Uranium news from Saskatchewan and elsewhere for August 10 to 16, 2013
by Greg Klein
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Alpha/Fission add fourth zone, extend PLS strike to 1.02 kilometres
Barely into their current $6.95-million campaign, Fission Uranium TSXV:FCU and Alpha Minerals TSXV:AMW once again grabbed the market’s attention by reporting a fourth zone at Patterson Lake South on August 15. With off-scale scintillometer readings for one hole 165 metres grid east of zone R780E, the new zone gets the informative but unsentimental name R945E. The quartet of zones now extends along a 1.02-kilometre trend.
The hand-held scintillometer measures drill core gamma radioactivity in counts per second, up to an off-scale reading of 9,999 cps. The results are not assays, which are pending. A downhole probe will also be used to measure radioactivity. Some highlights for hole PLS13-084 include:
- <300 to 800 cps over 4 metres, starting at 104.5 metres in vertical depth
- <300 to 1,500 cps over 7 metres, starting at 132.5 metres
- <300 to 3,700 cps over 35.5 metres, starting at 159.5 metres
- <300 to 5,100 cps over 7 metres, starting at 198 metres
- <300 to 4,500 cps over 12.5 metres, starting at 209.5 metres
- <300 to 9,999 cps over 18 metres, starting at 234 metres.
True widths were unavailable. The hole reached a total depth of 302 metres, striking the basement unconformity at 59 metres. Drilling continues on this hole.
On the left are barges supporting two of three drills, part of Patterson
Lake South’s $6.95-million, 44-hole, 11,000-metre campaign.
The target was chosen after radon water sampling found an anomaly parallel to a conductor and along strike of the project’s other zones. The 50/50 joint venture partners emphasized that the mineralization’s full potential “will not be fully realized until a complete fence of holes is completed across this anomaly.”
Three days earlier the JV reported its first summer hole from R780E, showing the zone’s “widest continuous and strongest results.” Drilled 10 metres grid south of a previous hole, it extends the zone’s width to about 45 metres at that point. Highlights from PLS13-080 include:
- <300 to 9,999 cps over 48.5 metres, starting at 122.5 metres in downhole depth
- <300 to 2,000 cps over 3.5 metres, starting at 173.5 metres
- <300 to 9,999 cps over 11.5 metres, starting at 236 metres
- <300 to 5,400 cps over 3 metres, starting at 298 metres.
True thicknesses weren’t available. The hole reached a total of 347 metres, hitting the basement unconformity at 54 metres. With an 89-degree dip, downhole depths approximate vertical depths. Still to come are lab assays and results from a downhole radiometric probe.
Like PLS13-084, the target was chosen to test an anomaly found by radon sampling, this one “within a resistivity low corridor proximal to an inferred north-south cross-cutting structure.”
On August 16 Fission announced the appointment of Ted Clark to its executive advisory board. Clark is chief of the Clearwater River Dene Nation and owner of Big Bear Contracting Ltd.
NexGen drills PLS-adjacent Rook 1, increases private placement again
Adjacently northeast of PLS, a two-drill, 3,000-metre campaign has begun on NexGen Energy’s TSXV:NXE Rook 1 project. Targets were identified and refined following airborne and ground geophysics that found overlapping anomalies, according to the August 16 announcement. NexGen expects to find basement rock at 65 to 100 metres in depth. Weather permitting, drilling will continue to late September.
What began as a $1.78-million private placement offered on July 29 has, after three increases, now reached nearly $5 million. The company doubled the offer to $3.53 million on August 1, increased it to $4.12 million on August 14 and, the following day, raised that to $5 million. This “third and final increase” now boosts the offer to 14.28 million units at $0.35 for gross proceeds up to almost $5 million.
Each unit consists of one share and one-half warrant, with each whole warrant exercisable for a share at $0.55 for 18 months. Raising the $5 million would leave NexGen with about $9 million cash on hand.
On the Basin’s east side, the company is earning a 70% interest in the Radio project, two kilometres east of Rio Tinto’s Roughrider deposits. Assays are pending from Radio’s 3,473-metre summer program.
Skyharbour closes $425,000 private placement, now fully funded for two years
Skyharbour Resources TSXV:SYH closed a private placement of 5.31 million flow-through units at $0.08 for $425,000 on August 14. Each flow-through unit consists of one flow-through share and one non-transferable non-flow-through warrant exercisable at $0.10 for two years. No finder’s fees were paid.
As part of the four-company Western Athabasca Syndicate exploring the PLS-area’s largest land package, Skyharbour is now fully financed for its portion of a $6-million, two-year program, president/CEO Jordan Trimble tells ResourceClips.com.
“The first phase of work, the airborne surveys, is complete,” he points out. “Fieldwork started ahead of schedule to test a target we’re excited about. We’ll be doing some radon surveying, geochemical sampling and prospecting, among other field techniques. We hope to have all the results in by the end of October.”
Referring to the Alpha/Fission discovery of a fourth PLS zone, Trimble says, “Clearly they’re dealing with a very powerful geological event that created this deposition of uranium. That has implications for the surrounding properties. Another point is the success they’re having with these indicators—the radon anomalies, the boulder train discovery. They’re having huge success with their methodology and the specific targets they’re drilling. That’s important for companies at an earlier stage, and I think Alpha and Fission have shown the market the significance of pre-drilling exploration and reconnaissance work. There’s a lot of value you can put into a project even before you get the drill rigs there.”
The syndicate, which includes Skyharbour, Athabasca Nuclear TSXV:ASC, Noka Resources TSXV:NX and Lucky Strike Resources TSXV:LKY, has “about 150 years of uranium exploration experience focused on the Athabasca Basin,” Trimble adds. Skyharbour’s Rick Kusmirski, for example, “has over 40 years in the field and his area of expertise is the Athabasca Basin. He was exploration manager for Cameco [TSX:CCO], he took over the helm at JNR Resources, made a discovery and got bought out by Denison [TSX:DML]. Bob Marvin, our other geologist, also has decades of experience with extensive work in the uranium space. Then there’s the other three companies, each with at least one geologist and the focus has been on uranium expertise.”
Read more about the Western Athabasca Syndicate Project.
Lakeland offers $1.25-million private placement, plans Riou Lake exploration
Lakeland Resources TSXV:LK offered private placements up to $1.25 million on August 16. The pure play uranium exploration company announced up to 10 million units at $0.10 for gross proceeds of $1 million, with each unit consisting of one share and one warrant exercisable at $0.15 for one year. Another two million flow-through units at $0.125 consist of one flow-through share and one warrant exercisable at $0.15 for a year. Proceeds will go to Athabasca Basin exploration and general working capital.
With nine uranium properties, Lakeland’s initial focus will be the Gibbon’s Creek area of its Riou Lake project on the northern Basin’s edge, says corporate communications manager Roger Leschuk. “It’s already had work done on it so we have a lot of historic data to go through. Because it’s on higher ground we can drill year-round. We’ve got existing data, so we can work from that and possibly be drilling as early as October.”
Two of Lakeland’s properties are in the eastern Basin, with the other seven in the north-central and northeastern Basin. “The Basin’s trends run from southwest to northeast. The early discoveries were on the eastern side of the Basin, on the Wollaston trend. That goes into Manitoba and finishes in Nunavut. The next trend is at Patterson Lake South, where the Alpha/Fission story is happening. Our properties on the northeast side of the Basin are part of that trend. So it’s not inconceivable that we could find something similar. The previous Riou Lake operator did find a boulder grading 11% uranium, the drilling found some very similar things, so we’re very excited about that.”
Gibbon’s Creek offers other attractions, Leschuk adds. “It’s not only on high ground but it’s very shallow to the basement rock. We’re talking maybe 50 metres down, so our drilling is going to be very shallow and very cheap to drill. Only a few kilometres away there’s a community called Stony Rapids, so we don’t have to set up a camp. We can hire people from the community who can drive to and from work, so our costs will be even lower. Our money will go a long, long way. We’re looking at 1,500 to 2,000 metres initially but we’ll get a big bang for our buck. We’re looking forward to that.”
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