Uranium news from Saskatchewan and elsewhere for September 27 to October 3, 2014
by Greg Klein
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Fission continues PLS main zone’s perfect score, gets conditional approval for TSX listing
In a week that saw Fission Uranium TSXV:FCU win conditional approval to move up to the TSX big board, the company maintained this season’s 100% hit rate at Patterson Lake South’s R780E zone. All seven holes released September 29 returned wide mineralization. The main zone now boasts 61 successes out of 61 summer holes.
The results come from a hand-held device used to measure drill core for radiation. They’re no substitute for assays, which are pending.
Among the most recent batch’s highlights, hole PLS14-290 revealed intervals totalling a composite 97.5 metres of mineralization, the shallowest beginning at 113.5 metres in downhole depth. PLS14-298 showed a composite 84 metres, with the shallowest intercept starting at 146.5 metres. PLS14-296 came up with a 94.5-metre composite, with one interval starting at 96 metres. True widths weren’t available.
An innovation to the summer program has been angled drilling from barges over the lake. Now Fission’s emphasizing three “scissor” holes, each sunk north to south at an opposite azimuth to a south-to-north hole. The purpose is to “provide geometry control and confirmation on the mineralization.” PLS14-290, for example, “intersected well-developed mineralization … in an area that had previously only seen moderate results.”
By far the biggest of four zones along a 2.24-kilometre potential strike, R780E shows a continuous strike of 930 metres and, at one point, a lateral width of 164 metres. The project’s mineralization sits within a metasedimentary lithologic corridor bounded to the south by the PL-3B basement electromagnetic conductor.
Still to come are assays to replace the summer’s radiometric results, as well as assays for the final dozen of last winter’s 92 holes. December’s still the target for a maiden resource.
Fission greeted October 3 by announcing conditional approval for a TSX listing. The company anticipates big board trading on or about October 8, retaining its FCU ticker.
In an interview posted by Stockhouse October 3, Fission chairperson/CEO Dev Randhawa contrasted Saskatchewan’s stability with that of other uranium-rich jurisdictions like Uzbekistan, Kazakhstan, Namibia and Niger. Verifying his intention to sell the project, Randhawa told journalist Gaalen Engen, “We have about six or seven Asian and North American companies in the midst of due diligence who are interested in doing private placement and/or taking over the company.”
The previous week Fission closed a $14.4-million private placement and released regional PLS drill results.
Field work and drilling approach for Lakeland Resources’ Star/Gibbon’s Creek flagship
Announced September 29, the termination of an option with Declan Resources TSXV:LAN gives Lakeland Resources TSXV:LK full control of its 12,771-hectare Gibbon’s Creek project, which features boulder samples up to 4.28% U3O8 and some of the Athabasca Basin’s highest-ever radon readings. Three days later Lakeland released rock and soil sample results from its adjacent Star property, showing gold, platinum and palladium, as well as some rare earths and low-grade uranium. Especially when considered for their proximity to a structural lineament that runs through both properties, the results show similarities to major Basin discoveries of high-grade uranium, the company states. With the two properties on the Basin’s north-central margin united as one project, Lakeland has additional field work planned for autumn. That leads up to a drill program slated to begin this winter, if not sooner.
Jody Dahrouge, president of Dahrouge Geological Consulting, told ResourceClips.com of geophysical data showing “a major regional structural lineament that’s about 30 or 40 kilometres in length, and it’s been reactivated many times over 100 million years or more. This is a key ingredient to every uranium deposit in the Athabasca Basin…. Having it reactivated time and time again allows multiple generations of fluid to flow along that structure and deposition of perhaps multiple ore bodies.”
He identified three mineralizing systems within five to 10 kilometres of the structure. The Star uplift, a basement outcrop about 700 metres by 350 metres, was the location of many of the samples showing gold and platinum group elements, along with some rare earths and low-grade uranium.
A massive alteration zone about a kilometre south had historic drill results up to 1,500 parts per million uranium. A few kilometres farther sits the boulder field that graded up to 4.28% U3O8. “Clearly something’s going on and clearly it’s related to the structure,” Dahrouge said.
With drill permits in place, road access from a nearby community, shallow depths, high ground that can be worked year-round and a healthy treasury, Lakeland now plans the next stage of an extensive exploration program for its flagship.
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