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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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Despite the downturn

January 31st, 2014

Roundup 2014 speakers discuss how investors can profit and companies thrive

by Greg Klein

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We’re near bottom, we’ve hit bottom, the worst is behind us—over the last few wretched years those comments have come repeatedly from speakers at industry conferences. So maybe Victoria Yehl put it best in her January 30 closing remarks at Roundup 2014: “You, as the attendees and the delegates, let us know what’s going on in this industry … almost every evening at the Seawall Bar and Grill. It was certainly a higher level of enthusiasm than we’ve seen for a number of years.”

As chairperson of the Association for Mineral Exploration British Columbia’s annual event, Yehl was referring to the evening get-togethers, known for a non-market type of liquidity. But boozy as it might have been, can so much enthusiasm be dismissed?

Roundup 2014 speakers discuss how investors can profit and companies thrive

Near-record attendance and growing optimism characterized
AME BC’s Roundup 2014, “the world’s premier technical
mineral exploration conference.”

Yehl thanked company sponsors who came through despite tough times and noted a near-record crowd of 6,643 people from 37 countries, a possible indication of not-so-tough times ahead. Roundup 2014’s five last speakers further developed that sentiment.

The guardedly optimistic group included Rick Rule, who told investors they can be contrarians or victims: “The choice is yours.” Discussing some potential “fire sale prices” in resource stocks, the chairman of Sprott US Holdings said, “When I talk about coal now people say, ‘Global warming, you’re the culprit.’ I love it when people aren’t merely bored, they’re hostile.”

Uranium, he added, “is cheap. Zinc is cheap. People hate nickel…. Until three or four months ago natural gas was cheap, cheap, cheap.”

Bull markets follow bear markets “as day follows night,” Rule argued. But he warned that although a valuation’s increase might be inevitable, it isn’t necessarily imminent. Profits require time and patience, he emphasized.

Turning the forum’s attention from investors to companies, Silver Wheaton TSX:SLW president/CEO Randy Smallwood said most financing has been coming from various types of debt. The streaming model, he maintained, allows companies to optimize their portfolios through deals on non-core assets. “Seventy percent of silver does not come from silver mines,” he pointed out. About 40% comes from copper mines, another 15% from lead-zinc operations. Those miners “aren’t interested in silver. They’re driven by copper, they’re driven by lead-zinc.”

A new type of deal announced in November offers some juniors additional hope, Smallwood said. Silver Wheaton stepped in earlier than usual to give Sandspring Resources TSXV:SSP an initial $13.5 million to take its Toroparu gold project in Guyana to feasibility.

“If they had gone out and raised $13.5 million in the market, their current shareholders would have lost 33% of the value of that project…. What they did was give us 10% of the gold, if we fund them another $135 million when they get to the point of construction. It’s pretty attractive for their shareholders. It makes a lot of sense for juniors to consider this.”

But with prefeasibility in place, Toroparu was already quite advanced. Exploration geologist Miles Thompson discussed earlier-stage projects and the “bizarre disconnect between markets and the time needed to find and develop mines.”

“Unfortunately the easy stuff has already been found and our job is becoming increasingly harder,” said the director of Reservoir Minerals TSXV:RMC and CEO/chairman of Lara Exploration TSXV:LRA. For all that, Reservoir has been successfully raising money and spending it in Serbia for over 10 years. “We follow the prospect generator business model, which means we work the same way the pharmaceutical industry works, the software industry…. We see ourselves as R&D teams. We build projects, we define targets, we work out projects for mining companies and investors.”

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B.C. to Burkina & beyond

October 1st, 2012

Bralorne, Avala, Riverstone and Oromin go for gold

by Greg Klein

Among the gold exploration news reported October 1, we look at a small producer in British Columbia, a 250-square-kilometre project in Serbia, an expanding Burkina Faso deposit and a Senegal resource update.

Bralorne Gold Mines TSXV:BPM reported short intervals but high grades from its project near Gold Bridge, B.C., 240 kilometres north of Vancouver. The 2,490-hectare Bralorne property of today includes the historic King, Bralorne and Pioneer mines, which produced 4.1 million gold ounces up to 1972. Current production began in April 2011, reaching about 7,642 ounces so far.

The October 1 assays come from the BK gap area between the former Bralorne and King mines. Some highlights include

  • 385.57 grams per tonne gold over 1.2 metres
  • 114 g/t over 0.3 metres
  • 63.6 g/t over 0.2 metres
  • 4.1 g/t over 1.3 metres
  • 6.88 g/t over 1 metre
  • 12.6 g/t over 0.4 metres

Intercepts are true widths. No topcut was applied to grades. The underground drilling reached depths extending to 166 metres.

Bralorne, Avala, Riverstone and Oromin go for gold

Oromin Explorations drills its joint venture gold project in eastern Senegal.

The first result given above comes from a quartz vein just west of underground development underway on the project’s BK-3 Zone. Last June the company reported 67 sample traverses over 160 metres taken from a drift at the zone’s 1,159-metre elevation. The assays showed an average grade of 68.7 g/t gold (uncut) over 0.8 metres (true thickness). With a topcut applied, the average grade came to 27.1 g/t over 0.8 metres.

The company’s share price opened September 28 at $0.70 before climbing to $0.79. On October 1 it closed a penny lower, at $0.78. Bralorne’s 52-week high and low were $1.19 and $0.68.

Bralorne IR Manager Johnathon Smith tells ResourceClips, “We have a new preliminary economic assessment coming out in about a week or a week and a half. Right now we’re producing about 100 tonnes a day and this new economic study is going to look at upgrading the operations to 250 tonnes per day. Being a micro-producer, we have quite a bit of blue sky ahead of us.”

From eastern Serbia, Avala Resources TSXV:AVZ announced drill results for the Kraku Pester area, part of the company’s Timok Gold Project. Assays include

  • 3.07 grams per tonne gold over 76 metres
  • 1.63 g/t over 137 metres
  • 1.8 g/t over 93 metres
  • 1.16 g/t over 128 metres
  • 1.41 g/t over 104 metres
  • 1.35 g/t over 105 metres
  • 1.46 g/t over 81 metres

Depths extend to 178 metres. True widths were not provided.

Along with the Kraku Pester target, the 250-square-kilometre Timok Project comprises the Bigar Hill and Korkan areas. Bigar Hill has a July 2012 inferred resource estimate of 38 million tonnes grading 1.3 g/t gold for 1.5 million ounces, using a 0.4 g/t cutoff. Resource drilling for Korkan and Kraku Pester has been completed and their initial resource calculations are underway.

Last February Avala President/CEO Jim Crombie told ResourceClips, “The infrastructure is terrific. We’re 25 kilometres outside of Bor, which is a major copper mining and smelting town. Power lines run adjacent to all of these properties, and there’s a road that runs alongside them. This is as good as it gets.”

The company states it has over eight years’ experience working in Serbia.

Avala held steady at $0.55 on September 28, opened October 1 at $0.56, then slipped back to $0.55. The share’s 52-week high and low were $1.25 and $0.52.

Riverstone Resources TSXV:RVS (Update: on February 25, 2013, Riverstone Resources Inc began trading as True Gold Mining Inc TSXV:TGM) announced more news from Burkina Faso on October 1, stating it found a new mineralized zone on the Kao Deposit of its Karma Gold Project. Some highlights from 71 reverse circulation holes include

  • 16 grams per tonne gold over 2 metres
  • 1.2 g/t over 26 metres
  • 0.5 g/t over 34 metres
  • 1.58 g/t over 10 metres
  • 1.15 g/t over 10 metres
  • 2.56 g/t over 4 metres

True widths were estimated between 90% and 100%. Depths extend to 206 metres.

Recent drilling has expanded the Kao Deposit by about 100 metres, the company stated. The deposit now extends over 1,500 metres in a northeast-southwest direction, at least 900 metres down-dip to the east and remains open in all directions.

Right now we’re producing about 100 tonnes a day and this new economic study is going to look at upgrading the operations to 250 tonnes per day. Being a micro-producer, we have quite a bit of blue sky ahead of us.—Johnathon Smith,
Bralorne IR Manager

In a statement issued with the results, Riverstone President/CEO Dwayne L. Melrose said, “There is very good potential to expand the mineralization to the north, as the gold-in-soil anomaly extends four kilometres further to the north. We expect to have these results reflected in the upcoming resource update, slated to be available for release this quarter.”

Riverstone’s share price opened September 28 at $0.64, rising to a $0.70 close that day. It opened and closed October 1 at $0.71. The share’s 52-week high hit $0.77 while the 52-week low fell to $0.30.

Among the resource estimates announced October 1, Oromin Explorations TSX:OLE reported a 49% increase in the indicated category for the Oromin Joint Venture Group Gold Project in eastern Senegal. The indicated total for all deposits comes to 75.21 million tonnes grading 1.56 g/t gold for 3.78 million gold ounces, while the inferred total shows 17.33 million tonnes grading 1.73 g/t for 963,000 ounces.

The company categorizes the deposits in three groups: Golouma, consisting of three large, high-grade deposits; Masato, the largest single deposit; and 10 widely distributed heap leach deposits. The Golouma and Masato deposits will form the basis of a carbon-in-leach feasibility study update while the heap leach deposits will form the basis for a heap leach PEA update. Both reports are scheduled for completion in Q4 2012.

Oromin holds a 43.5% interest in the JV and acts as project operator. Bendon International and Badr Investment and Finance hold 43.5% and 13% respectively. Oromin’s shares began and ended September 28 at $0.70 and $0.69, with an October 1 start and finish at $0.69 and $0.71. The company’s 52-week high and low were $1.20 and $0.435.

Dunav reports Serbia Assays up to 0.73 g/t Gold, 0.56% Copper over 301m

April 10th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningDunav Resources Ltd TSXV:DNV announced results from the Yellow Creek and Kiseljak targets of its Tulare Porphyry Project in southern Serbia. Assays include

0.73 g/t gold and 0.56% copper over 301 metres
0.48 g/t gold and 0.37% copper over 380 metres
0.38 g/t gold and 0.39% copper over 302 metres
0.36 g/t gold and 0.37% copper over 241 metres
0.22 g/t gold and 0.31% copper over 136 metres
0.26 g/t gold and 0.32% copper over 31 metres

President/CEO James Crombie stated, “We are in the final stages of completing the nearby Kiseljak copper-gold porphyry resource definition drilling program, following which all four diamond drill rigs will be relocated to Yellow Creek to support the two diamond drill rigs which are currently establishing the potential size and footprint of the newly discovered Yellow Creek copper-gold porphyry-style mineralization. In addition, the first deep drill hole completed at Kiseljak clearly indicates that the system extends to and remains open at depth.”

View Company Profile

Contact:
James Crombie
President/CEO
450.640.0810

by Greg Klein

Avala reports Serbia Results as high as 10.1 g/t Gold, 90 g/t Silver over 26m

April 10th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningAvala Resources Ltd TSXV:AVZ announced assays from the Korkan Target of its Timok Gold Project in eastern Serbia. Results include

10.1 g/t gold and 90 g/t silver over 26 metres
(including 15.39 g/t gold and 136 g/t silver over 16 metres)
3.15 g/t gold over 68 metres
2.59 g/t gold over 37 metres
1.56 g/t gold over 31 metres
1.07 g/t gold over 43 metres
1.03 g/t gold over 38 metres
3.36 g/t gold over 9 metres
1.16 g/t gold over 22 metres

Avala has eight diamond drill rigs and two RC rigs operating on the Korkan-Bigar portion of the Timok Gold Project.

View Company Profile

Contact:
James Crombie
President/CEO
450.640.0810

by Greg Klein

Dunav reports Serbia Gold Assays up to 1.03 g/t over 55m

February 23rd, 2012

Resource Clips - essential news on junior gold mining and junior silver miningDunav Resources Ltd TSXV:DNV announced assays from the Kiselijak and Yellow Creek targets of its Tulare porphyry project in southern Serbia. Results include

0.3 g/t gold and 0.36% copper over 184.7 metres
0.33 g/t gold and 0.35% copper over 325.3 metres
0.33 g/t gold and 0.33% copper over 207 metres
0.36 g/t gold and 0.39% copper over 165 metres
0.42 g/t gold and 0.35% copper over 112.7 metres
1.03 g/t gold and 0.56% copper over 55.4 metres
0.51 g/t gold and 0.47% copper over 147 metres
0.43 g/t gold and 0.53% copper over 142.6 metres
0.7 g/t gold and 0.41% copper over 10.9 metres

Dunav currently has five diamond drill rigs on the Tulare project with an additional rig expected to arrive during March 2012. Drilling was suspended in late January due to extreme weather, however it resumed February 17.

View Company Profile

Contact:
James Crombie
President/CEO
450.640.0810

by Ted Niles

Avala reports Serbia Gold Assays up to 4.24 g/t over 47m

February 6th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningAvala Resources Ltd TSXV:AVZ announced drill results from its Korkan-Bigar trend in eastern Serbia. Highlights include

9.46 g/t gold over 5 metres
1.21 g/t over 68 metres
2.01 g/t over 38 metres
1.6 g/t over 60 metres
1.88 g/t over 32 metres
1.27 g/t over 38 metres
4.24 g/t over 47 metres
1.79 g/t over 71 metres
1.24 g/t over 43 metres
1.46 g/t over 69 metres
2.27 g/t over 35 metres
1.72 g/t over 50 metres
1.71 g/t over 53 metres
1.64 g/t over 35 metres
1.27 g/t over 51 metres
2.21 g/t over 44 metres
4.84 g/t over 39 metres
2.87 g/t over 42 metres

President/CEO Jim Crombie tells ResourceClips.com, “It’s a relatively new discovery and Avala’s a relatively new company. We took the project from Dundee Precious Metals TSX:DPM who had done some work in this part of Serbia. It’s essentially a from-first-principles discovery on the west side of the Timok Magmatic Complex, which is home to a number of very larger copper mines. We’re just outside the town of Bor, which is the big Serbian copper mining and smelting area.

Bigar Hill’s been a tremendous success. We’re calculating a resource there that will be complete, I’m guessing, by the end of April—Jim Crombie

“The west side of the Timok Magmatic Complex abuts into limestones and sediments. There was about a 20-kilometre long continuous gold anomaly which was discovered in about 2007-2008 that was followed up with trenching. We started drilling it last year. We started in an area called Kraku Pestar, then we got a very good trench in the Korkan area, so we moved up there. That was followed by Bigar Hill. Essentially what we did was wide-spaced footprint drilling on 160-metre centres. Then we started the infill program, and these are part of the results on the infill program. It’s very much as we expected, and we are now in the course of doing a resource calculation for Bigar Hill. At the same time we are doing exactly the same process on Korkan and Kraku Pestar.

“There are a number of high-grade zones,” Crombie continues. “There’s a lot of very good results. Bigar Hill’s been a tremendous success. We’re calculating a resource there that will be complete, I’m guessing, by the end of April.

“We’re confident that this will all be inferred. We’ve done enough of the geostats and the variography and that sort of stuff on it to know that it will be inferred. Some of it might creep into indicated, but we’re not worried about that. Then we’ll obviously have to drill it all out to get it to indicated, and that process is ongoing. The drilling at Korkan and Kraku Pestar will be finished in April, so I guess it will be mid-year by the time we get the resource out. That’ll give us the three areas in inferred. Also, we’ve got a number of exploration areas like Bigar East and Korkan East. So the idea is to continue the process of bringing the project up to measured and indicated and expanding it through the other zones.

“The infrastructure is terrific. We’re 25 kilometres outside of Bor, which is a major copper mining and smelting town. Power lines run adjacent to all of these properties, and there’s a road that runs alongside them. This is as good as it gets.”

Crombie reports that the Avala has roughly $34 million cash on hand, which will see the company through the year.

“We’ve been very pleasantly surprised,” he concludes. “We found Bigar Hill a year ago and have drilled it to a resource stage. This is going to be a significant resource in the area—several million ounces between Bigar Hill, Korkan and Kraku Pestar. Not everyone does that in the space of 18 months.”

View Company Profile

Contact:
James Crombie
President/CEO
450.640.0810

by Ted Niles

Avala reports Serbia Gold Results as high as 4.5 g/t over 37m

October 18th, 2011

Resource Clips - essential news on junior gold mining and junior silver miningAvala Resources Ltd TSXV:AVZ announced assays from the Korkan-Bigar Trend in Eastern Serbia. Results include

4.5 g/t gold over 37 metres
3.61 g/t over 30 metres
5.3 g/t over 12 metres
1.56 g/t over 48 metres
2.6 g/t over 21 metres
1.15 g/t over 41 metres
3.01 g/t over 15.2 metres
1.18 g/t over 38 metres

President/CEO James Crombie stated, “With these initial reverse-circulation infill-drilling results we are starting to establish continuity of stratabound mineralization at Bigar Hill, which is an important milestone for the sediment-hosted gold project. In addition, our ongoing wide-spaced, exploration diamond-drilling program continues to grow the overall mineralized footprint at the Korkan target area together with advancing our other recently discovered target areas which are located in close proximity to the resource definition-drilling areas.”

View Company Profile

Contact:
James Crombie
President/CEO
450.640.0810

by Greg Klein