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Posts tagged ‘Long Harbour Exploration Corp (LHC)’

Athabasca Basin and beyond

May 31st, 2014

Uranium news from Saskatchewan and elsewhere for May 24 to 30, 2014

by Greg Klein

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Fission Uranium drills 38 metres of 4.44% U3O8 at Patterson Lake South

Still no word on a resource estimate, but Fission Uranium TSXV:FCU released assays for 10 more infill holes from Patterson Lake South on May 29. The latest batch brings the total reported holes from last winter to 40, with 52 more to come. Nine of the most recent came from R780E, the middle and the largest of five zones along a 2.24-kilometre potential strike that’s open to the east and west. Some of the best results show:

Hole PLS14-153

  • 0.34% uranium oxide (U3O8) over 21.5 metres, starting at 166.5 metres in downhole depth
  • (including 1.47% over 2 metres)
Uranium news from Saskatchewan and elsewhere for May 24 to 30, 2014

  • 0.78% over 5.5 metres, starting at 203 metres
  • (including 3.76% over 1 metre)

  • 0.64% over 10.5 metres, starting at 215 metres
  • (including 4.16% over 1 metre)

Hole PLS14-156

  • 4.68% over 19 metres, starting at 103.5 metres
  • (including 12.32% over 5.5 metres)

  • 3.69% over 4.5 metres, starting at 202 metres
  • (including 10.67% over 1.5 metres)

Hole PLS14-160

  • 4.44% over 38 metres, starting at 69 metres
  • (including 14.74% over 10 metres)

  • 1.05% over 9.5 metres, starting at 187 metres
  • (including 3.44% over 2.5 metres)

Hole PLS14-167

  • 1.16% over 18.5 metres, starting at 120 metres
  • (including 3.1% over 6.5 metres)

Hole PLS14-171

  • 1.05% over 18.5 metres, starting at 75 metres
  • (including 4.42% over 2.5 metres)

  • 2.96% over 48 metres, starting at 105 metres
  • (including 8.67% over 11.5 metres)

Fission Uranium also released one assay from R00E, the second zone from the west and location of the project’s first hit.

Hole PLS14-163

  • 0.14% over 5 metres, starting at 128.5 metres

True widths weren’t provided.

Back to the R780E assays, Fission Uranium stated they show “the exceptional strength of uranium mineralization in the middle region over a substantial strike length” of the zone.

Aldrin finds radioactivity at Triple M’s Anticline area

The first hole sunk on the Anticline target at Aldrin Resource’s (TSXV:ALN) Triple M property went radioactive, the company announced May 29. A downhole probe found nine intervals totalling 14.6 metres (not true widths) showing “significant” radiation above 300 counts per second for intercepts above 0.3 metres. The nine intervals occurred at downhole depths between 176.6 and 246.2 metres.

Radiation measurements are no substitute for assays. The company noted that radiation could come from potassium or thorium, but radiometric readings have shown some correlation with uranium at the adjacent PLS project.

Aldrin has also drilled seven holes so far on the project’s Forrest Lake fault, reporting preliminary results for the first four in April. The 12,000-hectare Triple M property consists of two blocks west and south of PLS.

Ur-Energy reports Shirley Basin eU3O8, prepares 43-101

Radiometric results announced May 28 follow completion of a 14-hole confirmation drill program at Ur-Energy’s (TSX:URE) Shirley Basin project in Wyoming. Providing the results not as counts per second but as uranium oxide-equivalent, the company found 13 intercepts above 0.02% eU3O8 for intercepts ranging between 1.83 metres and 5.79 metres thick (not true widths). The intercepts started at downhole depths ranging from 68 to 161 metres.

Historically, the Shirley Basin district has hosted low-grade deposits suited to in-situ recovery operations. But this campaign found higher-grade results too, including:

  • 0.502% eU3O8 over 2.44 metres, starting at 95 metres in downhole depth

  • 0.321% over 3.81 metres, starting at 73.8 metres

  • 0.189% over 5.79 metres, starting at 100.95 metres

Now underway is a 43-101 technical report on the property, part of last December’s acquisition of Pathfinder Mines. In August Ur-Energy began ISR production at another Wyoming project, Lost Creek. In May the company revised the mine’s guidance in view of low uranium prices.

Fission 3.0 and Brades report Clearwater West conductors

On May 27 Fission 3.0 TSXV:FUU and Brades Resource TSXV:BRA announced more detailed results from a previously reported VTEM survey. The companies now say 24 conductive areas have been located on the Clearwater West joint venture, five coinciding with anomalous radiometric readings. In all, seven high-priority areas have been identified on the eastern side of the 11,835-hectare property that borders PLS to the north.

Follow-up work will include boulder prospecting and ground-based electromagnetic and DC resistivity surveys to determine drill targets.

The Fission Energy spinco acts as operator and currently holds 100% of the project. Brades has a three-year, 50% option that would call for $5 million in spending by October 2016 and a first-year commitment of $700,000.

New listing enhances Lakeland Resources’ American exposure

Lakeland Resources TSXV:LK made its OTCQX trading debut May 30, marking an important step “as we continue to grow and expand our shareholder base globally,” said president/CEO Jonathan Armes. “The United States is an important market to be active in and we look forward to the increased visibility and exposure that this new listing will offer.”

In April the company announced a 4,475-hectare expansion to its Lazy Edward Bay project, one of Lakeland’s 16 uranium properties in and around the Basin.

Read more about Lakeland Resources here and here.

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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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