Monday 26th August 2019

Resource Clips

Posts tagged ‘northern ireland’

Athabasca Basin and beyond

December 14th, 2013

Uranium news from Saskatchewan and elsewhere for December 7 to 13, 2013

by Greg Klein

Next Page 1 | 2

Spincos Fission 3.0 and Alpha Exploration debut on TSXV, Fission Uranium plans most aggressive campaign ever

Never mind Fission 3.0’s FUU ticker. When Fission Uranium TSXV:FCU was created out of Fission Energy earlier this year, only a last-minute change prevented that spinco from becoming FUC. And now that Alpha Minerals has delisted to create its spinco, Alpha Exploration TSXV:AEX, two new companies join the Venture while Patterson Lake South comes under the sole ownership of Fission Uranium, a particularly tempting takeover target.

Uranium news from Saskatchewan and elsewhere for December 7 to 13, 2013

Now with sole control over Patterson Lake South, Fission Uranium seems
likely to use winter drilling as a theatrical build-up to a maiden resource.

Fission 3.0 debuted December 10 at $0.12 and quickly shot up to $0.30 before plunging to a $0.135 close. The stock finished December 13 at $0.16. With 152.96 million shares outstanding, Mach III had a $24.47-million market cap.

Alpha Exploration began trading December 12 at $0.45 and reached a daily high of $0.63. But it fell all the way to a $0.30 close. The following day’s finish dropped a penny lower. AEX’s 13.96 million shares represented a market cap of $4.05 million.

Each spinco got $3 million in start-up money from Fission Uranium. Alpha Minerals nominees Warren Stanyer and Kurt Bordian joined Fission Uranium’s board, replacing Frank Estergaard and Jeremy Ross who moved to Fission 3.0 along with Dev Randhawa and Ross McElroy, who lead both Fissions. Alpha Exploration’s management and board remains “substantially the same” as that of Alpha Minerals.

Meanwhile the PLS role played by father/son team Ben and Garrett Ainsworth (ex-Alpha Minerals now Alpha Ex) have won them the 2013 Colin Spence Award for excellence in global mineral exploration, the Association for Mineral Exploration British Columbia announced on December 12.

Fission 3.0 keeps its predecessor’s uranium focus with six Athabasca Basin-area projects and another in the Macusani region of Peru. Alpha Exploration lists its initial key assets as two gold projects, Mikwam in Ontario and Donna in B.C., as well as Saskatchewan uranium properties.

The spin-outs have hardly diminished Fission Uranium’s attraction, a $12.87-million financing suggests. Announced December 11, the company’s 8.58 million $1.50 subscription receipts have been exchanged for one flow-through share each, a transaction that closed after the Alpha Minerals acquisition.

Evidently emboldened by all that dough, McElroy announced Fission Uranium’s “most aggressive drill program to date at PLS—approximately 30,000 metres in up to 100 drill holes,” the news release quoted him. “Our core focus will be growth, including the specific goal of eliminating the distance between the six identified zones. We will also be testing new targets, using radon sampling on other EM conductors and employing resistivity ground geophysics to help identify additional prospective corridors.”

With assays still pending for over 50 holes, Fission Uranium might be accused of teasing investors prior to a first resource.

Late December 13 the company announced it granted a consultant one million options at $1.10 for two years.

Lakeland Resources bolsters team with Canon Bryan and Sam Wong

Two more appointments add to a busy period of announcements from Lakeland Resources TSXV:LK. On December 9 mining financial professional Canon Bryan joined Lakeland’s advisory board. Two days later another mining specialist, Sam Wong, took the position of chief financial officer.

With Bryan’s appointment Lakeland not only gains additional expertise but renews a relationship that’s already proved successful. Bryan’s resume lists management positions for several public and private companies including Uranium Energy Corp NYSE MKT:UEC, which Bryan co-founded. He also founded Terrestrial Energy Inc, which is developing a commercial molten salt reactor, and operates a merger-and-acquisition consulting service for the uranium sector.

Now he’s working again with people who’ve benefited from his past accomplishments. Lakeland director Ryan Fletcher recalls the genesis for what’s now NioCorp Developments TSXV:NB. “Canon came to us [Zimtu Capital Corp TSXV:ZC] with the idea to go to Nebraska and acquire a niobium project,” Fletcher says. “It was a great project, although difficult because we had to acquire it from 40 farmers. It took quite a while and a bit of money but we were successful.”

I co-founded [Uranium Energy Corp] with three other folks and took it through the hoops. It’s now listed on the New York Stock Exchange and producing uranium in Texas.—Lakeland Resources
adviser Canon Bryan

Known as Elk Creek, NioCorp calls it “the only primary niobium deposit in the U.S., and… the highest-grade, large-tonnage undeveloped deposit in North America.”

Bryan says, “I found the project and Zimtu was able to facilitate funding, so it was a good collaboration and profitable for everyone.”

With Uranium Energy Corp, “I co-founded the company with three other folks and took it through the hoops,” Bryan adds. “It’s now listed on the New York Stock Exchange and producing uranium in Texas. Producing uranium in the U.S. is quite a rare thing. It’s something I’m personally quite proud of.”

He says working with Lakeland renews “a collaboration that’s never really gone away. We’re colleagues in the industry. We agreed it would be a good fit for everybody, very much an organic fit.”

He joins three other well-respected names on Lakeland’s advisory board, all with complementary fields of expertise—John Gingerich, Richard Kusmirski and Thomas Drolet.

“Uranium M&A is my area of expertise,” Bryan says. “So naturally that’s something I would like to bring to the table.”

Wong, Lakeland’s new CFO, holds the same position at Lowell Copper TSXV:JDL and Chesapeake Gold TSXV:CKG. He’s also served as corporate controller at Luna Gold TSX:LGC, where he oversaw the finance division during Luna’s transition from development to commercial production. Wong articled as a chartered accountant at Deloitte & Touche LLP, where he specialized in assurance and advisory for mining companies.

In a statement accompanying the December 11 announcement, Lakeland president/CEO Jonathan Armes said Wong brings “strength in financial reporting, strategic planning, corporate governance, equity financings, due diligence for acquisitions and corporate development to our growing team. His attention to detail and in running a tight ship will be another strong asset for Lakeland as we advance as an up-and-coming leader in the Athabasca Basin.”

The appointments follow a flurry of recent news from the uranium explorer, which includes a joint venture with Declan Resources TSXV:LAN that expands Lakeland’s upcoming Gibbon’s Creek drill program, another JV with Star Minerals Group TSXV:SUV that increases Lakeland’s portfolio and the publication of a research report by Zimtu research and communications officer Derek Hamill.

Meanwhile results are pending from last season’s exploration on the Riou Lake/Gibbon’s Creek property in the north-central Basin.

Read more about Lakeland Resources here and here.

Forum completes ground gravity survey, plans ground EM at Clearwater

A December 11 announcement moves Forum Uranium TSXV:FDC closer to drilling its Clearwater project. With a ground gravity survey finished, around 11 drill targets have been chosen. The survey followed up on previously identified electromagnetic conductors and radon anomalies to find four gravity lows, three of which held several conductors. An early January ground EM survey will further refine targets for drilling that’s expected to start later that month.

In late November Forum released lake sediment samples from the southern area of the 9,910-hectare property. Clearwater lies adjacently southwest of, and on trend with, PLS.

Next Page 1 | 2

Miners for pennies

January 8th, 2013

Gold producers Fire River and Galantas release Alaska and Northern Ireland drill results

by Greg Klein

An operating gold mine isn’t necessarily a fast track to profitability, which helps explain why Fire River Gold TSXV:FAU trades for pennies. But high-grade assays released January 8 could boost confidence in the company.

The results come from a 103-hole, 9,781-metre underground program at the Nixon Fork Project’s Crystal Mine in Alaska’s Tintina Gold Belt. Some highlights show:

  • 1,120 grams per tonne gold, 11 g/t silver and 0.02% copper over 1.5 metres
  • 126.3 g/t gold, 51.6 g/t silver and 3.63% copper over 5.99 metres
  • (including 219.13 g/t gold, 89.7 g/t silver and 6.17% copper over 3.34 metres)
  • 186.18 g/t gold, 51.6 g/t silver and 3.89% copper over 1.55 metres
  • 214 g/t gold, 1 g/t silver and 0.01% copper over 1.1 metres
  • 32.86 g/t gold, 1.8 g/t silver and 0.06% copper over 3.73 metres
  • (including 54.8 g/t gold, 2 g/t silver and 0.1% copper over 1.52 metres)
  • (including 25.5 g/t gold, 2 g/t silver and 0.01% copper over 1.52 metres)
  • 5.85 g/t gold, 3 g/t silver and 0.17% copper over 7.46 metres
  • 160.5 g/t gold, 80 g/t silver and 2.65% copper over 0.38 metres.
Underground drilling continues at Fire River Gold’s Nixon Fork project.

Fire River Gold has set a 2013 target of 35,000 gold ounces
for its Nixon Fork Project in Alaska.

True thicknesses are estimated at approximately 95%. Drilling continues.

Nixon Fork has produced 12,000 gold ounces since Fire River began production in July 2011. The company’s 2013 target is substantially higher—35,000 ounces with cash costs estimated at $800 to $900 an ounce. The company attributes the more ambitious goal to a number of improvements that followed a management shakeup last summer. By November Fire River announced its carbon-in-leach circuit was fully commissioned, mill throughput had increased from an average 86 tonnes per day to 126 tpd and better plant maintenance had further increased productivity.

Fire River shares opened January 8 at $0.075, a penny and a half above the previous close. The stock reached $0.08 but slid back to another $0.06 close.

Another producer trading for pennies, Galantas Gold TSXV:GAL operates the Emerald Isle’s only gold mine. Assays released January 8 from the open pit Omagh Gold Property in Ulster show short intervals but include “the best result so far on [the] Joshua Vein, possibly the best on the whole Galantas Northern Ireland gold licence,” according to president/CEO Roland Phelps.

Highlights from South Joshua include:

  • 23.6 grams per tonne gold, 38 g/t silver and 2.2% lead over 2.4 metres
  • (including 64 g/t gold over 0.8 metres)
  • 2 g/t gold, 2.7 g/t silver and 0.1% lead over 0.9 metres
  • 4.6 g/t gold and 11.4 g/t silver over 0.3 metres.

A Central Joshua assay shows:

  • 6.9 g/t gold, 25.1 g/t silver and 1.8% lead over 0.8 metres.

North Joshua highlights include:

  • 8.6 g/t gold, 48 g/t silver and 2.8% lead over 1 metre
  • 7.4 g/t gold, 10.6 g/t silver and 0.6% lead over 1 metre
  • 3.2 g/t gold and 1.2 g/t silver over 1 metre.

Intercepts are estimated true widths. Down-hole depths range from 29 metres to 92 metres.

The last phase of drilling totalled 16,347 metres but Galantas plans another 1,600 metres to follow up on South Joshua’s 23.6 g/t gold result. More assays are expected within eight to 10 weeks, the company stated.

Galantas shares opened January 8 at $0.04 and closed on the day’s high of $0.045.

Dalradian reports Northern Ireland Assays of 5.84 g/t Gold over 8.3m

September 6th, 2011

Resource Clips - essential news on junior gold mining and junior silver miningDalradian Resources Inc TSX:DNA announced results from its Curraghinalt Deposit in Northern Ireland. Assays include 5.84 g/t gold over 8.3 metres (including 20.43 g/t over 0.73 metres), 33.85 g/t over 0.95 metres, 13.55 g/t over 2.5 metres, 6.6 g/t over 3.7 metres and 5.34 g/t over 3.2 metres.

CEO Patrick F.N. Anderson stated, “There are six drill rigs on the property. We have five on the Curraghinalt Deposit working towards completing an updated resource later this year. These five rigs continue to expand the scope of known mineralization, not only along strike and at depth but by discovering additional veins to the south. Our sixth rig continues to test targets outside the Curraghinalt trend that were identified in our previously reported prospecting programs.”

View Company Profile

Shae-Lynn Mathers
IR Director

by Greg Klein

Dalradian reports N Ireland Gold Assays up to 20.61 g/t over 2.5m

April 8th, 2011

Dalradian Resources Inc TSX:DNA announced assays from its Curraghinalt Deposit in County Tyrone, Northern Ireland. Results include 3.67 g/t gold over 2 metres, 244.42 g/t over 0.3 metres, 18.75 g/t over 1.2 metres, 21.75 g/t over 1.2 metres, 48.96 g/t over 0.4 metres, 10.8 g/t over 1 metre, 7.58 g/t over 5 metres, 9.5 g/t over 3.6 metres, 34.79 g/t over 0.8 metres, 55.35 g/t over 0.6 metres and 20.61 g/t over 2.5 metres.

The Curraghinalt Deposit has a mineral resource estimate of 400,000 ounces gold indicated and 1.16 million ounces inferred.

View Company Profile

Dalradian Resources Inc

by Ted Niles

Dalradian reports N Ireland Gold Assays as high as 15.27 g/t over 2.7m

February 28th, 2011

Dalradian Resources Inc TSX:DNA announced assay results from its Curraghinalt Deposit in County Tyrone, Northern Ireland. Highlights include 12.86 g/t gold over 1 metre, 17.33 g/t over 1.3 metres, 41.04 g/t over 0.5 metres, 28.37 g/t over 0.5 metres, 19.9 g/t over 0.7 metres, 5.2 g/t over 1.5 metres, 4.57 g/t over 1.1 metres, 15.27 g/t over 2.7 metres, 6.1 g/t over 1.3 metres, 10.43 g/t over 1.1 metres, 18.03 g/t over 1.2 metres, 63.35 g/t over 0.9 metres and 13.12 g/t over 4.7 metres (including 81.11 g/t over 0.7 metres).

Chairman/CEO Patrick Anderson commented, “We are beginning to see results from the additional drill rigs added to the project in December 2010. The current four-rig program is designed to test outside the known resource envelope at depth, and along strike, and to determine the extent of newly discovered veins. Two of the rigs are targeting at depth below the resource, incrementally stepping down the vein system. Our other two rigs are focused on extending the shallow mineralization and are lengthening the strike of our recently discovered Crow and Bend veins.”

View Company Profile

Investor Relations

by Ted Niles