Friday 9th December 2016

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Posts tagged ‘peru’

Infographic: Countries of origin for raw materials

November 16th, 2016

Graphic by BullionVault | text by Jeff Desjardins | posted with permission of Visual Capitalist | November 16, 2016

Every “thing” comes from somewhere.

Whether we are talking about an iPhone or a battery, even the most complex technological device is made up of raw materials that originate in a mine, farm, well or forest somewhere in the world.

This infographic from BullionVault shows the top three producing countries of various commodities such as oil, gold, coffee and iron.

Infographic Countries of origin for raw materials

 

The many and the few

The origins of the world’s most important raw materials are interesting to examine because the production of certain commodities is much more concentrated than others.

Oil, for example, is extracted by many countries throughout the world because it forms in fairly universal circumstances. Oil is also a giant market and a strategic resource, so some countries are even willing to produce it at a loss. The largest three crude oil-producing countries are the United States, Saudi Arabia and Russia—but that only makes up 38% of the total market.

Contrast this with the market for some base metals such as iron or lead and the difference is clear. China consumes mind-boggling amounts of raw materials to feed its factories, so it tries to get them domestically. That’s why China alone produces 45% of the world’s iron and 52% of all lead. Nearby Australia also finds a way to take advantage of this: It is the second-largest producer for each of those commodities and ships much of its output to Chinese trading partners. A total of two-thirds of the world’s iron and lead comes from these two countries, making production extremely concentrated.

But even that pales in comparison with the market for platinum, which is so heavily concentrated that only a few countries are significant producers. South Africa extracts 71% of all platinum, while Russia and Zimbabwe combine for another 19% of global production. That means only one in every 10 ounces of platinum comes from a country other than those three sources.

Graphic by BullionVault | posted with permission of Visual Capitalist.

Canadian mining groups welcome Trans-Pacific Partnership

October 5th, 2015

by Greg Klein | October 5, 2015

In a deal supported by associations representing the country’s mining and exploration sector, Canada will become a founder of the 12-nation Trans-Pacific Partnership. Ottawa announced the agreement on October 5 as a federal election loomed two weeks in the future.

The Canadian government says the TPP will cut tariffs and other barriers, broadening markets for a range of Canadian industries that include metals and mining. The deal also offers Canadian investors in mining and other areas “transparent and predictable access to TPP markets,” the feds added.

Canada’s mining industry has been a strong advocate for liberalized trade and investment flows for many years…. TPP, representing such a massive trade bloc, including critical emerging markets, is a trading partnership Canada must not risk being left out of.—Pierre Gratton, president/CEO of the Mining Association of Canada

In a declaration of support six days previously, the Mining Association of Canada said the country’s metals and minerals exports to TPP members averaged $158.6 billion per year from 2012 to 2014. The group noted, however, pre-TPP tariffs of up to 5% in Australia, up to 7.9% in Japan, up to 10% in New Zealand, up to 20% in Brunei, up to 40% in Vietnam and up to 50% in Malaysia.

TPP negotiations also addressed “numerous challenges that companies currently face in getting products, people and services across borders on a day-to-day basis,” MAC added. “As one of Canada’s largest outward investing sectors—accounting for 10% ($81.5 billion) of the 2013 total—benefiting from the greater certainty, transparency and foreign investment protection that the TPP will enable is important for the mining industry to remain competitive on the global stage.”

The Prospectors and Developers Association of Canada stated its “8,000 members invest significant financial assets across the Asia-Pacific region to explore for and develop mineral deposits. PDAC is particularly supportive of aspects of the TPP that will facilitate two-way investment, including protection for investors that provides greater clarity, certainty and transparency.”

The world’s largest trading bloc, the TPP partners Canada with Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam. Conspicuous for its absence is China, the world’s second-largest economy.

Even so, TPP membership represents nearly 800 million people and a combined GDP of $28.5 trillion, the Canadian government stated. The 12 include some of the world’s fastest-growing economies “and this is expected to continue to be the case” as the bloc’s expected to comprise two-thirds of the world’s middle class by 2030 and half of global GDP by 2050. Some 81% of Canada’s total exports already go to TPP countries.

Canada now has free trade agreements with 51 nations which “will give Canadian businesses preferential access to over 60% of the world’s economy and more than 1.3 billion consumers,” according to Ottawa.

Gold—pricey or priceless?

May 27th, 2015

Ancient Colombian cultures put another perspective on the metal’s precious qualities

by Greg Klein

Gold’s allure, where it exists at all, can manifest itself in different ways. British Columbia natives, for example, remained indifferent to the metal until the arrival of prospectors. Those gold-hungry newcomers, on the other hand, were driven almost entirely by rapacity. But the pre-Conquest indigenous peoples of today’s Colombia saw nothing of value in the metal itself until, converted by metallurgy and craftsmanship, it became an object not only of beauty but of symbolic importance or transformational power.

That’s demonstrated by Allure of Gold, an exhibit within the exhibit called Gold Rush! El Dorado in British Columbia at Victoria’s Royal B.C. Museum. Holding 137 pieces of pre-Hispanic artefacts dating to 500 BC, the display makes its first North American appearance from Bogota’s Museo del Oro. Even now the pieces symbolize the Colombian peoples’ identity, pride and shared past, Museo director Maria Alicia Uribe Villegas told ResourceClips.com.

Ancient Colombian cultures put another perspective on the metal’s precious qualities

This gold pendant, in a style dating between 900 and 1600, would “transform” political or religious leaders into batmen, bestowing such
powers as the ability to fly, see at night and rest upside-down.
(Photo: Museo del Oro)

“These were objects that were produced mainly for display and to build power—political and religious power—by transmitting the properties of the materials,” she explained. People believed the objects asserted status, hosted spirits, or enhanced fertility and the overall quality of life.

According to belief, many objects wielded power to transform the person wearing it into another being. “They could for example acquire the identity of the jaguar, of birds, of bats,” Uribe said. “By wearing the ornament they believed they transformed their body, and by transforming their body they changed their perspective and their identity. So the power of many rulers came from that transformation. They believed that by transforming into a bird, you could fly to other worlds, to other dimensions, to the spiritual dimension, meet the spirits and the gods and ask for things, ask for hunting prey or for rain or things that your group needed.”

Some objects also presented a view of cosmology, she pointed out. “In most of these societies there isn’t this difference between nature and culture. Animals and people were nature and culture at the same time. Animals are also humans, different kinds of humans than people, so the relations between animals and humans were understood as social relations…. When you hunt you have to seduce the prey and you have to give the spiritual owner of the animal a gift in exchange.” Uribe said gold then functioned in “a transactional world,” but in a symbolic sense, not as currency.

Why was gold chosen for such representations? “It’s interesting because it’s a cultural choice,” she replied, noting that B.C. aboriginals knew about gold but didn’t use it. “It’s a wonderful material,” she added. “It’s beautiful for its colour and the shine you can give it, it doesn’t corrode, it lasts forever, and also you can give it the shape you want by hammering it or casting it.”

Although natives north of Mexico didn’t practise metallurgy, those of Colombia produced gold-copper and gold-silver alloys. When silver was used it was normally in the country’s south, which had cultural connections with today’s Peru and Ecuador. Colombians used platinum too. They couldn’t melt it because of the metal’s exceptional resistance to heat but South Americans were “the only people in the ancient world that used platinum.”

Ancient Colombian cultures put another perspective on the metal’s precious qualities

In a style dating between 1 BC and 700 AD, this breastplate would “transform” a chieftain or priest into a jaguar, allowing him to communicate with jaguar spirits and granting him deep respect and obedience. (Photo: Museo del Oro)

Almost all that effort was motivated by symbolism and spirituality, not practicality. But Colombians did make some metal tools for fashioning other metal objects, for example to hammer gold, Uribe noted. They also fashioned metal into needles and fishing hooks. But “those were the only practical tools they made.” Otherwise precious metals were used “for these objects of meaning.”

It’s a wonder that any of it survived the efficiently bloodthirsty business of confiscating the artwork and turning it into bullion. As Matthew Hart wrote about Francisco Pizarro’s 16th century conquest of Peru, “The artistic output of a thousand years vanished into the furnaces. It must be one of the most potent images in history—the transformation of a culture into cash.”

Most of what survived were funerary offerings hidden in tombs. “But the Spanish learned how to identify these tombs and many of them were looted,” Uribe said. Incredibly, ancient artefacts were still being melted as late as the 19th and even 20th century.

Where’s that gold now? You might be wearing some of it. The global gold supply comes from diverse and sometimes ancient sources, one of the museum displays points out. The bling in your ring could come from a Colombian chief or an Egyptian pharaoh.

But some of Colombia’s treasures were preserved by local collectors and European museums. The Museo del Oro’s collection started in 1939, after Colombia’s minister of education prevailed on the country’s national bank, then holding a monopoly on gold ownership, “to keep these objects out of the market, being taken abroad and melted,” Uribe said.

Now all such artefacts belong to the country’s entire population, she explained. A private collector must register with the office of archeological heritage and may ask for tenancy on a privately held collection. But Colombia retains ownership. “You cannot buy it, sell it or even inherit it.”

So while the commodity’s spot price keeps gold bugs guessing, these objects remain priceless.

Allure of Gold appears with Gold Rush! El Dorado in British Columbia at Victoria’s Royal B.C. Museum until October 31.

Read more about the Colombian national collection.

Read more about Gold Rush! El Dorado in British Columbia.

Athabasca Basin and beyond

March 1st, 2015

Uranium news from Saskatchewan and elsewhere to March 1, 2015

by Greg Klein

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Saskatchewan’s number two for mining jurisdictions worldwide

The province has held a top 10 position for at least five years, but last week Saskatchewan reached second place in a global survey of miners and explorers. The Fraser Institute study released February 24 rated jurisdictions for a number of factors, with the most important attributes making up the Investment Attractiveness Index. There sits Saskatchewan, second only to Finland.

The index considers responses for two separate categories, giving a 60% weight to geology and 40% to public policy. As Macdonald-Laurier Institute managing director Brian Lee Crowley told ResourceClips.com, reserves aren’t much good without policies that allow responsible development. Some comments quoted by the Fraser Institute bear that out.

Uranium news from Saskatchewan and elsewhere to February 27, 2015

A province founded on agriculture, Saskatchewan became one of
the world’s leading mining jurisdictions thanks to geology and policy.

“In Saskatchewan, ‘Duty to Consult’ is the responsibility of government, not the company. Something like the Ring of Fire fiasco in Ontario would not happen in Saskatchewan.”

“Good geoscientific support and permitting procedures which allow for timely planning and efficient support from provincial administration in addressing land access and Amerindian issues.”

“Saskatchewan is open to uranium exploration.”

Speaking to the Regina Leader-Post, survey director Kenneth Green said, “In addition to being blessed with an abundance of mineral potential, Saskatchewan gets credit for having a government with a transparent and productive approach to mining policy. The province offers a competitive taxation regime, good scientific support, efficient permitting procedures and clarity around land claims.”

More good words came from provincial Economy Minister Bill Boyd. “Clearly, there is a very good resource here in the province, whether it’s in potash, uranium or other minerals that we mine here in Saskatchewan,’’ the Leader-Post quoted him. “We’ve been able to create a business climate here in Saskatchewan that’s positive. There’s a good workforce in Saskatchewan, a trained workforce, as well.’’

Four other Canadian jurisdictions made the top 10 for investment attractiveness. Additionally the survey showed a significant improvement in Canada’s median score on the Policy Perception Index.

Read more about Canada’s performance in the global mining survey.

Download the survey.

NexGen adds third high-grade section to Rook 1’s Arrow zone

Having discovered another high-grade section of the Arrow zone with Rook 1’s best angled hole yet, NexGen Energy TSXV:NXE assigned new names to the project’s features. A1, A2 and A3 designate three mineralized shears trending northeast to southwest. The latest hole, AR-15-39, found composite mineralization totalling 89.15 metres within 436.5 metres that started at 433.5 metres in downhole depth. Scintillometer readings above 10,000 counts per second coincided with “dense accumulations of semi-massive to massive pitchblende,” the company stated February 24.

The results, from a handheld device that scans drill core for gamma radiation, are no substitute for the still-pending assays. Readings of 10,000 cps or more are called “offscale” due to the limitations of a previous model.

Drilled at a -70 dip between AR-15-37 and -38, the new hole went offscale for seven metres at A2, reinforcing “the continuity of semi-massive to massive pitchblende” in that shear. A3 revealed another 9.75 offscale metres, representing “a 200-metre down-dip extension from high-grade uranium assay intervals in drill holes AR-14-08 and -13,” NexGen added.

One week earlier the company released two holes extending mineralization 81 metres southwest along strike from Rook 1’s best hole so far—angled or vertical and “amongst the best drill results” in the Athabasca Basin.

Both holes revealed “significant dense accumulations of semi-massive to massive pitchblende,” with AR-15-37 giving composite radiation readings for 76 metres within a 264.5-metre section beginning at 405 metres in downhole depth. That included an offscale composite of 9.35 metres.

AR-15-38 showed composite mineralization of 82.35 metres within a 247.5-metre section starting at 474 metres, with a composite 4.5 metres above 10,000 cps.

NexGen also reported its third rig began drilling 400 metres northeast along Arrow’s strike. That’s where a radon-in-lake-water anomaly, 480 metres long by 20 to 150 metres wide, is “optimally situated along the southeast-dipping VTEM conductor [and] projected to reach the unconformity.”

As of February 24, drilling hit mineralization in 37 of 39 Arrow holes, with 5,519 metres of the 18,000-metre winter program complete. The zone covers about 515 metres by 215 metres, with mineralization as shallow as 100 metres and as deep as 817.5 metres in vertical depth.

Arrow remains open in all directions and at depth.

Ever modest, NexGen CEO Leigh Curyer said the zone “is quickly becoming a significant discovery on a world scale with relatively very few holes drilled.”

Fission hits high grade west of Triple R resource

Sunday’s not the usual day to release news of this nature. But March 1 begins PDAC 2015, so what better time to assert bragging rights? Whatever the reason, Fission Uranium TSX:FCU chose the day to announce a radioactive find 555 metres west of its Triple R deposit. The news reinforces interest in R600W, the most westerly of Patterson Lake South’s four zones, where five previous holes showed only low-grade mineralization.

Scintillometer readings for land-based hole PLS15-343 showed 65.5 metres of radiation starting at 105.5 metres in downhole depth, including a continuous 8.85 metres over 10,000 counts per second “with peaks up to 52,900 cps at shallow depth,” the company reported. A second radioactive interval of four metres began at 342.5 metres.

As explained in the NexGen item above, scintillometer readings are no substitute for assays, which are pending. Readings above 10,000 cps are often called “offscale” due to the limitations of earlier scintillometers.

Technical problems terminated the hole at 368 metres “in moderately altered semi-pelitic gneiss,” Fission stated.

R600W’s strike runs 30 metres with a north-south lateral width up to about 20 metres. The project’s four zones extend for a 2.24-kilometre potential strike along the PL-3B conductor. The two middle zones, R00E and R780E, comprise the Triple R resource that shook the market in January. In mid-February Fission announced nine holes that expand R780E, by far the project’s largest zone.

The $10-million, four-rig winter agenda calls for 35 holes on Triple R and R600W, along with 28 holes on regional targets, for a total of about 20,230 metres.

Read more about the Triple R resource estimate.

See an historical timeline of the PLS discovery.

Lakeland Resources bolsters its Basin portfolio

Now with 32 properties totalling over 300,000 hectares, Lakeland Resources TSXV:LK has enlarged what was already one of Saskatchewan’s largest exploration portfolios. New acquisitions announced February 20 include two land packages in the southeastern Basin’s Key Lake area, which gave up over 200 million pounds of uranium by 2002 and still hosts the Key Lake mill.

One of the area acquisitions, the KLR property, features “a significant number of historic conductors within basement rock types and at least two unexplained radiometric anomalies,” Lakeland stated. Sampling of surface rocks and lake and stream sediment brought results up to 691 ppm uranium. Historic drilling revealed 0.12% U3O8 across 0.1 metres. The new turf complements Lakeland’s existing Key Lake-region properties.

Six new claims sit adjacent to Lakeland holdings in the southwestern Basin’s Carter Lake area. The company also gained ground in the Mathews Lake area, north of Lake Athabasca and within basement rocks of the Beaverlodge Domain.

The Carson Lake property lies beyond the Basin’s northeastern margin but within the Wollaston Domain, which hosts most of the Basin’s currently operating mines.

South of the Basin, along the highly prospective Cable Bay shear zone, Lakeland picked up Black Birch East. Historic work on the 26,389-hectare property “showed a number of electromagnetic conductors and radiometric anomalies roughly coincident with the CBSZ.”

The acquisitions result from two transactions, subject to TSXV approval. One set of properties costs $40,880 and 1.12 million shares. A set of two other properties calls for $32,636 and 326,350 shares. Both transactions include a 2% NSR, half of which Lakeland may buy back for $2 million per property.

In late January the company began drilling its Star/Gibbon’s Creek project on the Basin’s north-central rim. Other drill-ready projects include Lazy Edward Bay on the Basin’s southern margin and Newnham Lake, east of Star/Gibbon’s.

In December Takara Resources TSXV:TKK took out a 50% option on Lakeland’s Fond du Lac property. Last year’s private placements brought Lakeland over $5.1 million.

Read more about Lakeland Resources’ Star/Gibbon’s Creek project.

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Athabasca Basin and beyond

November 15th, 2014

Uranium news from Saskatchewan and elsewhere to November 14, 2014

by Greg Klein

Next Page 1 | 2

Kivalliq’s Nunavut property reveals new drill priority

Heralding its “most advanced, drill-ready target outside of the Lac 50 trend,” Kivalliq Energy TSXV:KIV announced the Angilak project’s Dipole target on November 12. The new area came to light after a 1,335-line-kilometre VTEM survey and 1,514 soil samples south of the 111,476-hectare property’s Lac 50 deposit in Nunavut.

Preliminary analysis confirms geophysical targets at Dipole and the RIB area, Kivalliq stated. The company expects final VTEM data shortly to further define targets south of Lac 50.

Uranium news from Saskatchewan and elsewhere to November 14, 2014

Located 225 kilometres south of the hamlet of Baker Lake,
Angilak has an exploration season lasting from April to September.

Enzyme leach soil samples showed 379 anomalous uranium results, about a quarter of the total, ranging from 6 ppb up to 285 ppb uranium, placing the results in the 75th percentile. Out of that group, 77 samples made the 95th percentile. The sampling has “significantly upgraded” drill targets in the Hot and KU areas, as well as Dipole.

Kivalliq describes the latter area, 27 kilometres southwest of Lac 50, as “a distinct, two-kilometre-long geophysical anomaly having a coincident boulder assay of 2.24% U3O8, now confirmed by an anomalous uranium-in-soil trend over 3.4 kilometres of strike length” with anomalous copper, molybdenum and silver.

This year’s work also confirmed a conductor in the RIB area, which has “geological similarities with both Dipole and Lac 50,” the company added. Soil samples showed a 3.6-kilometre-long geochemical trend with uranium values ranging from 6 ppb to 61.9 ppb.

Historic 1970s drilling at RIB found shallow mineralization up to 0.19% U3O8 over 9.3 metres (including 0.52% over 2.6 metres) and 1.61% over 0.7 metres.

Lac 50’s January 2013 inferred resource used a 0.2% cutoff to show 2.83 million tonnes averaging 0.69% for 43.3 million pounds U3O8. The inferred category also shows 1.88 million ounces silver, 10.4 million pounds molybdenum and 15.6 million pounds copper.

In late October Kivalliq announced a 1,914-hectare addition to its Genesis project in Saskatchewan and Manitoba, where Roughrider Exploration TSXV:REL funds exploration through an 85% earn-in.

A big piece of Strateco brings Toro Energy to Canada

An ASX-listed uranium company would gain a substantial portion of Strateco Resources TSX:RSC under an agreement announced November 3. Toro Energy would issue shares to obtain a chunk of the Sentient Group’s holdings in Strateco and SeqUr Exploration, a Strateco subsidiary. As a result, Toro would hold 19.8% of Strateco shares, $14.1 million of secured convertible notes receivable in Strateco, a $3-million senior secured first ranking loan receivable in Strateco and five million SeqUr shares, representing 25% of the subsidiary.

Sentient’s interest in Strateco would drop from 27.13% to about 8%. Sentient would also hold 800 convertible notes representing $800,000 secured by Strateco assets.

Toro’s Wiluna project is “set to become Western Australia’s first-ever uranium mine,” according to Strateco. “Toro has shown clear interest in the Matoush project, as well as in SeqUr’s uranium projects in Saskatchewan. Toro’s experience … permitting the Wiluna project, in an area formerly under moratorium, will certainly be an asset for Strateco.” The latter company’s Matoush project in Quebec has been stalled by a moratorium while a provincial inquiry into uranium takes place.

The transaction is part of a wider deal that includes Sentient’s AU$10-million placement into Toro, with another AU$10 million to fund the Wiluna flagship. Sentient now holds 18.9% of Toro, in which Oz Minerals holds 21.9% and Mega Uranium TSX:MGA 21.5%.

Toro anticipates closing the deals by mid-December.

Hook Lake JV proposes $2.9-million 2015 budget, Purepoint announces

Hook Lake partners will be on the hook for $2.9 million worth of exploration next year, if the joint venture committee’s proposals go through. Purepoint Uranium TSXV:PTU announced November 11 that a final decision on the budget, which would cover 4,200 metres of drilling, would follow geophysical results and a detailed drill plan. An airborne magnetic and VTEM-plus survey finished last month north of the project’s Spitfire zone. Beginning soon will be a ground EM survey to pinpoint drill targets on the 28,683-hectare property five kilometres northeast of Fission Uranium’s (TSX:FCU) Patterson Lake South discovery.

Purepoint announced the Spitfire zone last March and released additional drill results in May.

The Hook Lake JV consists of Cameco Corp TSX:CCO (39.5%), AREVA Resources Canada (39.5%) and Purepoint (21%). The latter company’s share of the budget would come to about $310,000.

Western Athabasca Syndicate, Aben, Alpha update Preston, Mann Lake and Carpenter Lake

A recent analysis of airborne geophysics confirms existing drill targets at the 246,643-hectare Preston property, the Western Athabasca Syndicate reported November 13. The four-company group has further geophysical and geochemical work planned for early 2015, along with land- and lake-based drilling.

Some $3.75 million worth of expenditures so far have identified 15 target areas on the southwestern Athabasca Basin PLS-proximal property. In July the companies released results from Preston’s initial drill campaign of nine holes totalling 1,902 metres.

Skyharbour Resources TSXV:SYH currently acts as project operator for partners Athabasca Nuclear TSXV:ASC, Noka Resources TSXV:NX and Lucky Strike Resources TSXV:LKY.

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Athabasca Basin and beyond

October 31st, 2014

Uranium news from Saskatchewan and elsewhere to October 31, 2014

by Greg Klein

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Fission hits 8.53% over 24 metres at Patterson Lake South

The 600th company to graduate from the Venture to the big board since 2000,
Fission Uranium opens the TSX on October 30. (Photo: TMX Group)

 

Fission hits 8.53% U3O8 over 24 metres at Patterson Lake South

A second batch of assays hit the streets October 27 from Fission Uranium’s (TSX:FCU) Patterson Lake South summer program, the final drill season before a maiden resource due in December. Thirteen holes from the R780E zone showed mineralization at shallow depths, some with very impressive results. Several holes broaden the zone’s lateral width at different locations up to about 93 metres north and 38 metres south, and also extend the depth. Still the focal point of PLS, R780E remains by far the largest of four zones along a 2.24-kilometre potential strike that’s open at both ends.

Some of the best results follow:

Hole PLS14-253

  • 1.33% U3O8 over 16.5 metres, starting at 117.5 metres in downhole depth
  • (including 3.57% over 5.5 metres)

  • 1.65% over 5 metres, starting at 155 metres
  • (including 5.37% over 1.5 metres)

PLS14-254

  • 0.62% over 13 metres, starting at 169 metres
  • (including 2.42% over 2.5 metres)

PLS14-256

  • 1.76% over 39.5 metres, starting at 61.5 metres
  • (including 3.16% over 8 metres)
  • (and including 6.22% over 3.5 metres)

  • 1.17% over 11.5 metres, starting at 104 metres
  • (including 3.99% over 2.5 metres)

PLS14-257

  • 5.02% over 5 metres, starting at 256.5 metres

PLS14-259

  • 4.21% over 38.5 metres, starting at 132 metres
  • (including 23.53% over 6 metres)

  • 2.77% over 13.5 metres, starting at 205 metres
  • (including 6.95% over 4 metres)

PLS14-261

  • 1.43% over 42.5 metres, starting at 58 metres
  • (including 5.91% over 9.5 metres)

  • 0.74% over 26 metres, starting at 104 metres
  • (including 2.42% over 6 metres)

PLS14-263

  • 1.85% over 8 metres, starting at 234 metres
  • (including 6.63% over 2 metres)

PLS14-264

  • 0.27% over 22.5 metres, starting at 191.5 metres

  • 0.37% over 19.5 metres, starting at 216.5 metres

PLS14-270

  • 0.56% over 16 metres, starting at 164.5 metres
  • (including 1.44% over 4.5 metres)

PLS14-271

  • 8.53% over 24 metres, starting at 78 metres
  • (including 24.87% over 7.5 metres)

  • 0.55% over 28.5 metres, starting at 105.5 metres
  • (including 2.02% over 3.5 metres)

True widths weren’t provided.

These results bring the total to 42 holes reported. Assays for another 18 delineation holes and 22 exploration holes are pending. The previous batch of summer assays, released earlier this month, included the project’s strongest intercept so far.

Lakeland Resources ready to drill Star/Gibbon’s project, confirms drill-ready targets at Lazy Edward Bay

A busy summer has moved two Lakeland Resources TSXV:LK projects to the drill-ready stage, one of which will see a rig working as soon as winter conditions allow. Announced October 28, a 1,500-metre program on the adjacent Gibbon’s Creek and Star properties follows positive results from surface sampling and a DC-resistivity survey, some of the Athabasca Basin’s highest RadonEx readings and confirmation of a radioactive boulder field grading up to 4.28% U3O8.

Uranium news from Saskatchewan and elsewhere to October 31, 2014

A structural lineament connects this radioactive boulder field with
two other mineralized systems on the Star/Gibbon’s Creek properties.

The two properties on the Basin’s north-central rim host a regional, multi-staged, structural lineament immediately west of the Star Uplift, a basement outcrop about 350 metres by 700 metres, that extends south to the Gibbon’s Creek boulder field about three kilometres away. In addition an east-west resistivity low, interpreted as an alteration corridor, has been found near an historic intercept of 1,500 parts per million uranium.

Surface sampling at the uplift found a gold trend that also revealed platinum group elements, rare earths and anomalous low-grade uranium. Follow-up drilling will test the trend and examine basement geology as it relates to the Gibbon’s Creek targets, Lakeland stated.

With depth to the unconformity ranging from 50 to 250 metres, the company anticipates an economical program of shallow drilling. Roads and power lines cross the property, which lies a few kilometres from the town of Stony Rapids.

The company wholly owns Gibbon’s Creek and holds a 100% option on Star.

Meanwhile exploration at Lazy Edward Bay has confirmed the project’s drill-ready targets, as well as its prominence in Lakeland’s portfolio. Field work on two areas of the 26,375-hectare property on the Basin’s southeastern edge revealed anomalous rock samples, soil samples and RadonEx readings, the company announced October 30.

The Liberty Trend consists of an approximately five-kilometre-long conductive zone intruded by diabase dykes. Near a radioactive spring reported earlier in October, two boulders graded 537 ppm and 896 ppm U3O8, also showing anomalous levels of the pathfinder elements arsenic, cobalt, chromium, nickel and lead.

Two nearby soil samples returned uranium values of 13.7 ppm and 14.8 ppm, along with 2,920 ppm arsenic, 119 ppm cobalt and 112 ppm nickel. An outcrop sample farther south showed low-grade uranium and was also enriched in copper, cobalt and zinc, the company added.

The significance of the Liberty Trend “appears to be a rare combination of favourable geochemistry, geophysics and surface rock samples anomalous in radioactivity coupled with a series of radioactive springs within a complex structural setting,” said Lakeland president/CEO Jonathan Armes. “This confluence of geologic features attests to the potential of this area to host a large mineralizing system.”

The project’s Bay Trend underwent 150 soil samples over a 789-sample radon-in-soil grid. The samples showed several anomalous geochemical results coinciding with previously identified basement conductors. This year’s work further refines the conductors.

Results from both the Liberty and Bay trends confirm high-priority drill-ready targets and Lazy Edward’s place among “the most promising early-stage exploration projects that Lakeland has assembled, which include the Gibbon’s Creek, Star and Newnham Lake properties,” Armes said.

Read more about Lakeland Resources.

Fission 3.0 stakes new ground, joins Brades on Clearwater West fall campaign

Seven new acquisitions, along with expansions to four other properties, bring the Fission 3.0 TSXV:FUU portfolio up to 17 projects totalling 232,088 hectares, all in the Basin area except one in Peru. The expansion came through staking, the company announced October 29.

Karpinka Lake, a 3,072-hectare property 40 klicks south of the Basin, features at least 14 historic uranium occurrences. The most significant “consists of a series of five discontinuous low-grade zones of stratabound uranium mineralization,” Fission 3.0 stated.

Midas, a 1,476-hectare property near Uranium City, has five known uranium occurrences including an historic intercept of 0.19% U3O8 over 9.6 metres.

On the Basin’s north-central rim, the 1,678-hectare Hearty Bay property sits up-ice from a boulder train that graded up to 3% uranium.

Eighty kilometres south of the Basin’s southeastern margin, the 5,745-hectare Hobo Lake property has had historic lake sediment samples showing anomalous uranium. South of the Basin but north of Hobo Lake, the 1,213-hectare Costigan Lake property benefits from a 2005 airborne radiometric survey that found anomalous radioactivity associated with conductors.

Just beyond the Basin’s southern edge, the 1,866-hectare River Lake “has potential to host outliers of sandstone cover, which is the favourable host rock for unconformity and perched styles of uranium mineralization.”

East of the Basin’s northeastern margin, the 2,412-hectare Flowerdew Lake underwent airborne geophysics in 2005, finding “moderate to strong formational electromagnetic conductors trending northeast.”

A 1,024-hectare addition to Beaver River covers an extension of the property’s EM conductors and includes two historic uranium showings. Cree Bay got another 5,252 hectares of contiguous turf along the prospective Black Lake shear zone. Grey Island grew by 1,271 hectares over a strong EM conductor. Thompson Lake added 577 hectares, also covering the extension of a conductor.

On October 15 Fission 3.0 and Brades Resource TSXV:BRA announced fall plans for their Clearwater West joint venture. The program calls for mapping, prospecting and a DC resistivity survey to follow up on radiometric anomalies identified last May. Brades holds a 50% option on the 11,835-hectare project, where Fission 3.0 acts as operator. Read a review of the companies’ announcement by Geology for Investors.

Winter drilling planned for Azincourt/Fission 3.0’s Patterson Lake North

Patterson Lake North’s agenda calls for a $1.5-million, 3,200-metre winter program, JV partner Azincourt Uranium TSXV:AAZ announced October 21. Work will follow up on last summer’s drilling, targeting the property’s A1-A4 conductor area and two untested areas, the N conductor trend and the Broach Lake conductor system.

The 27,408-hectare property lies adjacent to and north of Patterson Lake South. Fission 3.0 acts as operator. Azincourt, which currently holds a 10% stake, said its $1.5-million winter expenditure will complete the $3-million year-two requirement, raising its total to 20%. The option allows Azincourt up to a 50% interest.

The company also stated it distributed the Macusani Yellowcake TSXV:YEL stock resulting from that company’s acquisition of Azincourt’s Peruvian properties (read more here and here). Shareholders got “the equivalent of $0.09 per Azincourt share, based on the recent Macusani share price.”

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Athabasca Basin and beyond

September 6th, 2014

Uranium news from Saskatchewan and elsewhere for August 30 to September 5, 2014

by Greg Klein

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“Aggressive” step-outs continue at NexGen’s PLS-adjacent Rook 1

A week unusually devoid of bragging from Fission Uranium’s (TSXV:FCU) Patterson Lake South gives next-door neighbour NexGen Energy TSXV:NXE top spot among uranium newsmakers. Three more holes announced September 3 bring the total to 28 mineralized holes out of 30 that were sunk across an area of 515 metres by 215 metres at Rook 1’s Arrow zone. Among them is the previously reported “landmark drill hole,” which has now been completed.

The usual scintillometer disclaimer applies. The results come from a hand-held device that measures drill core for radiation in counts per second and are no substitute for assays, which will follow.

Uranium news from Saskatchewan and elsewhere for August 30 to September 5, 2014

That “landmark” hole, AR-14-30, peaked with the previous results. Further drilling only found an additional 6.9 metres (not true thickness) of mineralization starting at 721.3 metres in vertical depth. But overall the hole’s mineralization totalled a composite 206.6 metres.

VP of exploration and development Garrett Ainsworth credited AR-14-30 as “successful in confirming the pinch and swell of mineralization within one of the sub-vertical shear zones that hosts high-grade uranium … Targeting these mineralized swells or ‘blow-outs’ will require a combination of angled and vertical drill holes.”

A composite 202.05 metres came from AR-14-28, with the top-most interval starting at a downhole depth of 108.1 metres. AR-14-29a revealed 123.35 metres, with the first intercept beginning at 230.75 metres in downhole depth.

Ainsworth characterized these holes as “aggressive 45-to-50-metre step-outs that intersected significant intervals of mineralization, which provides further evidence that Arrow is only getting bigger.”

Backed by $6.5 million of working capital, the Arrow campaign continues.

Fission 3.0/Azincourt finish summer drilling at PLN

Fission 3.0 TSXV:FUU and Azincourt Uranium TSXV:AAZ have wrapped up the summer’s six-hole program of about 2,130 metres at Patterson Lake North. One assay released September 3, from a hole testing the A1 conductor, showed:

  • 0.012% U3O8 over six metres, starting at 193 metres in downhole depth
  • (including 0.047% over 0.5 metres)

Geochemical analysis of two other holes “returned highly prospective results that warrant aggressive follow-up on two separate conductor trends,” the companies stated. Five holes tested A1 along 750 metres of strike. A sixth hole targeted the A4-1 conductor. Further drilling is now being planned.

Results are pending for DC resistivity surveys on the property’s Broach Lake area “but preliminary interpretations are prospective.”

Fission 3.0 acts as operator on the 27,408-hectare project, where Azincourt has so far earned 10% of its 50% option.

Last May Fission 3.0 joined Brades Resource TSXV:BRA to announce VTEM results from their Clearwater West joint venture, also adjacently north of PLS.

Macusani completes acquisition of Azincourt’s Peruvian properties

A consolidation of their Peruvian uranium assets has closed, as Macusani Yellowcake TSXV:YEL acquired properties from Azincourt. Details announced September 4 followed terms of a July definitive agreement. Macusani got Azincourt’s Peruvian subsidiary for 68.35 million shares representing about 26.3% of Macusani’s post-transaction stock. Macusani also announced a further $1.66-million financing that brought its private placement to a total of $2.23 million.

The property package borders a project held by Azincourt’s PLN JV partner, Fission 3.0. Read more here and here.

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Athabasca Basin and beyond

July 19th, 2014

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

by Greg Klein

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High-grade U3O8 helps Fission delineate

Still enthusiastically proving that high grades can come from shallow depths, Fission Uranium TSXV:FCU released more assays from winter drilling on July 14. Six infill holes from the central portion of R780E, the middle and largest of five zones, complemented the previous week’s batch from the zone’s eastern area. An additional hole from R1155E proved less impressive but provided the strongest results so far from that zone.

Some highlights from R780E show:

Hole PLS14-172

  • 2.1% uranium oxide (U3O8) over 28 metres, starting at 86 metres in downhole depth
  • (including 5.88% over 8.5 metres)
Uranium news from Saskatchewan and elsewhere for July 12 to 18, 2014

With five barges afloat over Patterson Lake South, Fission Uranium
has another season to drill prior to releasing a December resource.

  • 0.23% over 11 metres, starting at 131.5 metres

  • 0.54% over 18 metres, starting at 168 metres
  • (including 1.62% over 4.5 metres)

  • 0.6% over 10 metres, starting at 224 metres

Hole PLS14-181

  • 0.46% over 27.5 metres, starting at 118 metres
  • (including 1% over 9 metres)

  • 6.01% over 17.5 metres, starting at 148 metres
  • (including 23.53% over 4 metres)

Hole PLS14-183

  • 0.14% over 18 metres, starting at 109 metres

  • 0.21% over 10.5 metres, starting at 147 metres

  • 0.66% over 13.5 metres, starting at 176.5 metres
  • (including 1.22% over 5.5 metres)

  • 1.63% over 3.5 metres, starting at 193.5 metres

  • 1.1% over 6.5 metres, starting at 213 metres

  • 0.48% over 6 metres, starting at 244 metres
  • (including 1.11% over 2 metres)

Hole PLS14-184

  • 2.02% over 14.5 metres, starting at 110.5 metres
  • (including 8.31% over 2 metres)

  • 7.66% over 2 metres, starting at 136 metres

  • 1.65% over 19 metres, starting at 158.5 metres
  • (including 4.45% over 3.5 metres)

Hole PLS14-189

  • 1.93% over 15 metres, starting at 262.5 metres

  • 0.44% over 13 metres, starting at 281 metres
  • (including 1.03% over 4.5 metres)

Hole PLS14-191

  • 0.22% over 6.5 metres, starting at 99 metres

  • 0.62% over 9 metres, starting at 122 metres
  • (including 1.7% over 2.5 metres)

  • 1% over 3.5 metres, starting at 152.5 metres

On the R1155E zone, the better results from PLS14-191 showed:

  • 0.2% over 8 metres, starting at 197.5 metres
  • (including 1.28% over 0.5 metres)

  • 0.33% over 3.5 metres, starting at 211 metres

  • 0.1% over 5.5 metres, starting at 359 metres

True widths weren’t provided. Fission Uranium stated PLS14-191 “opens up the potential to discover increased amounts and higher grades of mineralization from this area, including further to the south and within the 75-metre gap separating R780E and R1155E.” The 31,039-hectare project’s 2.24-kilometre potential strike remains open to the east and west.

Still to come are assays for 32 holes from last winter’s 92-hole program. Now underway is a 63-hole, 20,330-metre campaign worth $12 million to focus on R780E. That would bring the project’s total to about 263 holes totalling around 83,500 metres. December’s the deadline for the maiden resource.

Cigar Lake suspended as Cameco encounters freezing failure

Progress continues on the technological challenge of extracting Cigar Lake’s uranium deposit—but not “as quickly as expected,” Cameco Corp TSX:CCO conceded July 16. As a result production has been suspended to allow some areas of the mine to freeze more thoroughly. In an innovative method to prevent flooding “where the water-saturated Athabasca sandstone meets the underlying basement rocks,” the company injects and freezes a brine solution around the rock body. Water jet boring then extracts the ore. (Watch a video here.) Now Cameco has stopped operations to allow “additional freezing.”

Noting that the McClean Lake mill, 70 kilometres away, hasn’t started processing Cigar Lake feed, the suspension “will allow more continuous production at the mine once the mill is operational.” Cameco anticipates a couple of months’ delay that will affect 2014 production, which was originally estimated at 770 to 1,100 tonnes of uranium concentrate. The long-term annual target of 18 million pounds U3O8 by 2018 remains unaffected.

The company will provide another update during its July 31 Q2 discussion.

Flooding in 2006 and 2008 had already set back development at the eastside Athabasca Basin mine, which began construction in 2005. The first ore shipment finally left Cigar Lake in March. McClean Lake was scheduled to begin processing last quarter, following modifications to the leaching circuit.

The world’s second-largest high-grade uranium deposit, Cigar Lake holds grades 100 times the global average. The joint venture is held 50.025% by Cameco, 37.1% by AREVA Resources Canada, 7.875% by Idemitsu Canada Resources and 5% by TEPCO Resources.

Another JV, McClean Lake is held 70% by AREVA, 22.5% by Denison Mines TSX:DML and 7.5% by OURD Canada.

Read more about Cigar Lake.

Athabasca Nuclear/Strike Graphite merger would combine uranium and diamond projects

Exploration in two Saskatchewan plays would come together under one entity should a merger go through between Athabasca Nuclear TSXV:ASC and Strike Graphite TSXV:SRK. The companies announced that intention on July 15, subject to conditions and approvals. Athabasca Nuclear holds a number of uranium properties including its Preston Lake flagship, which the company operates for the four-company Western Athabasca Syndicate. Strike has received conditional TSXV approval for its 80% acquisition of two properties in the Sask Craton that are contiguous to the Pikoo diamond discovery made last November by North Arrow Minerals TSXV:NAR.

The deal would exchange one Athabasca Nuclear share for each Strike share, with a similar swap of options and warrants. Strike would then become a wholly owned subsidiary of Athabasca Nuclear but presumably would not be called Nuclear Strike. Athabasca Nuclear would be held 73.9% by its current shareholders and 26.1% by Strike shareholders. Athabasca Nuclear’s officers and BOD would remain unchanged, except for the board addition of Blair Way, now a Strike director.

Among the deal’s conditions is two-thirds approval by Strike shareholders. The companies hope to consummate by September 20.

Read about diamond mining and exploration in Canada here and here.

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Athabasca Basin and beyond

July 12th, 2014

Uranium news from Saskatchewan and elsewhere for June 28 to July 11, 2014

by Greg Klein

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NexGen extends Arrow’s reach at Rook 1

The first six summer holes at the Rook 1 project’s Arrow zone have more than doubled the potential strike, NexGen Energy TSXV:NXE stated July 7. Radiometric measurements extended the 215 metres determined by eight winter holes to a potential 470-metre strike open in all directions.

Although assays have been released for the winter program, the company bases its summer results on radiation readings from a gamma spectrometer and a gamma probe. The results are no substitute for assays, which are pending.

Some of the highlights include hole RK-14-37, which totalled a composite 8.1 metres of “off-scale” radioactivity straining the spectrometer’s limit of 9,999 counts per second. The drill hit 17 anomalous intercepts totalling a composite 78.05 metres of mineralization within a 227.8-metre section beginning at 378 metres in downhole depth.

RK-14-34 found 29 intercepts totalling a composite 100.6 metres of mineralization within a 627.9-metre section that started at 221.4 metres in depth.

RK-14-31 found 35 intercepts totalling 125.8 metres of mineralization within a 430.7-metre section beginning at 221.4 metres in depth.

True widths weren’t provided. All six Arrow holes, which totalled 4,324 metres, showed visible mineralization. One hole is still in progress.

About 200 metres away, the Dagger area took in four holes totalling 1,349 metres without showing anomalous radioactivity. In addition to further Arrow drilling, “preparations have been made for regional drilling to continue at Area K (Dennis Lake),” the company stated.

Rook 1 straddles the southwestern rim of the Athabasca Basin, on the northeastern border of Fission Uranium’s (TSXV:FCU) Patterson Lake South.

Fission Uranium drills 12.35% U3O8 over 13.5 metres, 4.68% over 25 metres at PLS

More high-grade assays from Fission Uranium continue to build Patterson Lake South’s R780E zone, focus of the highly anticipated maiden resource scheduled for December. Of nine holes released July 2 from last winter’s infill drilling, all showed mineralization. A half dozen brought especially impressive results. Some highlights include:

Hole PLS14-170

  • 0.35% uranium oxide (U3O8) over 58 metres, starting at 135.5 metres in downhole depth
  • (including 1.2% over 5.5 metres)
Fission drills 13.5 metres of 12.35%, 25 metres of 4.68% at Patterson Lake South

With 39 winter holes still to report,
Fission Uranium has embarked on
a 63-hole summer campaign.

  • 0.31% over 12 metres, starting at 202 metres

  • 2.9% over 20 metres, starting at 217.5 metres
  • (including 8.35% over 4 metres)

  • 0.58% over 11 metres, starting at 260 metres

Hole PLS14-174

  • 0.8% over 25 metres, starting at 105 metres
  • (including 3.45% over 1.5 metres)
  • (and including 2.8% over 1 metre)
  • (and including 4.39% over 1.5 metres)

  • 0.87% over 13.5 metres, starting at 135 metres
  • (including 9.24% over 1 metre)

Hole PLS14-175

  • 0.7% over 21 metres, starting at 120.5 metres
  • (including 3.35% over 2.5 metres)

  • 0.38% over 26 metres, starting at 144 metres
  • (including 1.44% over 2.5 metres)

Hole PLS14-178

  • 0.12% over 25.5 metres, starting at 135.5 metres

  • 0.19% over 15 metres, starting at 164.5 metres

Hole PLS14-179

  • 2.99% over 1 metre, starting at 184.5 metres

  • 2.25% over 8.5 metres, starting at 244 metres

Hole PLS14-180

  • 0.44% over 21 metres, starting at 136.5 metres
  • (including 3.45% over 2 metres)

  • 4.68% over 25 metres, starting at 165 metres
  • (including 18.56% over 5.5 metres)

Hole PLS14-186

  • 12.35% over 13.5 metres, starting at 157 metres
  • (including 23.41% over 7 metres)

  • 1.52% over 2.5 metres, starting at 175 metres

  • 0.9% over 7 metres, starting at 188 metres
  • (including 3.61% over 1.5 metres)

True widths weren’t provided. With five PLS zones stretching east-west along a 2.24-kilometre potential strike, Fission Uranium stated these results show “the continued strong nature of uranium mineralization as the R780E zone moves eastwards.”

Still to come are assays for 39 holes from the 92-hole winter campaign. One week before unloading this latest batch of results, the company announced a 20,330-metre, 63-hole summer program that would eat $12 million of this year’s $28-million budget. As was the case last winter, most of the drilling will focus on delineation for a December resource.

Gold, PGEs and REEs suggest a “robust hydrothermal system” at Lakeland Resources’ Star uranium project

Recently compiled data shows potential for a regional hydrothermal system on Lakeland Resources’ (TSXV:LK) Star uranium property, adjacently north of the company’s Gibbon’s Creek joint venture. That’s the verdict for samples taken last year, which assayed for gold, platinum group elements and rare earth elements, as well as uranium.

The Star property covers “a quasi-circular basement uplift,” a feature considered “an ideal location for the development of uranium occurrences associated with the unconformity or sub-unconformity of the Athabasca Basin,” the company stated July 8.

One outcrop sample assayed 5.7 grams per tonne gold, 0.36 g/t platinum and 0.39 g/t palladium. Another showed 1.8 g/t gold, 0.08 g/t platinum and 0.12 g/t palladium.

A sandstone boulder revealed 257 ppm uranium and 0.3% total rare earth oxides, including 1,216 ppm dysprosium and 321 ppm yttrium. Another outcrop sample showed 6.9% TREO, predominantly light REE-enriched.

The assays further indicate potential for a regional hydrothermal system as “demonstrated by intense alteration associated with historic uranium mineralization within the Gibbons Creek property located immediately to the south,” Lakeland stated. “Within the Athabasca Basin, there are a number of projects where highly anomalous precious metals and/or rare earth elements occur in spatial relation to uranium deposits and/or mineralization. Examples of such mineralization include the Nicholson Bay and Fish Hook Bay uranium-gold-platinum group elements occurrences, and the MAW zone-Wheeler River occurrences.”

The Star project’s now slated for a near-term mapping and sampling program. Lakeland may earn a 100% interest in the property by paying $60,000 and issuing 600,000 shares over 12 months. The vendor retains the option of a 25% buyback for four times Lakeland’s exploration expenses.

Declan Resources TSXV:LAN has an option to earn 70% of the adjacent Gibbon’s Creek JV, which has shown boulder samples grading up to 4.28% U3O8 and some of the Basin’s highest-ever radon readings.

With an acquisition announced late last month, Lakeland now holds interests in 17 properties totalling 164,316 hectares in and around the Basin.

GoviEx debuts on CSE, orders enviro/social assessment for Niger project

The company began public trading just last month but GoviEx Uranium CSE:GXU has been advancing its Madaouela project in Niger since 2008. On July 2 the company announced contracts to complete an environmental and social impact assessment expected to “culminate the detailed feasibility study and environmental work already undertaken.”

Uranium news from Saskatchewan and elsewhere for June 28 to July 11, 2014

Backed by Toshiba and a Cameco subsidiary, GoviEx’s
Madaouela project in Niger moves towards feasibility.

As of March 2013 Madaouela’s seven deposits showed resources totalling 22.92 million pounds uranium oxide-equivalent (eU3O8) measured, 75.3 million pounds indicated and 24.1 million pounds inferred. Included are probable reserves of 25,300 tonnes.

Five of the deposits “have been developed to pre-feasibility level of confidence,” the company states.

The July 2 announcement quoted GoviEx chief executive Daniel Major, “Through the use of proprietary technologies never before used in Niger, our project team has presented a commercially viable project and one that seeks to limit its impact on the environment with a particular focus on limitation of dust, reduction in water usage and commercialization of the molybdenum byproduct resource.”

Executive chairman Govind Friedland’s bio lists a number of accomplishments even after he took part in the 1996 Voisey’s Bay discovery. Friedland went on to graduate from the Colorado School of Mines, provided business development services to Ivanhoe Mines and Ivanhoe Energy, and co-founded Ivanhoe Industries. Yes, he’s the son of that Friedland.

Two Niger mines operated by AREVA produce 7.5% of global supply, ranking the country as the world’s fourth-largest producer. While the government supports mining, the industry has been plagued by terrorist kidnappings and a bombing.

Fission 3.0, Azincourt report scintillometer results from PLN

One of four summer holes at Patterson Lake North shows anomalous radioactivity, JV partners Fission 3.0 TSXV:FUU and Azincourt Uranium TSXV:AAZ reported July 7. Two intercepts of 0.5 metres and 7.5 metres (not true widths) showed variable readings up to 1,450 counts per second on a hand-held scintillometer. Assays are pending.

The hole, PLN14-019, “is still in progress at 258 metres, although no further intervals of mineralization are expected,” the companies stated. The three other holes “intersected anomalous hydrothermal clay altered intervals, associated with structurally disturbed sections. This further highlights the partners’ confidence of the prospectivity and potential of the A1 conductor to host high-grade uranium mineralization.”

This summer’s five-hole program will total about 1,600 metres. Fission 3.0 acts as operator on the 27,408-hectare property, where Azincourt has a 50% earn-in.

Last April the companies reported that winter drilling failed to find radioactivity but did “confirm the high prospectivity of the target areas.”

In late May Azincourt and Macusani Yellowcake TSXV:YEL stated they would extend to June 15 a letter of intent to consolidate their Peruvian assets. That date passed without further announcement. (Update: The companies announced a definitive agreement on July 14.)

Those properties surround a project held by Fission 3.0, which holds interests in nine others in Saskatchewan and Alberta. Along with JV partner Brades Resource TSXV:BRA, Fission 3.0 announced VTEM results from their Clearwater West project in May.

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Athabasca Basin and beyond

June 21st, 2014

Uranium news from Saskatchewan and elsewhere for June 14 to 20, 2014

by Greg Klein

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Patterson Lake South gives Fission 91 metres of 4.29% U3O8

High grades and shallow depths continue to characterize Fission Uranium’s (TSXV:FCU) Patterson Lake South. A June 16 batch of assays found positive results from three holes targeting the eastern part of R780E, the middle of five zones along a 2.24-kilometre potential strike. The two best holes showed:

Hole PLS14-161

  • 0.11% uranium oxide (U3O8) over 13 metres, starting at 137 metres in downhole depth
Uranium news from Saskatchewan and elsewhere for June 14 to 20, 2014

  • 0.2% over 22 metres, starting at 153 metres

  • 1.88% over 3.5 metres, starting at 190.5 metres

  • 2.48% over 4.5 metres, starting at 209.5 metres

  • 7.85% over 3 metres, starting at 221.5 metres
  • (including 18.1% over 1 metre)

Hole PLS14-164

  • 4.29% over 91 metres, starting at 97 metres
  • (including 14.69% over 6.5 metres)
  • (and including 21.2% over 7 metres)

  • 3.5% over 2.5 metres, starting at 228 metres

True widths weren’t provided. Another hole testing the gap between R780E and discovery zone R00E to the west failed to find significant mineralization.

The results followed a late May batch that featured 4.44% U3O8 over 38 metres. The tally from last winter’s campaign now stands at 44 holes reported and 48 pending.

With still no word on a maiden resource, another question remains outstanding: When will someone find the source of the uraniferous boulder field that inspired so much successful drilling since November 2012?

Denison boosts Wheeler River to 70 million pounds indicated, drills Gryphon zone

Denison Mines TSX:DML reported a 34% increase for the indicated category of the Phoenix zone on its Wheeler River joint venture June 17. The resource uses a 0.8% cutoff to estimate:

  • indicated: 166,400 tonnes averaging 19.13% for 70.2 million pounds U3O8

  • inferred:8,600 tonnes averaging 5.8% for 1.1 million pounds
Denison boosts Wheeler River’s Phoenix resource, drills Gryphon zone

A substantial upgrade to the Phoenix resource now complete,
Denison turns its focus to Wheeler River’s Gryphon zone.

With a 60% interest in Wheeler River, project operator Denison’s share comes to 42.1 million pounds indicated and 600,000 pounds inferred. Cameco Corp TSX:CCO holds a 30% interest while JCU (Canada) Exploration holds the rest.

The estimate was based on 25 new holes in addition to the 2012 resource. With mineralization at 400 metres in depth and varying from disseminated to massive, “Phoenix belongs to a select group of very high-grade unconformity uranium deposits that includes the prolific McArthur River mine (37 kilometres to the northeast) and the Cigar Lake mine (80 kilometres to the northeast),” Denison stated.

JV partner Cameco operates the Key Lake mill about 35 kilometres northeast of Wheeler.

The Phoenix upgrade notwithstanding, Wheeler’s newly discovered Gryphon zone has taken centre stage. Now underway is a two-drill, 18-hole, 14,000-metre summer program three kilometres northwest of Phoenix. Meanwhile Denison has a 3D DC-resistivity survey planned for the northern extension of the Phoenix trend.

The previous week Denison closed its most recent company acquisition, of International Enexco. With $15 million committed to Canadian exploration in 2014, Denison announced its summer plans earlier this month.

Aldrin’s first three Anticline holes at Triple M reveal radioactivity

Aldrin Resource TSXV:ALN reported more radioactive mineralization from the Anticline target on its PLS-adjacent Triple M property June 19. Results for the first three holes showed significant intervals above 300 counts per second for widths above 0.3 metres as measured by a downhole radiometric probe.

Hole ALN14-008 had been reported in late May but further drilling found additional radioactivity in small intervals ranging from 0.4 metres to 6.5 metres (not true thicknesses) of mineralization between downhole depths of 176.6 and 323.9 metres.

ALN14-009 showed radioactivity in several small intercepts between 214.9 and 289.1 metres in depth, while ALN14-010 revealed intervals between 226.7 and 282 metres.

The company cautioned that radiometric results could indicate potassium or thorium. Aldrin describes the Anticline target as “a coincident basement conductor, gravity low and structural feature extending more than 2.5 kilometres on strike.” These three holes tested its northeast corner.

Drilling will resume “immediately following our high-resolution surface geophysics and geochemistry,” CEO Johnathan More stated.

In April the company released initial results from four of seven holes on Triple M’s Forrest Lake fault. The 12,000-hectare project comprises two blocks west and south of PLS.

Fission 3.0, Azincourt to begin summer drilling at Patterson Lake North

Adjacent and to the north of PLS, Patterson Lake North has four or five holes totalling about 1,600 metres that were expected to begin imminently, according to June 16 announcements from Fission 3.0 TSXV:FUU and Azincourt Uranium TSXV:AAZ. The plan is to test the project’s A1 and A4 conductors with three holes spaced 400 metres apart and a fourth contingent on the first three results. Winter drilling failed to find radioactivity but did “confirm the high prospectivity of the target areas,” the companies stated last April.

This summer’s budget comes to $1.5 million, including geophysics. Fission 3.0 acts as operator on the 27,408-hectare property, where Azincourt has just entered year two of a 50% earn-in.

Late last month Azincourt and Macusani Yellowcake TSXV:YEL stated they would extend to June 15 a letter of intent to consolidate their Peruvian assets. That date passed without further announcement.

The Fission 3.0 portfolio also includes a Peruvian interest in addition to nine others in Saskatchewan and Alberta. Late last month the company joined Brades Resource TSXV:BRA to announce VTEM results from their Clearwater West joint venture.

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