Uranium news from Saskatchewan and elsewhere to April 2, 2015
by Greg Klein
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Financing flows for Fission as successful drilling continues at Patterson Lake South
Just hours after announcing a $15-million bought deal on April 1, Fission Uranium TSX:FCU reported an upward revision to $17.4 million, capping a flurry of encouraging drill results from Patterson Lake South. The previous day Fission released radiometric readings for 15 mineralized holes over four zones. A week earlier came assays as high as 3.36% U3O8 over 44 metres at the newly revitalized R600W zone. And two days before that the company released step-outs that increased the main R780E zone laterally, vertically and along strike.
Scintillometer measurements released March 31 expanded the footprints of zones R600W, R780E and R1620E, the company stated, while also hitting “a new, possibly parallel, high-grade interval” 30 metres north of R600W. Two holes between R00E and R780E suggest potential for closing the deposit’s 225-metre gap, Fission stated.
Drilling now extends R600W’s strike to 60 metres, up from 45 metres reported on March 18 and twice the length previous to that. The lateral width stands at about 30 metres, while the zone remains open in all directions. R1620E now runs 45 metres in strike based on three holes, one newly reported. R780E saw high-grade expansion on four lines.
Scintillometer results come from a hand-held device that measures drill core radiation in counts per second. The readings are no substitute for the still-pending assays.
Among the March 31 highlights, R780E’s hole PLS15-369 showed 78 metres of total composite mineralization over a 281.5-metre section starting at 76 metres in downhole depth. Included was a composite 5.24 metres above 10,000 cps, a level sometimes termed “off-scale” due to the limitations of earlier scintillometers.
In the same zone, PLS15-375 hit a composite 59.5 metres over a 134-metre section starting at 75.5 metres in depth. A composite 5.08 metres went off-scale.
A March 23 batch of scintillometer results for 19 step-outs showed mineralization in all but two, contributing to the extensions laterally, vertically and along strike.
Back to the March 31 results, PLS15-367 in the R600W zone found continuous mineralization for 56 metres starting at 98 metres, with a composite four metres surpassing 10,000 cps.
Five holes also found mineralization at the R00E zone, part of the Triple R deposit and site of the PLS discovery. R00E’s strike runs 125 metres with a lateral width maxing at 47 metres.
Assays for hole PLS15-343 released March 25 confirm Fission’s increasing interest in the R600W zone. One outstanding interval hit:
- 3.36% U3O8 over 44 metres, starting at 107 metres in downhole depth
- (including 14.74% over 9 metres)
True widths weren’t provided.
Along with successful results, the winter program’s been blessed with drilling speed and efficiency as well as favourable weather. Who knows, maybe there’s even a 43-101-unreportable alignment of the stars. At any rate, progress has inspired a $3-million, 28-hole, 6,270-metre addition to the season’s campaign, now expected to total about 91 holes and 26,500 metres. R780E and R600W remain priorities.
NexGen claims new Rook 1 discovery, releases more high grades from Arrow zone
Regional drilling now has NexGen Energy TSXV:NXE talking about “two discoveries developing in proximity to one another” at the Rook 1 project next door to PLS. Work has focused on the Arrow zone but, about 3.7 kilometres northeast and along trend, two of 10 holes have stoked the company’s optimism in the newly named Bow discovery.
Scintillometer results released March 31 for hole BO-15-10 showed one metre starting at 206.5 metres in downhole depth that ranged from under 500 counts per second to 1,400 cps. Another interval showed 1.5 metres starting at 210 metres in depth, ranging from under 500 cps to an “offscale” 10,200 cps.
That hole stepped out 66 metres east of BO-15-02, which showed three metres starting at 202 metres in depth ranging from under 500 to 1,350 cps.
Eight other holes brought intercepts of less than 500 cps, below NexGen’s threshold for mineralization.
True widths weren’t provided for the angled holes. As is usual with the scintillometer disclaimer, the results are no substitute for assays, which will follow.
The targets followed highly anomalous radon-in-lake-water readings coinciding with an extension of the VTEM conductor that hosts Arrow and a parallel conductor to the north. “These radon anomalies are optimally situated along breaks and kinks in the VTEM conductors,” NexGen stated.
Back at Arrow, more scintillometer results released March 23 indicated high-grade expansions to A2 and A3, two of the zone’s three mineralized shears, NexGen stated.
The project’s best angled hole so far, AR-15-41 hit total composite mineralization for 205.2 metres within a 439-metre section, starting at 384.5 metres in downhole depth. Included was an offscale composite of 24.5 metres.
AR-15-39w1 showed a composite 124.5 metres within 514.5 metres starting at 438 metres. A composite 8.35 metres went offscale.
AR-15-40b intersected a 15-metre composite within 321.5 metres starting at 373 metres that included 1.3 metres above 10,000 cps.
The A2 shear now runs 88 metres along strike and 340 metres vertically; A3 runs 73 metres along strike and 420 metres vertically. The Arrow zone covers 515 metres by 215 metres, with mineralization found at vertical depths ranging from 100 metres to 905 metres. Arrow remains open in all directions and at depth.
With a second rig directed at Bow, Rook 1 now has four drills turning. The company has added at least 2,000 additional metres to the winter program, which should total about 20,000 metres.
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