is confident that, paradoxically enough, one of the worst natural disasters of recent years will prove to be the catalyst of a national renaissance.

Haiti is the poorest country in the Americas and has been, over the last century, plagued by a succession of bloody dictatorships, coups d’état and failed attempts at democratic reform. In January 2010, it was traumatized by an earthquake and subsequent cholera outbreak that resulted in the deaths of over 300,000.

Majescor Flourishes in Post-Quake Haiti

Majescor’s SOMINE project: Investment in Haiti and jobs for Haitians

Hachey reports, “The things that I expected are happening. The world wanted to help and provided capital to get things moving there. And the eyes of the world on Haiti [have] forced political change.” He regards the April 2011 election of President Michel “Sweet Micky” Martelly as a turning point. “Martelly has stated that [Haiti] is open for business. We’ve seen a lot of change since he’s been elected.” The Martelly administration has targeted the creation of 500,000 jobs over the next three years and, drawing inspiration from its neighbour, the Dominican Republic, sees big opportunities in tourism and mining.

Hachey says, “Thirty years ago there was no mining sector to speak of in the Dominican Republic, nor tourism. In that short period of time they’ve seen the development of [Barrick TSX:ABX and Goldcorp's TSX:G] Pueblo Viejo Project, which is one of the world’s largest gold deposits—and is pretty much a neighbour of ours. They’re going to be coming on with production this year.”

Hachey points out that “The mineralization does not stop at the border.” The Massif du Nord Metallogenic Belt stretches diagonally from Haiti’s north through to the southeast of the Dominican Republic, hosting both Pueblo Viejo and Majescor‘s 50-square-kilometre SOMINE copper-silver-gold property (itself surrounded by a number of properties held in joint venture by Eurasian Minerals TSXV:EMX and Newmont Mining TSX:NMC).

Next Page 1 | 2