Uranium news from Saskatchewan and elsewhere for August 17 to 23, 2013
by Greg Klein
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Fission/Alpha extend zone, find “potential candidate” for PLS bedrock source
More scintillometer readings from Patterson Lake South show a 47-metre interval of continuous radioactivity and a 15-metre extension to one zone. Of five holes reported August 22, three showed no sandstone above the basement unconformity. According to joint venture partners Alpha Minerals TSXV:AMW and Fission Uranium TSXV:FCU, that “makes the R390E zone a potential candidate area for one of the bedrock sources of the large uranium boulder field.” R390E is the second of four zones extending northeast along a 1.05-kilometre potential strike.
The hand-held scintillometer scans drill core to measure gamma rays in counts per second up to an off-scale reading above 9,999 cps. Scintillometer readings are not substitutes for assays, which have yet to come. Radioactivity will also be measured with a downhole probe.
Dips range from 84 to 90 degrees, making downhole depths close to vertical depths. True widths were unavailable. Hole PLS13-078 was drilled to a total depth of 224 metres, encountering sandstone at 50 metres and the basement unconformity at 53.5 metres. Highlights include:
- <300 to >9,999 cps over 31.5 metres, starting at 85 metres in downhole depth
- <300 to 5,900 cps over 10 metres
Drilled to a total depth of 230 metres, hole PLS13-081 found two metres of sandstone before striking the basement unconformity at 51.5 metres. The one result released showed:
- <300 to 7,300 cps over 25.5 metres, starting at 105 metres in downhole depth
Hole PLS13-083 stepped out 15 metres west to extend the zone’s strike. It found no sandstone before striking the basement unconformity at 53 metres, reaching a total depth of 278 metres. Highlights include:
- <300 to >9,999 cps over 17.5 metres, starting at 53 metres in downhole depth
- <300 to >9,999 cps over 16.5 metres
- <300 to >9,999 cps over 7.5 metres
With a total depth of 224 metres, hole PLS13-085 hit the basement unconformity at 57 metres without encountering sandstone. Highlights include:
- <300 to 2,800 cps over 5.5 metres, starting at 58.5 metres in vertical depth
- <300 to >9,999 cps over 22.5 metres
Hole PLS13-086 was drilled to a total depth of 263 metres, finding no sandstone but hitting the basement unconformity at 50 metres. Highlights include:
- <300 to >9,999 cps over 47 metres, starting at 75 metres in downhole depth
- (including 530 to >9,999 cps over 22.5 metres)
PLS13-083’s 15-metre step-out brings the R390E zone’s strike to 120 metres, twice that of last winter. The zone remains open in all directions. The 50/50 JV’s $6.95-million campaign of drilling and ground geophysics continues just beyond the Athabasca Basin’s southwestern rim.
Update: On August 26 Fission announced a proposal to take over Alpha. Read more.
Fission, Azincourt complete airborne geophysics over Patterson Lake North
Backed by another JV partner, Azincourt Uranium TSXV:AAZ, Fission is also exploring the Patterson Lake North project adjacent to PLS and about 5.7 kilometres north of the discovery. On August 20 the companies announced completion of an airborne VTEM survey over the 27,000-hectare property’s northern half.
At 400-metre line-spacing, the survey flew 303 line-kilometres to provide data that might show basement conductors or enhanced sandstone alteration. Late summer and fall are scheduled for ground geophysics featuring time domain electromagnetic (TDEM) and magnetotellurics surveys. The partners have budgeted $530,000 for geophysics and about $1 million for winter drilling.
Azincourt may earn 50% of the project by paying $4.75 million in cash or shares and spending $12 million by April 2017. Fission retains a 2% NSR and acts as operator. Prior to the JV Fission had already spent about $4.7 million exploring PLN.
Forum begins Clearwater ground campaign, raises private placement to $2.25 million
Adjacently southwest of PLS, Forum Uranium TSXV:FDC has begun field work on its 9,910-hectare Clearwater project. Having interpreted data from airborne surveys, Forum says the EM conductor hosting the PLS discovery and parallel conductors trend onto Clearwater in a northeast-southwest direction. Radiometrics show uranium channel anomalies and historic surveys reveal two areas with highly anomalous lake sediment samples, according to the August 20 announcement.
Clearwater’s current campaign consists of prospecting with scintillometers, soil radon surveys and lake sediment sampling, along with additional ground geophysics. The company plans to begin drilling in January.
A $1.5-million private placement announced the morning of August 21 was, by late afternoon, raised to $2.25 million. On offer are up to 6.08 million units at $0.37, with each unit comprised of one share and one warrant exercisable at $0.50 for two years. Proceeds will go to Clearwater’s ground geophysics and 3,000-metre campaign.
Ground work begins at Aldrin’s PLS-adjacent Triple M
Adjacently west of PLS and contiguous with Clearwater, Aldrin Resource TSXV:ALN has begun field work on its Triple M property, according to an August 20 news release. Following up on radiometric anomalies identified by an airborne survey, the company will prospect for uranium boulders and map surficial geology. In September another crew will take surface radon samples above bedrock conductive anomalies found in an airborne VTEM survey.
The schedule calls for drilling to begin by January.
Skyharbour arranges additional $75,000 private placement
On August 19 Skyharbour Resources TSXV:SYH announced an additional $75,000 non-brokered private placement of 937,500 flow-through units at $0.08. Each unit consists of one flow-through share and one non-transferable warrant exercisable for a non-flow-through share at $0.10 for two years. No finder’s fee will be paid.
The company also granted incentive stock options up to a total of 531,250 shares at $0.10 for five years. The previous week Skyharbour closed a $425,000 private placement that left the company fully funded for its portion of a $6-million, two-year program.
Skyharbour is part of the Western Athabasca Syndicate, a four-company strategic alliance with Athabasca Nuclear TSXV:ASC, Noka Resources TSXV:NX and Lucky Strike Resources TSXV:LKY that’s exploring the PLS-area’s largest land package.
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