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Posts tagged ‘Declan Resources Inc (LAN)’

Athabasca Basin and beyond

June 7th, 2014

Uranium news from Saskatchewan and elsewhere for May 31 to June 6, 2014

by Greg Klein

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NexGen assays improve on radiometric results from Rook 1’s Arrow

Where previous radiometric results found uranium mineralization in seven of eight holes, the Arrow zone at NexGen Energy’s (TSXV:NXE) Rook 1 project now shows mineralization in all eight, according to assays released June 2. The company interprets the results to reveal “multiple parallel, steeply dipping, high-grade uranium mineralization zones within broader mineralized zones” and “continuity of uranium mineralization between holes.” The best results include:

Hole RK-14-30

  • 2.94% uranium oxide (U3O8) over 6.2 metres, starting at 475 metres in downhole depth
  • (including 5.81% over 2.6 metres)
Uranium news from Saskatchewan and elsewhere for May 31 to June 6, 2014

  • 2.51% over 10 metres, starting at 508 metres
  • (including 5.84% over 0.5 metres)
  • (and including 10.26% over 1.7 metres)

  • 1.51% over 4.9 metres, starting at 549.4 metres
  • (including 12.5% over 0.4 metres)

  • 1.61% over 8.4 metres, starting at 570.6 metres
  • (including 8.57% over 0.25 metres)
  • (and including 11.6% over 0.35 metres)
  • (and including 5.1% over 0.3 metres)

Hole RK-14-27

  • 1.04% over 29 metres, starting at 235 metres
  • (including 23.5% over 0.4 metres)
  • (and including 9.42% over 1.1 metres)

Hole RK-14-21

  • 0.37% over 5.75 metres, starting at 517.25 metres
  • (including 5.77% over 0.25 metres)

True widths weren’t provided.

Some of the intercepts showed “very minor” intervals of elevated copper and lead but “potentially deleterious elements such as arsenic, selenium, cadmium and mercury generally constitute only background levels,” NexGen stated. “Arrow is essentially a mono-mineralic uranium deposit without noticeable deleterious metals or waste.”

Winter drilling at Rook 1 consisted of 17 holes totalling 7,442 metres but February’s Arrow discovery suddenly shifted focus to the new area. Arrow’s potential strike currently reaches about 215 metres, open in all directions and at depth, NexGen has stated. More drilling’s planned for summer on the property adjacently east of Fission Uranium’s (TSXV:FCU) Patterson Lake South.

Denison releases two high-grade Wheeler River assays, outlines summer plans

Also improving on previous radiometric results—and not for the first time at that project—Denison Mines TSX:DML released assays for two holes at Wheeler River’s new Gryphon zone on June 3:

Hole WR-556

  • 15.3% U3O8 over 4 metres, starting at 697.5 metres in downhole depth

Hole WR-560

  • 21.2% over 4.5 metres, starting at 759 metres

True widths were estimated at about 75%. The zone remains open in both strike directions and at depth, Denison stated.

In April the company released a batch of high-grade assays from Zone A of Wheeler’s Phoenix deposit, three kilometres southeast of Gryphon. A Phoenix resource is expected this month. But summer drilling will concentrate on Gryphon, which is slated for an 18-hole, 14,000-metre program. “Most of the drilling will consist of 50-metre step-outs along strike and down dip of the new discovery,” Denison stated. “Some of the holes will also complete drill fences 800 metres along strike to the northeast and southwest of Gryphon.” Work begins in mid-June.

With a 60% interest in the project, Denison acts as operator. Cameco Corp TSX:CCO holds 30% while JCU (Canada) Exploration holds the remainder.

Drills will also turn at three other Denison interests this summer. Crawford Lake and Bachman Lake, two more Denison-operated projects, get follow-up work on alteration zones found last year and on anomalies revealed by last winter’s geophysics. Denison holds 100% of Crawford and 80% of Bachman, where International Enexco TSXV:IEC holds the rest.

On June 4 Enexco security holders approved their company’s takeover by Denison.

Exploration drilling at the McClean Lake project will test geophysical anomalies near the McClean South deposit. McClean Lake is held 22.5% by Denison, 70% by project operator AREVA Resources Canada and 7.5% by OURD Canada. In all, the four properties get about 21,000 metres of drilling.

Additionally, Denison has geophysics planned for five properties.

Last month the company announced a $15-million budget for Canadian exploration focusing on the eastern Athabasca Basin.

UEX reports drill results from Laurie and Mirror River JV

UEX Corp TSX:UEX announced drill results from its Laurie and Mirror River projects on June 5. Joint venture partner AREVA Resources Canada acts as operator on both, located about 35 and 55 kilometres respectively east of PLS.

Five holes totalling 1,803 metres at Laurie failed to find significant radioactivity or geochemical values. But they did confirm existence of three conductors at the unconformity and found a large fault zone which will be tested for possible up-dip continuation at the unconformity.

Nor was significant radioactivity encountered in three Mirror River holes totalling 1,579 metres, although one of two conductors was confirmed.

However the projects “remain vastly underexplored and have extensive untested EM conductors that warrant additional drilling,” UEX stated.

Another western Basin project, Erica now undergoes a ground tensor magneto-telluric survey to further examine a conductive trend found by previous geophysics.

All three projects are part of a seven-property, 116,137-hectare western Basin JV package held 49.1%/50.9% by UEX and AREVA Resources Canada. Major UEX projects consist of Shea Creek and Hidden Bay, the former also held 49.1%/50.9% with AREVA, the latter held 100% by UEX. In April the company reported six holes from Black Lake, a JV with Uracan Resources TSXV:URC.

On June 6 UEX announced shareholders re-elected their board and approved management resolutions.

Pistol Bay announces winter drill results from C-5

On June 4 Pistol Bay Mining TSXV:PST released assays for two of six holes from last winter’s 3,344-metre campaign at the C-5 property, where Rio Tinto Canada Uranium Corp acts as operator. Results for hole 14CBK003 showed:

  • 0.054% U3O8 over 1.5 metres, starting at 366 metres in downhole depth
  • (including 0.071% over 0.5 metres)

Located 50 metres northeast and along strike, 14CBK005 showed:

  • 0.041% over 0.32 metres, starting at 379.82 metres

  • 0.022% over 1 metre, starting at 385 metres

True widths weren’t provided. Due to high core loss, assays for 14CBK003 “are not considered truly reflective of the mineralization,” Pistol Bay stated.

The C-4, C-5 and C-6 properties comprise a JV with Rio covering 1,624 hectares adjoining the Denison/Cameco/JCU Wheeler River project. Rio has earned 55% by paying Pistol Bay $147,000 and spending $1 million on exploration so far. The mining giant’s subsidiary may increase its stake to 75% by spending another $1 million by year-end.

Pistol Bay also holds interests in copper-gold properties contiguous with Colorado Resources’ (TSXV:CXO) North ROK discovery and Imperial Metals’ (TSX:III) Red Chris mine in British Columbia, and in a graphite property in Ontario.

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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 27th, 2014

Uranium news from Saskatchewan and elsewhere for April 19 to 25, 2014

by Greg Klein

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Fission Uranium completes winter delineation, releases Patterson Lake South drill results

Delineation drilling, the focus of Fission Uranium’s (TSXV:FCU) winter 2014 Patterson Lake South program, has come to its seasonal end. While one rig worked outside the main mineralized area, four others sunk 82 infill holes, roughly 85% of the 30,000-metre campaign, since mid-January. As a result PLS now consists of five zones along a 2.24-kilometre potential strike that’s open at both east and west. Along with its April 24 announcement Fission Uranium released radiometric results for the last dozen holes. Two days earlier the company reported assays for nine others.

Ten of the 12 latest holes came from zone R780E, the third of the five east-west zones. With a total of 77 holes so far, R780E has about 855 metres in strike and up to about 95 metres in lateral width. Seven of the latest 10 holes showed substantial intercepts reaching the maximum possible reading of 9,999 counts per second on a hand-held scintillometer that measures radiation from drill core. Scintillometer results are no substitute for assays, which are pending for these holes.

R1620E, at the eastern extent and declared a new zone earlier this month after just one hole, now has a second which showed 38.5 metres (not true width) ranging from under 300 cps to 3,500 cps. Ironically for the discovery zone, R00E gave up just half a metre of 490 cps.

Assays released two days earlier included yet another PLS “best yet”—this time “the widest high-grade interval to date,” which helped PLS14-187 nearly equal a previously recorded best hole. This nine-hole batch marks the third set of assays, totalling 22 holes, for the winter campaign. Like the previous week’s dozen holes, all nine came from R780E. Some of the best results showed:

Hole PLS14-138

  • 0.2% uranium oxide (U3O8) over 34 metres, starting at 73 metres in downhole depth
Uranium news from Saskatchewan and elsewhere for April 19 to 25, 2014

  • 0.4% over 3.5 metres, starting at 137.5 metres

  • 1.04% over 17 metres, starting at 170 metres
  • (including 2.88% over 4.5 metres)

PLS14-139

  • 0.15% over 30 metres, starting at 130 metres

  • 0.28% over 8.5 metres, starting at 199 metres

PLS14-140

  • 0.1% over 19.5 metres, starting at 22.5 metres

  • 0.28% over 7.5 metres, starting at 254.5 metres

PLS14-145

  • 0.13% over 27.5 metres, starting at 89.5 metres

  • 0.97% over 22.5 metres, starting at 132 metres
  • (including 2.24% over 7.5 metres)

  • 1.34% over 2.5 metres, starting at 178.5 metres

  • 0.4% over 7.5 metres, starting at 203.5 metres

  • 0.22% over 8 metres, starting at 218 metres

PLS14-146

  • 2.18% over 47 metres, starting at 132 metres
  • (including 4.3% over 3 metres)
  • (and including 14.27% over 2 metres)

  • 1.04% over 4 metres, starting at 237 metres
  • (including 3.64% over 1 metre)

  • 3.19% over 2 metres, starting at 254 metres

PLS14-147

  • 0.15% over 28.5 metres, starting at 115 metres

PLS14-151

  • 0.31% over 6 metres, starting at 125.5 metres

Best of the batch and second-best overall was PLS14-187:

  • 5.98% over 102.5 metres, starting at 63 metres
  • (including 27.2% over 3 metres)
  • (and including 12.93% over 10.5 metres)
  • (and including 14.12% over 6 metres)
  • (and including 16.92% over 2.5 metres)
  • (and including 16.14% over 4.5 metres)

  • 2.59% over 9 metres, starting at 218.5 metres

True widths weren’t provided. “Mineralization is both located within and associated with a metasedimentary lithologic corridor, bounded to the south by the PL-3B basement electromagnetic conductor,” Fission Uranium added.

The $12-million winter agenda also calls for geophysics. And no, there’s still no word on when Fission Uranium might unveil its maiden resource.

Lakeland Resources acquisition expands Lazy Edward Bay project

Out of Lakeland Resources’ (TSXV:LK) portfolio of 16 uranium properties in and around the Athabasca Basin, Lazy Edward Bay has taken on greater prominence. A three-claim, 4,475-hectare acquisition announced April 24 expands the project to 26,375 hectares. The new turf also adds two conductive trends, giving Lazy Edward a total of six around the Basin’s southern margin.

Subject to TSXV approval, the 100% interest will cost Lakeland $5,000, 250,000 shares and a 2% gross revenue royalty.

Of the two additional conductive trends, the Ponderosa consists of two parallel graphitic trends, each about 2.5 kilometres long, Lakeland stated. Ground EM surveys and seven holes tested the trend in 1989, with more EM and another hole following in 2001.

The Jack trend extends from the original Lazy Edward property, tripling the trend to about 5.1 kilometres. In 2007 it underwent a ground fixed loop transient EM survey but hasn’t been drilled.

Historic work has sunk at least 53 holes on Lazy Edward’s six trends but, with each ranging between five and seven kilometres long, they remain under-explored. One hole on the Bay trend assayed 770 ppm uranium, along with anomalous pathfinder metals. Depths to the unconformity along the Basin’s southern edge range from zero to 350 metres.

“As a result of the historic and recent exploration on the property, all six trends are considered drill ready,” the company stated.

Among other projects in Lakeland’s portfolio is Gibbon’s Creek, a joint venture with Declan Resources TSXV:LAN that features surface boulders grading up to 4.28% U3O8 and some of the highest radon readings ever measured in the Basin.

Read more about Lakeland Resources here and here.

Aldrin reports initial findings from Triple M’s initial four holes

With drilling suspended by snowmelt, Aldrin Resource TSXV:ALN reported preliminary results from the first four holes on its PLS-adjacent Triple M property. All four “intersected alteration, structures and breccia zones within a metasedimentary rock succession including elevated radioactivity counts in a graphitic fault zone,” the company stated on April 22. Assays have yet to come.

With less than 25% of the planned 4,000-metre program complete, the quartet tested the Forrest Lake fault. Aldrin plans at least four more holes over the same fault “moving towards the most intense part of the basement conductive anomaly” before starting on the Anticline target.

Drilling could resume on the 12,000-hectare property in as little as two weeks, the company added.

NexGen adds to eastern Basin holdings

The size of the property wasn’t divulged. Nor was its name. But NexGen Energy TSXV:NXE announced an eastside Basin acquisition and option on April 25. Subject to approvals, NexGen gets a 75% interest in five claims by issuing Long Harbour Exploration TSXV:LHC shares worth $135,000. NexGen’s option on the other 25% would require additional shares worth $45,000. Value would be calculated by the volume-weighted average for five days before closing. The property remains subject to a 2% NSR and 2% gross overriding royalty. The claims lie “in close proximity” to NexGen’s Thorburn Lake property.

On April 22 the company implemented a shareholder rights plan.

Late last month NexGen wrapped up winter drilling at its southwestern Basin Rook 1 flagship by announcing radiometric results for the project’s best hole so far.

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Declan Resources president/CEO David Miller talks about uranium activity in Saskatchewan’s Athabasca Basin

April 14th, 2014

…Read more

Athabasca Basin and beyond

April 12th, 2014

Uranium news from Saskatchewan and elsewhere for April 5 to 11, 2014

by Greg Klein

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Fission Uranium reports seven strong holes from Patterson Lake South

They probably don’t surprise anyone anymore but Fission Uranium’s (TSXV:FCU) weekly dispatches from Patterson Lake South continue to impress. Radiometric readings from all seven holes released April 7 showed wide intervals and “off-scale” radioactivity.

The results, which are no substitute for assays, come from a hand-held scintillometer that measures gamma radioactivity from drill core in counts per second up to a maximum possible (“off-scale”) reading of 9,999 cps. Lab results are pending.

Uranium news from Saskatchewan and elsewhere for April 5 to 11, 2014

Fission Uranium found off-scale radiometric readings for intervals
from each of seven holes in this week’s news from Patterson Lake South.

This week’s batch comes from zone 780E, the third of five zones along a west-east strike that just last week extended to 2.24 kilometres and remains open at both ends.

The star hole was PLS14-201, which gave up a composite total of 82.5 metres (not true widths) of mineralization including a composite of 16.8 metres straining the scintillometer at 9,999 cps. The interval closest to surface began at 84 metres in downhole depth while the deepest stopped at 340.5 metres.

The other six holes showed intervals in roughly similar ranges of depth, with one beginning as close as 58.5 metres from surface and the deepest ending at 415 metres.

The company has now finished 70 of 100 holes totalling 30,000 metres planned for the $12-million winter campaign. Four rigs will sink about 85 of those holes to delineate the 31,039-hectare project’s main mineralized trend. A fifth rig explores farther away.

Also on April 7 Fission Uranium granted insiders 500,000 options at $1.65 for five years. The previous week the company granted 6.5 million options on the same terms.

Lakeland Resources stakes five more Saskatchewan properties totalling 52,255 hectares

A quintet of new acquisitions in and around the Athabasca Basin bolstered Lakeland Resources’ (TSXV:LK) portfolio to 16 properties totalling about 157,000 hectares. The turf came through staking which, president/CEO Jonathan Armes told ResourceClips.com on April 11, is ideal for juniors “because you own it 100% with no encumbrances, underlying NSRs and so on.”

Neil McCallum, a company director and project geologist/manager with Dahrouge Geological Consulting, says Lakeland had been studying the properties while waiting for them to come available. “A lot of people get land because it’s in or near the Basin without targeting anything in particular. You can do a lot of research, if you know what you’re looking for, to find good targets before you acquire them.”

A lot of people get land because it’s in or near the Basin without targeting anything in particular. You can do a lot of research, if you know what you’re looking for, to find good targets before you acquire them.—Lakeland Resources
director Neil McCallum

The new ground includes Lazy Edward Bay, a 21,990-hectare project on the Basin’s southern margin with four shallow trends that Lakeland considers drill-ready.

Just off the Basin’s northeastern rim, the 7,195-hectare Karen Lake project has yet to be drilled despite several silt samples grading over 1% uranium. Another 2,889-hectare property along the Basin’s northern edge, Black Lake has a shallow depth to the unconformity of about 260 metres and has undergone historic and recent geophysics.

The 16,925-hectare Hidden Bay sits about eight kilometres east of the Basin and hosts an outlier of Athabasca sandstone and at least four graphitic corridors. About 70 klicks south of the Basin, the 3,258-hectare Fedun Lake property sits on the Wollaston domain that hosts most of the Basin’s uranium deposits.

With cash in hand from last month’s oversubscribed $2.8-million private placement, McCallum says Lakeland is “certainly funded to prioritize the projects we want to work ourselves. If we find JV opportunities for other projects, we wouldn’t mind that either. We have enough projects that we can work some ourselves and have those JV opportunities at the same time.”

Speaking of joint ventures, Gibbon’s Creek is about to undergo a ground electromagnetic survey prior to an anticipated 2,500-metre drill campaign funded by partner Declan Resources TSXV:LAN. Boulder samples from the 12,771-hectare northern Basin project have graded as high as 4.28% uranium oxide (U3O8) while a RadonEx survey showed some of the highest measurements ever found in the Basin.

Read more about Lakeland’s new acquisitions.

MPVC/CanAlaska report radon anomalies from Northwest Manitoba project

Now trading under TSXV:UNO following its change of business, MPVC Inc joined CanAlaska Uranium TSXV:CVV on April 8 to announce “highly anomalous radon results” from the Maguire Lake area of their Northwest Manitoba project. The land-based survey covered a three-by-10-kilometre section of the 143,603-hectare project finding trends “in some cases over four kilometres and approximately 100 to 200 metres wide.” The survey also identified areas of about 400 by 800 metres where radon measured over three times the background levels, sometimes coinciding with gravity and resistivity lows.

Two islands with anomalous values also feature radioactive outcrops. Boulder samples from one island have graded up to 66% U3O8.

The Manitoba property shares some geological features with the Basin, with a distinction that “uranium mineralization outcrops within our project area rather than being deeply buried as is the case with many deposits in the Basin,” the companies stated.

Upcoming plans include a radon survey over the lake itself prior to a drill program scheduled to begin in late April. As part of its 80% option with CanAlaska, MPVC must spend $3.2 million on exploration by 2015.

The previous week CanAlaska sold its Kasmere South project in Manitoba to a private company for $1.8 million to help advance its “core Japanese and Korean joint ventures at West MacArthur and Cree East.”

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Selective staking

April 11th, 2014

Lakeland Resources acquisitions expand its Athabasca Basin uranium potential

by Greg Klein

Lakeland Resources expands its Athabasca Basin uranium potential with new acquisitions

An updated map shows 16 properties totalling around 157,000 hectares
chosen by Lakeland Resources through prior research.

Advance research and an Athabasca Basin uranium focus helped Lakeland Resources TSXV:LK come out of a mini-staking rush with five prioritized properties. Announced April 11, the new northern Saskatchewan turf adds 52,255 hectares to Lakeland’s portfolio, now totalling about 157,000 hectares in and around the Basin.

“We keep our eyes open for opportunities like that,” president/CEO Jonathan Armes tells ResourceClips.com. “There were several other areas that came open at the same time, but we were more interested in these. Neil McCallum and the Dahrouge Geological Consulting team look at the historic data in advance and select the projects they want.”

Staking opened up again late last year and in early 2014. But overwhelming demand keeps crashing Saskatchewan’s online system. Consequently opportunities have been “a little sporadic,” McCallum says. But the Dahrouge geologist and Lakeland director says his team was ready to roll when staking began.

“Based on the research we did before we acquired the projects, we’ve got priority targets,” he explains. “A lot of people get land because it’s in or near the Basin without targeting anything in particular. You can do a lot of research, if you know what you’re looking for, to find good targets before you acquire them. It’s an ongoing process.”

From a junior’s standpoint, the best ground you can get is ground that you stake, because you own it 100% with no encumbrances, underlying NSRs and so on.—Jonathan Armes, president/CEO of Lakeland Resources

Armes emphasizes that “from a junior’s standpoint, the best ground you can get is ground that you stake, because you own it 100% with no encumbrances, underlying NSRs and so on.”

But with all that Basin activity, it might be surprising that promising turf still comes available. McCallum says some of Lakeland’s new properties originated with JNR Resources, which was taken out by Denison Mines TSX:DML early last year. “Denison focused mostly on their properties in the eastern Athabasca, forgetting about other properties in the central and western areas of the Basin. The most recent work that JNR did on some of the properties was just airborne surveys to keep them in good standing. They didn’t follow up on the ground. They were focused on other things.”

Good properties came from other companies too, McCallum adds. “The Lazy Edward Bay project is comprised of old NexGen [TSXV:NXE] and JNR projects and we got a good slice of both of them. The work that NexGen did was just sort of scratching the surface. They drilled a few holes, but I think they were limited to where they could drill. They had to drill right on the island, rather than placing their drill on the ice, right on the conductor where they should have drilled. They identified some really good EM trends but I don’t think they followed them up. There’s some targets there that we can hit right away.”

The 21,990-hectare project lies right on the Basin’s southern edge, with depths to the unconformity between zero and 350 metres.

“Parts of it are very shallow. The radon techniques that were so successful at Patterson Lake South could really work here. There’s a trend that showed 770 parts per million uranium that would be a good target to start with.”

Other acquisitions include Karen Lake, 7,195 hectares just off the Basin’s northeastern edge, where several silt samples graded over 1% uranium. Black Lake, 2,889 hectares along the Basin’s northern margin, features shallow depths to the unconformity and a structural feature that includes the Black Lake fault zone.

Hidden Bay, 16,925 hectares about eight kilometres from the Basin’s eastern edge, hosts at least four graphitic corridors. Except for airborne EM surveys, it hasn’t been explored with the current understanding of basement-hosted unconformity-style deposits.

Fedun Lake, 3,258 hectares situated 70 kilometres south of the Basin, sits on the Wollaston domain that holds most of the Basin’s deposits.

“We’re now working on plans and priorities,” McCallum says. Having closed an oversubscribed $2.8-million private placement last month, Lakeland is “certainly funded to prioritize the projects we want to work ourselves. If we find JV opportunities for other projects, we wouldn’t mind that either. We have enough projects that we can work some ourselves and have those JV opportunities at the same time.”

Meanwhile partner Declan Resources TSXV:LAN has ground EM work planned for their Gibbon’s Creek joint venture in preparation for an anticipated 2,500 metres of drilling. The 12,771-hectare project has so far shown surface boulders grading up to 4.28% uranium oxide (U3O8) and some of the highest radon readings ever measured in the Basin.

Read more about Lakeland Resources.

Disclaimer: Lakeland Resources Inc is a client of OnPage Media Corp, the publisher of ResourceClips.com. The principals of OnPage Media may hold shares in Lakeland Resources.

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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Financing the ‘weird stuff’

April 3rd, 2014

Industrial minerals explorers gain profile as security of supply becomes increasingly crucial

by Greg Klein

Precious and base metals need little if any introduction. But, according to Secutor Capital Management Corp’s Arie Papernick, investors are often “at a loss for the unconventional weird stuff”—the subject of the Industrial Minerals International Congress and Exhibition held in Vancouver from April 1 to 3. Addressing the April 2 Finance Session, Papernick called the commodities “a play on the end product,” often of new technologies like electric cars and renewable energy. But the end users are usually private. “So where do you go for exposure?” he asked. “You have to go to the explorers.”

The two-hour session brought five of those explorers together with potential investors, and not only of the retail and institutional categories. As some of the companies have found, manufacturers are showing increasing interest in the people who can help attain reliable, secure sources of the stuff they need to make an amazingly diverse range of products that we take for granted.

Industrial minerals explorers gain profile as security of supply becomes increasingly crucial

Commerce Resources TSXV:CCE director Chris Grove explained that a somewhat traditional scenario has Asian interests backing a project around the pre-feasibility stage with a joint venture or loan guarantee. “What we’re seeing with this conflict minerals legislation is interest coming from manufacturers who have a listing on a U.S. exchange, and I’m talking about companies that are household names.”

The Dodd–Frank Act “holds 6,000 companies accountable as to where they procure their three Ts [tantalum, tungsten and tin], and whether they buy these from people who have committed the worst and longest-running record of human rights abuses on the planet in the last 20 years.”

That gives Commerce a strong jurisdictional advantage over countries like the Democratic Republic of Congo. In British Columbia the company has taken its Upper Fir tantalum-niobium deposit to a preliminary economic assessment. In Quebec Commerce advances its Ashram rare earth deposit towards pre-feasibility.

Attending a panel discussion were representatives from the five explorers, each with “its own unique strength or niche,” said moderator Derek Hamill, head of research for Zimtu Capital TSXV:ZC. Each company offered a different perspective on financing.

Alan Young, an engineer and director of frac sand explorer Rainmaker Mining TSXV:RMG, portrayed tough environmental regulations as an investment advantage. The U.S. has “a lot of one- or two-man companies that aren’t regulated as clearly as we might be here in Alberta and British Columbia,” he said. Canada’s professionalism achieves “a quality well with very, very low risk to the environment.”

Explorers’ challenges can differ with each type of mineral. Big North Graphite TSXV:NRT president/CEO Spiro Kletas said his commodity requires “a race to the finish line. It’s not like gold, where there’s always a buyer waiting. If you don’t have a buyer, you’re stuck with mountains of graphite.”

Consequently the company aims to “pick up past producers with low capital needed to re-start and get product to market in near future.” Big North is already test-mining and selling amorphous graphite from a small JV in Mexico. The revenue means “we’re not quite at the mercy of markets that a pure exploration play would be.”

When asked to account for his commodity, Prima Fluorspar TSXV:PF president/CEO Robert Bick points to end products as diverse as aluminum, Gore-Tex, refrigerants and pharmaceuticals. “We wouldn’t have the quality of life that we have without fluorspar—it’s simply not possible.”

Another atypical story, Prima began as an early-stage explorer focused on the Liard project in northern B.C. Then the company attracted the attention of multi-billion-dollar fund manager Firebird. As owner of the Delgerkhan past-producing fluorspar mine in Mongolia, “Firebird came to us with several objectives,” Bick said. “They wanted to join a company with a fluorspar asset and a listing on a recognized exchange.”

We wouldn’t have the quality of life that we have without fluorspar—it’s simply not possible.—Robert Bick, president/CEO of Prima Fluorspar

The two signed a letter of intent which would result in a reverse takeover while Prima acquires Delgerkhan. But along with its exchange listing, Prima brings heavy-hitting technical expertise. That includes Michel Robert, “probably one of the best mining engineers in the world, who has a close relationship with us, a lot of experience with industrial minerals on the metallurgical side and the engineering side, and has rehabilitated 10 mines in his life,” said Bick. “We actually took [Firebird’s] plan, ripped it inside out and told them what they really had.”

What they found was the former Soviet-era mine and its records “are first rate,” he added. In a country with something like 129 fluorspar deposits, Delgerkhan is “probably the foremost fluorspar mine in Mongolia.”

With 15 uranium properties in Saskatchewan’s Athabasca Basin, Lakeland Resources TSXV:LK might have a portfolio that exceeds its budget. But “most of the properties have an awful lot of historic data,” said corporate communications officer Roger Leschuk. Money spent by previous companies helps focus priorities. Lakeland also likes the JV model, having so far brought in Star Minerals Group CSE:SUV and Declan Resources TSXV:LAN as partners on different projects.

Declan’s $1.25-million first-year spending commitment has already accelerated work on their drill-ready Gibbon’s Creek project. Exercising a four-year option to earn 70% would entail Declan spending $13 million. Lakeland, meanwhile, keeps its eyes open for other potential partners for other projects.

The Industrial Minerals Finance Session drew “quite an interesting audience,” said Zimtu president Dave Hodge. “We have people from all over the world that are involved in what people consider unusual commodities—that’s about half the room. The other half of the room are people who are involved in financing exploration on a global basis.” But the end users, Hodge emphasized, “are much more dependent than they realize” on explorers for consistency and security of supply.

Disclaimer: Zimtu Capital Corp, Lakeland Resources Inc, Prima Fluorspar Corp and Commerce Resources Corp are clients of OnPage Media Corp, the publisher of ResourceClips.com. The principals of OnPage Media may hold shares in those companies.

Athabasca Basin and beyond

March 29th, 2014

Uranium news from Saskatchewan and elsewhere for March 22 to 28, 2014

by Greg Klein

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Another record-breaking hole at Patterson Lake South as Fission merges more zones

Still fattening itself up for acquisition, Fission Uranium TSXV:FCU moves closer to its goal of defining one big deposit at Patterson Lake South. On March 24, for the third time in 19 days, the company announced that drilling had merged two more high-grade zones. The project now consists of four zones—two high-grade zones in the middle, with another zone on each of the east-west flanks—along a 1.78-kilometre potential strike. Mineralization remains open at both ends.

Uranium news from Saskatchewan and elsewhere for March 22 to 28, 2014

The field crew examines core at Patterson Lake South,
where Fission Uranium continues to exceed past performance.

And, for those not yet suffering from repetitive record-breaking fatigue induced by this project, Fission Uranium announced another best-ever hole, which “far surpasses” its last such accomplishment.

Results for the nine holes released March 24 come from a hand-held scintillometer that measures radiation from drill core in counts per second. Scintillometer results are no substitute for assays, which are still to come.

The record-breaker, hole PLS14-187, showed a composite 53.47 metres (not true width) at 9,999 cps, the maximum that the device can measure. Six other holes also showed intervals with maximum readings. The interval closest to surface began at 54.5 metres, while the deepest stopped at 452 metres in downhole depth.

The $12-million winter campaign has four rigs attacking the high-grade area, while a fifth explores farther away. No target date has been announced for the project’s maiden resource.

Forum closes $3.04-million financing, resumes drilling NW Athabasca JV

Two days before closing a private placement, Forum Uranium TSXV:FDC announced drilling had resumed at its 9,800-hectare Northwest Athabasca joint venture. The 3,000-metre program “is designed to determine the eastern extent of the mineralization discovered at Otis West and its extension onto the Otis East gravity target, both of which lie on the south side of the [historic, non-43-101] 1.5-million-pound Maurice Bay deposit,” the company stated on March 24.

Otis West shows a 50-metre strike, a depth of about 110 metres and remains open to the east and at depth, Forum added. Drilling will also test basement targets below Maurice Bay, Zone A and MB East, an untested gravity low east of Maurice Bay.

Among previous assays, last June Otis West showed 0.152% uranium oxide (U3O8) over 39.5 metres, starting at 131 metres in downhole depth. The previous month Zone A gave up 1.34% over 3 metres, starting at 88.5 metres.

Forum and NexGen Energy TSXV:NXE jointly hold 64% of the JV, with Cameco Corp TSX:CCO and AREVA Resources Canada holding 23.5% and 12.5% respectively. Forum acts as project operator.

On March 26 Forum reported closing a private placement for $3.04 million.

In late February the company began drilling its 9,910-hectare, PLS-adjacent Clearwater project. Forum has also been busy picking up other projects in Nunavut and the northeastern Basin, in the vicinity of the Lakeland Resources TSXV:LK/Declan Resources TSXV:LAN flagship Gibbon’s Creek.

Aldrin offers $500,000 placement, plans up to 4,000 metres at Triple M

It’s not clear whether drilling has yet begun, but Aldrin Resource TSXV:ALN has up to 4,000 metres planned for Triple M, a 12,001-hectare property adjacent to PLS. Previous work has shown gravity lows associated with anomalous radon values over basement conductor anomalies. More recently, an infill gravity survey helped refine targets, the company stated on March 25.

One day earlier the company offered a $500,000 private placement. The previous week Aldrin announced TSXV approval to convert $220,000 in debt to shares. The sum remained outstanding out of $500,000 to be paid to Sotet Capital for the project.

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Athabasca Basin and beyond

March 22nd, 2014

Uranium news from Saskatchewan and elsewhere for March 15 to 21, 2014

by Greg Klein

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Denison signs LOI to acquire International Enexco, finds new Wheeler River zone

The expansionist Denison Mines TSX:DML announced another potential acquisition with a letter of intent to take over one of its joint venture partners, International Enexco TSXV:IEC. The March 19 after-market announcement had Denison chairperson Lukas Lundin saying his company “continues to focus on becoming the pre-eminent exploration company in the Athabasca Basin.”

Uranium news from Saskatchewan and elsewhere for March 15 to 21, 2014

The acquisition of JV partner Enexco would give Denison full ownership
of Bachman Lake, one of the company’s priority projects.

The plan of arrangement would exchange each Enexco share for 0.26 of a Denison share plus an undetermined portion of a spinco or subsidiary that would hold Enexco’s assets outside the Basin.

The deal would have Enexco shareholders owning about 2.1% of Denison. The latter company already holds about 8.4% of Enexco, along with another 1.8 million warrants.

The LOI includes a non-solicitation covenant on the part of Enexco, while Denison has the right to match any superior proposal.

The two companies JV together on the 11,419-hectare Bachman Lake property four kilometres west of Cameco Corp’s TSX:CCO proposed Millennium mine in the southeastern Basin. Enexco holds a 20% interest. Operator Denison describes the project as one of the company’s highest priorities “due to its location in the southeast Athabasca Basin and the presence of strong conductors, graphitic basement and sandstone alteration.”

Mann Lake, another JV 20 klicks northeast, is held 30% by Enexco, 52.5% by Cameco and 17.5% by AREVA Resources Canada. The 3,407-hectare property lies on trend between Cameco’s Read Lake and Denison’s 60%-held Wheeler River projects.

In Nevada, Enexco’s 100%-held Contact copper project is currently working towards feasibility.

Denison’s most recent acquisition closed in January, after the company grabbed Rockgate Capital to thwart its proposed merger with Mega Uranium TSX:MGA. Rockgate’s directors initially characterized Denison’s manoeuvre as an “unsolicited opportunistic hostile takeover bid.” As a result Denison gained the advanced-stage Falea uranium-silver-copper project in Mali. The company had said it intended to spin out its non-Athabasca projects.

Enexco valued the combined Denison/spinco offers at $0.64 for an Enexco share, a 63% premium over its March 19 close of $0.39, after having been trading between a 52-week low of $0.23 and a 52-week high of $0.48. But by March 21 close the stock had reached $0.53. With 47.79 million shares outstanding, the company had a market cap of $22.68 million.

Denison closed March 19 on $1.74 and March 21 on $1.72. With 484.68 million shares outstanding, its market cap came to $833.65 million.

One day after the LOI announcement, Denison’s Wheeler River JV returned to prominence with a high-grade hole from the newly found Gryphon zone, three kilometres northwest of the Phoenix deposit.

The one interval reported, from hole WR-556, showed:

  • 3.7% uranium oxide-equivalent (eU3O8) over 12.6 metres, starting at 691 metres in downhole depth

  • (including 9.7% over 4.6 metres)

True thickness was about 70%. The results come from a downhole radiometric probe which, although more accurate than a scintillometer, are no substitute for assays.

As project operator, Denison targeted two historic holes where it found “a basement wedge that has been faulted up into the sandstone and then encountered a large interval of graphitic basement, within which is a zone of alteration and mineralization 140 metres down-dip of the old drill holes.”

Gryphon’s mineralization lies “approximately 200 metres beneath the sub-Athabasca unconformity and is open in both strike directions and down-dip,” the company added.

In late February Denison released radiometric results for eight holes on the Phoenix deposit and briefly updated some other projects.

Fission Uranium merges two more zones at Patterson Lake South

Back on the subject of M&A, Fission Uranium TSXV:FCU might be considered an acquisition waiting to happen. On March 17, for the second time in less than two weeks, the company said it merged two zones at Patterson Lake South, evidently part of its ambition to demonstrate one big deposit before the company gets swallowed by a bigger fish.

Radiometric results closed an approximately 60-metre gap, joining zone R585E to its former neighbour to the west, R390E. The project now has five zones, three of them high-grade, along a 1.78-kilometre potential strike. The $12-million winter program’s primary goal is to delete the word “potential.”

The news followed a March 5 announcement that drilling had merged two other zones into R780E and a March 10 announcement of the project’s second-strongest radiometric results. Of eight holes released March 17, five showed intervals of 9,999 counts per second, the highest possible reading on the hand-held scintillometer that measures radioactivity from drill core. Scintillometer readings are no substitute for assays, which are pending.

Maximum readings for three holes showed composites of 15.25 metres, 7.14 metres and 5.85 metres. Of all mineralized intercepts, the interval closest to surface began at 60 metres in downhole depth, while the deepest stopped at 373 metres.

Of the three high-grade zones, R00E shows a 165-metre strike and lateral width up to about 45 metres. About 135 metres east, the newly expanded R390E has an approximately 390-metre strike and lateral width up to about 50 metres. About 75 metres east again, R780E shows an approximately 300-metre strike and lateral width up to about 95 metres.

Two additional zones, R1155E and R600W, sit at the eastern and western ends of the 1.78-kilometre stretch.

Fission Uranium has four drills trying to connect the high-grade zones and a fifth exploring outside the mineralized area just south of the Basin.

Lakeland/Declan JV announces Gibbon’s Creek plans, Lakeland closes oversubscribed $2.83-million financing

Uranium news from Saskatchewan and elsewhere for March 15 to 21, 2014

Boulder samples at the Lakeland/Declan Gibbon’s Creek JV assayed up to 4.28% U3O8, while radon measurements returned some of the Basin’s highest results.

One day after announcing imminent exploration plans for its Gibbon’s Creek project, Lakeland Resources TSXV:LK closed an oversubscribed private placement for $2.83 million. With JV partner Declan Resources TSXV:LAN spending a first-year commitment of $1.25 million on their Gibbon’s flagship, Lakeland can now turn to its 14 other Basin projects.

Gibbon’s is about to get a ground electromagnetic survey to confirm historic work prior to an anticipated drill program of up to 15 shallow holes totalling 2,500 metres. Results released in January from the 12,771-hectare project showed some of the highest radon gas levels ever measured in the Basin, along with surface boulders grading up to 4.28% U3O8. The property is about a 10-minute drive from the northern Basin town of Stony Rapids.

Lakeland’s other properties dot the northern, eastern and southern sections of the Basin.

“Several of our projects are at that stage where we just need to do line-cutting, resistivity and RadonEx to identify drill targets,” president/CEO Jonathan Armes told ResourceClips.com. “But with all these projects, we know we can’t do them all. We’ll continue to develop other joint venture possibilities, while at the same time compiling data on the projects to identify those we want to focus on.”

Read more about Gibbon’s Creek and Lakeland’s 15-property Basin portfolio.

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