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:
- 2.92% U3O8 over 5 metres, starting at 393 metres in vertical depth
- (2.14% eU3O8 over 5.1 metres)
- 13.12% U3O8 over 5 metres, starting at 400 metres
- (11.63% eU3O8 over 3.5 metres)
- 24.47% U3O8 over 3.5 metres, starting at 401.7 metres
- (16.98% eU3O8 over 3.1 metres)
- 36.83% U3O8 over 6.5 metres, starting at 406.8 metres
- (29.61% eU3O8 over 6.5 metres)
- 29.32% U3O8 over 4 metres, starting at 406.2 metres
- (18.37% eU3O8 over 4.7 metres)
- 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.
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.
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.
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