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Posts tagged ‘PGE’

Nickel One reports near-surface assays north of Hemlo

June 8th, 2016

by Greg Klein | June 8, 2016

With results in from an additional 10 holes and 1,200 metres, Nickel One Resources TSXV:NNN found promising near-surface intervals at its Tyko project in northwestern Ontario. The campaign targeted the property’s RJ and Tyko zones, as well as the Bruce Lake anomaly.

Highlights reported June 8 show:

Hole TK-06-006 at the Tyko zone

  • 0.93% nickel, 0.5% copper and 0.68 ppm platinum group elements over 15.86 metres, starting at 22.28 metres in downhole depth

  • (including 1.03% nickel, 0.55% copper and 0.75 ppm PGEs over 13.42 metres)

  • (which includes 1.51% nickel, 0.73% copper and 1.02 ppm PGEs over 2.62 metres)
Nickel One reports near-surface assays north of Hemlo

Hole TK-06-010 at the upper Tyko zone

  • 0.84% nickel, 0.39% copper and 0.59 ppm PGEs over 8 metres, starting at 7 metres

  • (including 2.52% nickel, 0.9% copper and 1.62 ppm PGEs over 1 metre)

Hole TK-06-010 at the lower Tyko zone

  • 1.06% nickel, 0.35% copper and 0.65 ppm PGEs over 6.22 metres, starting at 49.93 metres

  • (including 4.71% nickel, 0.82% copper and 2.55 ppm PGEs over 0.87 metres)

Hole TK-06-011 at the Tyko zone

  • 1.47% nickel, 0.49% copper and 0.71 ppm PGEs over 6.05 metres, starting at 8.75 metres

  • (including 2.12% nickel, 0.48% copper and 0.94 ppm PGEs over 3.15 metres)

True widths weren’t available.

The announcement follows results for four holes reported in April, which included an RJ zone intercept of 1.04% nickel over 16.19 metres. This year’s drilling totalled 14 holes and 1,780 metres.

“The new results support the magma conduit model, developed by Fladgate Exploration Consulting and previously tested at the RJ occurrence,” said president/CEO Vance Loeber. “Initial results support this model which potentially links the RJ and Tyko zones, separated by 1.5 kilometres, as part of a pipe-like feeder system.”

The 11,168-hectare property features very high “sulphide tenors of the nickel-copper-platinum group elements mineralization,” the company stated. “Total sulphur analysis completed by Nickel One indicated tenors in 100% sulphide that average 8.6% nickel, 4.6% copper and 3.3 ppm PGEs at the RJ zone and 16.3% nickel, 8.7% copper and 12.8 ppm PGEs at the Tyko zone.” Those results strengthen the case for finding a potentially economic disseminated sulphide deposit, as well as the theory that the property contains a magmatic feeder system, the company added.

Nickel One hopes “to delineate this feeder system and ultimately develop a mineral resource.”

Located about 40 kilometres north of Hemlo, the project can be reached by float plane and logging roads.

Read more about Nickel One Resources.

Nickel One Resources begins drilling its Tyko project in Ontario

March 8th, 2016

by Greg Klein | March 8, 2016

Nickel One Resources begins drilling Tyko project in Ontario

Outcrops on Nickel One’s recently acquired Tyko
project show nickel and copper mineralization.

Hoping to confirm historic results and extend known mineralization, Nickel One Resources TSXV:NNN has a minimum 10-hole, 1,500-metre program underway at its Tyko project in Ontario’s Thunder Bay mining district. The company sees potential in two historic showings of nickel-copper-platinum group elements and a 10-kilometre ultramafic conduit structure. Previously, only 12 shallow holes had been sunk on the 11,168-hectare property.

The campaign’s budgeted at about $300,000. Nickel One recently closed an $890,000 private placement.

Having made its Venture debut on February 29, the company now trades on the Frankfurt Stock Exchange as well, under the symbol 7N1.

Read more about Nickel One Resources.

Mining the heavens

November 27th, 2015

It could be 10 years away, with water as the first commodity

by Greg Klein

How best to describe the asteroid mining act that the U.S. signed into law on November 26? A skeptic might say, “One small penstroke for POTUS, one giant leap of fantasy.” But to Eric Anderson, it’s “the single greatest recognition of property rights in history.” The co-founder/co-chairperson of Planetary Resources added, “This legislation establishes the same supportive framework that created the great economies of history and will encourage the sustained development of space.”

While the law doesn’t actually grant Americans extraterrestrial property rights, it does say they can keep anything they find out there. Maybe other Earthlings will follow through with their own finders-keepers laws. And there’s a hell of a lot to be found, according to enthusiasts of asteroid mining.

It might happen in 10 years, with water as the first commodity

A simulated image shows Planetary’s next satellite.
Image: Planetary Resources

A 500-metre asteroid “can contain more platinum group metals than have ever been mined in human history,” according to Anderson’s company, perhaps alluding to the possibility of non-humans mining elsewhere. Not-quite 43-101 estimates bandied about for asteroid 2012 DA14 range from $195 billion to $20 trillion.

To put the last figure in perspective, that’s about 20 Afghanistans, according to an oft-repeated but completely unsubstantiated estimate for another difficult-to-access part of the universe.

Visionaries see the market for off-planet resources not so much on Earth but in outer space, helping colonize beyond the continents exploited during our Age of Exploration. In fact Moon Express refers to its hoped-for robotic mining location as Earth’s “eighth continent.” But asteroids remain the destinations of choice for companies like Deep Space Industries and Planetary Resources.

Chris Lewicki, the latter company’s president/chief engineer, foresees asteroid mining within 10 years.

Speaking to ResourceClips.com, he says Planetary now has a “very small, very innovative spacecraft” circling Earth. “It’s about the size of a loaf of bread. It uses a new, advanced form of computer processing to automate and reduce data. When we’re that far from Earth the phone bill can get very expensive, so we want to do a lot of those computations locally.”

The company lost an earlier spacecraft last year with the explosion of a commercial rocket, which would have carried the satellite to the International Space Station prior to re-launch into orbit.

Arkyd 6, another spacecraft scheduled for launch in spring, will orbit with an infrared imager to determine asteroid content, including water. “We’ll be the first commercial company to put one of those into space. A few more satellites are planned after that, then we plan on heading out to our asteroid of choice.”

That’s anticipated to happen by 2020, even though the company states there are 11,000 near-Earth asteroids, with about three new ones being discovered every day.

Once we’ve identified the asteroid, it will probably be a year or two before we can go back to it. I would expect that in the first half of the 2020s we’d have a mission that would begin the first small-scale extraction …—Chris Lewicki,
president/chief engineer
of Planetary Resources

“Once we’ve identified the asteroid, it will probably be a year or two before we can go back to it. I would expect that in the first half of the 2020s we’d have a mission that would begin the first small-scale extraction, demonstrating that we can extract water, hydrogen and oxygen from asteroids.”

As the first priority, water would be the easiest commodity to pull out and one already with a relatively local market. Out there, it costs as much as $50 million a tonne, Lewicki says. “So if we can get it in space, that really helps us establish an industry in space. Water of course supports human life, but it’s also oxygen and hydrogen, which are rocket fuel.”

Technology has progressed further than most people realize, he insists. Formerly with NASA, he took part in Mars missions as flight director for the Spirit and Opportunity rovers, and as surface mission manager for Phoenix. He even has an asteroid named after him, 13609 Lewicki.

Among lessons learned at NASA, he says “there are cheaper ways to do things if the goals are simpler, especially if you can incorporate some commercial innovations. But when we get to the mining and resource extraction, many of those technologies have already been developed. Things that can concentrate sunlight in space have been tested on the Space Shuttle in the 1990s. Things you can use to contain that energy are commercially available.”

Enthusiasts point out advantages of mining the heavens. The primitive evolutionary state of asteroids simplifies geology. There’s no atmosphere or weather getting in the way. Nobody’s saying so out loud, but there’s no permitting to bother with. And, unless there are surprises in store, no indigenous communities either.

It might happen in 10 years, with water as the first commodity

The Arkyd 3, now in Earth orbit, poses with some of its creators.
Photo: Planetary Resources

“It’s not necessarily harder or easier to do things than on Earth, it’s just different,” Lewicki maintains. “Free energy from the sun 24 hours a day is a great advantage and you’d be able to move tonnes and tonnes of material around with only very light structures because you don’t have to fight gravity.”

Still, such ambitions don’t come cheaply. Planetary gets revenue from contracts with NASA, the U.S. Defense Department and private companies. The endeavour also has deep-pocketed backing from the likes of Google founder/Alphabet CEO Larry Page, Ross Perot Jr and Richard Branson, among other “well-known entrepreneurs who understand how important it is to develop this industry.” But the company keeps its financials confidential.

Getting back to those supposedly bountiful resources, Lewicki says there are three main ways to assess asteroids. “Just as we use astronomy and spectroscopy to determine the make-up of a star light years away, we can use the same techniques to understand the rock composition of asteroids.”

Scientists also have some 50,000 bits of those rocks that fell to Earth.

“Perhaps the best way, and this has been done several times now, is to go out with a spacecraft and take that instrumentation right out to the asteroids, and even bring pieces back, as the Japanese did almost 10 years ago. We can actually know more about asteroids than we can about many things mined on Earth that are a kilometre below our feet because there’s nothing between you and it but the vast emptiness of space.”

Wondrous as all this seems, it comes from a soft-spoken NASA veteran. “A lot of people think this is way far off in the future, but it’s actually something we’ve been working on for several years.”

Who knows, maybe one day companies trying to crack Ontario’s Ring of Fire might look on in envy.

Athabasca Basin and beyond

February 14th, 2015

Uranium news from Saskatchewan and elsewhere to February 13, 2015

by Greg Klein

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Fission Uranium expands main zone at PLS

With a 100% hit rate so far, the first 14 holes of Fission Uranium’s (TSX:FCU) winter campaign extend the geography of Patterson Lake South’s largest zone. Nine holes reported February 10 expand R780E at different points laterally 40 metres north, 30 metres eastward along strike and 50 metres vertically up dip—continuing a process begun with five step-outs released January 26. The R780E zone already holds about 96% of indicated and 90% of inferred categories from last month’s estimate for Triple R, the Athabasca Basin’s largest undeveloped uranium deposit. The resource “remains open in several directions, including strike, width and vertically,” the company stated.

Scintillometer readings, which are no substitute for assays, showed strong mineralization for all holes. R780E now stretches about 900 metres in strike length. Beyond a 225-metre gap to the west, Triple R’s R00E zone adds another 125 metres in strike. Overall, the 31,039-hectare property hosts four zones running east-west along 2.24 kilometres of potential strike.

This year’s exploration budget comes to $15 million. Winter drilling gets a $10-million, four-rig, 20,230-metre program. Thirty-five holes will focus on the Triple R deposit as well as the R600W zone. Another 28 holes will test regional targets. Of special interest is the Forest Lake conductive corridor, which features “geophysics and radon signatures similar to the Patterson Lake conductive corridor” that hosts Triple R.

Read about the Patterson Lake South resource estimate.

See an historical timeline of the Patterson Lake South saga.

Fission Uranium buys into Fission 3.0

On February 11 Fission Uranium announced its intention to pay $3.08 million to get about 12% of its own spinout Fission 3.0 TSXV:FUU, a company not exactly known for monogamy.

Dev Randhawa, who leads both companies, resigned from the board of Azincourt Uranium TSXV:AAZ, according to a February 6 statement. Three days later came the announcement that he joined Aldrin Resource’s (TSXV:ALN) board.

Uranium news from Saskatchewan and elsewhere to February 13, 2015

On February 5 Aldrin had announced a plan to acquire up to 50% of Fission 3.0’s Key Lake properties, an 18,392-hectare package on the southeastern Basin. The deal would cost Aldrin $100,000 cash, 1.9 million shares and $6.9 million in expenditures up to May 2019. Fission 3.0 remains project operator.

Fission 3.0’s already busy with winter campaigns on two PLS-vicinity projects. At the PLN project, a joint venture with Azincourt, a $1.45-million program of seven holes and geophysics has begun. The Clearwater project, a JV with Brades Resource TSXV:BRA, has 10 holes plus geophysics underway at an expected cost of $1.04 million.

In a mid-January announcement, Brades described three northeastern Basin acquisitions as part of an “objective to stake highly prospective areas near, and in the case of Perron Lake and Cree Bay, adjacent to, properties of Fission 3.0.”

NexGen honoured for 2014 performance, reports 2015 progress

A Fission Uranium next-door neighbour, NexGen Energy TSXV:NXE made it into the TSX Venture 50, the company announced February 12. The TSXV compiles the list by ranking the top 10 companies in five sectors for market cap, share appreciation, volume and analyst coverage.

Last year’s last batch of Rook 1 assays hit as high as 2.34% U3O8 over 26.5 metres, starting at 592.5 metres in downhole depth. Impressive as it was, the result fell short of earlier assays considered among the Basin’s best.

A three-rig, 18,000-metre program began last month, focusing on the project’s Arrow zone as well as “regional targets on the Rook 1 claim that covers all the major uranium-bearing conductor corridors in the southwestern region of the Athabasca Basin.”

One target was noted in a January 20 announcement, a radon-in-lake-water anomaly 480 metres long by 20 to 150 metres wide that was found 400 metres northeast along strike from Arrow.

One week later the company reported scintillometer results for the first four holes from Arrow, all of them finding “substantial broad mineralization.” Then, the following day, NexGen announced that VTEM, ground gravity and magnetic surveys identified six targets on the Fury area, about 13.5 kilometres southeast of Arrow. As a result, Fury’s slated for about 4,500 metres of winter drilling.

Denison reports eU3O8 from Mann Lake and Wheeler River

Denison Mines TSX:DML released the year’s first results on February 4 from Mann Lake and Wheeler River, two eastern Basin projects five kilometres apart and among the company’s 14 drill campaigns scheduled for this year.

Measured with a downhole probe, the single Mann Lake hole showed 9.8% uranium oxide-equivalent (eU3O8) over 3.5 metres, starting at 671.7 metres in downhole depth. True thickness would come to at least 80%.

Denison holds a 30% stake in the JV, along with operator Cameco Corp TSX:CCO (52.5%) and AREVA Resources Canada (17.5%).

Three holes at Wheeler River’s Gryphon zone showed:

  • 0.3% eU3O8 over 2 metres, starting at 664.5 metres in downhole depth

  • 2.9% over 2.4 metres, starting at 764.2 metres

  • 2.8% over 2.4 metres, starting at 786.3 metres

  • 9% over 4.6 metres, starting at 641.6 metres

True thickness is estimated at about 75%.

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Drilling now underway at Lakeland Resources’ Star/Gibbons Creek uranium project

January 27th, 2015

by Greg Klein | January 27, 2015

A minimum 1,500-metre drill program has begun at Lakeland Resources’ (TSXV:LK) Star/Gibbon’s Creek uranium project on the Athabasca Basin’s north-central edge. Announced January 27, the campaign follows recent and historic exploration that found anomalous uranium, nickel, gold, platinum group elements and rare earths.

Drilling now underway at Lakeland Resources’ Star/Gibbons Creek uranium project

A sampling program helped define drill targets for Lakeland Resources’ Phase I campaign at Star/Gibbon’s Creek.

“The augmentation of historic exploration data with recent exploration results for these properties, coupled with a modern understanding of uranium mineralization in the Basin, has greatly enhanced the potential of this Phase I drill program,” said Lakeland president/CEO Jonathan Armes. “The company is well funded to carry out exploration on a number of its wholly owned Basin properties, and we expect a very busy and exciting year.” Last year’s financings raised over $5.1 million.

Star and Gibbon’s Creek are two adjacent properties explored as a single project. The 12,771-hectare Gibbon’s features some of the Basin’s highest RadonEx readings and a radioactive boulder field grading up to 4.28% U3O8. Surface samples from the Star property have revealed gold up to 5.7 grams per tonne, PGEs up to 0.75 g/t, rare earth elements up to 6.9% TREO, as well as highly anomalous uranium. All of that suggests a robust hydrothermal system, Lakeland stated.

The Star sampling program focused on part of a basement outcrop covering about 350 metres by 700 metres. Linking it to the boulder field is a structural corridor that’s been reactivated by hydrothermal fluids many times over the millennia.

The project also benefits from shallow depths to the unconformity, nearby roads and power lines, and the town of Stony Rapids a few kilometres away.

Holding one of the Basin’s largest land packages, the company has two other drill-ready projects, Lazy Edward Bay on the Basin’s southern rim and Newnham Lake, east of Star/Gibbon’s.

In December Lakeland announced a 50% option on its Fond du Lac uranium property by Takara Resources TSXV:TKK.

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

Disclaimer: Lakeland Resources Inc is a client of OnPage Media Corp, the publisher of ResourceClips.com. The principals of OnPage Media may hold shares in Lakeland Resources.

Athabasca Basin and beyond

October 31st, 2014

Uranium news from Saskatchewan and elsewhere to October 31, 2014

by Greg Klein

Next Page 1 | 2

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

October 4th, 2014

Uranium news from Saskatchewan and elsewhere for September 27 to October 3, 2014

by Greg Klein

Next Page 1 | 2

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

Uranium news from Saskatchewan and elsewhere for September 27 to October 3, 2014

Scintillometer in hand, a geologist prospects
for radiometric anomalies over the Star uplift.

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.

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

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Structural strength

October 3rd, 2014

As drilling nears, Lakeland Resources finds more similarities between its Star/Gibbon’s project and Athabasca Basin deposits

by Greg Klein

Surface samples show gold, platinum group elements and rare earths, but Lakeland Resources TSXV:LK considers them signposts en route to a destination. The goal is uranium, the high-grade stuff the Athabasca Basin’s famous for. On its adjacent Star and Gibbon’s Creek properties, the company sees a number of geological features distinctive to Basin deposits. That puts the two properties—now one project—at the forefront of Lakeland’s large portfolio and focus of a busy autumn/winter program of field work and drilling.

Gibbon’s Creek came back to the company on September 29, with the termination of an option with Declan Resources TSXV:LAN. That now lets Lakeland “independently operate the project free and clear of any prior obligations,” the company stated. Located on the Basin’s north-central rim, the 12,771-hectare property features some of the highest RadonEx measurements reported in the Athabasca. Ground work confirmed existence of a radioactive boulder field with eight samples surpassing 1% U3O8, one of them hitting 4.28%. Another 11 samples assayed above 0.2%, with nine more below 0.2%. Anomalous values for nickel, arsenic, lead and cobalt also appeared.

As drilling nears, Lakeland Resources finds more similarities between its Star/Gibbon’s project and Basin deposits

Geologists sample part of the Star uplift, a basement outcrop
covering about 700 metres by 350 metres.

Then, three days later, the company announced exploration results from the Star property next door, where Lakeland holds an option to earn 100%. Gold accompanied by PGEs, along with some rare earths and anomalous low-grade uranium, all bode well for the high-grade kind, Lakeland stated. Of 73 rock samples, nine assayed over 0.1 gram per tonne gold, including two that surpassed 2 g/t and one that hit 3.7 g/t gold.

Of 124 soil samples, 29 exceeded 0.1 g/t gold. Six of them passed 1 g/t and one reached 2.21 g/t gold.

One area of mapping and sampling focus was the Star uplift, a basement outcrop about 700 metres by 350 metres. There, the crew found “intense hematite-chlorite alteration, a style of alteration that’s not necessarily unique to the Athabasca Basin but distinctive and it occurs with a lot of uranium deposits,” says Jody Dahrouge, president of Dahrouge Geological Consulting. “Over half the samples from this area were over 100 parts per billion gold. Many were over one gram per tonne gold. This is significant and often can lead back to new discoveries. I don’t know many soil sampling programs in or around northern Saskatchewan with this amount of gold. This is remarkable for an early-stage program.”

“Not only that, there’s up to three-quarters of a gram per tonne platinum and palladium in these samples. So you have gold, platinum and palladium, scattered rare earths, and you have low-grade uranium—presumably related to this big structural corridor that goes from north to south.”

That’s another of the project’s attractions. Dahrouge describes it as “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. Every significant uranium deposit is structurally related, you need a fault zone, you need a structure of some magnitude. Having it reactivated time and time again allows multiple generations of fluid to flow along that structure and deposition of perhaps multiple ore bodies.”

About one kilometre south of the uplift “there’s a massive alteration zone which is shown in the resistivity data set and which was drilled on its periphery in the 1970s. It hit up to 1,500 parts per million uranium proximal to this structure.”

This is a key ingredient to every uranium deposit in the Athabasca Basin. Every significant uranium deposit is structurally related, you need a fault zone, you need a structure of some magnitude. Having it reactivated time and time again allows multiple generations of fluid to flow along that structure and deposition of perhaps multiple ore bodies.—Jody Dahrouge, president of Dahrouge Geological Consulting

“A couple more kilometres south, immediately west and down-ice of the structure, is where the boulder field occurs,” where samples graded up to 4.28% U3O8. “You have three unique mineralizing systems, all within a five- to 10-kilometre distance of the same structure. Clearly something’s going on and clearly it’s related to the structure.”

That brings to mind some other major Basin discoveries. Fission Uranium’s (TSXV:FCU) Patterson Lake South and the Arrow zone on NexGen Energy’s (TSXV:NXE) Rook 1 project share the same structural corridor, Dahrouge points out. McArthur River features “a 10-kilometre-long conductor, a significant structure offsetting the basement.” Denison Mines’ (TSX:DML) Wheeler River joint venture hosts the structurally related Phoenix and Gryphon zones. “What people don’t realize is that to the southwest of those is a significant rare earth deposit at the unconformity, all within kilometres of each other, all related to presumably the same structural corridor.”

The Basin’s uranium comes from “hydrothermal systems that scavenge reams of uranium from felsic rocks, which have a high background of uranium, and then concentrate it in one place where there’s a chemical change in the waters. This is similar to how many structurally controlled gold deposits are formed, albeit maybe at slightly higher temperatures. Given the preponderance at Star of gold and PGEs, I suspect that maybe we’ve discovered a new occurrence of mineralization in the Athabasca Basin—not really unknown, because similar things have been documented before, but which could be extremely significant in size.”

Although the Basin’s gold deposits are not usually economic on their own, Cluff Lake produced over 16,000 ounces in 1987. High gold grades have also been reported from the Shea Creek JV of UEX Corp TSX:UEX and AREVA Resources Canada, as well as Patterson Lake South.

Of three 1979 drill holes in and around the Star uplift, none were assayed for gold, Dahrouge says. “But when you look at the geologists’ descriptions, they’re remarkably similar to the outcrop samples that did contain gold. So this type of alteration is fairly extensive and appears to be documented in the subsurface by drill logs.”

All things considered, the Star/Gibbon’s Creek project warrants very extensive exploration, Dahrouge maintains. Immediate plans are under discussion but could include a regional geochemical survey and additional geophysics over the alteration. The goal is to begin drilling this winter, if not sooner. “There are reams and reams of historic data that we can work with in conjunction with what we’re collecting now, so I think we can develop some realistic drill targets.”

“All the permitting’s done. We have shallow depths to the unconformity. There are no lakes or rivers so we can work year-round. The project’s just a few kilometres from a community, so we can drive to it.” Lakeland’s also sufficiently cashed up to finance the program.

“This is a regional structure,” Dahrouge emphasizes. “It’s very lengthy and there’s mineralization of various types spread out over at least five kilometres. It’s either a very big system that’s diffuse and not going to yield an ore body, or it’s more typical of these alteration systems, where if you get smoke there’s a fire somewhere. And now it’s a matter of finding that fire.”

Disclaimer: Lakeland Resources Inc is a client of OnPage Media Corp, the publisher of ResourceClips.com. The principals of OnPage Media may hold shares in Lakeland Resources.

Equitas Resources moves into Voisey’s Bay

September 25th, 2014

by Greg Klein | September 25, 2014

It was back in 1993 that diamond prospectors at Voisey’s Bay found nickel instead—so much of it that they made mining history. But, according to Equitas Resources TSXV:EQT, the Labrador region remains in a “very early stage of exploration and discovery.” Now a 100% option on the Garland project puts the company 30 kilometres from Vale’s (NYE:VALE) Voisey’s Bay mine, onto a property that’s lacked regional exploration with modern methods. Equitas believes the 25,050-hectare acquisition, announced September 25, is prospective for nickel, copper, cobalt and platinum group elements.

Equitas Resources moves into Voisey’s Bay

A ship takes Vale’s concentrate at
the Labrador port of Edward’s Cove.

Fragmented ownership of relatively small claim blocks hindered work that took place on the property by 10 companies during the late 1990s. Outdated electromagnetic surveys could penetrate to only about 75 metres. Sampling and mapping covered only a fraction of the property, Equitas stated.

Vale and its predecessors explored parts of the property between 2000 and 2007, finding several localized targets. But only one hole was sunk. “Despite the absence of significant nickel-copper-cobalt mineralization, the drill hole verified the suitability of the region to host a Voisey’s Bay-style deposit,” Equitas added.

The company plans to fly a VTEM-max survey to be interpreted along with earlier airborne gravity and magnetic data. Ground geophysics, mapping and sampling will follow to identify drill targets.

Subject to TSXV approval, the deal calls for Equitas to issue just under eight million shares over three years and pay $80,000 within one year. One of the vendors gets a 2% gross overriding royalty.

Athabasca Basin and beyond

August 23rd, 2014

Uranium news from Saskatchewan and elsewhere for August 9 to 22, 2014

by Greg Klein

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Fission widens main zone, plans more step-outs, arranges $12.5-million bought deal

Although infill drilling has been the priority for Fission Uranium’s (TSXV:FCU) summer program, two step-outs have widened Patterson Lake South’s R780E zone, inspiring a 10-hole addition to the campaign. Radiometric results for nine holes released August 18 include one that extended the zone about 30 metres north and another 15 metres south. All nine holes returned wide mineralization, the company stated.

Uranium news from Saskatchewan and elsewhere for August 9 to 22, 2014

R780E is the middle and largest of five zones along a 2.24-kilometre potential strike that’s open to the east and west.

These results, which are no substitute for assays, come from a handheld scintillometer that measures drill core for radiation in counts per second. Last month Fission replaced its old model, which maxed out at 9,999 cps, with a new-fangled gadget capable of measuring up to 65,535 cps. But the company still refers to anything above four nines to be “off-scale.”

By that standard several intervals were well off-scale, with a few reaching past 60,000 cps.

Another innovation introduced last month is barge-based angled drilling, allowing a better understanding of the geometry of mineralization beneath the lake. Encouraged by the widening of R780E, Fission plans another 10 step-outs. That adds 4,700 metres to a summer agenda now expected to total 25,000 metres in 73 holes.

There seems to be little worry about paying for all that. On August 18 Fission announced a $12.52-million bought deal that’s expected to close around September 23. Roughly three months later comes the maiden resource’s due date.

Winter assays reported August 13 further boosted confidence in R780E, while a summer exploration hole released two days earlier showed interesting radiometric results 17 kilometres away. Read more.

NexGen steps out to widen Rook 1’s Arrow zone

If any company can compete with Fission’s top spot as the Athabasca Basin’s number one newsmaker, it might be next-door neighbour NexGen Energy TSXV:NXE. Four “aggressive” step-out holes have extended the company’s Rook 1 Arrow zone from 180 metres to 215 metres in width for a zone that’s 515 metres in strike and open in all directions. The northwest-southeast fence of drilling announced August 20 has also revealed “multiple sub-vertical stacked mineralized shear zones” increasing the company’s hopes of finding additional high-grade areas.

One of the five holes failed to find significant mineralization.

Like Fission’s August 18 news, the results come from scintillometer readings that don’t substitute for assays, which are pending.

So far 25 of 27 Arrow holes totalling 15,318 metres have shown mineralization. Another three holes at Area A, however, failed to find anomalous radioactivity. They tested an electromagnetic conductor that NexGen interprets to be PL-3B, which hosts the PLS discovery.

Lakeland Resources updates three projects, appoints uranium veteran to board

As a busy summer progresses, Lakeland Resources TSXV:LK reported a new addition to its board and further work on one of the largest portfolios in and around the Basin. On August 20 the company announced the appointment of director Steven Khan, a veteran of Canadian investment and corporate governance with specific experience in raising funds and forging joint ventures for uranium companies. The next day Lakeland released a progress update for three of its projects.

The projects are Star, Lazy Edward Bay and Fond du Lac on the northern, southern and eastern margins of the Basin respectively. “That’s the shallowest depth—the depth to the unconformity becomes more shallow as you get closer to the Basin’s margin,” explains president/CEO Jonathan Armes. “At Gibbon’s Creek our target depths are between about 80 and 120 metres below surface. We hope the others will fall into that kind of range so we’ll be drilling 150- to 200-metre holes.”

At the Star property, crews from Dahrouge Geological Consulting have just wrapped up six days of sampling and mapping. They picked up some 73 rock samples and 124 soil samples around a basement outcrop that’s shown anomalous concentrations of gold, platinum group elements and rare earth elements, as well as highly anomalous uranium. The combination suggests a strong hydrothermal system.

“Those are typical pathfinders for uranium in the Basin,” says Armes. “At Patterson Lake South they had gold grades running two or three grams. So with the first pass on our exploration program in late 2013 we had gold grades of four or five grams.”

Lakeland holds a 100% earn-in option on Star, which has year-round road access from the town of Stony Rapids a few kilometres away.

Now that permits have arrived, mobilization to Lazy Edward Bay should begin ASAP, he adds. Under initial scrutiny will be the BAY trend, actually two parallel conductive trends, which will undergo a RadonEx survey. Field crews will also search out boulders or other signs of unconformity-style mineralization.

“We have Lazy Edward drill targets already but a lot of them were defined by yesterday’s technology,” Armes explains. “We’ll use RadonEx and other work to re-interpret the historic data to better define targets.” In all, the property has six known trends.

Lakeland adviser Rick Kusmirski knows the property from his time as president/CEO of JNR Resources. “He dug up some historic data which is very helpful to identify areas to focus on. There’s some historic areas we want to re-visit.”

Also in line for RadonEx is Fond du Lac, initially targeting a coincident geochemical and conductive target. Geologist and Lakeland director Neil McCallum thinks historic work “missed it by a couple of hundred metres,” Armes says.

But while the summer activity continues, he also looks further ahead “from a treasury standpoint as well as our projects. We’re convinced that 2015 is going to see a significant move in uranium prices. If we ever re-visit 2006 and 2007 levels, when there were 50, 60, 70 juniors active, we hope to be ready and get as many drill programs going as possible through the joint venture and prospect generator model, along with any programs we focus on 100% ourselves.”

[Khan’s JV work with Sumitomo and Kepco] was certainly a great experience in negotiating and concluding contracts, and working with them on the joint management committees. That built long-term relationships but also gave me insight into the Asian psyche and some of the issues they have to deal with.—Steven Khan, director
of Lakeland Resources

Just one day before the exploration update, Lakeland announced Steven Khan’s appointment as director. His background includes key positions with uranium companies Energy Fuels TSX:EFR, Strathmore Minerals and Fission Uranium’s predecessor, Fission Energy. He helped found the latter company, holding the role of executive VP. Khan served as president/chairperson of Strathmore Minerals until last year’s takeover by Energy Fuels, where he stayed on as a director until recently.

Khan played an instrumental part in the negotiating team that brought Japan’s Sumitomo Corp into a JV on Strathmore’s Roca Honda project in New Mexico. He also helped bring the Korea Electric Power Corp into two other JVs, with Strathmore on the Gas Hills project in Wyoming and with Fission, leading to the Waterbury Lake discovery.

Khan has nearly 20 years of experience in all aspects of the Canadian investment industry, including fundraising for early-stage private and public companies.

A confluence of factors convinced him to join Lakeland, he says. “I’ve had a long-term relationship with some of the company’s principals and I’ve always been interested in returning to the Athabasca Basin arena after I left Fission Energy in 2010. Strathmore was more focused on the U.S., where I spent the last number of years. That combination of moving back to the Basin, working with a group of people I respect and seeing a number of properties that have potential presented an opportunity for me.”

He says his work with Sumitomo and Kepco “was certainly a great experience in negotiating and concluding contracts, and working with them on the joint management committees. That built long-term relationships but also gave me insight into the Asian psyche and some of the issues they have to deal with.”

Khan thinks Asian companies might revive their previous interest in early-stage explorers. “Before Fukushima they were attracted to earlier-stage projects like Fission had at the time, as well as more advanced projects like those of Strathmore in the U.S. When uranium prices come back I think they’ll be forced to return to earlier-stage projects because most of the advanced projects will have been tied up.”

As for uranium’s current price, “its resurgence has been muted and is taking longer than expected. But I think that in the medium to longer term, demand will certainly outstrip supply.”

“I’m quite excited about getting involved with the Lakeland team and I think the opportunity for the sector is attractive,” Khan emphasizes. “I think there’s going to be more Athabasca Basin discoveries and that bodes well for companies like Lakeland that are properly positioned and properly financed. So for me the timing is good and the interplay of several factors is favourable.”

Read more about Lakeland Resources.

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