Monday 5th December 2016

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Posts tagged ‘Logan Resources Ltd (LGR)’

Gorilla Lake gravity helps ALX Uranium define drill targets

March 30th, 2016

by Greg Klein | March 30, 2016

About 10 kilometres north of the Athabasca Basin’s former Cluff Lake mine complex, ALX Uranium TSXV:AL has wrapped up a round of geophysics over its Gorilla Lake project. While final interpretation continues, early analysis suggests gravity lows present “prime targets for drilling,” the company announced March 30.

Gorilla Lake gravity helps ALX Uranium define drill targets

Initial results from last February’s ground gravity work showed one gravity low that could be attributed to a topographical feature, another on the west side of Gorilla Lake and a third striking northeast-southwest that coincides exactly with a “magnetic button,” the company stated.

Further gravity work in March showed a large northeast-trending gravity low west of the lake. The company considers the anomalies west of the lake and over the magnetic button to be prime drill targets. Further ground electromagnetic surveys prior to drilling would better define the conductive trends in both areas.

ALX holds an 80% option on the 7,552-hectare project in a joint venture with Logan Resources TSXV:LGR. Gorilla Lake comprises one of three JVs in ALX’s Cluff Lake properties adjacent to the former Cluff Lake mine, which produced over 62 million pounds of U3O8 over 22 years. Historic drill results from Gorilla include 0.46% U3O8 over 1.5 metres and 0.17% over seven metres. Gorilla is one of five ALX projects in the Basin slated for winter/summer exploration.

In the southwestern Basin’s Patterson Lake South region, geophysical surveys over ALX’s Hook-Carter project verified multiple basement conductors, the company reported last week. The complexity of the conductors requires additional DC resistivity and gravity surveys prior to drilling.

In February Cameco Corp TSX:CCO signed an agreement to buy ALX claims peripheral to Hook-Carter.

Two weeks ago ALX closed a first tranche of $318,000, part of a strategic partnership in which Holystone Energy would buy 12.5 million shares for $750,000 and retain the right to maintain its ownership level for three years.

ALX Uranium announces exploration plans for five Athabasca Basin properties

January 21st, 2016

by Greg Klein | January 21, 2016

Holding one of the Athabasca Basin’s largest and most prospective portfolios keeps ALX Uranium TSXV:AL busy on multiple fronts. On January 21 the company announced winter/summer plans for five projects.

The Hook-Carter property sits on three conductive corridors in the southwestern Basin, within 10 kilometres along strike with the superlative discoveries at Patterson Lake South, Rook 1 and Spitfire, held respectively by Fission Uranium TSX:FCU, NexGen Energy TSXV:NXE and Cameco Corp TSX:CCO/AREVA Resources Canada/Purepoint Uranium TSXV:PTU. Once two separate projects, Hook-Carter came together in September when Lakeland Resources and Alpha Exploration combined to form ALX. Previous work on the 23,265-hectare property included four drill holes as well as airborne electromagnetic and gravity surveys. The project’s now slated for a ground moving loop time domain EM survey to define deep conductors.

ALX Uranium announces exploration plans for five Athabasca Basin properties

Still to come are results from last month’s drill campaign at Gibbon’s
Creek, another active ALX Uranium project in the Athabasca Basin.

Farther north, about 10 kilometres from the past-producing Cluff Lake mine, Gorilla Lake gets a ground gravity survey over northeast and southwest extensions along strike of a conductive trend where basement-hosted uranium was found in 2008. ALX holds an 80% option on the 7,552-hectare project, a joint venture with Logan Resources TSXV:LGR.

Straddling the Basin’s southeastern margin and near the Cable Bay shear zone, Lazy Edward Bay has a radon-in-lake survey scheduled to extend a 2014 survey. Past work on the 26,375-hectare property found two boulders grading 537 ppm and 896 ppm U3O8, along with anomalous levels of pathfinder elements. Two nearby soil samples returned uranium values of 13.7 ppm and 14.8 ppm.

On the Basin’s northeastern margin, the Perch property will undergo ground gravity over a four-kilometre-long conductor and coinciding magnetic low. Perch features easy access from the nearby community of Stony Rapids.

Just east of Perch, Newnham Lake gets a ground moving loop time domain EM survey to define conductive targets in the southwestern area of the 24,544-hectare property. Results released in November showed a radon anomaly about 100 metres by 750 metres associated with a north-south trending fault that crosscuts a conductor and coincides with a gravity low. Less than a kilometre away, two historic holes showed basement uranium assays up to 0.27% U3O8 over 0.13 metres and 0.09% over 0.5 metres. Newnham features a 15-kilometre-long conductive trend that’s about 25 kilometres when accounting for folding.

Meanwhile results are pending from a December drill program of 1,000 to 1,500 metres at Gibbon’s Creek, another northern Basin project near Stony Rapids. The previous winter’s drilling returned 0.13% U3O8 over 0.23 metres within 333.8 ppm over 1.1 metres, starting at 106.8 metres in downhole depth. Uranium values also showed up in three other holes. Another found highly anomalous geochemical pathfinders at the edge of a large radon anomaly and gravity low.

To complement its existing treasury, ALX closed a $149,000 first tranche last month of a private placement offered two days earlier at up to $355,000. “The company continues to evaluate three high-priority targets for follow-up diamond drilling this winter,” ALX stated.

Allied forces

July 23rd, 2015

Lakeland Resources and Alpha Exploration plan a strategic Athabasca Basin combination

by Greg Klein

Lakeland Resources and Alpha Exploration sign merger agreement

Among the new company’s exploration priorities would be the combination of
Lakeland’s Carter Lake and Alpha’s Hook Lake, on conductive corridors
and proximal to uranium discoveries northeast of Patterson Lake South.

 

The news followed the Fission Uranium TSX:FCU/Denison Mines TSX:DML announcement by two weeks yet Jonathan Armes says, “I don’t think there’s a better fit in the Basin.” Revealed July 22, the proposed combination of Lakeland Resources TSXV:LK and Alpha Exploration TSXV:AEX would bring together “our treasuries, our dream team of directors and technical advisers, and of course our properties. There’s synergies especially in the Carter Lake-Hook Lake projects. We’d have 15 kilometres of virtually untested corridors on strike with the Patterson Lake South, Arrow and Spitfire uranium discoveries.”

Lakeland’s CEO sees Basin companies divided by a big gap in market capitalization, where one group of explorers struggles with caps of $3 million or less while the next group starts with $13 million or more. “We want to tighten our share structure and provide more leverage to our existing shareholders,” Armes explains. “We think that having 41 million shares and $3 million in the bank would put us in a different category from a lot of our peers right now. We could execute probably two drill programs before the Christmas break. And, given our treasuries, people and properties, we’d have the ability to raise additional funds.”

The unified portfolio would feature “a string of Tier 1 drill targets,” including a combination of Lakeland’s Carter Lake and Alpha’s Hook Lake, now held 100% each by their respective companies. Together they cover an approximately 15-kilometre length of the PLS conductive corridor hosting Fission’s Triple R deposit and R600W zone, as well as the Arrow zone of NexGen Energy TSXV:NXE and the Spitfire zone of Cameco Corp TSX:CCO, AREVA Resources Canada and Purepoint Uranium TSXV:PTU.

Lakeland Resources and Alpha Exploration plan a strategic Athabasca Basin merger

Three other priorities from Alpha’s portfolio include Kelic Lake, Carpenter Lake and Gorilla Lake. Alpha holds a 100% option on Kelic, straddling the southern Basin’s rim east of PLS. East of Kelic and just south of the rim, Alpha holds the larger part of a 60/40 joint venture with Noka Resources TSXV:NX on Carpenter. East of the former Cluff Lake mine Alpha holds 80% of Gorilla, a JV with 20% partner Logan Resources TSXV:LGR. Results are pending for geophysics flown over the three properties earlier this year.

Three more Lakeland priorities, held 100%, include Gibbon’s Creek on the Basin’s north-central rim, Newnham Lake to the east and, on the southern rim, Lazy Edward Bay. The company considers Lazy Edward and Newnham drill-ready. Last winter’s Phase I drilling at Gibbon’s, meanwhile, brought near-surface intervals grading to 333.8 ppm U3O8 over 1.1 metres, including 0.13% over 0.23 metres.

As president/CEO/director of the merged entity, Armes would co-manage with Alpha CEO Michael Gunning, who would become executive chairperson. Alpha VP of exploration Sierd Eriks would retain his position. Each company would nominate three candidates to the six-person board.

Over the coming weeks geologists and Lakeland directors Neil McCallum and Jody Dahrouge will work with Eriks and Gunning to “set priorities, establish a timetable and put together a 24- to 36-month strategy of drilling,” Armes says. “Any or all of these eight projects have the potential of a significant discovery.” As for some non-core assets, the team would consider putting them up for JVs or sale.

Of the approximately $3-million combined treasury, roughly one-third would consist of “hard dollars” and the remainder subject to flow-through commitments.

The deal does, however, call for a hiatus on non-essential summer exploration prior to closing.

Subject to all approvals and a shareholder vote planned for early September, the arrangement begins with a three-to-one reverse split for Lakeland followed by the company exchanging one new share for every two Alpha shares. As a result, Lakeland shareholders would get about 60% of the new company’s 41 million shares, with the rest in the hands of Alpha shareholders.

“Both groups are excited about getting together our teams, our treasuries and our projects,” Armes says. “Everything lines up. In my opinion there’s no better merger that could happen in the Basin.”

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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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

February 22nd, 2014

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

by Greg Klein

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New “zone” at Rook 1 rocks NexGen stock

Judging by share performance, radiometric readings from NexGen Energy’s TSXV:NXE Rook 1 project far outshone next-door neighbour Fission Uranium’s TSXV:FCU Patterson Lake South last week—even though PLS assays showed its best hole yet. Possibly a bit premature, NexGen claimed the first hole in Rook 1’s Arrow area constitutes “a totally new zone of uranium mineralization.” Then again, the company also refers to intercepts as “zones.”

NexGen’s February 19 announcement said scintillometer readings showed a number of significant radioactive intervals in a hole that’s still being drilled. By “significant,” the company means at least five centimetres above 500 counts per second from a hand-held device that measures gamma ray particles in cps.

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

NexGen’s first hole in the Arrow area of Rook 1 stole attention
from Patterson Lake South and catapulted the company’s stock.

Results so far show well over a dozen “significant” intervals ranging from 0.05 metres to 1.65 metres in width. They occurred between downhole depths of 207.8 metres and 319.1 metres.

Radiometric readings are no substitute for assays, which are pending.

The company’s now revising its original 6,000-metre program “to substantially expand the program at Arrow and the other 11 western-located Rook 1 target areas,” according to CEO Leigh Curyer.

Last summer’s drilling found three mineralized holes roughly four kilometres southwest of Arrow, closer to the PLS boundary.

NexGen’s stock soared. Having previously closed on a 52-week low of $0.225, it shot up to a 52-week high of $0.65 in two days, before closing February 21 on $0.53.

Another best hole to date from Fission Uranium’s Patterson Lake South

Although upstaged by NexGen’s same-day announcement, Fission Uranium once again outperformed previous results by reporting its “strongest mineralized hole to date” from PLS on February 19.

The celeb du jour is hole PLS14-129 on zone R585E, the fourth of seven zones along a southwest-northeast potential strike of 1.78 kilometres. The zone itself has a defined strike of 30 metres and a lateral width of about 10 metres.

Of eight intervals reported, the best results show:

  • 13.66% uranium oxide (U3O8) over 38 metres, starting at 56 metres in downhole depth
  • (including 38.49% over 10.5 metres)

  • 11.19% over 31.5 metres, starting at 108.5 metres
  • (including 27.57% over 12 metres)

  • 6.82% over 11.5 metres, starting at 145.5 metres
  • (including 20.28% over 2.5 metres)

  • 3.37% over 12.5 metres, starting at 160 metres
  • (including 9.57% over 4 metres)

True widths weren’t available. Drilling was vertical.

“Nothing less than phenomenal,” was president/COO and chief geologist Ross McElroy’s immodest appraisal. The grade-times-thickness value nearly doubled that of the previous best hole, which dates back to September on the neighbouring R390E zone.

Last week Fission Uranium released a batch of radiometric readings for seven holes from four zones. The $12-million campaign, which includes ground geophysics as well as 90 holes totalling 30,000 metres, continues.

Anthem reports initial drill results from Hatchet Lake JV with Denison

Anthem Resources TSXV:AYN released preliminary drill results from Hatchet Lake, a joint venture with Denison Mines TSX:DML, on February 20. The 10-hole, 2,025-metre program on the Athabasca Basin’s eastern edge found no significant mineralization but a downhole radiometric probe intersected anomalous radioactivity in four holes.

The campaign also found prospective features “including strong fracturing, de-silicification (sanding) and clay and hematite alteration in the sandstone, and weak to strong chlorite and clay alteration, graphitic fault zones and sulphide mineralization in the basement,” Anthem stated. Assays are still to come.

Anthem’s cash position prevented a contribution to Hatchet’s $750,000 budget and the $300,000 IP survey on the Murphy Lake property, also part of the JV. As a result, Anthem’s interest dropped from 50% to about 41%. Denison acts as project operator.

Forum to acquire northeastern Basin property from Anthem

The same day as the Hatchet Lake news, Anthem and Forum Uranium TSXV:FDC announced an agreement to move a Basin property from the former to the latter. Forum will get the 14,205-hectare Fir Island claims on the Basin’s northeastern margin for 300,000 shares and a 1.5% NSR, of which Anthem may buy two-thirds for $1 million.

With little or no sandstone cover and road access within two kilometres, the property lies directly on a major structure, the Black Lake Shear Zone, and adjacent to the former Nisto mine, Forum stated. Previous geophysical and geochemical surveys identified several shallow drill targets which Forum plans to refine through ground gravity work.

Two weeks earlier the company announced it would buy two sets of claims from Agnico Eagle Mines TSX:AEM to consolidate Forum’s North Thelon project in Nunavut.

This month Forum plans to begin drilling 12 to 15 holes totalling 3,000 metres at its 9,910-hectare PLS-adjacent Clearwater project. The company’s eastside Basin 40%/60% Henday JV has $150,000 worth of summer magnetic and electromagnetic surveys planned by project operator Rio Tinto NYE:RIO.

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Exploration Group VP Jim Crawford on BC iron assays of 43.4% over 49m

November 10th, 2011

Resource Clips - essential news on junior gold mining and junior silver miningRidgemont Iron Ore Corp TSXV:RDG in joint venture with Logan Resources Ltd TSXV:LGR announced results from their Redford Iron Ore Property on Vancouver Island, BC. Assays include

43.4% iron over 49 metres
52.3% over 31 metres
51.5% over 26 metres
56.6% over 21 metres
50.8% over 23 metres
55.5% over 20 metres
60.2% over 13 metres
49.2% over 12 metres

Under a July 2010 option agreement, Ridgemont may acquire up to a 75% interest in the project. To earn the initial 50%, Ridgemont has paid Logan $75,000 and must pay Logan an additional $50,000 a year and issue the company 100,000 shares a year for three years, as well as spend $3 million on exploration. To earn the additional 25%, Ridgemont must pay all costs needed to make a production decision and arrange for any necessary financing to achieve production.

Noranda mined the property during the 1960s, producing 4.48 million tonnes grading 56% iron. Ridgemont is backed by The Exploration Group, which provides management, geological, regulatory, tax and IR services and by Forbes & Manhattan, the merchant bank that helped steer Consolidated Thompson through the 2008 crisis.

Jim Crawford, VP of Corporate Development for The Exploration Group, tells ResourceClips.com, “The grades reported yesterday are quite strong and they consistently follow what we expected from the project, in the mid- to high fifties, and there’ll be minor beneficiation on the ore to push it to 62%. That’s one of the things that attracted us to the project.

The key to this project is to keep it as simple as possible. We’re not trying to advance the science of mining; we’re just sticking with the tried and true—Jim Crawford

“We’re at phase I of the earn-in. Once we get this drill program done and get our initial resource estimate, there’ll be a decision whether to go for the full 75% ownership. We’ve drilled out 7,500 metres of the 2011 program. We’re aiming for 13,000 metres in this program, 10,000 on the body itself and another 3,000 is earmarked for the property’s geophysical targets. Whether they get to that 3,000 this year is uncertain. It’s been raining quite heavily there.

“We’re drilling beyond Noranda’s operation,” Crawford points out. “They continue to get good intersections with strong iron up to 400 metres east of the eastern-most end of the Noranda pit. So they’ve extended the historic data quite a bit. They’re aiming for a resource estimate early in 2012. That initial resource will tell us what we need to do next.

“Another thing that attracted us to the project is the underground potential, if it should unfold that way,” he adds. “There are certain environmental issues that are attractive. That should help permitting because you won’t have that scar on the landscape, although the old pit is still there. There are environmental issues that an underground operation helps with.

“Transportation and infrastructure also make this project very attractive. BC Highway 4 goes right by the project, the power grid comes down the same valley, we’re less than five kilometres from a potential deep-water port where you can load cape-size vessels and then we’re on the west coast of the continent so the sailing time to Asian markets is half what it is from the east. There’s a lot of these big-ticket items that make the project so attractive.

“We’re thinking about moving ore to the port by conveyor belt. It’s a bulk commodity, and nothing moves bulk commodities as simply as conveyors. The key to this project is to keep it as simple as possible. We’re not trying to advance the science of mining; we’re just sticking with the tried and true.

“The markets have been volatile lately, but the long-term outlook looks like a constant increase in the Chinese market, the Indian market and so on. So the demand for iron is definitely there.”

Ridgemont’s management team includes people with extensive experience in Consolidated Thompson Iron Mines TSX:CLM, the Iron Ore Company of Canada and Alderon Resource TSXV:ADV.

“The Exploration Group brings a lot of leverage to a small company like this,” Crawford adds. “You can attract people of Brian Penney’s stature [Penny will become Ridgemont President/CEO December 1], Mark Morabito [currently President/CEO, Morabito will become Executive Chairman December 1], all that Alderon experience. It’s actually a really good marriage.”

Crawford concludes, “It’s a nice, attractive project, and a lot of the big-ticket items with respect to infrastructure are lining up. It’s a past producer, too. So as we move forward, it’s just a matter of finding out what Mother Nature has to tell us.”

View Company Profile

Contact:
Konstantine Tsakumis
Investor Relations
604.681.8030 x 232

by Greg Klein

Ridgemont, Logan report BC Iron Assays up to 43.4% over 49m

November 9th, 2011

Resource Clips - essential news on junior gold mining and junior silver miningRidgemont Iron Ore Corp TSXV:RDG in joint venture with Logan Resources Ltd TSXV:LGR announced results from their Redford Iron Ore Property on Vancouver Island, BC. Assays include

43.4% iron over 49 metres
52.3% over 31 metres
51.5% over 26 metres
56.6% over 21 metres
50.8% over 23 metres
55.5% over 20 metres
60.2% over 13 metres
49.2% over 12 metres

Under a July 2010 option agreement, Ridgemont may acquire up to a 75% interest in the project. To earn the initial 50%, Ridgemont has paid Logan $75,000 and must pay Logan an additional $50,000 a year and issue the company 100,000 shares a year for three years, as well as spend $3 million on exploration. To earn the additional 25%, Ridgemont must pay all costs needed to make a production decision and arrange for any necessary financing to achieve production.

Noranda mined the property during the 1960s, producing 4.48 million tonnes grading 56% iron. Ridgemont is backed by The Exploration Group, which provides management, geological, regulatory, tax and IR services and by Forbes & Manhattan, the merchant bank that helped steer Consolidated Thompson through the 2008 crisis.

Jim Crawford, VP of Corporate Development for The Exploration Group, tells ResourceClips.com, “The grades reported yesterday are quite strong and they consistently follow what we expected from the project, in the mid- to high fifties, and there’ll be minor beneficiation on the ore to push it to 62%. That’s one of the things that attracted us to the project.

The key to this project is to keep it as simple as possible. We’re not trying to advance the science of mining; we’re just sticking with the tried and true—Jim Crawford

“We’re at phase I of the earn-in. Once we get this drill program done and get our initial resource estimate, there’ll be a decision whether to go for the full 75% ownership. We’ve drilled out 7,500 metres of the 2011 program. We’re aiming for 13,000 metres in this program, 10,000 on the body itself and another 3,000 is earmarked for the property’s geophysical targets. Whether they get to that 3,000 this year is uncertain. It’s been raining quite heavily there.

“We’re drilling beyond Noranda’s operation,” Crawford points out. “They continue to get good intersections with strong iron up to 400 metres east of the eastern-most end of the Noranda pit. So they’ve extended the historic data quite a bit. They’re aiming for a resource estimate early in 2012. That initial resource will tell us what we need to do next.

“Another thing that attracted us to the project is the underground potential, if it should unfold that way,” he adds. “There are certain environmental issues that are attractive. That should help permitting because you won’t have that scar on the landscape, although the old pit is still there. There are environmental issues that an underground operation helps with.

“Transportation and infrastructure also make this project very attractive. BC Highway 4 goes right by the project, the power grid comes down the same valley, we’re less than five kilometres from a potential deep-water port where you can load cape-size vessels and then we’re on the west coast of the continent so the sailing time to Asian markets is half what it is from the east. There’s a lot of these big-ticket items that make the project so attractive.

“We’re thinking about moving ore to the port by conveyor belt. It’s a bulk commodity, and nothing moves bulk commodities as simply as conveyors. The key to this project is to keep it as simple as possible. We’re not trying to advance the science of mining; we’re just sticking with the tried and true.

“The markets have been volatile lately, but the long-term outlook looks like a constant increase in the Chinese market, the Indian market and so on. So the demand for iron is definitely there.”

Ridgemont’s management team includes people with extensive experience in Consolidated Thompson Iron Mines TSX:CLM, the Iron Ore Company of Canada and Alderon Resource TSXV:ADV.

“The Exploration Group brings a lot of leverage to a small company like this,” Crawford adds. “You can attract people of Brian Penney’s stature [Penny will become Ridgemont President/CEO December 1], Mark Morabito [currently President/CEO, Morabito will become Executive Chairman December 1], all that Alderon experience. It’s actually a really good marriage.”

Crawford concludes, “It’s a nice, attractive project, and a lot of the big-ticket items with respect to infrastructure are lining up. It’s a past producer, too. So as we move forward, it’s just a matter of finding out what Mother Nature has to tell us.”

View Company Profile

Contact:
Konstantine Tsakumis
Investor Relations
604.681.8030 x 232


by Greg Klein