Uranium news from Saskatchewan and elsewhere for October 12 to 18, 2013
by Greg Klein
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Alpha/Fission upgrade R780E zone; final barge drilling shows zones open in all directions
Actual lab assays, not scintillometer readings, show the best results so far from Patterson Lake South’s R780E zone, giving it high-grade status similar to the R390E zone. Announced by 50/50 joint venture partners Fission Uranium TSXV:FCU and Alpha Minerals TSXV:AMW on October 17, some highlights from hole PLS13-080 include:
- 6.93% uranium oxide (U3O8) over 43 metres, starting at 130 metres in downhole depth
- (including 26.73% over 2 metres)
- (and including 15.63% over 14 metres)
- 0.28% over 5 metres, starting at 175.5 metres
- 0.48% over 6 metres, starting at 236.5 metres
- 1.98% over 2.5 metres, starting at 245 metres
- 0.16% over 11 metres, starting at 290 metres
True widths weren’t available. The hole reached a total depth of 347 metres, encountering basement bedrock at 54 metres. At an 89-degree dip, downhole depths are close to vertical.
One day earlier the JV reported more scintillometer results, largely the stock in trade of this campaign’s announcements, for the final 10 holes drilled from barges. The hand-held device measures drill core for gamma radiation up to an off-scale reading over 9,999 counts per second. Scintillometer readings are no substitute for assays, which are pending.
The two companies didn’t always report results the same way. Some highlights from Alpha’s chart include:
R390E zone, hole PLS13-104
- <300 to <9,999 cps over 14.5 metres, starting at 98 metres in downhole depth
- <300 to >9,999 cps over 10.5 metres, starting at 131 metres
- <300 to >9,999 cps over 49.5 metres, starting at 117.5 metres
- 340 to >9,999 cps over 6 metres, starting at 228.5 metres
- <300 to >9,999 cps over 17 metres, starting at 179 metres
- <300 to >9,999 cps over 18.5 metres, starting at 113 metres
- <300 to 8,400 cps over 24.5 metres, starting at 138.5 metres
- <300 to >9,999 cps over 20 metres, starting at 152 metres
- <300 to >9,999 cps over 21 metres, starting at 174.5 metres
- <300 to >9,999 cps over 6.5 metres, starting at 228 metres
- <300 to >9,999 cps over 10.5 metres, starting at 105.5 metres
- <300 to >9,999 cps over 34 metres, starting at 136 metres
- <300 to >9,999 cps over 15 metres, starting at 197 metres
Again, true widths were unavailable. Dips ranged from -85 to -89 degrees.
Alpha noted that the five zones remain open in all directions and continuity is possible between some or all of the “zones.”
Now Fission’s the more cautious partner. Two additional holes stepped out 195 metres grid east of the most easterly zone, R945E. Although mineralization wasn’t strong, Alpha said the results extend the PLS trend by 210 metres to 1.23 kilometres. Fission, on the other hand, said the holes may extend the strike at least 200 metres. Presumably these little differences will be forgotten once Fission closes its acquisition of Alpha, which might take place in November.
Meanwhile the recently extended campaign continues with 11 land-based holes, totalling 3,700 metres, west of the lake.
NexGen finds three mineralized holes at Rook 1, plans winter drilling
With Rook 1’s Phase I now complete, NexGen Energy TSXV:NXE reported probe results for three of 12 widely spaced holes on October 16. Like the scintillometer, the downhole probe measures gamma radiation in counts per second while assays are pending. Some highlights include:
- 350 to 508 cps over 0.8 metres, starting at 131.9 metres in downhole depth
- 345 to 1,143 cps over 0.5 metres, starting at 149.9 metres
- 380 to 4,379 cps over 2.7 metres, starting at 215.7 metres
- 347 to 1,771 cps over 1.7 metres, starting at 219.2 metres
- 481 to 2,297 cps over 2.1 metres, starting at 151.8 metres
True widths weren’t available. The three holes targeted three parallel conductors, one of them interpreted to be the same conductor hosting the PLS discoveries 2.1 kilometres southwest.
NexGen plans “a significantly large” winter drill campaign near the mineralized holes and on targets identified by geophysics.
The company’s portfolio includes a 70% option on the northeastern Athabasca Basin Radio project two kilometres east of Rio Tinto’s NYE:RIO Roughrider deposits. Assays are pending from Radio’s nine-hole, 3,473-metre program, which wrapped up in July.
Kivalliq to buy Nunavut uranium project in $275,000 deal
On the southern boundary of Nunavut’s Baker Lake Basin, Kivalliq Energy TSXV:KIV will acquire a 93,991-hectare property from Pacific Ridge Exploration TSXV:PEX. Subject to approvals, the deal has Kivalliq paying $55,000 to Pacific Ridge, issuing the company 600,000 shares at a deemed price of $0.25 and investing $70,000 by purchasing 1.4 million Pacific Ridge units at $0.05. Each unit would consist of one share and one-half warrant, with each whole warrant exercisable at $0.10 for a year, Kivalliq announced October 15.
The 100% acquisition doesn’t include any diamonds found on the property.
Previous work on the Baker Basin project included $7.1 million of exploration in 2006 and 2007. Among the results were:
- 0.31% U3O8 over 11.5 metres, starting at 79.5 metres in downhole depth
- (including 0.56% over 5.5 metres)
- 0.27% over 5.8 metres, starting at 36 metres
True widths were unknown.
Lucky 7 zone
- 0.3% over 17.3 metres, starting at 232.2 metres
- (including 0.51% over 9 metres)
True widths were estimated between 50% and 70% of intercepts.
Four zones haven’t been fully evaluated, according to Kivalliq. The company plans to compile project data before planning additional work. The property lies 60 kilometres south of the hamlet of Baker Lake.
About 165 kilometres farther south, Kivalliq’s 137,699-hectare Angilak project has inferred resources of 43.3 million pounds U3O8, 1.88 million ounces silver, 10.4 million pounds molybdenum and 15.6 million pounds copper. The company reported new geochemical and metallurgical results in September.
Pacific Ridge focuses on projects in the Yukon’s White Gold and Klondike districts.
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