Tuesday 4th August 2020

Resource Clips


Posts tagged ‘malawi’

Athabasca Basin and beyond

May 17th, 2014

Uranium news from Saskatchewan and elsewhere for May 10 to 16, 2014

by Greg Klein

Next Page 1 | 2

Cameco suspends Millennium mine proposal

Declining uranium prices have forced Cameco Corp TSX:CCO to postpone its Millennium mine proposal. On May 16 the Canadian Nuclear Safety Commission stated a public hearing for a licence application scheduled for June had been adjourned at Cameco’s request. A brief message on the company’s website blamed “poor economic conditions in world uranium markets.”

Figures from 2009 credited the project with an indicated resource of 46.8 million pounds uranium oxide (U3O8) averaging 4.53% uranium. A 2013 environmental impact statement forecast an initial 10-year lifespan, but anticipated extensions if further resources were found. Ore would have been shipped 36 kilometres south to the Key Lake mill, held 83% by Cameco and 17% by AREVA Resources Canada.

Uranium news from Saskatchewan and elsewhere for May 10 to 16, 2014

Although just last month Cameco expressed optimism in uranium’s
long-term outlook, the company blamed market conditions as it
withdrew its Millennium licence application.

Uranium prices have continued their slide to new record lows. Although there’s no spot price for the metal, UX Consulting’s most recent indicator, published May 12, came to $29 a pound.

In last month’s Q1 report, Cameco expressed optimism about the long-term outlook, expecting “an increase in annual uranium consumption from today’s 170 million pounds to about 240 million pounds” over the next decade.

In March Cameco finally put its Cigar Lake mine into production, nine years after construction began and 33 years after its discovery.

The CNSC left the door open for Cameco to make a future request that its licence application be considered by the commission, which would then call a public hearing.

Fission Uranium hits 30 metres of 2.58% U3O8 at Patterson Lake South

Fission Uranium TSXV:FCU unloaded assays for eight more holes from Patterson Lake South on May 13, all of them from the R780E zone. This week’s star, PLS14-158, marks the eastern-most R780E hole for which assays have been released, boosting the company’s optimism in the deposit’s eastward potential. Some of the best results show:

Hole PLS14-141

  • 0.72% U3O8 over 11 metres, starting at 163 metres in downhole depth
  • (including 2.04% over 3 metres)

  • 0.77% over 6 metres, starting at 187.5 metres
  • (including 2.31% over 1.5 metres)

PLS14-143

  • 0.26% over 14 metres, starting at 145 metres

  • 0.41% over 5 metres, starting at 248 metres
  • (including 1.06% over 1.5 metres)

PLS14-144

  • 0.79% over 19 metres, starting at 127.5 metres
  • (including 3.21% over 3.5 metres)

  • 0.46% over 7.5 metres, starting at 151.5 metres

  • 0.3% over 8.5 metres, starting at 196 metres
  • (including 1.43% over 1 metre)

  • 2.07% over 3 metres, starting at 208 metres
  • (including 3.21% over 1.5 metres)

PLS14-148

  • 1.83% over 3.5 metres, starting at 154.5 metres
  • (including 2.9% over 2 metres)

  • 0.63% over 5 metres, starting at 192.5 metres

PLS14-149

  • 0.2% over 17.5 metres, starting at 117.5 metres

PLS14-150

  • 2.94% over 7 metres, starting at 219 metres
  • (including 5.58% over 3.5 metres)

  • 0.22% over 19.5 metres, starting at 285.5 metres

PLS14-157

  • 0.35% over 6.5 metres, starting at 125 metres

  • 0.29% over 14.5 metres, starting at 168.5 metres

PLS14-158

  • 0.72% over 8 metres, starting at 141 metres

  • 2.58% over 30 metres, starting at 152 metres
  • (including 22.02% over 1 metre)
  • (and including 8.57% over 5 metres)

  • 6.85% over 10 metres, starting at 232.5 metres
  • (including 12.23% over 5.5 metres)

  • 3.53% over 4.5 metres, starting at 253.5 metres
  • (including 11.95% over 1 metre)

True widths weren’t provided. R780E is the middle of five zones, and the largest of all five, along a 2.24-kilometre potential strike that’s open both to the east and west. With assays released for 30 winter holes so far, lab results are pending for approximately 62 more.

Although winter exploration drilling fell short of exciting, the season’s focus was on infill drilling to define a maiden resource that will—on some unspecified date—debut to an intensely curious audience.

Powertech files Kyrgyzstan resource held 80% by proposed merger partner, updates South Dakota licence challenge

Powertech Uranium TSX:PWE has filed an inferred resource for the Kyzyl Ompul licence in Kyrgyzstan, the company announced on May 13. The 42,379-hectare project is held 80% by Azarga Resources Ltd, which plans to merge with Powertech. The resource uses a 0.01% cutoff to show 15.13 tonnes averaging 0.022% for 7.51 million pounds U3O8 inferred.

Powertech described the Kok Moinok main zone as about 700 metres along an east-west strike, 600 metres north-south and 10 to 30 metres in depth. The report also included two conceptual exploration target area estimates.

Although Powertech acknowledged that access to the project was blocked by political unrest in 2005 and 2010, the company maintained that “the main risk factors at this stage are commodity prices….”

Last year Kyrgyzstan managed to fall a few spots to the very bottom of the Fraser Institute’s policy perception index and achieved near-bottom rankings for several other categories in the annual poll of mining professionals. But a May 7 Financial Post article by Peter Koven pointed out that despite public opposition, social unrest and ongoing government policy threats, Centerra Gold’s (TSX:CG) Kyrgyzstan mine “continues to run and churn out cash.”

The Kyzyl Ompul licence expires at the end of 2015. Read more about the Powertech/Azarga merger here and here.

On May 14 Powertech updated events following a challenge to its operating licence for the company’s Dewey-Burdock project in South Dakota. In oral hearings the previous day, opponents questioned procedures followed by the U.S. Nuclear Regulatory Commission to determine the importance of possible native religious sites in the area.

As the hearings continue, the NRC’s Atomic Safety and Licensing Board will decide whether Dewey-Burdock’s licence becomes effective or remains on hold until a formal hearing in August. Read more about the licence challenge.

MPVC begins drilling Maguire Lake target at NW Manitoba

Drilling has begun at MPVC Inc’s (TSXV:UNO) Northwest Manitoba project, the company announced May 14. While winter conditions persist, a diamond drill will focus on Maguire Lake. Preliminary radon measurements from the lake reported the previous week were, to the company’s knowledge, second only to PLS for a water-based survey. MPVC will also bring in a rotary air blast drill, which is intended to test shallow targets quickly.

With ground gravity survey results now in hand, the company has filled in gaps between three earlier sets of data, extending previously identified gravity lows and discovering new gravity lows.

To earn 80% of the 143,603-hectare project from CanAlaska Uranium TSXV:CVV, MPVC must spend $3.2 million on exploration by 2015.

Next Page 1 | 2

Athabasca Basin and beyond

May 10th, 2014

Uranium news from Saskatchewan and elsewhere for May 3 to 9, 2014

by Greg Klein

Next Page 1 | 2

Paladin releases Labrador infill results, plans Q2 resource update

From Labrador’s Central Mineral Belt, Paladin Energy TSX:PDN announced winter infill drilling results on May 7. Thirteen holes sunk 3,871 metres into the Michelin deposit, with each hole finding mineralization and six revealing significant intervals, the company stated. The best results showed:

Hole M14-151

  • 0.109% uranium oxide-equivalent (eU3O8) over 10 metres, starting at 302 metres in downhole depth
Uranium news from Saskatchewan and elsewhere for May 3 to 9, 2014

Paladin considers Labrador’s Central Mineral Belt “one of the
few remaining under-explored uranium districts globally.”

Hole M14-154

  • 0.14% over 15 metres, starting at 214 metres

  • 0.13% over 8 metres, starting at 256 metres

Hole M14-156

  • 0.095% over 12 metres, starting at 230 metres

Hole M14-158

  • 0.096% over 16 metres, starting at 191 metres

Hole M14-162

  • 0.102% over 28 metres, starting at 348 metres

Hole M14-163

  • 0.114% over 9 metres, starting at 355 metres

Information about true widths wasn’t provided. The deposit remains open in both directions and at depth. On the agenda is a Q2 resource update in which Paladin hopes the last few years of drilling will boost confidence as well as produce a small size increase.

Michelin’s resource currently shows:

  • measured: 7.1 million tonnes averaging 0.08% for 13.06 million pounds U3O8

  • indicated: 23 million tonnes averaging 0.11% for 54.06 million pounds

  • inferred: 16 million tonnes averaging 0.1% for 36.09 million pounds

Adding in five other deposits within 50 kilometres of a potential Michelin mill, the CMB project totals:

  • measured: 8.1 million tonnes averaging 0.08% for 15.1 million pounds

  • indicated: 32 million tonnes averaging 0.1% for 68.7 million pounds

  • inferred: 29.1 million tonnes averaging 0.08% for 53 million pounds

Three kilometres south of Michelin, two holes totalling 561 metres failed to find depth extensions to the Rainbow deposit. But Paladin considers the Michelin-Rainbow trend highly prospective as a result of radiometric surveying, mapping, prospecting and some drilling. Interpretation of a 608-line-kilometre ground magnetic survey will help guide exploration in the Michelin vicinity. More drilling is planned for next winter.

Paladin holds interests in five other exploration projects in Australia and another in Niger. Last February, declining prices forced the company to place its Kayelekera mine in Malawi on care and maintenance. Paladin hopes to close the sale of a 25% interest in its Langer Heinrich flagship in Namibia in June.

Northwest Manitoba radon-in-water might be second only to PLS, MPVC says

Having reported results of a land-based radon survey last month, MPVC Inc TSXV:UNO announced preliminary but optimistic findings from a radon-in-water survey at its Northwest Manitoba project on May 7. “To the author’s knowledge” only Fission Uranium’s (TSXV:FCU) Patterson Lake South has shown higher readings for a water-based survey, MPVC stated. More detailed analysis could change the results by about 10% either way.

Of the 1,399 samples from Maguire Lake, 41 showed results above 100 picocuries per litre (pCi/L), 14 went beyond 200 pCi/L, eight exceeded 300 pCi/L and four surpassed 400 pCi/L.

The readings extend linear trends identified in last month’s land-based survey results, MPVC added.

Still to come are results from a ground gravity survey to fill in areas missed by a 2012 survey. The area has also undergone an airborne magnetic/VLF/radiometric survey in 2006 and an airborne VTEM survey in 2007.

Among future work, the company plans to scan drill cuttings with a high-resolution gamma spectrometer system to “detect young uranium which is not radioactive and therefore not detectible with other field instruments…. The detection of anomalous young uranium, radon or lead 210 ascending along fractures would signal the presence of a uranium deposit at depth.” Drilling might descend as far as 1,000 metres in search of deeper deposits.

Previous prospecting in the area has found in-situ mineralization up to 9.5% U3O8 and boulders grading above 65%.

The company’s 80% option with CanAlaska Uranium TSXV:CVV calls for $3.2 million worth of exploration on the 143,603-hectare project by 2015.

Western Athabasca Syndicate reports initial Preston drill results

The four-company Western Athabasca Syndicate announced preliminary results from seven holes totalling 1,571 metres on their Preston property’s Swoosh target May 6. Five holes showed elevated radioactivity measured by a handheld spectrometer and a downhole probe. The project’s best hole so far, PN14007, found 12 radioactive intervals, one of them 1,432 counts per second over 0.75 metres (not true width). The results are no substitute for assays, which are expected in early June.

The alliance consists of Skyharbour Resources TSXV:SYH, Athabasca Nuclear TSXV:ASC, Noka Resources TSXV:NX and Lucky Strike Resources TSXV:LKY.

Six holes reached downhole depths between 200 and 350 metres while poor drilling conditions eliminated one hole. But all seven “intersected a broad, hydrothermally altered and reactivated structural zone,” the syndicate stated. The six-kilometre-long Swoosh was defined by gravity, magnetic and electromagnetic surveys, and surficial geochemical anomalies.

This month the companies plan at least one hole on each of two other targets, Fin and CHA. Swoosh is slated for additional field work and drilling later this year.

Athabasca Nuclear acts as project operator on the 246,643-hectare Preston property, which the syndicate credits with 15 prospective targets.

Anfield collects Colorado claims

Anfield Resources TSXV:ARY has once again expanded its western U.S. turf with 239 unpatented mining claims on federal land in Colorado. As a result the company now “has access to mineral rights” on more than 7,082 hectares in historic uranium and vanadium districts in Colorado and Utah, according to the May 8 announcement.

Subject to approvals, Anfield gets the claims from Alamosa Mining Corp for 1.95 million shares and three years of payments totalling US$600,000.

The company previously announced Utah acquisitions in March and January. All the Utah and Colorado claims lie within a 193-kilometre radius of Energy Fuels’ (TSX:EFR) White Mesa mill. Anfield also holds claims in Arizona.

European Uranium refines portfolio sale, intends to pursue other assets

On May 9 European Uranium Resources TSXV:EUU announced that the planned sale of its entire portfolio has reached a share purchase agreement with Forte Energy that replaces the companies’ previous binding heads of agreement. As in the original deal, the ASX/AIM-listed company issues EUU 915.93 million shares, valued at $7.5 million, and pays EUU $1 million. The latter retains a 1% production royalty.

But the new arrangement calls for the shares to be issued in instalments to avoid breaching the Australia Takeovers Prohibition. On closing, EUU would get 19.9% of the shares with the rest following “from time to time.”

Nor will EUU distribute Forte shares to its own shareholders. Instead it will sell some of them over time to fund its operations. EUU stated the deal would provide initial funding to pursue options or acquisitions “in multiple commodities in the general European area.”

The Forte deal came together shortly after EUU’s planned merger with Portex Minerals CSE:PAX fell through. EUU’s portfolio consists of two Slovakian uranium projects.

The company closed a $100,000 private placement with Forte in mid-April.

Next Page 1 | 2

Athabasca Basin and beyond

April 27th, 2014

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

by Greg Klein

Next Page 1 | 2

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.

Next Page 1 | 2

Athabasca Basin and beyond

April 19th, 2014

Uranium news from Saskatchewan and elsewhere for April 12 to 18, 2014

by Greg Klein

Next Page 1 | 2

Fission Uranium releases second batch of winter assays from Patterson Lake South

With its first set of Patterson Lake South assays since February 19 and only the second since winter drilling began in mid-January, Fission Uranium TSXV:FCU reported 12 holes on April 14. Nine showed high grades and all came from zone R780E, the third of five zones along a 2.24-kilometre west-east potential strike that remains open at both ends. Among the best assays were:

Hole PLS14-125

  • 0.46% uranium oxide (U3O8) over 56.5 metres, starting at 119.5 metres in downhole depth
  • (including 1.91% over 6 metres)
  • (and including 1.71% over 2.5 metres)

  • 0.21% over 12 metres, starting at 225.5 metres

Hole PLS14-126

  • 1.3% over 8.5 metres, starting at 152.5 metres
  • (including 4.44% over 1 metre)

  • 2.41% over 5.5 metres, starting at 178 metres
  • (including 4.66% over 2 metres)

  • 0.96% over 5 metres, starting at 230 metres

Hole PLS14-128

  • 0.46% over 6 metres, starting at 167.5 metres

  • 6.74% over 4 metres, starting at 216.5 metres
  • (including 13.04% over 2 metres)

Hole PLS14-130

  • 0.47% over 17 metres, starting at 84.5 metres
  • (including 1.57% over 3.5 metres)

  • 3% over 4 metres, starting at 142.5 metres
  • (including 11.1% over 1 metre)

Hole PLS14-131

  • 0.22% over 22.5 metres, starting at 168.5 metres

  • 0.3% over 30.5 metres, starting at 199.5 metres
  • (including 0.93% over 3.5 metres)

  • 0.34% over 21.5 metres, starting at 234.5 metres

Hole PLS14-132

  • 0.4% over 12.5 metres, starting at 72 metres
  • (including 3.28% over 1 metre)

  • 0.72% over 46 metres, starting at 134.5 metres
  • (including 2.41% over 10.5 metres)

  • 1.54% over 5.5 metres, starting at 216 metres
  • (including 2.74% over 3 metres)

  • 4.03% over 8 metres, starting at 226.5 metres
  • (including 8.48% over 3.5 metres)

Hole PLS14-133

  • 0.9% over 13.5 metres, starting at 167 metres
  • (including 8.37% over 1 metre)

  • 0.48% over 21.5 metres, starting at 184 metres
  • (including 1.03% over 5 metres)

Hole PLS14-136

  • 0.92% over 41 metres, starting at 119 metres
  • (including 2.59% over 8 metres)
  • (and including 3.69% over 2.5 metres)

True widths were unavailable.

The previous week Fission Uranium stated 70 holes had been completed out of a planned 100 winter holes totalling approximately 30,000 metres. About 85 holes, using four rigs, will concentrate on delineation. A fifth rig explores outside the main mineralized trend. The 31,039-hectare project’s winter budget comes to $12 million, including geophysics. No target date has been announced for the project’s highly anticipated maiden resource.

Macusani Yellowcake, Azincourt sign LOI to consolidate Peruvian properties

Uranium news from Saskatchewan and elsewhere for April 12 to 18, 2014

Azincourt’s Macusani project, on Peru’s Macusani plateau
and surrounded by Macusani Yellowcake, borders a Fission 3.0
property also called Macusani.

Under a letter of intent announced April 17, Macusani Yellowcake TSXV:YEL would swallow up additional properties held by Azincourt Uranium TSXV:AAZ but surrounded by Macusani in southeastern Peru. The deal would give Azincourt 68.35 million Macusani shares, representing about 30% of the company following the transaction. Macusani would then control over 949 square kilometres hosting “one of the largest undeveloped uranium projects in the world,” the two companies stated.

Macusani’s current package, on Peru’s Macusani plateau, hosts four low-grade deposits that offer low-cost mining potential, according to a December preliminary economic assessment. August resource estimates total 321,000 pounds U3O8 measured, 31.15 million pounds indicated and 30.08 million pounds inferred.

Azincourt completed the acquisition of its two Peruvian assets in January, before contracting technical studies on them. An historic, non-43-101 resource released in 2011 for Azincourt’s 4,900-hectare, now confusingly named Macusani project showed 5.69 million pounds measured, 12.52 million pounds indicated and 17.42 million pounds inferred. The company’s 9,600-hectare Muñani project has undergone airborne geophysics and ground work but has yet to be drilled. Prior to Azincourt’s acquisition, the two projects had lain dormant for two years following Fukushima.

On closing the deal Macusani anticipates a new PEA that would “easily” incorporate the new properties into its existing mine plan.

The consolidated turf would then surround some 51 square kilometres held by Fission 3.0 TSXV:FUU. The Fission Energy spinco collaborates with Azincourt on their PLS-adjacent PLN joint venture.

Definitive agreement advances Denison’s acquisition of Enexco

Denison Mines TSX:DML moved closer to its planned acquisition of International Enexco TSXV:IEC with a definitive agreement announced April 14. Terms of the all-share deal remain unchanged from the LOI reported last month.

In early April Denison reported radiometric results from the Wheeler River JV’s newly discovered Gryphon zone. More radiometric results followed the next day from Enexco’s Mann Lake JV.

Forum announces initial drill results from Clearwater

Spring break-up brought an early end to the Clearwater project’s first drill program, but Forum Uranium TSXV:FDC identified “five major structural trends with reactivated graphitic shear zones [and] alteration,” according to an April 17 statement. Core from two holes showed “locally elevated radioactivity” up to 300 counts per second.

Nine holes totalling 2,310 metres tested widely spaced targets “including a number of gravity lows, radon anomalies and EM conductors both on strike and running parallel” to the PLS trend, the company added. Forum expects to have more detailed results by early June.

The program focused on the 9,910-hectare project’s northern claim, which borders the southwest of PLS and is slated for summer follow-up work. Clearwater’s southern claim, with conductive trends, radiometric anomalies and significant values for uranium in lake sediment, has yet to be drilled.

In late March the company resumed drilling at its Northwest Athabasca project, a JV with NexGen Energy TSXV:NXE, Cameco Corp TSX:CCO and AREVA Resources Canada. Forum holds other properties in Nunavut and the northeastern Athabasca Basin.

Fission 3.0, Brades report initial radiometric and VTEM results from Clearwater West

Fission 3.0 and Brades Resource TSXV:BRA reported initial interpretations of two airborne surveys over their Clearwater West project on April 15. A radiometric survey using patent-pending equipment and methodology found a cluster of anomalies on the eastern 10 kilometres of the property where historic data shows EM conductors, the partners stated. Ground prospecting will follow up this summer.

A VTEM survey suggests the property’s east side hosts EM conductors that might continue from the PLS property bordering to the north. More detailed evaluation will follow.

The project’s $700,000 first-year program will also include ground geophysics and geochemical surveys including radon measurements. Fission 3.0 acts as operator on the 11,835-hectare property. Brades holds a three-year option to earn 50%.

Western Athabasca Syndicate to expand Swoosh drill program

The four-company Western Athabasca Syndicate reported preliminary drill results from its Preston property on April 15. Five holes totalling 986 metres tested the Swoosh target, a six-kilometre corridor identified by gravity, magnetic and EM surveys, and coinciding with surficial geochemical anomalies, the alliance stated. The group consists of Skyharbour Resources TSXV:SYH, Athabasca Nuclear TSXV:ASC, Noka Resources TSXV:NX and Lucky Strike Resources TSXV:LKY.

All five holes hit a hydrothermally altered and reactivated structural zone. A downhole probe found elevated radioactivity in three holes, including one interval of 802 cps over 1.95 metres (not true width) starting at 186.68 metres in downhole depth. Four holes reached depths between 200 and 275 metres. A fifth was abandoned due to poor conditions. More detailed evaluation is expected in May.

Backed by an expanded budget, drilling will continue at Swoosh until late April. The following month the syndicate will test two other targets, CHA and Fin. Athabasca Nuclear acts as operator on the 246,643-hectare property.

On April 14 Ryan Kalt formally became Athabasca Nuclear’s CEO, having already held the position on an interim basis. Kalt has been prominent in acquiring Basin properties, including Preston, and as a director shifted the company to uranium exploration. With a 21.25% stake, he’s also the company’s largest shareholder. On April 15 Athabasca Nuclear announced an advance notice bylaw.

Next Page 1 | 2

Athabasca Basin and beyond

March 15th, 2014

Uranium news from Saskatchewan and elsewhere for March 8 to 14, 2014

by Greg Klein

Next Page 1 | 2

Innovation overcomes epic struggle to put Cameco’s Cigar Lake into production

 

 

With an ore grade 100 times the world average, Cameco Corp TSX:CCO overcame tremendous challenges to put Cigar Lake into production. Indeed the project’s first ore shipment on March 13 suggests that high grade is the mother of invention.

Among other tribulations, flooding in 2006 and 2008 stalled the eastern Athabasca Basin mine, which dates back to a 1981 discovery and began construction in 2005. Last year’s planned start-up hit another delay with leaks from tanks built to hold the run-of-mine slurry. Around the same time the McClean Lake mill faced delays of its own with modifications to the leaching circuit.

Cameco devised innovative techniques of bulk freezing and jet boring to extract the deposit lying 410 to 450 metres below surface, “where water-saturated Athabasca sandstone meets the underlying basement rocks.”

Uranium news from Saskatchewan and elsewhere for March 8 to 14, 2014

The jet boring tunnel at Cigar Lake, which Cameco calls “among
the most technically challenging mining projects in the world.”

To prevent flooding, the company freezes the ore and surrounding rock “by circulating a brine solution through freeze holes drilled from both surface and underground.”

To extract the ore, Cameco developed a method of high-pressure water jet boring “after many years of test mining” that keeps operators safely distant from the enormously high-grade deposit.

The company’s targeting 18 million pounds a year at full production, making it the world’s largest high-grade uranium mine after the Cameco/AREVA (70%/30%) McArthur River operation. But even 33 years after Cigar Lake’s discovery, the company anticipates further difficulties: “As we ramp up production, there may be some technical challenges which could affect our production plans.”

As of December 31, Cigar Lake capital expenditures came to $2.6 billion. Over 600 people will staff the mine.

Milling will take place at McClean Lake, 70 kilometres northeast. Operator AREVA Resources Canada says the plant “is expected to produce 770 to 1,100 tonnes of uranium concentrate from Cigar Lake ore in 2014. Its annual production rate will ramp up to 8,100 tonnes as early as 2018.”

Cigar Lake shows proven and probable reserves averaging 18.3% for 216.7 million pounds U3O8. Measured and indicated resources average 2.27% for 2.2 million pounds. The inferred resource averages 12.01% for 98.9 million pounds.

Cigar Lake is a joint venture of Cameco (50.025%), AREVA (37.1%), Idemitsu Canada Resources (7.875%) and TEPCO Resources (5%).

The McClean Lake JV consists of AREVA (70% ), Denison Mines TSX:DML (22.5%) and OURD Canada (7.5%).

Read more about Cigar Lake here and here.

Fission Uranium reports Patterson Lake South’s second-best radiometric results, $25-million bought deal

Patterson Lake South’s momentum continued on March 10 as Fission Uranium TSXV:FCU released its third batch of radiometric readings in five days—this time boasting one hole with “the second strongest off-scale results recorded at PLS to date, placing it amongst the best holes drilled in the Athabasca Basin.” The four new holes also continue the winter program’s 100% hit rate and further encourage the company’s quest to connect the six zones along a 1.78-kilometre potential strike.

Fission Uranium reports Patterson Lake South’s second-best radiometric results

Fission uses a hand-held scintillometer to measure
radiation from drill core prior to receiving lab assays.

The most recent star hole is PLS14-164, whose intervals showed a total of 30.08 metres of off-scale readings at 9,999 counts per second, the maximum amount of gamma radiation that the hand-held scintillometer can measure. The readings, taken from drill core, are no substitute for assays, which will follow.

Another hole showed a composite 2.1 metres of off-scale radioactivity. Of the four holes, the mineralized intercept closest to surface started at 56 metres, while the deepest stopped at 380.5 metres.

Oddly enough, Fission Uranium’s March 10 release says one of the new holes “has narrowed the distance between zones R390E and R585E to approximately 60 metres.” That’s the same distance between the same zones reported by the company on March 7.

Already 40 holes have been completed in the $12-million winter campaign that began in mid-January. The company plans about 85 or 90 holes totalling around 30,000 metres on the ice-bound lake before spring. While one rig explores outside the mineralized area, Fission Uranium hopes its four other drills will fill the gaps between the project’s six zones.

Just before the March 10 closing bell Fission Uranium announced a $25-million bought deal. A syndicate of underwriters led by Dundee Securities agreed to buy 15.65 million warrants, exercisable for one share each, at $1.60. The company expects to close the private placement by April 1. The underwriters may buy an additional 15%.

Fission Uranium surpassed its 52-week high March 10, opening three cents above its previous close, reaching $1.71 and then settling on $1.67 when trading was halted at the company’s request minutes before the $25-million announcement.

Trading resumed the following day. The company closed March 14 on $1.59. With 330.12 million shares outstanding, Fission Uranium had a market cap of $524.89 million.

NexGen repeats success with second hole at Rook 1’s new area

NexGen repeats success with second hole at Rook 1’s new area

Core from RK-14-27 shows pitchblende within
brecciated shear at 253.8 metres in downhole depth.

With radiometric results from a second hole on Rook 1’s Arrow prospect, NexGen Energy TSXV:NXE repeated last month’s success. On March 13 the company released dozens of tiny intervals ranging from 0.05 to 0.45 metres that showed “significant” readings over 500 counts per second. One intercept of 15.05 metres (not true width) showed almost continuous significant results.

The measurements, which are no substitute for assays, were obtained by scanning drill core with a hand-held radiation detector.

Significant intervals for RK-14-27 started at 224.45 metres in downhole depth and ended at 435.9 metres. Drilling stopped at 576 metres. About a dozen small intervals hit the device’s maximum possible reading of 10,000 cps. Arrow’s mineralization now extends at least 32 metres down dip across two holes, NexGen stated.

Three other holes failed to find significant radiation but “analysis of structures in these holes meant that hole 27 was successfully planned to intersect the interpreted mineralized zones both along strike and down dip.” The company plans to sink RK-14-29 40 metres southwest along strike. Now in progress, RK-14-28 is testing a gravity low roughly 200 metres west of RK-14-27.

The company has two drills working the Arrow area, now the focus of the PLS-adjacent Rook 1 project. A third rig will join by summer.

On March 10 NexGen stated it filed a preliminary short form prospectus regarding the previously announced $10-million bought deal, which the company expects to close on or about March 26.

Fission 3.0 stakes 42,000 additional hectares in and around the Basin

Three acquisitions and one property expansion add nearly 42,000 hectares to Fission 3.0’s (TSXV:FUU) portfolio. Announced March 13, the newly staked properties indicate “there remain many under-explored areas of the Athabasca Basin,” according to COO and chief geologist Ross McElroy.

Not all the new turf actually lies within the Basin. But neither does PLS. The 20,826-hectare Perron Lake property is about 20 kilometres north of the Basin and has benefited from regional lake sediment sampling that showed strong uranium anomalies.

The 9,168-hectare Cree Bay property sits within the northeastern Basin, where historic airborne geophysics suggest potential for hydrothermal and structure-related deposits.

Within the southeastern Basin, the 4,354-hectare Grey Island property is located about 70 kilometres from Key Lake, the world’s largest high-grade uranium mill.

Manitou Falls enlarges by 7,589 hectares to a total of 10,529 hectares. The northeastern Basin property was originally staked last May when the spinco was just a gleam in Fission Uranium’s eye. Historic data shows six radiometric anomalies and multiple basement electromagnetic conductors.

Fission 3.0’s portfolio now numbers nine Saskatchewan and Alberta properties in and around the Basin and one in Peru’s Macusani uranium district.

Purepoint finds new zone at Hook Lake JV

March 10 news from Purepoint Uranium TSXV:PTU heralded a new zone of mineralization at its Hook Lake joint venture five kilometres northeast of PLS. Although two of four holes failed to find mineralization, the other two prompted the company to move its second rig to the new Spitfire zone.

The single interval released from hole HK14-09 showed:

  • 0.32% uranium oxide (U3O8) over 6.2 metres, starting at 208.9 metres in downhole depth
  • (including 1.1% over 0.5 metres)

Thirty metres northwest, HK14-11 showed:

  • 0.11% over 2 metres, starting at 197.9 metres

  • 0.05% over 3 metres, starting at 201.9 metres

  • 0.57% over 0.9 metres, starting at 210.6 metres

True widths weren’t provided. These holes were drilled at a -70 degree dip.

All four holes targeted the 2.9-kilometre D2 electromagnetic conductor, which features “a large magnetic low, possibly indicative of hydrothermal alteration,” said VP of exploration Scott Frostad. “Now that the D2 conductor has been shown to be associated with uranium mineralization, we will increase our drilling efforts towards the northeast where geophysics suggests there is a more structurally complex setting.”

Purepoint stated D2 comprises part of the Patterson Lake conductive corridor, the same conductive trend targeted by Fission at PLS.

Purepoint holds a 21% interest in the 28,683-hectare project and acts as operator for partners Cameco (39.5%) and AREVA Resources Canada (39.5%). The work is part of a $2.5-million, 5,000-metre campaign that began in late January.

In early February Rio Tinto NYE:RIO began drilling Purepoint’s Red Willow project as part of Rio’s 51% earn-in.

Next Page 1 | 2

Athabasca Basin and beyond

February 10th, 2014

Uranium news from Saskatchewan and elsewhere for February 1 to 7, 2014

by Greg Klein

Next Page 1 | 2

Fission Uranium releases final summer 2013 assays from Patterson Lake South

Having spent months doling out only occasional assays from last summer’s drilling at Patterson Lake South, on February 5 Fission Uranium TSXV:FCU suddenly dumped results for 20 holes—half of which showed no significant mineralization. They did, however, improve the company’s “understanding of the geological setting and controls of mineralization at PLS.”

The best results came from R780E, the fifth of seven zones along a 1.78-kilometre potential strike. R780E now boasts a 75-metre strike, with a lateral width up to about 60 metres. A few highlights show:

Hole PLS13-105

  • 3.93% uranium oxide (U3O8) over 3 metres, starting at 128 metres in downhole depth
  • (including 10.85% over 1 metre)

  • 1.12% over 3.5 metres, starting at 189 metres
Uranium news from Saskatchewan and elsewhere for February 1 to 7, 2014

Hole PLS13-107

  • 1.94% over 3 metres, starting at 171.5 metres

  • 0.57% over 6.5 metres, starting at 192.5 metres
  • (including 1.58% over 1 metre)

  • 0.23% over 13.5 metres, starting at 251.5 metres

Hole PLS13-108

  • 0.99% over 19.5 metres, starting at 152.5 metres
  • (including 3.46% over 2 metres)
  • (and including 3.92% over 1.25 metres)

  • 0.67% over 6.5 metres, starting at 174.5 metres
  • (including 1.64% over 2.5 metres)

  • 1.33% over 11 metres, starting at 184.5 metres
  • (including 6.52% over 1.5 metres)

  • 3.48% over 4.5 metres, starting at 228 metres

Hole PLS13-109

  • 4.22% over 8 metres, starting at 108 metres
  • (including 11.1% over 3 metres)
  • (which includes 24.6% over 0.5 metres)

  • 0.55% over 17.5 metres, starting at 141 metres

  • 5.89% over 6 metres, starting at 205.5 metres
  • (including 14.57% over 1.5 metres)

Off the lake and onto dry land, zone R600W shows a 30-metre strike and a lateral width up to 20 metres. Some of the better results include:

Hole PLS13-118

  • 0.34% over 6.5 metres, starting at 192 metres

Hole PLS13-121

  • 0.2% over 11.8 metres, starting at 98.7 metres

Hole PLS13-124

  • 0.29% over 6 metres, starting at 97.5 metres

The company also released assays from one hole on the R585E zone, 150 metres west of R780E. R585E now shows a 30-metre strike and a lateral width up to 10 metres. Some highlights from PLS13-106 include:

  • 0.19% over 5.5 metres, starting at 158.5 metres

  • 0.11% over 17 metres, starting at 166.5 metres

  • 0.39% over 12.5 metres, starting at 202 metres

True widths weren’t provided. Holes were vertical or close to it. One R600W hole and nine stepouts east of the zone drew blanks. These results constitute the final batch of summer assays. The current $12-million campaign, including ground geophysics as well as 90 holes totalling 30,000 metres, will primarily try to fill in the gaps separating the high-grade zones.

Rio drills Purepoint’s Red Willow

Rio Tinto NYE:RIO has begun winter drilling at Red Willow, Purepoint Uranium TSXV:PTU announced February 5. About 2,500 metres will test four target areas identified by geophysics, geochemistry and historic assays, the company stated. Rio is nearly halfway into its $5-million option to earn 51% of the 25,612-hectare property by December 31, 2015. The major may spend a total of $22.5 million by the end of 2021 to earn 80% of the eastern Athabasca Basin project.

In another project with some big name buddies, Purepoint began a $2.5-million, 5,000-metre program at its Hook Lake project in January. Cameco Corp TSX:CCO and AREVA Resources Canada each hold a 39.5% interest in the PLS-vicinity property, leaving the junior with 21%.

Continental Precious Minerals updates PEA for Swedish polymetallic project

An updated resource and preliminary economic assessment takes a new approach to Continental Precious Minerals TSX:CZQ Viken uranium-polymetallic project in central Sweden. Using a 6.5% discount rate, the study calculates an after-tax net present value of US$943 million and a 12.9% internal rate of return. Pre-production capital comes to $1.23 billion with payback in 6.9 years from an operation with two open pits and a 34-year lifespan, according to the February 6 announcement.

Viken’s original 2010 PEA considered uranium-vanadium-molybdenum production using fine grinding, tank leaching and roasting. Now Continental plans bio-heap leaching for nickel, zinc and copper sulphides as well as uranium. “This has substantially lowered operating and capital costs, and has led to more robust project economics,” stated CEO/chairperson Rana Vig.

More details will be available on sedar.com within 45 days.

Eagle Plains options out eastside Basin project

Eagle Plains Resources TSXV:EPL announced a definitive option agreement on February 4 for its Tarku property in the eastern Basin. The non-arms-length deal would give Clear Creek Resources a 60% interest for $500,000 cash, $5 million in exploration and 1.2 million shares over five years. Clear Creek may increase its interest to 75% by paying Eagle Plains another $1 million and completing feasibility. Previous work, including historic airborne surveys that found northeast-trending conductors, make the property prospective for both gold and uranium, Eagle Plains stated.

Next month Clear Creek expects to complete a three-way amalgamation with Ituna Capital TSXV:TUN.P and its subsidiary. Eagle Plains holds interests in over 35 properties.

Alpha airborne over Noka’s Carpenter Lake; Noka boosts private placement

Project operator Alpha Exploration TSXV:AEX has begun flying a VTEM and magnetic survey over Carpenter Lake on the Basin’s south-central edge. The 1,892-line-kilometre survey will test the 19-kilometre strike of the Cable Bay Shear Zone, a “major regional shear zone with known uranium enrichment,” Alpha stated on February 3. The work initiates the company’s 60% earn-in on Noka Resources’ TSXV:NX 20,637-hectare property.

About 10 to 14 days have been allotted to this portion of the winter campaign, which will also include radon sampling. Spring and summer should see airborne radiometrics, ground prospecting and geochemical sampling.

With interests in several properties, the Alpha Minerals spinco announced other exploration plans in December and January.

Noka, a member of the four-company Western Athabasca Syndicate, stated on February 6 it would increase a “heavily oversubscribed” private placement from $500,000 to $1.1 million, subject to exchange approval.

Next Page 1 | 2

Athabasca Basin and beyond

January 19th, 2014

Uranium news from Saskatchewan and elsewhere for January 11 to 17, 2014

by Greg Klein

Next Page 1 | 2

Fission Uranium’s Patterson Lake South gives up more high-grade assays

More results from Fission Uranium’s TSXV:FCU Patterson Lake South show last summer’s sowing continues to reap high-grade rewards. Released January 15, the latest batch comes from two holes on the Athabasca Basin project’s R390E zone and four on the R780E zone, the third and fifth of seven zones trending northeast.

All holes were vertical or near-vertical. The R390E zone currently has a strike length of 255 metres and a lateral width of about 40 metres. Some highlights show:

Hole PLS13-102

  • 0.32% uranium oxide (U3O8) over 12.5 metres, starting at 119.5 metres in downhole depth

  • 0.58% over 9.5 metres, starting at 138 metres
  • (including 1.44% over 1 metre)

  • 0.12% over 9 metres, starting at 154 metres

  • 0.73% over 4 metres, starting at 171.5 metres

Hole PLS13-104

  • 0.13% over 12 metres, starting at 61 metres

  • 4.97% over 13 metres, starting at 99 metres
  • (including 13.2% over 4.5 metres)
  • (which includes 35.9% over 0.5 metres)

  • 0.42% over 6.5 metres, starting at 131 metres
  • (including 2.1% over 1 metre)

  • 0.22% over 17 metres, starting at 146.5 metres

Zone 780E shows a 60-metre strike and approximately 50-metre lateral width. The best assays include:

Hole PLS13-082

  • 1.25% over 41 metres, starting at 141 metres
  • (including 4.94% over 9 metres)

Hole PLS13-089

  • 0.17% over 16 metres, starting at 150 metres

  • 0.18% over 8 metres, starting at 198.5 metres

Hole PLS13-097

  • 0.99% over 48 metres, starting at 119 metres
  • (including 1.94% over 5 metres)
  • (and including 2.05% over 2.5 metres)
  • (and including 6% over 3.5 metres)

  • 0.54% over 6 metres, starting at 228.5 metres
  • (including 1.1% over 1 metre)

Hole PLS13-101

  • 0.5% over 34.5 metres, starting at 103 metres
  • (including 1.89% over 4.5 metres)

  • 0.63% over 11.5 metres, starting at 163 metres
  • (including 2.27% over 1 metre)

  • 1.04% over 17 metres, starting at 179 metres
  • (including 2.44% over 3.5 metres)

True widths were unavailable. Both zones remain open in all directions.

And the project’s potential remains open to speculation, not to mention exploration. On January 13 the company announced a new radon survey to follow up on 10 basement electromagnetic conductors. So far the technique has been used systematically on only one of the property’s over 100 basement EM conductors, Fission Uranium stated. Expected to last five or six weeks, the survey will take some 2,300 samples from three areas within Patterson Lake and a fourth within Forrest Lake, immediately south.

$50-million Uranium Participation financing bolsters commodity price confidence

In what’s been hailed as a testament of faith in uranium prices, Uranium Participation Corp TSX:U announced a $50-million private placement on January 16. “By mid-day the bought deal was complete,” reported Toll Cross Securities analyst Tom Hope.

Uranium Participation describes itself as “an investment alternative for investors interested in holding uranium.” Proceeds of the financing will be used to stockpile further purchases of U3O8 and uranium hexafluoride (UF6). Hope estimates the company will buy up to 1.28 million pounds to hold a total of about 14.7 million pounds “or approximately 9% of our estimated 2014 global mine output.”

A Denison Mines TSX:DML subsidiary manages Uranium Participation.

Declan grabs more ground north of Gibbon’s Creek

North of the company’s Gibbon’s Creek joint venture with Lakeland Resources TSXV:LK, Declan Resources TSXV:LAN has acquired the 11,100-hectare North Star property, the company announced January 17. The property “is believed to contain the northerly extensions of a number of important regional structures associated with uranium projects in the area,” Declan stated. “An interpretation of the magnetic background at Gibbon’s Creek shows a northerly trending structure which continues to the north through Lakeland Resources Ltd’s Star property, and onto the North Star property.”

The deal costs Declan $15,000 and 1.5 million shares, with a 2% gross sales royalty in effect. The previous week Declan and Lakeland reported Gibbon’s Creek boulder samples grading up to 4.28% U3O8, as well as some of the Basin’s highest-ever radon readings.

Read more about Lakeland Resources here and here.

Azincourt closes Peru property acquisitions

Uranium news from Saskatchewan and elsewhere for January 11 to 17, 2014

Along with the more advanced Macusani project, Azincourt’s newly acquired Muñani property positions the company in Peru’s emerging uranium district.

Azincourt Uranium TSXV:AAZ announced January 16 completion of its $2-million cash-and-share deal with Cameco Corp TSX:CCO and Vena Resources TSX:VEM. Coming with the advanced-stage Macusani project and the earlier-stage Muñani property, the buyout of Cameco and Vena’s Minergia S.A.C. places the purchaser prominently in Peru.

Back in Saskatchewan, Azincourt is earning into a 50/50 JV with Fission Uranium on their Patterson Lake North project. In December Azincourt closed two private placements totalling $2.5 million.

As for Vena, the deal “reactivates our investment in the uranium business,” chairman/CEO Juan Vegarra stated. The agreement allows Vena to double its Azincourt holdings within months.

Read more about Azincourt’s Peru acquisitions.

Next Page 1 | 2

Athabasca Basin and beyond

November 17th, 2013

Uranium news from Saskatchewan and elsewhere for November 9 to 15, 2013

by Greg Klein

Next Page 1 | 2

New Argentinian discovery might hold district-wide potential, says U3O8 Corp

Roughly 40 kilometres northeast of its Laguna Salada deposit in Argentina, U3O8 Corp TSX:UWE said it’s discovered a new area with the district’s “highest uranium-vanadium grades found to date.” La Rosada shows district-scale potential for Laguna Salada-style mineralization in near-surface, soft gravels, the company stated on November 12. But in addition, chip samples from adjacent basement rock show grades ranging from 0.01% to over 0.79% uranium oxide (U3O8). That might indicate a source of the gravel’s mineralization.

The extremely shallow, fine-sand mineralization potentially offers low-cost extraction through continuous surface mining, the company maintained. Screening tests at Laguna Salada, moreover, concentrated over 90% of the uranium in about 10% of the gravel’s original mass.

Vertical channel samples starting less than a metre from surface show a weighted average of 0.15% U3O8 and 0.08% vanadium pentoxide (V2O5). Some highlights show:

  • 0.12% U3O8 and 0.06% V2O5 over 0.7 metres

  • 0.13% U3O8 and 0.05% V2O5 over 0.5 metres

  • 0.25% U3O8 and 0.09% V2O5 over 0.9 metres

  • 1.18% U3O8 and 0.52% V2O5 over 0.4 metres

  • 0.24% U3O8 and 0.08% V2O5 over 1.5 metres

Highlights from horizontal channel sampling of the basement rock show:

  • 0.09% U3O8 and 0.04% V2O5 over 0.6 metres

  • 0.09% U3O8 and 0.04% V2O5 over 0.9 metres

  • 0.16% U3O8 and 0.07% V2O5 over 0.2 metres

  • 0.79% U3O8 and 0.26% V2O5 over 0.1 metre

  • 0.17% U3O8 and 0.06% V2O5 over 0.4 metres

The company didn’t provide the depth to basement.

Further near-surface exploration is planned south of the discovery while the basement calls for systematic trenching to determine its “potential as a target in its own right,” U3O8 stated. Planned for year-end completion is Laguna Salada’s preliminary economic assessment and a hoped-for joint venture with a state-owned company holding adjacent claims.

Laguna Salada has a 2011 resource estimate showing:

  • an indicated category of 47.3 million tonnes averaging 0.006% U3O8 and 0.055% V2O5 for 6.3 million pounds U3O8 and 57.1 million pounds V2O5

  • an inferred category of 20.8 million tonnes averaging 0.0085% U3O8 and 0.059% V2O5 for 3.8 million pounds U3O8 and 26.9 million pounds V2O5

Elsewhere U3O8 has completed a PEA for its Berlin uranium-polymetallic project in Colombia and holds two earlier-stage projects in Argentina and Guyana.

Fission/Alpha release results from two PLS zones, lengthen strike by 15 metres

Releasing both scintillometer readings and assays the same week, Alpha Minerals TSXV:AMW and Fission Uranium TSXV:FCU provided a prompt update from their current Patterson Lake South drilling as well as results from last summer’s campaign. On November 12 the 50/50 joint venture partners said they’ve confirmed the sixth zone announced last week, extending it 15 metres east and 10 metres north. Two days later they reported five more holes bearing high grades from R390E, the third most-easterly zone along what’s now a 1.8-kilometre trend.

Starting with the newly discovered R600W zone, the partners reported readings from a handheld device that measures gamma ray particles from core in counts per second, maxing out at an off-scale reading above 9,999 cps. Scintillometer results are no substitute for assays, which are pending.

Both holes were sunk at -89 degrees, making downhole depths close to vertical. Hole PLS13-121 reached a total depth of 248 metres, encountering just a bit of sandstone at 98.7 metres before hitting the basement unconformity at 99 metres. Some of the better results show:

  • <300 cps to >9,999 cps over 11.3 metres, starting at 98.7 metres in downhole depth

  • <300 cps to 600 cps over 3.5 metres, starting at 141 metres

Hole PLS13-122 totalled 332 metres in depth, reaching the basement unconformity at 100 metres without finding sandstone. Some highlights show:

  • <300 cps to 800 cps over 2 metres, starting at 101.5 metres in downhole depth

  • <300 cps to 510 cps over 4 metres, starting at 106 metres

  • 430 cps to 1,900 cps over 1 metre, starting at 158.5 metres

True widths weren’t provided.

Turning to zone R390E and real lab assays, some highlights show:

Hole PLS13-078

  • 0.66% U3O8 over 30 metres, starting at 85 metres in downhole depth

  • (including 7.62% over 1.5 metres)

  • 0.12% over 7.5 metres, starting at 128 metres

Hole PLS13-081

  • 0.19% over 18.5 metres, starting at 106 metres

  • Hole PLS13-085

  • 0.93% over 22 metres, starting at 82.5 metres

  • (including 4.07% over 4 metres)

Hole PLS13-086

  • 1.93% over 43 metres, starting at 81.5 metres

  • (including 9.91% over 5 metres)

Hole PLS13-087A

  • 0.28% over 4 metres, starting at 45.5 metres

  • 0.4% over 8.5 metres, starting at 63.5 metres

  • 0.12% over 16.5 metres, starting at 92.5 metres

True widths weren’t available. Dips strayed no more than six degrees from vertical.

With $2.25 million funding an 11-hole, 3,700-metre extension to the summer/fall campaign, land-based work now focuses on the R600W area while waiting for the lake to freeze. Meanwhile more assays are expected from the previous barge-based drilling to the east.

Alpha acquisition vote looms; Fission and Dahrouge square off in legal battle

November 28’s the day when Fission and Alpha shareholders vote on the latter’s acquisition by the former. Mentioned in the companies’ joint November 15 update was a barely publicized legal dispute between Fission and Dahrouge Geological Consulting, its principals and a related company.

Seeking unspecified damages, Fission filed a notice of civil claim on July 29 alleging “breach of fiduciary duties and knowing assistance in breach of the same.” On November 8 the defendants filed a counter-claim with “allegations of breaches of British Columbia securities laws, slander, wrongful interference, improper assignment and improper variation of obligations. The relief being sought in the counter-claim includes unspecified losses and damages, declarations of ownership in relation to certain mineral permits and claims, declarations concerning the enforceability of certain assignments, injunctions preventing the defendants by way of counter-claim from disparaging certain mineral permits and claims, interest and costs.”

The account of the defendants’ counter-claim comes from a draft version reported in Fission and Alpha circulars dated October 30. Neither claim has been tested in court.

International Enexco/Cameco/AREVA plan winter drilling at Mann Lake

A three-way JV intends to start the new year with a $2.9-million drill program for the eastside Athabasca Basin Mann Lake project. Up to 18 holes will evaluate three types of targets—the area footwall to the western axis of the C trend, remaining targets along the main C trend and conductive features near the western margin of the Wollaston sedimentary corridor, International Enexco TSXV:IEC stated on November 13. The company holds a 30% interest in the 3,407-hectare property, along with AREVA Resources Canada (17.5%) and Cameco Corp TSX:CCO (52.5%).

This year’s drilling totalled 21 holes for 15,721 metres, focusing on the C conductor, which Enexco describes as a six-kilometre-long section of a regional trend extending from Cameco’s McArthur River mine to Denison Mines’ TSX:DML Wheeler River deposit.

The previous week Enexco reported three holes from the southeastern Basin’s Bachman Lake, a 20/80 JV with Denison, which holds a 7.4% interest in Enexco. The latter also keeps busy with pre-feasibility work at its 100%-held Contact copper project in Nevada.

Aldrin reports radon results from Triple M

With its Triple M property’s surface radon survey complete, Aldrin Resource TSXV:ALN announced some results from 527 sample sites on November 14. The findings show elevated values over more than one kilometre of a VTEM bedrock conductor, which the company interprets as a steeply south-dipping fault zone. “The most intense portion of this radon anomaly reaches a high value of 1.68 pCi/m²/s [picocuries per square metre per second] and extends for more than 200 metres, comprising a priority drill target,” Aldrin stated.

The company added that the fault zone parallels the conductor hosting the PLS discovery on the Alpha/Fission project adjacent to and northeast of Triple M. North of the fault zone, and parallel to it, sits a second VTEM basement conductor with radon values up to 1.18 pCi/m²/s.

The previous week Aldrin reported closing a $972,500 first tranche of a private placement that had been increased to $1.5 million. The company has also previously announced an agreement to buy the 49,275-hectare Virgin property around the Basin’s south-central edge.

Next Page 1 | 2

Athabasca Basin and beyond

October 6th, 2013

Uranium news from Saskatchewan and elsewhere for September 28 to October 4, 2013

by Greg Klein

Next Page 1 | 2

Lakeland Resources begins Riou Lake ground campaign

Field work has begun at Lakeland Resources’ TSXV:LK Riou Lake project along the Athabasca Basin’s north-central rim. In an October 2 announcement the company outlined the agenda for its Gibbon’s Creek target, just three kilometres from the town of Stony Rapids. Initial work will consist of surface prospecting and boulder sampling, soil gas radon surveying, line-cutting and ground DC resistivity geophysics, with the goal of identifying winter drill targets.

The campaign follows eight months of preparation in which Lakeland studied a volume of previous data, director Ryan Fletcher tells ResourceClips.com. “There was over $3 million of geophysics from UEX and a considerable amount of work by Eldorado Nuclear before they merged into Cameco,” he says. “We’ve been going over their information.”

There was over $3 million of geophysics from UEX and a considerable amount of work by Eldorado Nuclear before they merged into Cameco. We’ve been going over their information.—Lakeland Resources
director Ryan Fletcher

Eldorado found numerous boulders grading up to 4.9% uranium oxide (U3O8) and soil samples between five and 10 parts per million uranium, compared to background levels up to 1 ppm. Geophysics showed a gravity low measuring about three kilometres by one kilometre at the end of a conductive zone over 15 kilometres long.

Fourteen historic holes found anomalous radioactivity, geochemistry or both. With the benefit of recent modelling, assays reveal a structural co-corridor up to one kilometre long and 100 metres wide. UEX Corp TSX:UEX flew its $3-million airborne geophysics in 2005, but Lakeland is the first to bring modern ground exploration techniques to the project.

Among Gibbon’s attractions are shallow depths to the unconformity, Fletcher points out. “They’re about 50 metres to 200 metres, which means more holes for our shareholders’ money. If we get a discovery it’s more likely to be open pittable, which would mean better economics and a more strategic project for M&A. That’s what Patterson Lake South had. They went from boulder results to radon results, then they found a high-grade, near-surface discovery.”

Apart from historic data and shallow targets, Fletcher cites other cost-saving potential. “Our crews are based out of the community of Stony Rapids, just a few kilometres from Gibbon’s. A year-round highway, power and all the infrastructure for exploration are basically right adjacent to the target.”

With the program managed by Athabasca veterans Dahrouge Geological Consulting, Fletcher looks forward to a steady stream of news. “For a brand new, smaller market cap company, investors are going to start getting a lot of information from the field.”

Read more about Lakeland Resources.

Fission closes $11.25-million private placement

Uranium news from Saskatchewan and elsewhere for September 28 to October 4, 2013

An $11.25-million private placement will fund Fission’s
Patterson Lake South exploration once the Alpha acquisition closes.

Assuming all approvals fall into place, a bought-deal private placement will bring $11.25 million to Patterson Lake South’s future sole owner. On October 3 Fission Uranium TSXV:FCU reported a syndicate of underwriters led by Dundee Securities agreed to buy 7.5 million subscription receipts, exchangeable into flow-through shares, at $1.50. The deal includes an option to buy an additional 15%.

Proceeds will be held in escrow until Fission closes its acquisition of Alpha Minerals TSXV:AMW, currently a 50/50 joint venture partner in PLS, and spins out its other properties. The subscribers won’t receive shares in the spinco. The entire amount’s designated for PLS exploration.

Read more about Fission’s acquisition of Alpha.

Rockgate considers alternatives to takeover by Denison

Still studying their options following an unsolicited takeover bid from Denison Mines TSX:DML, Rockgate Capital TSX:RGT directors on October 1 urged their shareholders to take no action until further notice.

Denison offered 0.192 of its share for each Rockgate share, a proposal strong enough to defeat a previously proposed Rockgate merger with Mega Uranium TSX:MGA. Nevertheless Rockgate’s board emphasized that Denison proposed a change of control, as opposed to a “merger of equals with Mega.”

Rockgate added that “in the absence of a preliminary economic assessment or other study, mining companies are commonly valued on an enterprise value/pound U3O8 multiple.” Denison’s offer works out to “a $0.09/lb multiple which is significantly below the average multiple of $4.37/lb paid on other relevant, development uranium transactions completed post the Fukushima accident,” Rockgate stated. Since September 27 “the implied Denison offer has declined a further 11%.”

Rockgate further stated that Denison sought conditions that weren’t “subject to a materiality threshold or other objective criteria, but provide Denison with sole discretion” whether to proceed. “In addition, the minimum tender condition of 90% is very high….”

Meanwhile, Rockgate added, it’s in discussion with other potential buyers, having been unable to respond to one approach when the non-solicitation agreement with Mega was in effect.

Rockgate promised to update shareholders no later than one week before the Denison offer’s October 25 expiry date.

Read more about Mega’s and Denison’s competing offers for Rockgate.

Read more about uranium merger-and-acquisition activity.

Karoo signs LOI for three Zambian projects

Karoo Exploration TSXV:KE announced a letter of intent September 30 to acquire a portfolio of Zambian uranium properties from ASX-listed African Energy Resources. Under the deal Karoo would pay US$2 million and issue shares and warrants worth $500,000 at a share price “based on any offering completed by Karoo concurrent with this acquisition.”

The package includes the Chirundu, Kariba Valley and North Luangwa Valley projects. African Energy, which focuses on its Botswana coal assets, has a JORC-compliant resource for two Chirundu deposits with open pit potential. The Njame deposit shows:

  • a measured category of 2.7 million tonnes averaging 0.035% for 2.1 million pounds U3O8

  • an indicated category of 3.7 million tonnes averaging 0.025% for 2.1 million pounds

  • an inferred category of 6.6 million tonnes averaging 0.024% for 3.5 million pounds

The Gwabe deposit shows:

  • a measured category of 1.3 million tonnes averaging 0.024% for 700,000 pounds

  • an indicated category of 3.6 million tonnes averaging 0.031% for 2.5 million pounds

  • an inferred category of 800,000 tonnes averaging 0.018% for 300,000 pounds

Karoo holds five uranium exploration licences in southern Tanzania. The company began trading on September 4 following a reverse takeover involving United Uranium.

Next Page 1 | 2

Athabasca Basin and beyond

September 29th, 2013

Uranium news from Saskatchewan and elsewhere for September 21 to 27, 2013

by Greg Klein

Next Page 1 | 2

Alpha/Fission extend one PLS zone, disagree about certainty of a “fifth zone”

The news from Patterson Lake South continues to impress—even when the joint venture partners don’t interpret it quite the same way. Fission Uranium TSXV:FCU says a 150-metre step-out found a “fifth high-grade zone.” Alpha Minerals TSXV:AMW prefers to call it a “potential” fifth high-grade zone. Either way, the September 23 news was one of three announcements last week that included an extension to an existing zone’s strike length.

Uranium news from Saskatchewan and elsewhere for September 21 to 27, 2013

Patterson Lake South now has a fifth zone—or a
potential fifth zone, depending on whom you listen to.

The new or potential new zone sits about halfway between the R390E and R780E zones, which are either the second and third of four zones, or the second and fourth of five zones, along a 1.02-kilometre southwest-northeast trend. With luck future drill results will bring Alpha into agreement with Fission, thereby simplifying sentence structure.

Hole PLS13-085 was collared 150 metres grid east of R390E, reached a depth of 317 metres and struck the basement unconformity at 62.4 metres without encountering sandstone. Preliminary results come from a hand-held scintillometer, which measures radiation up to an off-scale level of more than 9,999 counts per second. Scintillometer readings are no substitute for assays, which are pending. Some highlights showed:

  • <300 to >9,999 cps over 33.5 metres, starting at 67 metres in downhole depth

  • <300 to 2,200 cps over 9.5 metres, starting at 111 metres

  • <300 to >9,999 cps over 16.5 metres, starting at 123 metres

  • <300 to >9,999 cps over 9.5 metres, starting at 160.5 metres

True widths weren’t available. With a -89 degree dip, downhole depths were close to vertical depths.

Two days later, and with greater unanimity, the 50/50 partners released assays for holes that had previously reported scintillometer readings. Ranking as one of the best PLS holes so far, PLS13-072 reached a total depth of 209 metres. It found no sandstone and struck the basement unconformity at 55.7 metres. Some highlights include:

  • 8.15% uranium oxide (U3O8) over 34.5 metres, starting at 61 metres in downhole depth

  • (including 19.28% over 7.5 metres)

  • (and including 21.53% over 4 metres)

  • 0.58% over 11 metres, starting at 98.5 metres

  • 0.57% over 8.5 metres, starting at 125 metres

  • (including 1.61% over 2.5 metres)

  • 2.22% over 6.5 metres, starting at 137 metres

  • (including 10.65% over 1 metre)

With an -89 degree dip, the depths were close to vertical.

PLS13-073 struck sandstone at 50 metres and the basement unconformity at 53 metres, before stopping at 248 metres. Some highlights include:

  • 0.25% over 19.5 metres, starting at 102 metres in vertical depth

  • (including 0.92% over 3 metres)

  • 0.59% over 10 metres, starting at 132.5 metres

  • (including 4.81% over 1 metre)

True thicknesses are still to come.

When their scintillometer readings were reported earlier (here and here), the two holes extended R390E’s strike 15 metres grid west and 15 metres grid east respectively. But on September 27 the JV announced a further extension, bringing the zone’s strike to about 255 metres and suggesting the possibility “of extending the zone south along the entire length of the corridor as it becomes further delineated.” Here are some highlights from the eight holes reported:

Hole PLS13-087A reached a total depth of 227 metres, encountering sandstone at 50 metres and the basement unconformity at 50.9 metres.

  • <300 to >9,999 cps over 14.5 metres, starting at 68.5 metres in downhole depth

  • <300 to 2,100 cps over 17 metres, starting at 98 metres

Hole PLS13-088 reached a total depth of 296 metres, encountering sandstone at 53 metres and the basement unconformity at 54.3 metres.

  • <300 to 9,800 cps over 23.5 metres, starting at 80 metres in downhole depth

  • 400 to 8,100 cps over 8 metres, starting at 135 metres

Hole PLS13-094 reached a total depth of 272.3 metres, encountering sandstone at 50.7 metres and the basement unconformity at 53.4 metres.

  • <300 to >9,999 cps over 12 metres, starting at 130 metres in downhole depth

Hole PLS13-095 reached a total depth of 275 metres, encountering sandstone at 47.6 metres and the basement unconformity at 51.7 metres.

  • <300 to >9,999 cps over 11.5 metres, starting at 68 metres in downhole depth

  • <300 to >9,999 cps over 7 metres, starting at 93.5 metres

  • <300 to 5,800 cps over 33 metres, starting at 116 metres

Hole PLS13-100 reached a total depth of 263 metres, encountering sandstone at 53 metres and the basement unconformity at 53.3 metres.

  • 790 to >9,999 cps over 6 metres, starting at 53 metres in downhole depth

  • <300 to 8,000 cps over 20 metres, starting at 99.5 metres

  • <300 to>9,999 cps over 8.5 metres, starting at 134 metres

Hole PLS13-102 reached a total depth of 275 metres, encountering sandstone at 58.3 metres and the basement unconformity at 58.8 metres.

  • <300 to 6,000 cps over 29 metres, starting at 103 metres in downhole depth

  • <300 to >9,999 cps over 10.5 metres, starting at 137.5 metres

Again, true thicknesses were unavailable. With dips ranging from -84 to -89 degrees, downhole depths were close to vertical. Assays are pending for these holes but this summer’s drilling has extended R390E more than four-fold from last winter’s 60-metre strike.

Fission acts as project operator on the current $6.95-million program. On September 18 the partners signed a definitive agreement for Fission’s acquisition of Alpha and sole control over PLS, with the companies’ other assets to be spun out into two separate companies.

Rockgate rejects Mega merger, mulls Denison deal and other possibilities

Just one day before their shareholders were to vote on a merger with Mega Uranium TSX:MGA, Rockgate Capital TSX:RGT directors scuttled the proposal. Although a “superior” offer from Denison Mines TSX:DML led to their September 24 announcement, Rockgate directors expressed reservations, said they needed more time for due diligence and expressed interest in receiving other offers.

Read more about Mega’s and Denison’s competing ambitions for Rockgate.

Read more about uranium merger-and-acquisition activity.

Rockgate delineates Falea project’s 880 zone in Mali

Meanwhile work continues on the object of those affections, Rockgate’s Falea flagship in southwestern Mali. On September 26 the company released assays from four holes on the 880 zone, which was discovered last fall. The results show:

  • 0.59% U3O8, 45.7 grams per tonne silver and 0.17% copper over 2.7 metres, starting at 301.4 metres in downhole depth

  • 0.06% U3O8, 118.3 g/t silver and 0.78% copper over 2 metres, starting at 303 metres

  • 0.12% U3O8, 86.3 g/t silver and 0.52% copper over 3 metres, starting at 320 metres

  • 0.17% U3O8, 17.1 g/t silver and 0.16% copper over 4 metres, starting at 304.5 metres

  • (including 1.13% U3O8, 96 g/t silver and 1.14% copper over 0.5 metres)

Intercepts are estimated at 96% to 100% of true widths. Mineralization remains open in several directions, the company stated.

This year’s 19-hole, 5,910-metre program included 14 holes totalling 4,563 metres on the 880 zone’s 500-metre strike length. Another five holes totalling 1,347 metres tested the project’s Central zone. The 880 zone has yet to be included in Falea’s resource estimate. Released last December, it shows:

  • a measured category of 1.39 million tonnes averaging 0.14% U3O8 for 4.29 million pounds U3O8, with 3.52 million ounces silver and 6.05 million pounds copper

  • an indicated category of 14.28 million tonnes averaging 0.08% U3O8 for 25.29 million pounds U3O8, with 24.43 million ounces silver and 68.17 million pounds copper

  • an inferred category of 15.35 million tonnes averaging 0.05% U3O8 for 15.69 million pounds U3O8, with 8.91 million ounces silver and 81.19 million pounds copper

Rockgate plans to incorporate the 880 zone into an updated resource, likely to coincide with a pre-feasibility study scheduled for completion early next year. The company says it’s been “entirely unaffected” by last year’s military coup and this year’s fighting between French troops and al-Qaida-linked rebels.

NexGen completes two-thirds of Rook 1 drilling, awaits Radio assays

Uranium news from Saskatchewan and elsewhere for September 21 to 27, 2013

Brecciated core from NexGen Energy’s Rook 1 drill program.

NexGen Energy TSXV:NXE updated its PLS-adjacent Rook 1 drill campaign September 25. With 3,000 metres planned, the company has sunk eight holes totalling 1,957 metres on an area about 700 metres along interpreted extensions of the PLS 3B conductor and a parallel conductor approximately 800 metres east.

“All holes intersected varying types of structural zones in basement lithologies, ranging from small fractures through to wide, heavily brecciated material,” the company stated. Scintillometer readings found intercepts of elevated levels in several holes, while all eight holes reached shallow basement rock at downhole depths ranging from 48.7 metres to 82.6 metres. Weather permitting, drilling will continue to October. Winter drilling is planned for the same area.

Assays are still pending from NexGen’s nine-hole, 3,473-metre campaign at Radio, where the company holds a 70% option two kilometres east of Rio Tinto’s NYE:RIO Roughrider deposits on the northeastern Basin. In late August NexGen closed $5 million in private placements.

Canadian International Minerals options two claim groups to Rio Grande;
Rio Grande offers $900,000 private placement, grants options

Canadian International Minerals TSXV:CIN announced on September 24 it optioned Rio Grande Mining TSXV:RGV a 75% interest in the Britts Lake East and Firebag East/Descharme claims about 35 kilometres southwest of PLS. Under the agreement Rio Grande would pay a total of $100,000 and issue Canadian International 500,000 shares. Rio Grande would also spend $250,000 by year one, $500,000 by year two and $1.5 million by year three. The companies didn’t specify whether those are aggregate or separate yearly figures.

Canadian International retains a 2% NSR, of which Rio Grande may buy half for $1 million. Canadian International will act as project operator on a planned winter campaign to include radon and helium surveys, as well as lake sediment sampling on the 18,041-hectare package.

Canadian International also holds a 50% interest in each of two other Saskatchewan uranium prospects, the 4,639-hectare Coflin Lake property and the 34,762-hectare Clearwater property.

On September 25 Rio Grande announced a private placement of up to $900,000, consisting of six million units at $0.10 and another 2.5 million units at $0.12. The company also granted 900,000 options to insiders at $0.12 for five years.

Western Athabasca Syndicate reports radon and radiometric anomalies at Preston Lake

A four-company strategic alliance focused on the PLS area’s Western Athabasca Syndicate project reported anomalous radon and scintillometer findings on September 26. Skyharbour Resources TSXV:SYH, Athabasca Nuclear TSXV:ASC, Noka Resources TSXV:NX and Lucky Strike Resources TSXV:LKY stated an initial radon-in-water survey found nine of 291 samples measuring over 23 picocuries per litre, with the highest reaching 98 pCi/L. The anomalies appear as both clusters and discrete point anomalies, the companies added. Fission and Alpha based their initial PLS drill targets on these measurements of radon gas.

Additionally, WASP’s 217-kilometre scintillometer survey found 25 areas radiating over 1,000 cps, more than twice the typical background level. More Phase II results are pending while Phase III field work continues with the intention of identifying drill targets.

Next Page 1 | 2