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Posts tagged ‘Uranerz Energy Corp (URZ)’

Athabasca Basin and beyond

September 7th, 2013

Uranium news from Saskatchewan and elsewhere for August 31 to September 6, 2013

by Greg Klein

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PLS to come under Fission control as Alpha agrees to sweetened takeover offer

The Patterson Lake South partners have come to terms. Joint September 3 news releases from Alpha Minerals TSXV:AMW and Fission Uranium TSXV:FCU announced a letter of intent to combine the 50/50 joint venture under Fission’s control. The acquisition would cost 5.725 Fission shares for each Alpha share while each company would spin out its non-PLS assets into a new entity. Alpha gets no place on Fission’s management team but would nominate two directors to Fission’s five-person board.

Uranium news from Saskatchewan and elsewhere for August 31 to September 6, 2013

With three barges supporting drill rigs,
the Alpha/Fission flotilla patrols Patterson Lake South.

The deal sweetens Fission’s previous offer of 5.3 shares announced August 26 and represents a 14.5% premium to the shares’ August 23 close and 11% to their August 30 close.

Shareholders of each company will get shares in their respective spincos, which will hold all non-cash and non-PLS assets. Each spinco will get $3 million in start-up cash.

Alpha’s other projects include three Athabasca Basin uranium projects and two gold properties in Ontario and British Columbia. Fission holds interests in six other Basin properties and one in Peru.

Pending all shareholder and regulatory approvals, the companies hope to consummate by November.

Fission/Alpha report best PLS hole so far

With the ink barely dry on their LOI, Alpha and Fission released more drill results on September 4—real assays this time, instead of teasing the market with scintillometer readings. And this time, according to Fission president/COO Ross McElroy, a single hole provided “not only the best results to date on the PLS property, but on a level with the best holes within the Athabasca Basin district.”

Sunk on the western part of R390E, the second of four zones extending from southwest to northeast, hole PLS13-075 showed a highlight of:

  • 9.08% uranium oxide (U3O8) over 54.5 metres, starting at 61 metres in vertical depth

  • (including 21.76% over 21.5 metres)

Additional results from the same hole showed:

  • 0.09% over 0.5 metres, starting at 57.5 metres

  • 0.07% over 7.5 metres, starting at 118 metres

  • 0.24% over 11.5 metres, starting at 130 metres

  • 0.65% over 2 metres, starting at 146.5 metres

  • 0.71% over 1.5 metres, starting at 151 metres

  • 0.06% over 0.5 metres, starting at 157 metres

  • 0.27% over 2.5 metres, starting at 160 metres

  • 0.27% over 1 metre, starting at 176.5 metres

True widths were unavailable. The vertical hole reached a total depth of 248 metres and was collared 30 metres grid west of PLS13-061, which last June showed 1.39% U3O8 over 23.5 metres starting at 110 metres, and included 4.34% over 6 metres.

The $6.95-million campaign will include additional drilling on the R390E zone, which has the largest of the lake water radon anomalies found last winter.

First tranche brings Lakeland Resources $738,000

Lakeland Resources TSXV:LK closed the first tranche of its private placement, issuing 5.7 million units at $0.10 and 1.35 million flow-through units at $0.125 for gross proceeds of $738,770, the company announced on September 3. The money goes to Athabasca Basin uranium exploration and general working capital.

Lakeland holds nine Basin properties and currently focuses on the Riou Lake project’s Gibbon’s Creek area, which has at least 23 historic holes. The project shows shallow depths to basement rock and also has radioactive boulders grading up to 11.3% uranium. Situated on high ground, the property can be drilled year-round.

Read more about Lakeland Resources.

Energy Fuels completes Strathmore takeover

Its acquisition of Strathmore Minerals TSX:STM now complete, Energy Fuels TSX:EFR has taken “an important step toward achieving our goal of becoming the dominant uranium producer within the U.S.,” according to joint statements issued September 3. Energy Fuels currently holds No. 2 position, with guidance of about 1.15 million pounds uranium oxide (U3O8) for fiscal 2013. The company added that the United States “is the world’s largest nuclear power market and heavily dependent on imported uranium for over 90% of its supply requirements.” Read more about the acquisition here and here.

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Athabasca Basin and beyond

August 11th, 2013

Uranium news from Saskatchewan and elsewhere for August 3 to 9, 2013

by Greg Klein

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Fission/Alpha report 4 PLS holes, R00E zone still open

So far this summer, three previous step-outs have extended the middle of Patterson Lake South’s trio of zones. On August 8 Alpha Minerals TSXV:AMW and Fission Uranium TSXV:FCU released scintillometer results from four new holes in the southern-most zone, which remains open along strike and width. Along with the results came some interesting speculation about the mineralization.

The hand-held gamma-ray scintillometer readings, which are no substitute for assays, measure radiation from drill core in counts per second. Anything over 9,999 cps is off scale.

A 15-metre step-out testing the western extent of the zone, hole PLS13-074 was drilled to 203 metres in approximate vertical depth, encountering sandstone at 60.9 metres and a basement unconformity at 66 metres:

  • 550 to 1,050 cps over 1 metre, starting at 65 metres in approximate vertical depth
  • 370 cps over 1 metre, starting at 105 metres.
Uranium news from Saskatchewan and elsewhere for August 3 to 9, 2013

The other three holes tested the zone’s centre. Hole PLS13-076 was drilled to 267 metres in approximate vertical depth, encountering sandstone at 54 metres and the basement unconformity at 61.4 metres:

  • <300 to 2,700 cps over 14 metres, starting at 177.5 metres in approximate vertical depth.

Hole PLS13-077 was drilled to 259.5 metres in downhole depth, encountering sandstone at 56 metres and the basement unconformity at 61.4 metres:

  • 340 to 7,500 cps over 11.5 metres, starting at 59 metres in downhole depth
  • <300 to 4,000 cps over 15 metres, starting at 73.5 metres.

Hole PLS13-079 was drilled to 218 metres in downhole depth, encountering no sandstone but hitting the unconformity at 59 metres:

  • 340 to >9,999 cps over 18.5 metres, starting at 82.5 metres in downhole depth
  • (including 5,700 to >9,999 cps over 6.5 metres)
  • 300 to 490 cps over 2 metres, starting at 119 metres.

The 50/50 joint venture partners stated the mineralization “may have been derived from a high-energy erosion of mineralization exposed at the top of a body of basement mineralization on the floor of the Devonian sea. It does not have the characteristics of hydrothermal mineralization such as is seen in the basement mineralization elsewhere.”

Alpha’s news release added, “The Devonian cover appears to be patchy and the uranium boulders in the boulder field down ice did not show any evidence of association with Devonian sandstone lithologies. This is significant as it opens the possibility that the source of the uranium boulders may be located in a nearby window in the Devonian veneer where basement mineralization was scoured by the overriding till sheet as it was pushed towards the west-southwest by the ice. The uranium mineralization encountered to date in the three zones of high-grade mineralization was not the source of the large uranium boulder field down ice.”

The boulder train discovery, announced in summer 2011, brought assays up to 39.6% uranium oxide (U3O8). Since then drilling has attempted to find the motherlode that spawned the glacial migration.

With $6.95 million to spend, the partners continue their 44-hole, 11,000-metre drilling and ground geophysics campaign. Fission acts as project operator until April 2014, when it swaps with Alpha.

UEX releases Shea Creek drill results, updates Douglas River and Hidden Bay

UEX Corp TSX:UEX announced the first five holes from Shea Creek’s summer program on August 6 and also provided updates about its Douglas River and Hidden Bay projects.

Results came from downhole probes measuring gamma radiation, with two holes in the Kianna East zone finding basement mineralization. Hole SHE-142 was drilled to a total downhole depth of 1,056 metres, reaching the unconformity at 726.5 metres:

  • 0.2% uranium oxide-equivalent (eU3O8) over 3.4 metres, starting at 885.3 metres in downhole depth
  • (including 0.35% over 1.2 metres)
  • 0.34% over 2.9 metres, starting at 907.9 metres
  • 0.85% over 22.3 metres, starting at 915.2 metres
  • (including 1.14% over 8.8 metres)
  • (which includes 5.93% over 1.4 metres).

Hole SHE-142-1 reached 1,083 metres in downhole depth, striking the unconformity at 727.4 metres:

  • 0.23% over 1.6 metres, starting at 939.4 metres.

True widths were unavailable. Hole SHE-142 expands the zone approximately 15 metres east of the previously reported SHE-118-24 that found 1.55% eU3O8 over 19.9 metres starting at 943.7 metres, the company stated. Mineralization remains open east and southeast of SHE-142. Hole SHE-142-1 stepped out approximately 35 metres north of SHE-118-24.

Three holes sunk in the Anne South zone to test a prospective conductor found no significant results. UEX holds a 49% interest in the Shea Creek JV, in which AREVA Resources Canada acts as project operator. The companies have now incorporated their 49%/51% Douglas River JV into the Shea Creek project, saying mineralization extends from Shea Creek’s northern boundary into the contiguous Douglas River property. Shea Creek sits about nine kilometres south of the former Cluff Lake mine, a 22-year operation that produced over 64 million pounds of U3O8.

The Athabasca Basin’s third-largest resource after Cameco Corp’s TSX:CCO McArthur River and Cigar Lake, Shea Creek’s April update showed:

  • an indicated category of 2.07 million tonnes averaging 1.48% for 67.66 million pounds U3O8
  • an inferred category of 1.27 million tonnes averaging 1.01% for 28.19 million pounds.

UEX also announced it has shelved its 100%-held Hidden Bay project until spot and long-term uranium prices pick up. In February 2011 the company issued a preliminary economic assessment for the eastside Basin property’s Horseshoe and Raven deposits.

Western Athabasca Syndicate begins PLS-area fieldwork ahead of schedule

Backed by a four-company strategic alliance, fieldwork has begun on the PLS-area’s largest land package. On August 8 Skyharbour Resources TSXV:SYH, Athabasca Nuclear TSXV:ASC, Lucky Strike Resources TSXV:LKY and Noka Resources TSXV:NX announced completion of VTEM plus and radiometric surveys over their Western Athabasca Syndicate Project. After an initial review the companies decided on immediate follow-up work.

The package totals 287,130 hectares, with 275,361 hectares in the vicinity of the Fission/Alpha near-surface, high-grade discovery. On reviewing early survey data, the alliance expanded the survey for a total of 4,840 line-kilometres of VTEM plus and 4,400 line-kilometres of radiometrics to search for conductive anomalies, boulder trains and in-situ mineralization. The surveys focused on the syndicate’s Preston Lake property just south, southeast and west of PLS.

“Originally we were planning on having a field crew up there later in August,” Skyharbour president/CEO Jordan Trimble tells ResourceClips.com. “Now we’ve decided to send them up this weekend because we’re very, very encouraged with what we’ve seen initially.”

One area of Preston Lake especially caught their attention. “There were quite a few targets but this one really lit up,” Trimble says. “So we made the decision to expedite the program and begin the fieldwork immediately. We’ll be employing the same techniques that worked for Alpha and Fission.”

While geophysicist Phil Robertshaw works out a more detailed interpretation of the airborne surveys, ground work will consist of water and soil radon sampling, biogeochemistry, lake sediment and soil sampling, prospecting and scintillometer surveying.

“By the end of September or early October we’ll have spent $1.5 million, with each company contributing towards its 25% earn-in. The four companies with their respective geological teams are working harmoniously on this,” he adds.

“We’re now focused on the northern part of Preston Lake, but we have a large land package. As a four-company syndicate we have more ability to finance and explore. There’s certainly a lot of blue sky potential elsewhere on our properties.”

The current phase should last until early October, he explains. “Then we’ll decide what to do in the fall. There’s still a lot of work that can be done that time of year. Obviously we don’t want to drill just anywhere but if we can get definitive drill targets by then, winter would be the ideal time to drill. The earlier we can get these targets, the better. And that’s the goal.”

Combined, the four companies have agreed to fund $6 million of exploration over two years. Athabasca Nuclear acts as project operator.

Read more about the Western Athabasca Syndicate.

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Athabasca Basin and beyond

July 28th, 2013

Uranium news from Saskatchewan and elsewhere for July 20 to 26, 2013

by Greg Klein

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Denison reports best grade/interval result from high-grade Wheeler River

A radiometric probe has found the most impressive result so far from Denison Mines’ TSX:DML Wheeler River project in the eastern Athabasca Basin. Of four holes reported July 24, one showed the project’s highest grade-times-thickness calculation.

Three holes at the Phoenix A deposit showed:

  • 43.2% uranium oxide-equivalent (eU3O8) over 10.3 metres, starting at 401.6 metres in vertical depth
  • 16.4% over 1.7 metres, starting at 403.5 metres
  • 13% over 3.1 metres, starting at 403.7 metres.

Roughly 2.1 kilometres from the Phoenix deposits, one hole at the 489 zone showed:

  • 0.3% over 3.2 metres, starting at 411.1 metres.

Intercepts are approximate true widths. The company explained eU3O8 as “radiometric equivalent uranium oxide calculated from a total gamma downhole probe.” Radiometric probes are not chemical assays.

The Phoenix A drill holes tested for possible extensions of the deposit’s higher-grade domain, defined as approximately 20% U3O8. Using a 0.8% cutoff, the December 2012 resource estimate for Phoenix A showed:

  • an indicated category of 133,500 tonnes averaging 15.8% for 46.5 million pounds U3O8
  • an inferred category of 6,300 tonnes averaging 51.7% for 7.2 million pounds.

With the same 0.8% cutoff, the Phoenix B deposit showed:

  • an indicated category of 19,000 tonnes averaging 14.1% for 5.9 million pounds
  • an inferred category of 5,300 tonnes averaging 3.5% for 400,000 pounds.
Uranium news from Saskatchewan and elsewhere for July 20 to 26, 2013

With continued drilling, Denison hopes to expand
Wheeler River’s high-grade resource.

Combined, Wheeler River’s resource comes to 52.4 million pounds indicated and 7.6 million pounds inferred.

With 15 of 23 holes in three areas now complete, drilling continues. Wheeler is held 60% by project operator Denison, 30% by Cameco Corp TSX:CCO and 10% by JCU (Japan-Canada Uranium) Exploration.

This summer will also see Denison busy at seven other Basin properties: Waterbury Lake (held 40% by the Korea Electric Power Corp), Packrat, South Dufferin, Johnston Lake and Moon Lake (held 45% by Uranium One TSX:UUU, which is expected to be taken private by the Russian state-owned company ARMZ in Q3).

WASP extends VTEM-Plus, advances radiometrics on PLS-area’s largest package

A four-company strategic alliance announced progress on its airborne surveys over the Patterson Lake South-area’s largest land package. Jointly funded by Skyharbour Resources TSXV:SYH, Athabasca Nuclear TSXV:ASC, Lucky Strike Resources TSXV:LKY and Noka Resources TSXV:NX, the Western Athabasca Syndicate Project totals 287,130 hectares, with 275,361 hectares in the vicinity of the near-surface, high-grade PLS discovery of Alpha Minerals TSXV:AMW and Fission Uranium TSXV:FCU.

A VTEM-Plus survey has flown 720 line-kilometres in addition to the original 4,120-line-kilometre survey. The additional coverage consisted of infill and extension of conductive anomalies and structural features identified in preliminary data, the syndicate reported on July 23. Meanwhile Goldak Airborne Surveys is wrapping up a 4,400-line-kilometre radiometric program at 200-metre line spacing to measure radioactivity in outcrops and boulder trains. Goldak compiles the data using a proprietary digital acquisition system.

“We should have complete interpretation done by [geophysicist] Phil Robertshaw in early or mid-August,” Skyharbour president/CEO Jordan Trimble tells ResourceClips.com. “That will delineate the highest-priority targets for fieldwork but we’ve already had boots on the ground doing some preliminary surveying and prospecting. We plan to have a small team back there in early August and that will lead to the full-fledged field program that will commence probably in late August.”

With the four companies earning 25% each, the alliance plans to spend $6 million over two years. “The syndicate is a real advantage to budget,” Trimble points out. “Skyharbour’s obligation is just one-sixth of that. The same with Athabasca Nuclear and then Lucky Strike and Noka pay just one-third each, so it’s not onerous for any one company. It makes the project a lot more viable, especially in these tough markets. And we’re really starting to see the synergies pay off here with the different geologists and their contact base. Their networks are open too.”

Read more about the Western Athabasca Syndicate Project.

VTEM-Plus, radiometric collaboration flies Aldrin’s Triple M

The VTEM-Plus and radiometric surveys also cover PLS-area properties held by Aldrin Resource TSXV:ALN and Forum Uranium TSXV:FDC, a money-saving collaboration announced in May. On July 24 Aldrin also reported the program completed VTEM-Plus infill lines and began radiometrics using 100-metre line spacing over its Triple M property.

Scheduled for August is radon sampling as well as follow-up work on any anomalies found by the radiometrics. The company hopes to start drilling next January to test basement conductors reported in June.

NexGen expands PLS-adjacent Rook 1 drill campaign

NexGen Energy TSXV:NXE has doubled its drill plans for Rook 1, the company announced July 24. With two rigs scheduled to start in mid-August, the campaign now calls for approximately 20 holes totalling 3,000 metres, twice the amount announced in May. Land-based, shallow drilling will test targets identified by airborne VTEM and ground gravity and DC resistivity surveys in the property’s southwestern section, immediately northeast of PLS. NexGen interprets a conductor to extend from the Fission/Alpha discovery into southwestern Rook 1.

In June NexGen began a 4,000-metre campaign on its Radio project, part of a 70% earn-in on the property adjacent to Rio Tinto’s Roughrider deposit.

Fission, Azincourt announce summer program for Patterson Lake North

Immediately north of Patterson Lake South lies, of course, Patterson Lake North. On July 22 joint venture partners Fission and Azincourt Uranium TSXV:AAZ announced a $530,000 summer program to start in early August.

Following up on “conductive areas of interest” found by a previous survey, an airborne VTEM max will fly 303 line-kilometres at 400-metre line spacing over the approximately 25,000-hectare property’s northern half. That will be followed by a single-line 6.3-line-kilometre ground magnetotellurics survey. The property’s southern portion will get a ground TDEM survey. The partners hope results will help identify targets for a drill campaign anticipated for next winter.

The companies say PLN sits within a large gravity low structural corridor that incorporates PLS, the former Cluff Lake mine and the Shea Creek deposits of UEX Corp TSX:UEX and AREVA Resources Canada. Additionally PLN shows EM anomalies that might be interpreted as an extension of the Saskatoon Lake EM conductor associated with Shea Creek.

Azincourt may earn 50% of PLN by paying $4.75 million in cash or shares and spending $12 million by April 2017. Fission gets a 2% NSR and acts as project operator. Fission has already spent about $4.7 million exploring PLN. Earlier this month the company applied for a patent on its “System and Method for Aerial Surveying or Mapping of Radioactive Deposits.”

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Athabasca Basin and beyond

June 8th, 2013

Uranium news from Saskatchewan and elsewhere for June 1 to 7, 2013

by Greg Klein

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Final assays wrap up rewarding winter at Patterson Lake South

In a sense, the project’s been making history all along. But Patterson Lake South’s winter drill program is now history in another sense, with assays reported for 17 final holes. Alpha Minerals TSXV:AMW and Fission Uranium TSXV:FCU released the results June 5, with the latter company’s president/CEO Ross McElroy calling the campaign “one of the most impressive uranium exploration programs I’ve ever seen or been a part of,” citing “huge intersections and high grades.” He forgot to mention near-surface depths.

Fifteen holes represent closely spaced infill drilling in the project’s three zones. Here are some highlights.

R00E zone

  • 4.63% uranium oxide (U3O8) over 6 metres, starting at 61.5 metres in downhole depth
  • (including 6.86% over 4 metres)
  • 0.12% over 2.5 metres, starting at 51 metres
  • 0.36% over 1.5 metres, starting at 52 metres.

R390E zone

  • 1.15% over 63.5 metres, starting at 82 metres
  • (including 9.51% over 2 metres)
  • 1.39% over 23.5 metres, starting at 110 metres
  • (including 4.34% over 6 metres)
  • 0.26% over 21 metres, starting at 77 metres
  • (including 0.75% over 5 metres)
  • 0.43% over 10.5 metres, starting at 125.5 metres
  • (including 1.37% over 2 metres).

R780E zone

  • 1.22% over 7 metres, starting at 144 metres
  • (including 3% over 2.5 metres)
  • 0.57% over 10 metres, starting at 166 metres
  • (including 1.87% over 2.5 metres)
  • 0.2% over 15.5 metres, starting at 159.5 metres
  • 0.4% over 4.5 metres, starting at 109.5 metres.
Uranium news from Saskatchewan and elsewhere for June 1 to 7

True widths weren’t provided. Two additional holes tested regional targets but failed to find significant mineralization. The 50/50 joint venture partners claim an 82% drill strike rate that discovered two new zones as well as expanding the R00E zone.

Drilling’s scheduled to resume in early July, fuelled by a $6.95-million budget. Fission remains project operator until April 2014, when Alpha resumes the role.

Fission stakes new ground, says “still many underexplored areas” in Basin

Having helped bring fame to the area in and around the Athabasca Basin’s southwestern rim, Fission’s also looking at the Basin’s northwest and northeast. That’s where the company staked three properties announced in a June 3 news release.

On the Basin’s north-central edge, the 15,373-hectare Beaver River property “includes most of the known electro-magnetic conductors in the area,” the company stated. Surface samples have shown grades of 3.66%, 3.37% and 2.93% U3O8.

Fifteen kilometres west of Uranium City, in an area steeped in mining history, the 1,188-hectare Thompson Lake has provided grab samples of 2.23% and 0.11% U3O8.

At 2,941 hectares, Manitou Falls has six radiometric anomalies and multiple conductors identified in historic data.

Fission has Beaver River slated for summer fieldwork to determine winter drill targets.

Forum, NexGen hit 39.5 metres of 0.152% at NW Athabasca

Another JV with drill results, Forum Uranium TSXV:FDC and NexGen Energy TSXV:NXE released more assays from their Northwest Athabasca project on June 5. The holes tested the Otis West zone, immediately south of historic Maurice Bay, which has a non-43-101 deposit of 680 tonnes averaging 0.6% U3O8.

Assay highlights show:

  • 0.152% U3O8 over 39.5 metres, starting at 131 metres in downhole depth
  • (including 0.211% over 24.5 metres)
  • 0.166% over 3.5 metres, starting at 125.5 metres
  • 0.243% over 0.5 metres, starting at 96.8 metres
  • 0.185% over 0.5 metres, starting at 101.5 metres.

True widths weren’t available. Mineralization remains open at depth and to the east, with future drilling planned to follow the Otis fault, parallel to the Maurice Bay fault, eastward. The companies added, “This is the fourth target drilled on the property that has intersected basement-hosted uranium mineralization typical of uranium deposits in the western Athabasca Basin such as Patterson Lake South, Cluff Lake and Shea Creek.”

The partners are earning 30% each of the project from Cameco Corp’s TSX:CCO 87.5%. AREVA Resources Canada holds the remaining 12.5%. Forum acts as project operator.

Forum issues options

The same day Forum also reported that it granted insiders options on a total of 800,000 shares at $0.40 for five years.

Skyharbour appoints Jordan Trimble president/CEO/director, looks for fourth JV partner

A June 5 dispatch from Skyharbour Resources TSXV:SYH announced Jordan Trimble’s appointment as president, CEO and board member. James Pettit is now board chairman. Donald Huston has resigned as president/CEO but remains a director.

Trimble holds a bachelor of science with a minor in commerce, is a 2013 Level II CFA candidate and has completed the Canadian Securities Course and Technical Analysis Course offered through the Canadian Securities Institute, as well as several courses in geology, exploration and mining. In his work with numerous TSXV-listed companies he has specialized in corporate finance and strategy, shareholder communications, marketing, structuring deals and raising capital.

Trimble was heavily involved in Skyharbour’s decision to move into the Basin after considering other properties around the world. “The strategy was quite simple,” he says. “It was to go in there as early and as cheaply as we could, accumulate a large land position and employ this joint venture model to fund exploration and also create synergies with the partner companies. With our geological team I staked the first 100,000-acre land package and thereafter we acquired the other 300,000 acres that culminated in the total package.”

Having brought on Lucky Strike Resources TSXV:LKY and Noka Resources TSXV:NX to earn 25% each of the properties, Skyharbour is now looking for a fourth company. “With risk spread across four companies, four very capable technical teams, some really bright geologists, a methodology similar to what worked for Fission and Alpha, and this large land package, we can improve the chances of finding the next big discovery,” Trimble says. “We’re still working towards a final syndicate and JV structure and should have everything done within the next month or two.”

Skyharbour is currently taking part in a group airborne geophysical survey of PLS-area properties with Forum, Aldrin Resource TSXV:ALN and Athabasca Nuclear TSXV:ASC.

Lakeland picks up four properties, drops eight others

Reinforcing its reputation as a “pure play uranium exploration company” focused on the Basin, Lakeland Resources TSXV:LK announced four more acquisitions on June 5.

Among the company’s first priorities are two optioned properties untested by modern exploration techniques. The 211-hectare South Pine project sits adjacent to Lakeland’s Riou Lake property in the northern Basin. Pre-1982 work found a 2.5-kilometre basement conductor and non-43-101 drill results up to 0.15% U3O8 over 0.13 metres immediately above the unconformity. In the northeastern Basin, the 1,681-hectare Perch Lake property hosts a four-kilometre basement conductive trend and an unexplained uranium radiometric anomaly, the company stated.

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