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Resource Clips


Posts tagged ‘Uranium Standard Resources Ltd (USR)’

Athabasca Basin and beyond

March 21st, 2015

Uranium news from Saskatchewan and elsewhere to March 20, 2015

by Greg Klein

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Step-outs renew Fission’s interest west of PLS resource

The zone’s five previous holes found disappointingly low grades but Fission Uranium’s (TSX:FCU) most recent drilling brings new attention to R600W, 555 metres west of the Triple R deposit that surprised even some of the more optimistic Patterson Lake South-watchers. The most westerly of four PLS zones got five more holes this season, four showing mineralization in basement rock and three suggesting high grades over significant widths, the company announced March 18.

These results, no substitute for the still-pending assays, come from a scintillometer that measures drill core radiation in counts per second.

Hole PLS15-364, 570 metres west of Triple R, hit a composite total of 45.5 metres of mineralization over a 61-metre section starting at 107 metres in downhole depth. A composite 6.44 metres surpassed 10,000 cps, a level sometimes termed “offscale” due to the limitations of earlier scintillometers.

PLS15-352 revealed a continuous 56.5-metre intercept starting at 102.5 metres that included continuous “offscale” readings for 11.77 metres. PLS15-360 showed 25 continuous metres starting at 111 metres, while PLS15-364 gave up 40.5 continuous metres starting at 107 metres.

True widths weren’t available.

The angled holes have expanded the zone’s strike to 45 metres, a 50% increase that extends PLS’s potential strike from 2.24 to 2.25 kilometres. R600W’s lateral width extends up to about 30 metres. Results have “substantially increased our understanding of the geometry and tenure of the mineralization,” said Fission COO/chief geologist Ross McElroy.

While delineation continues at Triple R, R600W has more drilling to come.

Read more about the Triple R resource estimate.

See an historical timeline of the PLS discovery.

NexGen continues to find high grades at Rook 1’s Arrow zone

Its first two batches of winter assays once again have NexGen Energy’s (TSXV:NXE) Rook 1 project vying for attention with Fission’s Patterson Lake South. On March 17 NexGen announced the project’s widest high-grade interval yet, hitting 70 metres of 2.2% U3O8. Two days later the company confirmed an 88-metre strike extension from AR-14-30, an outstanding hole released last October. The results come from Rook 1’s Arrow zone, defined last month as three mineralized shears named A1, A2 and A3.

The star hole from the first batch, AR-15-34b, was a 30-metre step-out from October’s AR-14-30, centrepiece of the A2 shear. Although the new hole’s other intercepts fell far short in grade and thickness, these intervals brought redemption, the first from A2, the second from A1:

  • 2.2% U3O8 over 70 metres, starting at 522 metres in downhole depth
  • (including 8.95% over 11 metres)

  • 0.12% over 32 metres, starting at 697 metres

As for some other highlights:

AR-15-33

  • 0.26% over 12.5 metres, starting at 548.5 metres

AR-15-35

  • 0.33% over 18.5 metres, starting at 394.5 metres

  • 0.49% over 12 metres, starting at 553.5 metres

AR-14-36

  • 0.32% over 51 metres, starting at 167 metres

  • 0.1% over 61.5 metres, starting at 248 metres

True widths weren’t available. AR-14-36 was a vertical hole. The others were sunk at a dip of -70 or -75 degrees.

Assays for two angled holes released two days later inspired additional confidence in A2. Highlights show:

AR-15-37

  • 2.46% over 16.5 metres, starting at 580.5 metres
  • (including 12.85% over 3 metres)

  • 0.34% over 13.5 metres, starting at 602 metres

  • 2.88% over 40 metres, starting at 621.5 metres
  • (including 4.92% over 22 metres)

AR-15-38

  • 0.75% over 6 metres, starting at 664 metres

  • 0.9% over 32 metres, starting at 583.5 metres

Again, true widths weren’t provided. The latter hole confirms an 88-metre strike expansion southwest of AR-14-30, NexGen stated.

The Arrow zone covers about 515 metres by 215 metres with mineralization starting at about 100 metres in depth and now extending to 820 metres. The zone remains open in all directions and at depth.

NexGen has further drilling planned for the A2 shear as well as the newly discovered high-grade area within A3. At last count the season’s program had completed 38 holes, according to the March 19 press release, or 39, according to a February 24 statement. Roughly a third of the 18,000-metre winter agenda has been drilled.

Phase I drilling finds anomalous radioactivity at Lakeland Resources’ Star/Gibbon’s Creek

Uranium news from Saskatchewan and elsewhere to March 20, 2015

The first round of drilling went radioactive at
Lakeland Resources’ Star/Gibbon’s Creek project.

Lakeland Resources TSXV:LK wrapped up a successful 14-hole, 2,550-metre winter program by reporting anomalous radioactivity at its Star/Gibbon’s Creek project on the Athabasca Basin’s northern rim. While assays are pending, initial results also reveal “alteration suggestive of a proximal basement-hosted or unconformity-hosted uranium occurrence,” said company president Jonathan Armes on March 12.

Six holes along a corridor about 1.5 to two kilometres long struck the unconformity at depths of less than 125 metres, finding either anomalous radioactivity, alteration or both. The results confirm the trend as a high-priority target.

Three other holes along a one-kilometre corridor near the head of the Gibbon’s Creek boulder field found the unconformity at depths of less than 110 metres, again intersecting either anomalous radioactivity, alteration or both and confirming another high-priority target.

The readings come from a downhole scintillometer and are no substitute for assays, which will follow. Lakeland attributes background radioactivity to readings of 10 to 100 cps. Results show these anomalous levels of at least 800 cps over 0.3 metres:

Hole GC15-01

  • An average 1,104 cps over 0.4 metres starting at 81.2 metres in downhole depth. The maximum level hit 1,379 cps.

GC15-02

  • An average 1,204 cps over 0.3 metres starting at 99 metres, with a maximum of 1,589 cps

  • An average 1,072 cps over 0.7 metres starting at 99.6 metres, with a maximum of 1,312 cps

GC15-03

  • An average 2,828 cps over 1 metre starting at 107.1 metres, with a maximum of 7,926 cps

GC15-11

  • An average 1,415 cps over 0.6 metres starting at 102.9 metres, with a maximum of 1,740 cps

True widths weren’t available. Along with the other anomalous results, hole GC15-03 is considered highly anomalous.

To further solidify targets, the project also underwent a 270-station ground gravity survey.

“During the coming weeks we will be in receipt of geochemical results for uranium and pathfinder elements such as boron, nickel, cobalt and arsenic,” Armes stated. “As with other historic uranium discoveries within the Athabasca Basin, each successful drill program helps guide the next towards the discovery of a new uranium occurrence.”

The road-accessible project sits a few kilometres from the town of Stony Rapids, with nearby infrastructure.

Lakeland also holds drill-ready projects at Newnham Lake, east of Star/Gibbon’s, and Lazy Edward Bay on the Basin’s southern rim. Late last month the company expanded its holdings to 32 properties totalling over 300,000 hectares, one of the largest portfolios in the Basin region.

As of March 12 Lakeland’s treasury held close to $3 million.

Read more about the Star/Gibbon’s Creek project.

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Athabasca Basin and beyond

December 5th, 2014

Uranium news from Saskatchewan and elsewhere to December 5, 2014

by Greg Klein

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Fission strikes 3.72% U3O8 over 64.5 metres, delays maiden resource

All assays are in but Fission Uranium’s (TSX:FCU) highly anticipated resource for Patterson Lake South seems to have been put off. The milestone was originally scheduled for this month but in a December 1 statement president/COO Ross McElroy said, “We expect to be able to release preliminary results by early 2015.” Meanwhile the company announced last summer’s final 18 delineation holes, again flaunting the PLS trademark of high grades at shallow depths.

This batch comes entirely from R780E, by far the biggest of four zones along a 2.24-kilometre potential strike. R780E itself now extends about 164 metres at its widest point and 905 metres in strike, remaining open in all directions. The upcoming resource will focus on zones R780E and R00E.

Some of the best December 1 assays follow.

Hole PLS14-275

  • 0.2% U3O8 over 26 metres, starting at 137.5 metres in downhole depth
  • (including 1.26% over 2 metres)
Uranium news from Saskatchewan and elsewhere to December 5, 2014

A summer of round-the-clock drilling brought the
final assays prior to Patterson Lake South’s first resource.

  • 0.31% over 9 metres, starting at 171 metres
  • (including 1.96% over 1 metre)

PLS14-276

  • 13.84% over 10 metres, starting at 71.5 metres
  • (including 29.29% over 4.5 metres)

PLS14-278

  • 0.48% over 13 metres, starting at 117.5 metres
  • (including 1.17% over 4.5 metres)

PLS14-279

  • 0.83% over 30 metres, starting at 131 metres
  • (including 2.09% over 10.5 metres)

  • 1.24% over 6.5 metres, starting at 163.5 metres
  • (including 2.5% over 2.5 metres)

PLS14-282

  • 0.4% over 14.5 metres, starting at 251.5 metres
  • (including 1.02% over 4 metres)

PLS14-283

  • 0.54% over 9 metres, starting at 177 metres
  • (including 3.84% over 1 metre)

  • 2.61% over 9 metres, starting at 257.5 metres
  • (including 8.61% over 2.5 metres)

PLS14-285

  • 0.96% over 7.5 metres, starting at 287.5 metres
  • (including 2.56% over 2 metres)

  • 0.36% over 15 metres, starting at 299 metres

PLS14-286

  • 7.91% over 21.9 metres, starting at 61.1 metres
  • (including 17.3% over 9.5 metres)

  • 0.42% over 30.5 metres, starting at 86.5 metres

  • 1.49% over 4.5 metres, starting at 96 metres

PLS14-290

  • 3.72% over 64.5 metres, starting at 133.5 metres
  • (including 32.53% over 6.5 metres)

PLS14-293

  • 2.34% over 11 metres, starting at 198.5 metres
  • (including 11.74% over 2 metres)

PLS14-294

  • 0.8% over 10.5 metres, starting at 61 metres
  • (including 1.77% over 4 metres)

  • 0.27% over 21 metres, starting at 111 metres

PLS14-296

  • 0.7% over 33 metres, starting at 174 metres
  • (including 2.21% over 3 metres)
  • (and including 2.2% over 4 metres)

PLS14-297

  • 0.52% over 22.5 metres, starting at 184 metres
  • (including 1.39% over 3 metres)

  • 2.21% over 5.5 metres, starting at 210 metres
  • (including 6.76% over 1.5 metres)

PLS14-298

  • 1.51% over 13.5 metres, starting at 246.5 metres
  • (including 2.38% over 5 metres)

True widths weren’t available.

Fission noted that scissor drilling brought “vastly improved strength of mineralization on section 735E.” Oriented opposite to the south-to-north holes, they “provide geometry control and confirmation on the mineralization.” One scissor hole hit the star assay for this batch, 3.72% U3O8 over 64.5 metres, in an area that had previously seen only moderate results, the company stated.

With assays for 22 exploration holes still pending and a winter program in the planning stages, speculation remains on whether the company will spend more time testing the property’s lesser-known areas.

Denison drills 22.2% U3O8 over 2.5 metres at Wheeler River

The final batch of assays from Gryphon’s summer season at Denison Mines’ (TSX:DML) Wheeler River property revealed the zone’s highest grade so far, 22.2% U3O8 over 2.5 metres. Announced December 2, that hole was also the deepest, making down-plunge extensions a priority for the next round of drilling, scheduled to start next month.

As usual, the chemical assays generally show better grades than the previously reported U3O8-equivalents that came from a downhole gamma probe.

Some highlights include:

Hole WR-571

  • 8.8% U3O8 over 2.5 metres, starting at 757.5 metres in downhole depth

  • 1.9% over 1 metre, starting at 761.5 metres

WR-572

  • 2.5% over 1 metre, starting at 651.1 metres

  • 9.5% over 1 metre, starting at 675.5 metres

  • 1.8% over 1 metre, starting at 714.5 metres

  • 2.1% over 1 metre, starting at 717.5 metres

WR-573D1

  • 22.2% over 2.5 metres, starting at 768 metres

  • 1.5% over 1 metre, starting at 779 metres

WR-574

  • 5% over 2 metres, starting at 665 metres

  • 1.5% over 1 metre, starting at 675.5 metres

  • 14.6% over 2 metres, starting at 696.5 metres

WR-581

  • 2.7% over 2 metres, starting at 626.5 metres

The company estimates true widths at about 75%.

Wheeler River’s summer program comprised 20 holes totalling 14,937 metres, all of it at or near the newly discovered Gryphon zone.

Meanwhile, as a result of metallurgical testwork from the project’s Phoenix deposit, “a high-purity yellowcake product was produced that met all ASTM C967-13 specifications,” Denison stated. The sample grade was 19.7% U3O8, close to the average for Phoenix, which hosts 70.2 million pounds indicated.

The company closed a $14.99-million private placement in August.

With a 60% interest in Wheeler River, Denison acts as project operator. Cameco Corp TSX:CCO holds 30% of the 11,720-hectare southeastern Athabasca Basin property, leaving JCU (Canada) Exploration with the other 10%.

Lakeland Resources boosts portfolio, offers $1.88-million private placement

All acquired by staking, four new properties and five property expansions announced by Lakeland Resources TSXV:LK on November 19 increase the company’s portfolio by 40,218 hectares in and around the Basin.

The five expansions cover targets identified by historic data. Among the highlights is the 4,753-hectare addition to Lazy Edward Bay, which underwent extensive field work last summer. Now totalling 31,128 hectares, the project features eight exploration trends, many of them drill-ready. Other additions came to Lakeland’s Riou Lake, Hawkrock Rapids, Small Lake and Fedun Lake properties.

Of the new land, the 1,508-hectare Carter Lake property covers part of the Carter Lake Structural Corridor, parallel to the Patterson Structural Corridor hosting the discoveries of Fission and NexGen Energy TSXV:NXE.

If you look back to 2006 and 2007, there were probably 60 to 70 juniors active in the Basin. Right now you’ve got about 20. So if we do see this [price] resurgence continue, we’ll have that opportunity to link up with JV and strategic partners and get as many drills turning as we possibly can.—Jonathan Armes, president/CEO of Lakeland Resources

Cable Bay, a 1,077-hectare property on the Basin’s southern rim, benefits from extensive geophysics showing a trend of graphitic meta-sedimentary rocks in the basement, below 10 metres or less of Athabasca sandstone.

The 6,479-hectare Highrock property on the Basin’s southeastern margin features a moderately strong conductor that has yet to see follow-up work.

Extending beyond the Basin’s eastern rim, the 8,889-hectare Wright River project underwent an airborne survey showing a radiometric anomaly in the property’s centre. Regional lake sediment samples have graded up to 61 ppm.

Early new year plans include a 1,500-metre program on Star/Gibbon’s Creek, two adjacent properties forming one project on the Basin’s north-central rim. Also drill-ready are Lazy Edward Bay and, east of Star/Gibbon’s, Newnham Lake. More funding is expected from a $1.88-million private placement announced December 4.

“There’s not that much ground left to be had in the Basin,” Lakeland president/CEO Jonathan Armes tells ResourceClips.com. “Most of what we see as quality ground is not available. If you look back to 2006 and 2007, there were probably 60 to 70 juniors active in the Basin. Right now you’ve got about 20. So if we do see this [price] resurgence continue, we’ll have that opportunity to link up with JV and strategic partners and get as many drills turning as we possibly can.”

Read more about Lakeland Resources.

NexGen plans 18,000 metres for Rook 1, updates other properties

Funded by an $11.5-million private placement that closed last month, NexGen plans a three-rig, 18,000-metre program to start in January. Work will focus on Rook 1’s Arrow zone and along strike to the northeast and southwest, but will also test some of the project’s regional targets, the company stated on December 3. An infill ground gravity survey will precede the drilling.

Now complete are airborne VTEM and magnetometer surveys over Rook 1 as well as additional nearby land that has had little or no previous mention from NexGen, the “SW2 property portfolio which includes Bishop 1 and 2, Meanwell and R-7 claims.” Winter plans include a radon-in-water survey.

NexGen also updated what it calls its “SW3 project portfolio (Rook 2, Sandhill and Dufferin).” Rook 2 and Sandhill underwent airborne gravity surveys. Dufferin got airborne VTEM and magnetometer surveys, as did the eastern Basin Madison and 2Z Lake properties.

Rook 1 covers all the southwestern Basin’s major uranium-bearing conductor corridors, according to the company. Still pending are assays from 16 summer holes on Arrow. In October the company claimed one of the Basin’s best-ever drill results.

UEC reports 77% increase in Burke Hollow’s inferred resources

Seven trends at Uranium Energy Corp’s (NYSE MKT:UEC) Burke Hollow project in Texas now have total inferred resources of 2.9 million tons averaging 0.09% for 5.12 million pounds U3O8. About 14,152 metres of drilling in 526 holes were used to calculate the 77% increase. UEC has three additional areas of the property under consideration for drilling.

Burke Hollow, potentially an in-situ recovery operation, has an application for a radioactive material licence and mine permit currently under review.

The 7,824-hectare project lies about 80 kilometres from the company’s Hobson processing plant, the centrepiece of UEC’s “hub and spoke” properties. The portfolio includes the Palangana ISR mine, the Goliad ISR development project and nearly two dozen exploration projects, two in Paraguay and the rest in the western U.S. The company released a preliminary economic assessment for its Anderson uranium project in Arizona last September, as well as a PEA for its Slick Rock uranium-vanadium deposit in Colorado last April.

On December 2 UEC stated it secured US$5.6 million of surety bonds to replace the same amount in reclamation deposits for future decommissioning. The bonds “require cash collateral of $1.7 million, allowing for the release of $3.9 million of previously restricted cash to the company.”

Last March the company received a two-year extension on a $20-million loan.

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Athabasca Basin and beyond

November 15th, 2014

Uranium news from Saskatchewan and elsewhere to November 14, 2014

by Greg Klein

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Kivalliq’s Nunavut property reveals new drill priority

Heralding its “most advanced, drill-ready target outside of the Lac 50 trend,” Kivalliq Energy TSXV:KIV announced the Angilak project’s Dipole target on November 12. The new area came to light after a 1,335-line-kilometre VTEM survey and 1,514 soil samples south of the 111,476-hectare property’s Lac 50 deposit in Nunavut.

Preliminary analysis confirms geophysical targets at Dipole and the RIB area, Kivalliq stated. The company expects final VTEM data shortly to further define targets south of Lac 50.

Uranium news from Saskatchewan and elsewhere to November 14, 2014

Located 225 kilometres south of the hamlet of Baker Lake,
Angilak has an exploration season lasting from April to September.

Enzyme leach soil samples showed 379 anomalous uranium results, about a quarter of the total, ranging from 6 ppb up to 285 ppb uranium, placing the results in the 75th percentile. Out of that group, 77 samples made the 95th percentile. The sampling has “significantly upgraded” drill targets in the Hot and KU areas, as well as Dipole.

Kivalliq describes the latter area, 27 kilometres southwest of Lac 50, as “a distinct, two-kilometre-long geophysical anomaly having a coincident boulder assay of 2.24% U3O8, now confirmed by an anomalous uranium-in-soil trend over 3.4 kilometres of strike length” with anomalous copper, molybdenum and silver.

This year’s work also confirmed a conductor in the RIB area, which has “geological similarities with both Dipole and Lac 50,” the company added. Soil samples showed a 3.6-kilometre-long geochemical trend with uranium values ranging from 6 ppb to 61.9 ppb.

Historic 1970s drilling at RIB found shallow mineralization up to 0.19% U3O8 over 9.3 metres (including 0.52% over 2.6 metres) and 1.61% over 0.7 metres.

Lac 50’s January 2013 inferred resource used a 0.2% cutoff to show 2.83 million tonnes averaging 0.69% for 43.3 million pounds U3O8. The inferred category also shows 1.88 million ounces silver, 10.4 million pounds molybdenum and 15.6 million pounds copper.

In late October Kivalliq announced a 1,914-hectare addition to its Genesis project in Saskatchewan and Manitoba, where Roughrider Exploration TSXV:REL funds exploration through an 85% earn-in.

A big piece of Strateco brings Toro Energy to Canada

An ASX-listed uranium company would gain a substantial portion of Strateco Resources TSX:RSC under an agreement announced November 3. Toro Energy would issue shares to obtain a chunk of the Sentient Group’s holdings in Strateco and SeqUr Exploration, a Strateco subsidiary. As a result, Toro would hold 19.8% of Strateco shares, $14.1 million of secured convertible notes receivable in Strateco, a $3-million senior secured first ranking loan receivable in Strateco and five million SeqUr shares, representing 25% of the subsidiary.

Sentient’s interest in Strateco would drop from 27.13% to about 8%. Sentient would also hold 800 convertible notes representing $800,000 secured by Strateco assets.

Toro’s Wiluna project is “set to become Western Australia’s first-ever uranium mine,” according to Strateco. “Toro has shown clear interest in the Matoush project, as well as in SeqUr’s uranium projects in Saskatchewan. Toro’s experience … permitting the Wiluna project, in an area formerly under moratorium, will certainly be an asset for Strateco.” The latter company’s Matoush project in Quebec has been stalled by a moratorium while a provincial inquiry into uranium takes place.

The transaction is part of a wider deal that includes Sentient’s AU$10-million placement into Toro, with another AU$10 million to fund the Wiluna flagship. Sentient now holds 18.9% of Toro, in which Oz Minerals holds 21.9% and Mega Uranium TSX:MGA 21.5%.

Toro anticipates closing the deals by mid-December.

Hook Lake JV proposes $2.9-million 2015 budget, Purepoint announces

Hook Lake partners will be on the hook for $2.9 million worth of exploration next year, if the joint venture committee’s proposals go through. Purepoint Uranium TSXV:PTU announced November 11 that a final decision on the budget, which would cover 4,200 metres of drilling, would follow geophysical results and a detailed drill plan. An airborne magnetic and VTEM-plus survey finished last month north of the project’s Spitfire zone. Beginning soon will be a ground EM survey to pinpoint drill targets on the 28,683-hectare property five kilometres northeast of Fission Uranium’s (TSX:FCU) Patterson Lake South discovery.

Purepoint announced the Spitfire zone last March and released additional drill results in May.

The Hook Lake JV consists of Cameco Corp TSX:CCO (39.5%), AREVA Resources Canada (39.5%) and Purepoint (21%). The latter company’s share of the budget would come to about $310,000.

Western Athabasca Syndicate, Aben, Alpha update Preston, Mann Lake and Carpenter Lake

A recent analysis of airborne geophysics confirms existing drill targets at the 246,643-hectare Preston property, the Western Athabasca Syndicate reported November 13. The four-company group has further geophysical and geochemical work planned for early 2015, along with land- and lake-based drilling.

Some $3.75 million worth of expenditures so far have identified 15 target areas on the southwestern Athabasca Basin PLS-proximal property. In July the companies released results from Preston’s initial drill campaign of nine holes totalling 1,902 metres.

Skyharbour Resources TSXV:SYH currently acts as project operator for partners Athabasca Nuclear TSXV:ASC, Noka Resources TSXV:NX and Lucky Strike Resources TSXV:LKY.

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Athabasca Basin and beyond

October 31st, 2014

Uranium news from Saskatchewan and elsewhere to October 31, 2014

by Greg Klein

Next Page 1 | 2

Fission hits 8.53% over 24 metres at Patterson Lake South

The 600th company to graduate from the Venture to the big board since 2000,
Fission Uranium opens the TSX on October 30. (Photo: TMX Group)

 

Fission hits 8.53% U3O8 over 24 metres at Patterson Lake South

A second batch of assays hit the streets October 27 from Fission Uranium’s (TSX:FCU) Patterson Lake South summer program, the final drill season before a maiden resource due in December. Thirteen holes from the R780E zone showed mineralization at shallow depths, some with very impressive results. Several holes broaden the zone’s lateral width at different locations up to about 93 metres north and 38 metres south, and also extend the depth. Still the focal point of PLS, R780E remains by far the largest of four zones along a 2.24-kilometre potential strike that’s open at both ends.

Some of the best results follow:

Hole PLS14-253

  • 1.33% U3O8 over 16.5 metres, starting at 117.5 metres in downhole depth
  • (including 3.57% over 5.5 metres)

  • 1.65% over 5 metres, starting at 155 metres
  • (including 5.37% over 1.5 metres)

PLS14-254

  • 0.62% over 13 metres, starting at 169 metres
  • (including 2.42% over 2.5 metres)

PLS14-256

  • 1.76% over 39.5 metres, starting at 61.5 metres
  • (including 3.16% over 8 metres)
  • (and including 6.22% over 3.5 metres)

  • 1.17% over 11.5 metres, starting at 104 metres
  • (including 3.99% over 2.5 metres)

PLS14-257

  • 5.02% over 5 metres, starting at 256.5 metres

PLS14-259

  • 4.21% over 38.5 metres, starting at 132 metres
  • (including 23.53% over 6 metres)

  • 2.77% over 13.5 metres, starting at 205 metres
  • (including 6.95% over 4 metres)

PLS14-261

  • 1.43% over 42.5 metres, starting at 58 metres
  • (including 5.91% over 9.5 metres)

  • 0.74% over 26 metres, starting at 104 metres
  • (including 2.42% over 6 metres)

PLS14-263

  • 1.85% over 8 metres, starting at 234 metres
  • (including 6.63% over 2 metres)

PLS14-264

  • 0.27% over 22.5 metres, starting at 191.5 metres

  • 0.37% over 19.5 metres, starting at 216.5 metres

PLS14-270

  • 0.56% over 16 metres, starting at 164.5 metres
  • (including 1.44% over 4.5 metres)

PLS14-271

  • 8.53% over 24 metres, starting at 78 metres
  • (including 24.87% over 7.5 metres)

  • 0.55% over 28.5 metres, starting at 105.5 metres
  • (including 2.02% over 3.5 metres)

True widths weren’t provided.

These results bring the total to 42 holes reported. Assays for another 18 delineation holes and 22 exploration holes are pending. The previous batch of summer assays, released earlier this month, included the project’s strongest intercept so far.

Lakeland Resources ready to drill Star/Gibbon’s project, confirms drill-ready targets at Lazy Edward Bay

A busy summer has moved two Lakeland Resources TSXV:LK projects to the drill-ready stage, one of which will see a rig working as soon as winter conditions allow. Announced October 28, a 1,500-metre program on the adjacent Gibbon’s Creek and Star properties follows positive results from surface sampling and a DC-resistivity survey, some of the Athabasca Basin’s highest RadonEx readings and confirmation of a radioactive boulder field grading up to 4.28% U3O8.

Uranium news from Saskatchewan and elsewhere to October 31, 2014

A structural lineament connects this radioactive boulder field with
two other mineralized systems on the Star/Gibbon’s Creek properties.

The two properties on the Basin’s north-central rim host a regional, multi-staged, structural lineament immediately west of the Star Uplift, a basement outcrop about 350 metres by 700 metres, that extends south to the Gibbon’s Creek boulder field about three kilometres away. In addition an east-west resistivity low, interpreted as an alteration corridor, has been found near an historic intercept of 1,500 parts per million uranium.

Surface sampling at the uplift found a gold trend that also revealed platinum group elements, rare earths and anomalous low-grade uranium. Follow-up drilling will test the trend and examine basement geology as it relates to the Gibbon’s Creek targets, Lakeland stated.

With depth to the unconformity ranging from 50 to 250 metres, the company anticipates an economical program of shallow drilling. Roads and power lines cross the property, which lies a few kilometres from the town of Stony Rapids.

The company wholly owns Gibbon’s Creek and holds a 100% option on Star.

Meanwhile exploration at Lazy Edward Bay has confirmed the project’s drill-ready targets, as well as its prominence in Lakeland’s portfolio. Field work on two areas of the 26,375-hectare property on the Basin’s southeastern edge revealed anomalous rock samples, soil samples and RadonEx readings, the company announced October 30.

The Liberty Trend consists of an approximately five-kilometre-long conductive zone intruded by diabase dykes. Near a radioactive spring reported earlier in October, two boulders graded 537 ppm and 896 ppm U3O8, also showing anomalous levels of the pathfinder elements arsenic, cobalt, chromium, nickel and lead.

Two nearby soil samples returned uranium values of 13.7 ppm and 14.8 ppm, along with 2,920 ppm arsenic, 119 ppm cobalt and 112 ppm nickel. An outcrop sample farther south showed low-grade uranium and was also enriched in copper, cobalt and zinc, the company added.

The significance of the Liberty Trend “appears to be a rare combination of favourable geochemistry, geophysics and surface rock samples anomalous in radioactivity coupled with a series of radioactive springs within a complex structural setting,” said Lakeland president/CEO Jonathan Armes. “This confluence of geologic features attests to the potential of this area to host a large mineralizing system.”

The project’s Bay Trend underwent 150 soil samples over a 789-sample radon-in-soil grid. The samples showed several anomalous geochemical results coinciding with previously identified basement conductors. This year’s work further refines the conductors.

Results from both the Liberty and Bay trends confirm high-priority drill-ready targets and Lazy Edward’s place among “the most promising early-stage exploration projects that Lakeland has assembled, which include the Gibbon’s Creek, Star and Newnham Lake properties,” Armes said.

Read more about Lakeland Resources.

Fission 3.0 stakes new ground, joins Brades on Clearwater West fall campaign

Seven new acquisitions, along with expansions to four other properties, bring the Fission 3.0 TSXV:FUU portfolio up to 17 projects totalling 232,088 hectares, all in the Basin area except one in Peru. The expansion came through staking, the company announced October 29.

Karpinka Lake, a 3,072-hectare property 40 klicks south of the Basin, features at least 14 historic uranium occurrences. The most significant “consists of a series of five discontinuous low-grade zones of stratabound uranium mineralization,” Fission 3.0 stated.

Midas, a 1,476-hectare property near Uranium City, has five known uranium occurrences including an historic intercept of 0.19% U3O8 over 9.6 metres.

On the Basin’s north-central rim, the 1,678-hectare Hearty Bay property sits up-ice from a boulder train that graded up to 3% uranium.

Eighty kilometres south of the Basin’s southeastern margin, the 5,745-hectare Hobo Lake property has had historic lake sediment samples showing anomalous uranium. South of the Basin but north of Hobo Lake, the 1,213-hectare Costigan Lake property benefits from a 2005 airborne radiometric survey that found anomalous radioactivity associated with conductors.

Just beyond the Basin’s southern edge, the 1,866-hectare River Lake “has potential to host outliers of sandstone cover, which is the favourable host rock for unconformity and perched styles of uranium mineralization.”

East of the Basin’s northeastern margin, the 2,412-hectare Flowerdew Lake underwent airborne geophysics in 2005, finding “moderate to strong formational electromagnetic conductors trending northeast.”

A 1,024-hectare addition to Beaver River covers an extension of the property’s EM conductors and includes two historic uranium showings. Cree Bay got another 5,252 hectares of contiguous turf along the prospective Black Lake shear zone. Grey Island grew by 1,271 hectares over a strong EM conductor. Thompson Lake added 577 hectares, also covering the extension of a conductor.

On October 15 Fission 3.0 and Brades Resource TSXV:BRA announced fall plans for their Clearwater West joint venture. The program calls for mapping, prospecting and a DC resistivity survey to follow up on radiometric anomalies identified last May. Brades holds a 50% option on the 11,835-hectare project, where Fission 3.0 acts as operator. Read a review of the companies’ announcement by Geology for Investors.

Winter drilling planned for Azincourt/Fission 3.0’s Patterson Lake North

Patterson Lake North’s agenda calls for a $1.5-million, 3,200-metre winter program, JV partner Azincourt Uranium TSXV:AAZ announced October 21. Work will follow up on last summer’s drilling, targeting the property’s A1-A4 conductor area and two untested areas, the N conductor trend and the Broach Lake conductor system.

The 27,408-hectare property lies adjacent to and north of Patterson Lake South. Fission 3.0 acts as operator. Azincourt, which currently holds a 10% stake, said its $1.5-million winter expenditure will complete the $3-million year-two requirement, raising its total to 20%. The option allows Azincourt up to a 50% interest.

The company also stated it distributed the Macusani Yellowcake TSXV:YEL stock resulting from that company’s acquisition of Azincourt’s Peruvian properties (read more here and here). Shareholders got “the equivalent of $0.09 per Azincourt share, based on the recent Macusani share price.”

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Athabasca Basin and beyond

October 4th, 2014

Uranium news from Saskatchewan and elsewhere for September 27 to October 3, 2014

by Greg Klein

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Fission continues PLS main zone’s perfect score, gets conditional approval for TSX listing

In a week that saw Fission Uranium TSXV:FCU win conditional approval to move up to the TSX big board, the company maintained this season’s 100% hit rate at Patterson Lake South’s R780E zone. All seven holes released September 29 returned wide mineralization. The main zone now boasts 61 successes out of 61 summer holes.

The results come from a hand-held device used to measure drill core for radiation. They’re no substitute for assays, which are pending.

Among the most recent batch’s highlights, hole PLS14-290 revealed intervals totalling a composite 97.5 metres of mineralization, the shallowest beginning at 113.5 metres in downhole depth. PLS14-298 showed a composite 84 metres, with the shallowest intercept starting at 146.5 metres. PLS14-296 came up with a 94.5-metre composite, with one interval starting at 96 metres. True widths weren’t available.

An innovation to the summer program has been angled drilling from barges over the lake. Now Fission’s emphasizing three “scissor” holes, each sunk north to south at an opposite azimuth to a south-to-north hole. The purpose is to “provide geometry control and confirmation on the mineralization.” PLS14-290, for example, “intersected well-developed mineralization … in an area that had previously only seen moderate results.”

By far the biggest of four zones along a 2.24-kilometre potential strike, R780E shows a continuous strike of 930 metres and, at one point, a lateral width of 164 metres. The project’s mineralization sits within a metasedimentary lithologic corridor bounded to the south by the PL-3B basement electromagnetic conductor.

Still to come are assays to replace the summer’s radiometric results, as well as assays for the final dozen of last winter’s 92 holes. December’s still the target for a maiden resource.

Fission greeted October 3 by announcing conditional approval for a TSX listing. The company anticipates big board trading on or about October 8, retaining its FCU ticker.

In an interview posted by Stockhouse October 3, Fission chairperson/CEO Dev Randhawa contrasted Saskatchewan’s stability with that of other uranium-rich jurisdictions like Uzbekistan, Kazakhstan, Namibia and Niger. Verifying his intention to sell the project, Randhawa told journalist Gaalen Engen, “We have about six or seven Asian and North American companies in the midst of due diligence who are interested in doing private placement and/or taking over the company.”

The previous week Fission closed a $14.4-million private placement and released regional PLS drill results.

Field work and drilling approach for Lakeland Resources’ Star/Gibbon’s Creek flagship

Uranium news from Saskatchewan and elsewhere for September 27 to October 3, 2014

Scintillometer in hand, a geologist prospects
for radiometric anomalies over the Star uplift.

Announced September 29, the termination of an option with Declan Resources TSXV:LAN gives Lakeland Resources TSXV:LK full control of its 12,771-hectare Gibbon’s Creek project, which features boulder samples up to 4.28% U3O8 and some of the Athabasca Basin’s highest-ever radon readings. Three days later Lakeland released rock and soil sample results from its adjacent Star property, showing gold, platinum and palladium, as well as some rare earths and low-grade uranium. Especially when considered for their proximity to a structural lineament that runs through both properties, the results show similarities to major Basin discoveries of high-grade uranium, the company states. With the two properties on the Basin’s north-central margin united as one project, Lakeland has additional field work planned for autumn. That leads up to a drill program slated to begin this winter, if not sooner.

Jody Dahrouge, president of Dahrouge Geological Consulting, told ResourceClips.com of geophysical data showing “a major regional structural lineament that’s about 30 or 40 kilometres in length, and it’s been reactivated many times over 100 million years or more. This is a key ingredient to every uranium deposit in the Athabasca Basin…. Having it reactivated time and time again allows multiple generations of fluid to flow along that structure and deposition of perhaps multiple ore bodies.”

He identified three mineralizing systems within five to 10 kilometres of the structure. The Star uplift, a basement outcrop about 700 metres by 350 metres, was the location of many of the samples showing gold and platinum group elements, along with some rare earths and low-grade uranium.

A massive alteration zone about a kilometre south had historic drill results up to 1,500 parts per million uranium. A few kilometres farther sits the boulder field that graded up to 4.28% U3O8. “Clearly something’s going on and clearly it’s related to the structure,” Dahrouge said.

With drill permits in place, road access from a nearby community, shallow depths, high ground that can be worked year-round and a healthy treasury, Lakeland now plans the next stage of an extensive exploration program for its flagship.

Read more about Lakeland’s Star/Gibbon’s Creek project.

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