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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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Athabasca Basin and beyond

July 6th, 2013

Uranium news from Saskatchewan and elsewhere for June 29 to July 5, 2013

by Greg Klein

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Conductive trend links Forum’s Clearwater with Patterson Lake South

A conductive trend hosting the Patterson Lake South discovery extends into Forum Uranium’s TSXV:FDC adjacent Clearwater property, the company announced July 3. Preliminary results from an electromagnetic and magnetic survey link the trend with the high-grade, near-surface uranium found by Alpha Minerals TSXV:AMW and Fission Uranium TSXV:FCU over the last several months.

Along with three other companies, Forum took part in a jointly funded VTEM-plus time domain survey to fly contiguous PLS-area properties held by Forum, Aldrin Resource TSXV:ALN, Skyharbour Resources TSXV:SYH and Athabasca Nuclear TSXV:ASC. A radiometric survey will follow later this summer to search for radioactive boulder trains.

Uranium news from Saskatchewan and elsewhere for June 29 to July 5, 2013

Core trays hold Patterson Lake South samples with off-scale gamma ray readings over 9,999 counts per second. Fission and Alpha have now announced details of their $6.95-million PLS campaign.

Clearwater sits adjacent to the southwest of Patterson Lake South and also borders properties that would form part of the Western Athabasca Syndicate. Under a memorandum of understanding announced June 24, Skyharbour and Athabasca Nuclear TSXV:ASC plan to combine their Athabasca Basin properties into a single 287,130-hectare package. The two companies, plus Lucky Strike Resources TSXV:LKY and Noka Resources TSXV:NX, would then fund $6 million of exploration over two years. Except for the 11,769-hectare Wheeler project on the Basin’s east side, the entire package lies within the PLS area.

As a result of its find, Forum increased the resolution of its airborne survey. The company plans to follow up with radon surveys, ground geophysics and detailed prospecting.

Fission, Alpha unveil $6.95-million Patterson Lake South plan

With barges and drills onsite and permits in hand, the Alpha/Fission joint venture released details about their imminent $6.95-million, 44-hole, 11,000-metre PLS program on July 2. The 50/50 partners plan 40 holes focusing on three zones along an 850-metre trend, while an additional four holes will test additional targets along strike. Equipment will include a reverse circulation drill for overburden, two diamond drills for bedrock and three barges to keep them afloat. Two of the three zones are underwater with lake depths of about four to six metres.

All holes will get a radiometric probe. Ground geophysics and environmental baseline studies will also take place.

So far over 90% of drill targets have found mineralization, the companies stated. The 31,000-hectare project’s three zones are separated by gaps of 300 metres and 360 metres that have yet to be drilled. All three zones remain open in all directions, the partners added.

Fission serves as project operator until April 2014, when it swaps roles with Alpha.

Japanese utilities to apply for nuclear reactor permits

Japan’s Nuclear Regulation Authority will begin receiving applications on July 8 for reactor re-starts, Bloomberg reported. The news agency’s July 3 dispatch said 48 reactors, providing over a quarter of the country’s electricity, had been shut down following the 2011 earthquakes and Fukushima accident. Since then Japanese utilities have been “bleeding cash from importing extra oil and gas for backup generation.”

Speaking to ResourceClips.com on July 5, Dundee Capital Markets senior analyst David Talbot said he’s heard three agencies will be reviewing the applications in a process that might take as long as six months. “It’s not whether their reactors are coming back online because I think everybody realizes they are,” he said. “It’s how many reactors are going to come online and how quickly…. How many of these reactors get up and running by the end of the year is probably one of the biggest questions. Once they start coming back online, I think that’s going to give a psychological push to the entire sector.” As a result the price of uranium, now below $40 a pound, could get the boost needed to spur mine development, Talbot explained.

Japan, Uzbekistan to co-operate on uranium exploration

Meanwhile, Japan expects to sign a uranium exploration agreement with Uzbekistan, the Kyodo news service reported on July 6. Two state-owned companies, the Japan Oil, Gas and Metals National Corp and Uzbekistan’s Navoi Mining and Metallurgical Combinat, will meet July 8 to ink a five-year plan to assess uranium deposits in Uzbekistan. Japan depends completely on imported uranium.

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