Sunday 4th December 2016

Resource Clips


Posts tagged ‘Pitchblack Resources Ltd (PIT)’

Athabasca Basin and beyond

May 3rd, 2014

Uranium news from Saskatchewan and elsewhere for April 26 to May 2, 2014

by Greg Klein

Next Page 1 | 2

Wheeler River JV gives up 36.8% U3O8 over 6.5 metres, Denison plans June resource

Denison Mines TSX:DML diverted attention from activity in and around the Athabasca Basin’s southwest on April 30 with huge grades from the east. Assays from seven of 11 winter holes at Zone A of the Phoenix deposit were reported along with previously released uranium oxide-equivalent (eU3O8) results from a downhole probe for the same holes. In most cases the actual U3O8 graded higher than the eU3O8, sometimes with wider intervals.

Here are the best assays, with the previous eU3O8 results in brackets:

Hole WR-538

  • 2.92% U3O8 over 5 metres, starting at 393 metres in vertical depth
  • (2.14% eU3O8 over 5.1 metres)

Hole WR-539

  • 13.12% U3O8 over 5 metres, starting at 400 metres
  • (11.63% eU3O8 over 3.5 metres)

Hole WR-545

  • 24.47% U3O8 over 3.5 metres, starting at 401.7 metres
  • (16.98% eU3O8 over 3.1 metres)

Hole WR-548

  • 36.83% U3O8 over 6.5 metres, starting at 406.8 metres
  • (29.61% eU3O8 over 6.5 metres)

Hole WR-550

  • 29.32% U3O8 over 4 metres, starting at 406.2 metres
  • (18.37% eU3O8 over 4.7 metres)

Hole WR-555

  • 15.99% U3O8 over 3 metres, starting at 404.5 metres
  • (12.92% eU3O8 over 2.7 metres)

With vertical holes and approximately horizontal mineralization, the intercepts are close to true widths, Denison stated. One of the 11 holes wasn’t assayed while three others, with core recovery below 80%, were reported with eU3O8 only.

Uranium news from Saskatchewan and elsewhere for April 26 to May 2, 2014

Still to come are assays for 16 holes from other parts of Wheeler including the newly discovered Gryphon zone, three kilometres northwest of the Phoenix deposit.

A Phoenix resource estimate is scheduled for June. Operator Denison holds a 60% interest in the project, along with Cameco Corp TSX:CCO (30%) and JCU (Canada) Exploration (10%). The 11,720-hectare property lies 35 kilometres from the Key Lake mill.

Denison also acted as operator on 10 of its 12 winter programs in the eastern Basin, which included eight drill campaigns. “Highlights included intersections of weak uranium mineralization at the Oban target area at Waterbury Lake, intersections of weak uranium mineralization and strong base metal mineralization at Hatchet Lake, and intersections of weak uranium mineralization at Bell Lake,” the company added.

In mid-April Denison announced a definitive agreement to acquire International Enexco TSXV:IEC on the same terms reported in a March letter of intent.

Patterson Lake South exploration drilling disappoints but Fission finds high radon readings

Having announced the completion of winter delineation drilling the previous week, Fission Uranium TSXV:FCU followed up on April 28 with an exploration update for Patterson Lake South. Ten holes failed to find significant radioactivity. But some radon-in-water anomalies were “on the scale of intensity as the anomalies associated with the PL-3B conductor” found last year, which the company called “a contributing factor in the success of drill collar step-outs as large as 465 metres.”

Mineralization has so far been revealed on two basement electromagnetic conductors, PL-3B and PL-3C. Last winter’s 12 exploration holes included two on PL-3C, which expanded the strike with the new R1620E zone. The most recent 10 holes, on conductors PL-1B and PL-2C, “provided encouraging data for use in upcoming drill programs,” the company stated.

PLS now consists of five zones along a 2.24-kilometre potential strike that’s open to the east and west. Still pending are assays for approximately 70 holes. Spring plans for the 31,039-hectare project have yet to be announced—as is the case for a maiden resource target date.

The company also reported the exercise of 17.97 million warrants on April 28 from a private placement that raised $28.75 million earlier that month.

Declan adds properties, releases VTEM, offers $2-million placement

Among news announced April 30 by Declan Resources TSXV:LAN are property acquisitions in Saskatchewan and Wyoming, preliminary VTEM results from Alberta and a $2-million offering.

The 10-claim Copper Mountain property in Wyoming covers most of the historic North Canning deposit which holds a non-43-101 resource averaging 0.05% uranium for approximately 6.5 million pounds U3O8, according to a reference book. The vendors get two million shares and a 2% gross overriding royalty. The Athabasca property costs Declan nine million shares. Its location wasn’t divulged.

From the Basin’s Alberta side, the company said early VTEM findings for its newly acquired Maybelle North and Richardson River properties indicate four EM trends linked to regional magnetic linears. Declan hopes further analysis will help find graphitic conductors within meta-sedimentary rocks associated with the Basin’s unconformity-style deposits.

The company also offered a private placement up to $2 million and cancelled 2.4 million options.

In March Declan announced plans for the northern Basin’s Gibbon’s Creek project, in which the company holds a $1.25-million first-year exploration commitment under a joint venture with Lakeland Resources TSXV:LK.

NexGen completes ground gravity at Rook 1’s Arrow zone, plans May drilling

Discovered last February, the Arrow zone continues to command NexGen Energy’s (TSXV:NXE) attention at its PLS-neighbouring Rook 1 project. A tightly spaced ground gravity survey extended a potential alteration system adjacent to recent drilling and along strike, the company stated April 29. The results will help NexGen choose drill targets for a three-rig program of over 13,000 metres to begin in mid-May.

So far seven of eight holes at Arrow hit mineralization, according to radiometric results from a hand-held spectrometer. Assays are still to come.

The previous week NexGen announced a property acquisition from Long Harbour Exploration TSXV:LHC.

Next Page 1 | 2

Athabasca Basin and beyond

April 27th, 2014

Uranium news from Saskatchewan and elsewhere for April 19 to 25, 2014

by Greg Klein

Next Page 1 | 2

Fission Uranium completes winter delineation, releases Patterson Lake South drill results

Delineation drilling, the focus of Fission Uranium’s (TSXV:FCU) winter 2014 Patterson Lake South program, has come to its seasonal end. While one rig worked outside the main mineralized area, four others sunk 82 infill holes, roughly 85% of the 30,000-metre campaign, since mid-January. As a result PLS now consists of five zones along a 2.24-kilometre potential strike that’s open at both east and west. Along with its April 24 announcement Fission Uranium released radiometric results for the last dozen holes. Two days earlier the company reported assays for nine others.

Ten of the 12 latest holes came from zone R780E, the third of the five east-west zones. With a total of 77 holes so far, R780E has about 855 metres in strike and up to about 95 metres in lateral width. Seven of the latest 10 holes showed substantial intercepts reaching the maximum possible reading of 9,999 counts per second on a hand-held scintillometer that measures radiation from drill core. Scintillometer results are no substitute for assays, which are pending for these holes.

R1620E, at the eastern extent and declared a new zone earlier this month after just one hole, now has a second which showed 38.5 metres (not true width) ranging from under 300 cps to 3,500 cps. Ironically for the discovery zone, R00E gave up just half a metre of 490 cps.

Assays released two days earlier included yet another PLS “best yet”—this time “the widest high-grade interval to date,” which helped PLS14-187 nearly equal a previously recorded best hole. This nine-hole batch marks the third set of assays, totalling 22 holes, for the winter campaign. Like the previous week’s dozen holes, all nine came from R780E. Some of the best results showed:

Hole PLS14-138

  • 0.2% uranium oxide (U3O8) over 34 metres, starting at 73 metres in downhole depth
Uranium news from Saskatchewan and elsewhere for April 19 to 25, 2014

  • 0.4% over 3.5 metres, starting at 137.5 metres

  • 1.04% over 17 metres, starting at 170 metres
  • (including 2.88% over 4.5 metres)

PLS14-139

  • 0.15% over 30 metres, starting at 130 metres

  • 0.28% over 8.5 metres, starting at 199 metres

PLS14-140

  • 0.1% over 19.5 metres, starting at 22.5 metres

  • 0.28% over 7.5 metres, starting at 254.5 metres

PLS14-145

  • 0.13% over 27.5 metres, starting at 89.5 metres

  • 0.97% over 22.5 metres, starting at 132 metres
  • (including 2.24% over 7.5 metres)

  • 1.34% over 2.5 metres, starting at 178.5 metres

  • 0.4% over 7.5 metres, starting at 203.5 metres

  • 0.22% over 8 metres, starting at 218 metres

PLS14-146

  • 2.18% over 47 metres, starting at 132 metres
  • (including 4.3% over 3 metres)
  • (and including 14.27% over 2 metres)

  • 1.04% over 4 metres, starting at 237 metres
  • (including 3.64% over 1 metre)

  • 3.19% over 2 metres, starting at 254 metres

PLS14-147

  • 0.15% over 28.5 metres, starting at 115 metres

PLS14-151

  • 0.31% over 6 metres, starting at 125.5 metres

Best of the batch and second-best overall was PLS14-187:

  • 5.98% over 102.5 metres, starting at 63 metres
  • (including 27.2% over 3 metres)
  • (and including 12.93% over 10.5 metres)
  • (and including 14.12% over 6 metres)
  • (and including 16.92% over 2.5 metres)
  • (and including 16.14% over 4.5 metres)

  • 2.59% over 9 metres, starting at 218.5 metres

True widths weren’t provided. “Mineralization is both located within and associated with a metasedimentary lithologic corridor, bounded to the south by the PL-3B basement electromagnetic conductor,” Fission Uranium added.

The $12-million winter agenda also calls for geophysics. And no, there’s still no word on when Fission Uranium might unveil its maiden resource.

Lakeland Resources acquisition expands Lazy Edward Bay project

Out of Lakeland Resources’ (TSXV:LK) portfolio of 16 uranium properties in and around the Athabasca Basin, Lazy Edward Bay has taken on greater prominence. A three-claim, 4,475-hectare acquisition announced April 24 expands the project to 26,375 hectares. The new turf also adds two conductive trends, giving Lazy Edward a total of six around the Basin’s southern margin.

Subject to TSXV approval, the 100% interest will cost Lakeland $5,000, 250,000 shares and a 2% gross revenue royalty.

Of the two additional conductive trends, the Ponderosa consists of two parallel graphitic trends, each about 2.5 kilometres long, Lakeland stated. Ground EM surveys and seven holes tested the trend in 1989, with more EM and another hole following in 2001.

The Jack trend extends from the original Lazy Edward property, tripling the trend to about 5.1 kilometres. In 2007 it underwent a ground fixed loop transient EM survey but hasn’t been drilled.

Historic work has sunk at least 53 holes on Lazy Edward’s six trends but, with each ranging between five and seven kilometres long, they remain under-explored. One hole on the Bay trend assayed 770 ppm uranium, along with anomalous pathfinder metals. Depths to the unconformity along the Basin’s southern edge range from zero to 350 metres.

“As a result of the historic and recent exploration on the property, all six trends are considered drill ready,” the company stated.

Among other projects in Lakeland’s portfolio is Gibbon’s Creek, a joint venture with Declan Resources TSXV:LAN that features surface boulders grading up to 4.28% U3O8 and some of the highest radon readings ever measured in the Basin.

Read more about Lakeland Resources here and here.

Aldrin reports initial findings from Triple M’s initial four holes

With drilling suspended by snowmelt, Aldrin Resource TSXV:ALN reported preliminary results from the first four holes on its PLS-adjacent Triple M property. All four “intersected alteration, structures and breccia zones within a metasedimentary rock succession including elevated radioactivity counts in a graphitic fault zone,” the company stated on April 22. Assays have yet to come.

With less than 25% of the planned 4,000-metre program complete, the quartet tested the Forrest Lake fault. Aldrin plans at least four more holes over the same fault “moving towards the most intense part of the basement conductive anomaly” before starting on the Anticline target.

Drilling could resume on the 12,000-hectare property in as little as two weeks, the company added.

NexGen adds to eastern Basin holdings

The size of the property wasn’t divulged. Nor was its name. But NexGen Energy TSXV:NXE announced an eastside Basin acquisition and option on April 25. Subject to approvals, NexGen gets a 75% interest in five claims by issuing Long Harbour Exploration TSXV:LHC shares worth $135,000. NexGen’s option on the other 25% would require additional shares worth $45,000. Value would be calculated by the volume-weighted average for five days before closing. The property remains subject to a 2% NSR and 2% gross overriding royalty. The claims lie “in close proximity” to NexGen’s Thorburn Lake property.

On April 22 the company implemented a shareholder rights plan.

Late last month NexGen wrapped up winter drilling at its southwestern Basin Rook 1 flagship by announcing radiometric results for the project’s best hole so far.

Next Page 1 | 2

Athabasca Basin and beyond

November 17th, 2013

Uranium news from Saskatchewan and elsewhere for November 9 to 15, 2013

by Greg Klein

Next Page 1 | 2

New Argentinian discovery might hold district-wide potential, says U3O8 Corp

Roughly 40 kilometres northeast of its Laguna Salada deposit in Argentina, U3O8 Corp TSX:UWE said it’s discovered a new area with the district’s “highest uranium-vanadium grades found to date.” La Rosada shows district-scale potential for Laguna Salada-style mineralization in near-surface, soft gravels, the company stated on November 12. But in addition, chip samples from adjacent basement rock show grades ranging from 0.01% to over 0.79% uranium oxide (U3O8). That might indicate a source of the gravel’s mineralization.

The extremely shallow, fine-sand mineralization potentially offers low-cost extraction through continuous surface mining, the company maintained. Screening tests at Laguna Salada, moreover, concentrated over 90% of the uranium in about 10% of the gravel’s original mass.

Vertical channel samples starting less than a metre from surface show a weighted average of 0.15% U3O8 and 0.08% vanadium pentoxide (V2O5). Some highlights show:

  • 0.12% U3O8 and 0.06% V2O5 over 0.7 metres

  • 0.13% U3O8 and 0.05% V2O5 over 0.5 metres

  • 0.25% U3O8 and 0.09% V2O5 over 0.9 metres

  • 1.18% U3O8 and 0.52% V2O5 over 0.4 metres

  • 0.24% U3O8 and 0.08% V2O5 over 1.5 metres

Highlights from horizontal channel sampling of the basement rock show:

  • 0.09% U3O8 and 0.04% V2O5 over 0.6 metres

  • 0.09% U3O8 and 0.04% V2O5 over 0.9 metres

  • 0.16% U3O8 and 0.07% V2O5 over 0.2 metres

  • 0.79% U3O8 and 0.26% V2O5 over 0.1 metre

  • 0.17% U3O8 and 0.06% V2O5 over 0.4 metres

The company didn’t provide the depth to basement.

Further near-surface exploration is planned south of the discovery while the basement calls for systematic trenching to determine its “potential as a target in its own right,” U3O8 stated. Planned for year-end completion is Laguna Salada’s preliminary economic assessment and a hoped-for joint venture with a state-owned company holding adjacent claims.

Laguna Salada has a 2011 resource estimate showing:

  • an indicated category of 47.3 million tonnes averaging 0.006% U3O8 and 0.055% V2O5 for 6.3 million pounds U3O8 and 57.1 million pounds V2O5

  • an inferred category of 20.8 million tonnes averaging 0.0085% U3O8 and 0.059% V2O5 for 3.8 million pounds U3O8 and 26.9 million pounds V2O5

Elsewhere U3O8 has completed a PEA for its Berlin uranium-polymetallic project in Colombia and holds two earlier-stage projects in Argentina and Guyana.

Fission/Alpha release results from two PLS zones, lengthen strike by 15 metres

Releasing both scintillometer readings and assays the same week, Alpha Minerals TSXV:AMW and Fission Uranium TSXV:FCU provided a prompt update from their current Patterson Lake South drilling as well as results from last summer’s campaign. On November 12 the 50/50 joint venture partners said they’ve confirmed the sixth zone announced last week, extending it 15 metres east and 10 metres north. Two days later they reported five more holes bearing high grades from R390E, the third most-easterly zone along what’s now a 1.8-kilometre trend.

Starting with the newly discovered R600W zone, the partners reported readings from a handheld device that measures gamma ray particles from core in counts per second, maxing out at an off-scale reading above 9,999 cps. Scintillometer results are no substitute for assays, which are pending.

Both holes were sunk at -89 degrees, making downhole depths close to vertical. Hole PLS13-121 reached a total depth of 248 metres, encountering just a bit of sandstone at 98.7 metres before hitting the basement unconformity at 99 metres. Some of the better results show:

  • <300 cps to >9,999 cps over 11.3 metres, starting at 98.7 metres in downhole depth

  • <300 cps to 600 cps over 3.5 metres, starting at 141 metres

Hole PLS13-122 totalled 332 metres in depth, reaching the basement unconformity at 100 metres without finding sandstone. Some highlights show:

  • <300 cps to 800 cps over 2 metres, starting at 101.5 metres in downhole depth

  • <300 cps to 510 cps over 4 metres, starting at 106 metres

  • 430 cps to 1,900 cps over 1 metre, starting at 158.5 metres

True widths weren’t provided.

Turning to zone R390E and real lab assays, some highlights show:

Hole PLS13-078

  • 0.66% U3O8 over 30 metres, starting at 85 metres in downhole depth

  • (including 7.62% over 1.5 metres)

  • 0.12% over 7.5 metres, starting at 128 metres

Hole PLS13-081

  • 0.19% over 18.5 metres, starting at 106 metres

  • Hole PLS13-085

  • 0.93% over 22 metres, starting at 82.5 metres

  • (including 4.07% over 4 metres)

Hole PLS13-086

  • 1.93% over 43 metres, starting at 81.5 metres

  • (including 9.91% over 5 metres)

Hole PLS13-087A

  • 0.28% over 4 metres, starting at 45.5 metres

  • 0.4% over 8.5 metres, starting at 63.5 metres

  • 0.12% over 16.5 metres, starting at 92.5 metres

True widths weren’t available. Dips strayed no more than six degrees from vertical.

With $2.25 million funding an 11-hole, 3,700-metre extension to the summer/fall campaign, land-based work now focuses on the R600W area while waiting for the lake to freeze. Meanwhile more assays are expected from the previous barge-based drilling to the east.

Alpha acquisition vote looms; Fission and Dahrouge square off in legal battle

November 28’s the day when Fission and Alpha shareholders vote on the latter’s acquisition by the former. Mentioned in the companies’ joint November 15 update was a barely publicized legal dispute between Fission and Dahrouge Geological Consulting, its principals and a related company.

Seeking unspecified damages, Fission filed a notice of civil claim on July 29 alleging “breach of fiduciary duties and knowing assistance in breach of the same.” On November 8 the defendants filed a counter-claim with “allegations of breaches of British Columbia securities laws, slander, wrongful interference, improper assignment and improper variation of obligations. The relief being sought in the counter-claim includes unspecified losses and damages, declarations of ownership in relation to certain mineral permits and claims, declarations concerning the enforceability of certain assignments, injunctions preventing the defendants by way of counter-claim from disparaging certain mineral permits and claims, interest and costs.”

The account of the defendants’ counter-claim comes from a draft version reported in Fission and Alpha circulars dated October 30. Neither claim has been tested in court.

International Enexco/Cameco/AREVA plan winter drilling at Mann Lake

A three-way JV intends to start the new year with a $2.9-million drill program for the eastside Athabasca Basin Mann Lake project. Up to 18 holes will evaluate three types of targets—the area footwall to the western axis of the C trend, remaining targets along the main C trend and conductive features near the western margin of the Wollaston sedimentary corridor, International Enexco TSXV:IEC stated on November 13. The company holds a 30% interest in the 3,407-hectare property, along with AREVA Resources Canada (17.5%) and Cameco Corp TSX:CCO (52.5%).

This year’s drilling totalled 21 holes for 15,721 metres, focusing on the C conductor, which Enexco describes as a six-kilometre-long section of a regional trend extending from Cameco’s McArthur River mine to Denison Mines’ TSX:DML Wheeler River deposit.

The previous week Enexco reported three holes from the southeastern Basin’s Bachman Lake, a 20/80 JV with Denison, which holds a 7.4% interest in Enexco. The latter also keeps busy with pre-feasibility work at its 100%-held Contact copper project in Nevada.

Aldrin reports radon results from Triple M

With its Triple M property’s surface radon survey complete, Aldrin Resource TSXV:ALN announced some results from 527 sample sites on November 14. The findings show elevated values over more than one kilometre of a VTEM bedrock conductor, which the company interprets as a steeply south-dipping fault zone. “The most intense portion of this radon anomaly reaches a high value of 1.68 pCi/m²/s [picocuries per square metre per second] and extends for more than 200 metres, comprising a priority drill target,” Aldrin stated.

The company added that the fault zone parallels the conductor hosting the PLS discovery on the Alpha/Fission project adjacent to and northeast of Triple M. North of the fault zone, and parallel to it, sits a second VTEM basement conductor with radon values up to 1.18 pCi/m²/s.

The previous week Aldrin reported closing a $972,500 first tranche of a private placement that had been increased to $1.5 million. The company has also previously announced an agreement to buy the 49,275-hectare Virgin property around the Basin’s south-central edge.

Next Page 1 | 2