Thursday 27th October 2016

Resource Clips

Posts tagged ‘utah’

Voltaic Minerals completes data analysis for Utah lithium project

October 14th, 2016

by Greg Klein | October 14, 2016

Voltaic Minerals completes data analysis for Utah lithium project

With the first phase of work wrapped up, Voltaic Minerals TSXV:VLT now readies for a brine sampling program on its Green Energy lithium project in Utah. The company analyzed publicly accessible historic oil well drilling and geophysical data to create a 3D model.

Data from eight wells indicates Clastic Bed #31 ranges from 5.5 metres to 11.3 metres thick, sitting at depths of 1,830 metres to 1,982 metres. The bed consists of 9.2 metres of shale, anhydrite and dolomite and is not considered part of any oil reservoir, the company stated. “The findings are concurrent with engineering reports from the 1960s which concluded that the brine reservoir is extensive” at over 16 square kilometres.

The 1,683-hectare property on the Colorado Plateau has rail and power 30 kilometres away.

Correction: Voltaic Minerals to vend Nevada property, builds 3D model of Utah lithium project

August 17th, 2016

by Greg Klein | August 17, 2016

Under a memorandum of understanding announced August 17, Voltaic Minerals TSXV:VLT would sell a lithium property acquired by staking. Subject to approvals, Macarthur Minerals TSXV:MMS would buy the 2,300-hectare Stonewall property in Nevada for two million shares and US$50,000.

Voltaic Minerals signs MOU for Nevada lithium property, builds 3D model of Utah project

In neighbouring Utah, Voltaic began Phase I work on its Green Energy lithium project in June. Using historic drill results and estimates, the company stated it would build a 3D model to “better understand the potential lithium-bearing horizon known as Clastic Unit #31 and to identify prospective wellhead locations for re-entry or drilling of new wells.”

Records dating back to the 1950s include results of approximately 100 oil well drill holes as well as seismic data. Only three historic holes were sampled for lithium.

The program’s preliminary budget estimate comes to less than $200,000. Voltaic closed a $765,000 private placement in May.

Exploring opportunity

June 17th, 2016

A capacity crowd attends the first annual Vancouver Commodity Forum

by Greg Klein
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A capacity crowd attends the first annual Vancouver Commodity Forum


“There’s excitement in the air,” said Cambridge House International founder Joe Martin. That’s the mood he senses as junior explorers emerge from the downturn. And certainly optimism was evident on June 14 as more than 450 people converged on the Vancouver Commodity Forum for an afternoon of expert talks amid a showcase of two dozen companies. Keynote speakers included Martin, Chris Berry of the Disruptive Discoveries Journal, Jon Hykawy of Stormcrow Capital, John Kaiser of Kaiser Research Online and Stephan Bogner of Rockstone Research.

A capacity crowd attends the first annual Vancouver Commodity Forum

Lithium, not surprisingly, stood out as a commodity of interest. While cautioning against over-enthusiasm for the exploration rush, Berry and Hykawy each affirmed the need for juniors to find new sources of the metal. Cobalt and scandium featured prominently too, as did other commodities including what Kaiser called “the weird metals”—lesser known stuff that’s vital to our lives but threatened with security of supply.

Kaiser also noted he was addressing a crowd larger than his last PDAC audience, another indication that “we’ve turned the corner.”

Attendees also met and mingled with company reps. Potential investors learned about a wide gamut of projects aspiring to meet a growing demand for necessities, conveniences and luxuries.

Presented by Zimtu Capital TSXV:ZC, the forum’s success will make it an annual event, said company president Dave Hodge. Berry emceed the conference, holding the unenviable task of “making sure Dave stays well-behaved.”

Read interviews with keynote speakers:

Meet the companies

Most companies were core holdings of Zimtu, a prospect generator that connects explorers with properties and also shares management, technical and financing expertise. Zimtu offers investors participation in a range of commodities and companies, including some at the pre-IPO stage.

After sampling high-grade lithium on its Hidden Lake project in the Northwest Territories earlier this month, 92 Resources TSXV:NTY plans to return in mid-July for a program of mapping, exposing spodumene-bearing pegmatite dykes, and channel sampling. The company closed the final tranche of a private placement totalling $318,836 in April. Hidden Lake’s located near Highway 4, about 40 kilometres from Yellowknife and within the Yellowknife Pegmatite Belt.

With one of the Athabasca Basin’s largest and most prospective exploration portfolios, ALX Uranium TSXV:AL has a number of projects competing for flagship status. Among them is Hook-Carter, which covers extensions of three known conductive trends, one of them hosting the sensational discoveries of Fission Uranium TSX:FCU and NexGen Energy TSXV:NXE. ALX’s strategic partnership with Holystone Energy allows that company to invest up to $750,000 in ALX and retain the right to maintain its ownership level for three years. ALX closed a private placement first tranche of $255,000 last month, amid this year’s busy news flow from a number of the company’s active projects.

A capacity crowd attends the first annual Vancouver Commodity Forum

Arctic Star Exploration TSXV:ADD boasts one of northern Canada’s largest 100%-held diamond exploration portfolios. Among the properties are the drill-ready Stein project in Nunavut and others in the Lac de Gras region that’s the world’s third-largest diamond producer by value. North Arrow Minerals TSXV:NAR holds an option to earn up to 55% of Arctic Star’s Redemption property.

Aurvista Gold TSXV:AVA considers its Douay property one of Quebec’s largest and last undeveloped gold projects. The Abitibi property has resources totalling 238,400 ounces of gold indicated and 2.75 million ounces inferred. Now, with $1.1 million raised last month, the company hopes to increase those numbers through a summer program including 4,000 metres of drilling. Douay’s 2014 PEA used a 5% discount rate to forecast a post-tax NPV of $16.6 million and a post-tax IRR of 40%.

Looking for lithium in Nevada, Belmont Resources TSXV:BEA now has a geophysics crew en route to its Kibby Basin property, which the company believes could potentially host lithium-bearing brines in a similar geological setting to the Clayton Valley, about 65 kilometres south. Results from the gravity survey will help identify targets for direct push drilling and sampling.

A mineral perhaps overlooked in the effort to supply green technologies, zeolite has several environmental applications. Canadian Zeolite TSXV:CNZ holds two projects in southern British Columbia, Sun Group and Bromley Creek, the latter an active quarrying operation.

With a high-grade, near-surface rare earths deposit hosted in minerals that have proven processing, Commerce Resources TSXV:CCE takes its Ashram project in Quebec towards pre-feasibility. The relatively straightforward mineralogy contributes to steady progress in metallurgical studies. Commerce also holds southeastern B.C.’s Blue River tantalum-niobium deposit, which reached PEA in 2011 and a resource update in 2013.

Permitted for construction following a 2014 PEA, Copper North Mining’s (TSXV:COL) Carmacks copper-gold-silver project now undergoes revised PEA studies. The agenda calls for improved economics by creating a new leach and development plan for the south-central Yukon property. In central B.C. the company holds the Thor exploration property, 20 kilometres south of the historic Kemess mine.

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Voltaic Minerals closes Green Energy lithium acquisition and $765,000 financing

May 20th, 2016

by Greg Klein | May 20, 2016

With money in place and 100% ownership confirmed, Voltaic Minerals TSXV:VLT prepares to explore for lithium on its Green Energy property in Utah. On May 20 the company announced it finalized the acquisition, one day after reporting its private placement raised a total of $765,000.

Voltaic Minerals closes Green Energy lithium acquisition and $765,000 financing

Past work on the 1,683-hectare property has included around 20 oil exploration wells, five of which show analytical data for lithium which occurs “in an over-saturated brine (40% minerals, 60% water) and was discovered during oil exploration when drill wells intercepted Bed #31 of the Paradox Formation,” according to Voltaic.

Bed #31 “is not part of any oil reservoir,” the company added. “Engineering reports from the 1960s conclude that the brine reservoir is extensive [over 25 square kilometres] and is recharged from fresh inflows as indicated by well pressure measurements, drawdown tests and oxygen-deuterium isotopes.”

Historic, non-43-101 data for Green Energy shows 15 million barrels of brine containing 96,000 tons of sodium, 158,000 tons of potassium (302,400 tons of potassium chloride), 5,750 tons of lithium (30,535 tons of lithium carbonate), 157,000 tons of calcium and 147,000 tons of magnesium (576,450 tons of magnesium chloride).

Voltaic has yet to verify the info, which the company doesn’t consider a resource. Voltaic plans to review well logs, conduct chemical analysis and reprocess seismic data to evaluate reservoir potential.

Lithium continues to stand out as an exceptionally high-performing commodity, with Industrial Minerals reporting a Q1 price increase of 30%. Growing battery demand for electric vehicles, as well as consumer electronics and energy storage, presents an optimistic scenario for the potential of energy minerals.

Read more about lithium and other energy minerals.

Umbral Energy gets Tule Valley lithium prospect from Zimtu Capital

April 26th, 2016

by Greg Klein | April 26, 2016

Umbral Energy CSE:UMB looks to Utah for lithium following an acquisition agreement with Zimtu Capital TSXV:ZC for the Tule Valley project. Tule Valley bears similarities to Nevada’s lithium-rich Clayton Valley “as they are both closed basin and have similar horst and graben structures,” according to Umbral’s April 26 announcement. “The Tule Valley project requires further exploration, including geophysics and drilling, to evaluate potential for a mass brine deposit.”

Umbral Energy gets Tule Valley lithium prospect from Zimtu Capital

The Tule Valley project lies about 190
kilometres southwest of Salt Lake City.

The deal calls for Umbral to pay Zimtu $10,000 and 1.5 million shares on signing, another $20,000 within two months, $30,000 within three months, and $100,000 and 1.5 million shares within a year. A 2% NSR applies, half of which Umbral may buy for $1 million.

“Lithium has gone from a steady, but relatively obscure commodity to being in extremely high demand this year,” said Umbral president Jag Bal. “For an example of this rising demand, one only needs to point to Tesla’s new battery Gigafactory, which will need 15,000 tons of lithium carbonate a year just to get started.”

At Tesla’s Model 3 premiere earlier this month, CEO Elon Musk pronounced the Gigafactory “already operational.” Benchmark Mineral Intelligence analyst Simon Moores estimates at least 12 lithium-ion battery plants are being planned, constructed or expanded to gigawatt-hour capacity by 2020.

Umbral has a three-stage program for the 1,940-hectare property under consideration, which could include soil and surface sampling along with groundwater analysis, a high-resolution gravity survey and data compilation to select drill targets.

Zimtu works with its prospecting partners to connect companies with projects and provide advisory services.

Read about supply-and-demand forecasts for lithium and other energy minerals.

New lithium explorer Voltaic Minerals begins trading

April 14th, 2016

by Greg Klein | April 14, 2016

Voltaic Minerals TSXV:VLT made its trading debut April 14 with a new emphasis on lithium. The move follows a restructuring of Prima Diamond and a 5:1 share rollback. The company will initially focus on the Green Energy lithium project in Utah.

New lithium explorer Voltaic Minerals begins trading

The 1,683-hectare property comes with an historic, non-43-101 estimate of 15 million barrels of brine containing 96,000 tons of sodium, 158,000 tons of potassium (302,400 tons of potassium chloride), 5,750 tons of lithium (30,535 tons of lithium carbonate), 157,000 tons of calcium and 147,000 tons of magnesium (576,450 tons of magnesium chloride).

With the Tesla Motors/Panasonic Gigafactory already beginning production in Nevada, electric vehicles are overtaking consumer electronics as lithium’s primary market. Forecasts suggest even greater demand from energy storage.

In February Benchmark Mineral Intelligence analyst Simon Moores reported that “the price of lithium carbonate so far in 2016 is 47% higher than last year’s average and the industry is experiencing some of the widest price ranges ever seen.”

Read more about the Green Energy lithium project.

Read more about lithium and other energy minerals.

Prima Diamond looks to Utah for lithium

February 18th, 2016

by Greg Klein | February 18, 2016

One’s a luxury, the other’s a practicality that many consider necessary. Prima Diamond TSXV:PMD apparently wants both, by adding an energy minerals project to its gemstones prospects. To that end the company announced on February 18 an agreement to acquire the Green Energy lithium property in Utah.

Prima Diamond looks to Utah for lithium

Forecasts for consumer electronics, electric vehicles
and energy storage present a bullish case for lithium.

The project comes with an historic, non-43-101 resource of 15 million barrels of brine containing 96,000 tons of sodium, 158,000 tons of potassium (302,400 tons of potassium chloride), 5,750 tons of lithium (30,535 tons of lithium carbonate), 157,000 tons of calcium and 147,000 tons of magnesium (576,450 tons of magnesium chloride).

Prima has yet to verify the data, which the company isn’t treating as a current resource.

Approximately 20 oil exploration wells have been drilled on the 1,683-hectare property, five of which have analytical data for lithium, according to the announcement. Lithium occurs “in an over-saturated brine (40% minerals, 60% water) and was discovered during oil exploration when drill wells intercepted Bed #31 of the Paradox Formation.”

Bed #31 is around 1,683 metres deep, consisting of 9.15 metres of shale, anhydrite and dolomite, Prima stated. “The bed is not part of any oil reservoir. Engineering reports from the 1960s conclude that the brine reservoir is extensive [over 25 square kilometres] and is recharged from fresh inflows as indicated by well pressure measurements, drawdown tests and oxygen-deuterium isotopes.”

Prima intends to review well logs, undertake chemical analysis and reprocess seismic data focusing on mineral brine to evaluate reservoir potential prior to re-entry of shut-in wells.

Prima shareholders will vote in March on a proposed 1:5 share rollback. Subject to approvals, the company would acquire Green Energy by reimbursing Zimtu Capital TSXC:ZC $10,000 in acquisition costs and issue Mesa Exploration TSXV:MSA 1.5 million post-consolidation shares within five days of TSXV approval and another 1.5 million shares within the following year.

The company also proposes a private placement of up to 15 million post-consolidation units at $0.05 for up to $750,000. Each unit would consist of one share and one transferable warrant, with each warrant exercisable for $0.075 during the first year and $0.10 during the second year. Funds would go to Green Energy exploration and general administrative purposes.

The company also announced debt settlement agreements with creditors. Subject to TSXV approval, Prima would issue 15.82 million post-consolidation shares at a deemed price of $0.05 to settle $791,000.

With Tesla/Panasonic’s Gigafactory one of three lithium-ion battery megafactories expected in the coming years, along with expansions to existing plants, lithium figures prominently among the niche minerals required for consumer electronics, electric vehicles and energy storage. Read more.

Athabasca Basin and beyond

March 1st, 2015

Uranium news from Saskatchewan and elsewhere to March 1, 2015

by Greg Klein

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Saskatchewan’s number two for mining jurisdictions worldwide

The province has held a top 10 position for at least five years, but last week Saskatchewan reached second place in a global survey of miners and explorers. The Fraser Institute study released February 24 rated jurisdictions for a number of factors, with the most important attributes making up the Investment Attractiveness Index. There sits Saskatchewan, second only to Finland.

The index considers responses for two separate categories, giving a 60% weight to geology and 40% to public policy. As Macdonald-Laurier Institute managing director Brian Lee Crowley told, reserves aren’t much good without policies that allow responsible development. Some comments quoted by the Fraser Institute bear that out.

Uranium news from Saskatchewan and elsewhere to February 27, 2015

A province founded on agriculture, Saskatchewan became one of
the world’s leading mining jurisdictions thanks to geology and policy.

“In Saskatchewan, ‘Duty to Consult’ is the responsibility of government, not the company. Something like the Ring of Fire fiasco in Ontario would not happen in Saskatchewan.”

“Good geoscientific support and permitting procedures which allow for timely planning and efficient support from provincial administration in addressing land access and Amerindian issues.”

“Saskatchewan is open to uranium exploration.”

Speaking to the Regina Leader-Post, survey director Kenneth Green said, “In addition to being blessed with an abundance of mineral potential, Saskatchewan gets credit for having a government with a transparent and productive approach to mining policy. The province offers a competitive taxation regime, good scientific support, efficient permitting procedures and clarity around land claims.”

More good words came from provincial Economy Minister Bill Boyd. “Clearly, there is a very good resource here in the province, whether it’s in potash, uranium or other minerals that we mine here in Saskatchewan,’’ the Leader-Post quoted him. “We’ve been able to create a business climate here in Saskatchewan that’s positive. There’s a good workforce in Saskatchewan, a trained workforce, as well.’’

Four other Canadian jurisdictions made the top 10 for investment attractiveness. Additionally the survey showed a significant improvement in Canada’s median score on the Policy Perception Index.

Read more about Canada’s performance in the global mining survey.

Download the survey.

NexGen adds third high-grade section to Rook 1’s Arrow zone

Having discovered another high-grade section of the Arrow zone with Rook 1’s best angled hole yet, NexGen Energy TSXV:NXE assigned new names to the project’s features. A1, A2 and A3 designate three mineralized shears trending northeast to southwest. The latest hole, AR-15-39, found composite mineralization totalling 89.15 metres within 436.5 metres that started at 433.5 metres in downhole depth. Scintillometer readings above 10,000 counts per second coincided with “dense accumulations of semi-massive to massive pitchblende,” the company stated February 24.

The results, from a handheld device that scans drill core for gamma radiation, are no substitute for the still-pending assays. Readings of 10,000 cps or more are called “offscale” due to the limitations of a previous model.

Drilled at a -70 dip between AR-15-37 and -38, the new hole went offscale for seven metres at A2, reinforcing “the continuity of semi-massive to massive pitchblende” in that shear. A3 revealed another 9.75 offscale metres, representing “a 200-metre down-dip extension from high-grade uranium assay intervals in drill holes AR-14-08 and -13,” NexGen added.

One week earlier the company released two holes extending mineralization 81 metres southwest along strike from Rook 1’s best hole so far—angled or vertical and “amongst the best drill results” in the Athabasca Basin.

Both holes revealed “significant dense accumulations of semi-massive to massive pitchblende,” with AR-15-37 giving composite radiation readings for 76 metres within a 264.5-metre section beginning at 405 metres in downhole depth. That included an offscale composite of 9.35 metres.

AR-15-38 showed composite mineralization of 82.35 metres within a 247.5-metre section starting at 474 metres, with a composite 4.5 metres above 10,000 cps.

NexGen also reported its third rig began drilling 400 metres northeast along Arrow’s strike. That’s where a radon-in-lake-water anomaly, 480 metres long by 20 to 150 metres wide, is “optimally situated along the southeast-dipping VTEM conductor [and] projected to reach the unconformity.”

As of February 24, drilling hit mineralization in 37 of 39 Arrow holes, with 5,519 metres of the 18,000-metre winter program complete. The zone covers about 515 metres by 215 metres, with mineralization as shallow as 100 metres and as deep as 817.5 metres in vertical depth.

Arrow remains open in all directions and at depth.

Ever modest, NexGen CEO Leigh Curyer said the zone “is quickly becoming a significant discovery on a world scale with relatively very few holes drilled.”

Fission hits high grade west of Triple R resource

Sunday’s not the usual day to release news of this nature. But March 1 begins PDAC 2015, so what better time to assert bragging rights? Whatever the reason, Fission Uranium TSX:FCU chose the day to announce a radioactive find 555 metres west of its Triple R deposit. The news reinforces interest in R600W, the most westerly of Patterson Lake South’s four zones, where five previous holes showed only low-grade mineralization.

Scintillometer readings for land-based hole PLS15-343 showed 65.5 metres of radiation starting at 105.5 metres in downhole depth, including a continuous 8.85 metres over 10,000 counts per second “with peaks up to 52,900 cps at shallow depth,” the company reported. A second radioactive interval of four metres began at 342.5 metres.

As explained in the NexGen item above, scintillometer readings are no substitute for assays, which are pending. Readings above 10,000 cps are often called “offscale” due to the limitations of earlier scintillometers.

Technical problems terminated the hole at 368 metres “in moderately altered semi-pelitic gneiss,” Fission stated.

R600W’s strike runs 30 metres with a north-south lateral width up to about 20 metres. The project’s four zones extend for a 2.24-kilometre potential strike along the PL-3B conductor. The two middle zones, R00E and R780E, comprise the Triple R resource that shook the market in January. In mid-February Fission announced nine holes that expand R780E, by far the project’s largest zone.

The $10-million, four-rig winter agenda calls for 35 holes on Triple R and R600W, along with 28 holes on regional targets, for a total of about 20,230 metres.

Read more about the Triple R resource estimate.

See an historical timeline of the PLS discovery.

Lakeland Resources bolsters its Basin portfolio

Now with 32 properties totalling over 300,000 hectares, Lakeland Resources TSXV:LK has enlarged what was already one of Saskatchewan’s largest exploration portfolios. New acquisitions announced February 20 include two land packages in the southeastern Basin’s Key Lake area, which gave up over 200 million pounds of uranium by 2002 and still hosts the Key Lake mill.

One of the area acquisitions, the KLR property, features “a significant number of historic conductors within basement rock types and at least two unexplained radiometric anomalies,” Lakeland stated. Sampling of surface rocks and lake and stream sediment brought results up to 691 ppm uranium. Historic drilling revealed 0.12% U3O8 across 0.1 metres. The new turf complements Lakeland’s existing Key Lake-region properties.

Six new claims sit adjacent to Lakeland holdings in the southwestern Basin’s Carter Lake area. The company also gained ground in the Mathews Lake area, north of Lake Athabasca and within basement rocks of the Beaverlodge Domain.

The Carson Lake property lies beyond the Basin’s northeastern margin but within the Wollaston Domain, which hosts most of the Basin’s currently operating mines.

South of the Basin, along the highly prospective Cable Bay shear zone, Lakeland picked up Black Birch East. Historic work on the 26,389-hectare property “showed a number of electromagnetic conductors and radiometric anomalies roughly coincident with the CBSZ.”

The acquisitions result from two transactions, subject to TSXV approval. One set of properties costs $40,880 and 1.12 million shares. A set of two other properties calls for $32,636 and 326,350 shares. Both transactions include a 2% NSR, half of which Lakeland may buy back for $2 million per property.

In late January the company began drilling its Star/Gibbon’s Creek project on the Basin’s north-central rim. Other drill-ready projects include Lazy Edward Bay on the Basin’s southern margin and Newnham Lake, east of Star/Gibbon’s.

In December Takara Resources TSXV:TKK took out a 50% option on Lakeland’s Fond du Lac property. Last year’s private placements brought Lakeland over $5.1 million.

Read more about Lakeland Resources’ 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

Next Page 1 | 2

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)


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


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


  • 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)


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


  • 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)


  • 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


  • 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


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


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


  • 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


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


  • 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)


  • 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


  • 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


  • 22.2% over 2.5 metres, starting at 768 metres

  • 1.5% over 1 metre, starting at 779 metres


  • 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


  • 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 “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

October 31st, 2014

Uranium news from Saskatchewan and elsewhere to October 31, 2014

by Greg Klein

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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)


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


  • 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)


  • 5.02% over 5 metres, starting at 256.5 metres


  • 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)


  • 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)


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


  • 0.27% over 22.5 metres, starting at 191.5 metres

  • 0.37% over 19.5 metres, starting at 216.5 metres


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


  • 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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