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Posts tagged ‘Vena Resources Inc (VEM)’

Athabasca Basin and beyond

March 2nd, 2014

Uranium news from Saskatchewan and elsewhere for February 22 to 28, 2014

by Greg Klein

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Radiometric results divert NexGen’s focus to new area of Rook 1

Following up on last week’s market-moving news, NexGen Energy TSXV:NXE reported more radiometric readings from the first hole on the Arrow area of its Rook 1 project. Obviously inspired by the results, the company has moved its other rig to Arrow “until additional rigs can be sought to drill the other 11 western-located Rook 1 target areas,” according to the February 24 statement.

Once again NexGen has found dozens of “significant”—if tiny—intervals of uranium mineralization from hole RK-14-21. By “significant,” NexGen means at least 0.05 metres reading over 500 counts per second, a measure of gamma radiation from drill core by a hand-held scintillometer. The significant readings started at 207.8 metres in downhole depth and ended at 583.55 metres. Drilling stopped at 663 metres. Two intervals maxed out the scintillometer at 10,000 cps.

Uranium news from Saskatchewan and elsewhere for February 22 to 28, 2014

Radiometric results from a single hole have turned
NexGen’s attention to the Arrow area of Rook 1.

The readings are no substitute for assays, which are pending. But an additional spectrometer scan “confirmed that all radiometric activity is due to uranium, with minimal or no thorium input.” Further encouragement came from three intercepts showing visible pitchblende.

Now in progress are two more holes, one collared from the same location but at a more shallow angle and another 30 metres northeast along strike. Now under revision is the company’s original 6,000-metre plan for the Patterson Lake South-adjacent project. Arrow has become the target.

On February 26 NexGen reported it closed a previously announced two-year extension to its 70% earn-in on the northeastern Athabasca Basin Radio project. Assays have yet to be released from Radio’s nine-hole, 3,473-metre program, which wrapped up last July.

Denison reports Wheeler River drill results, updates other projects

A downhole radiometric probe found high-grade uranium oxide-equivalent results for a new batch of holes at Denison Mines’ (TSX:DML) flagship Wheeler River project. The company holds a 60% interest and acts as operator in the southeastern Basin joint venture, with Cameco Corp TSX:CCO holding 30% and JCU (Canada) Exploration 10%. Collars for eight holes released February 26 were spaced over roughly 240 metres of the closely drilled zone A of the Phoenix deposit. The best intercepts show:

Hole WR-548

  • 29.61% uranium oxide-equivalent (eU3O8) over 6.5 metres, starting at 407.9 metres in vertical depth

Hole WR-550

  • 18.37% over 4.7 metres, starting at 407.3 metres

Hole WR-545

  • 16.98% over 3.1 metres, starting at 403.3 metres

Hole WR-539

  • 11.63% over 3.5 metres, starting at 401.6 metres

Hole WR-538

  • 2.14% over 5.1 metres, starting at 392.4 metres

  • 0.87% over 3.3 metres, starting at 403.8 metres

  • 1.36% over 1.4 metres, starting at 408.2 metres

  • 0.11% over 2.1 metres, starting at 426.4 metres

With vertical drilling and “roughly” horizontal mineralization, the company considers intercept widths equal to true widths. Assays will presumably follow these radiometric readings, which are no substitute for lab work.

So far 13 of 28 winter holes have been finished at zone A and an exploration target called the K zone. The latter showed no significant mineralization but Denison declared itself encouraged by “sandstone and basement alteration in three of seven wide-spaced drill holes, which will likely warrant follow-up drilling.” This winter rigs will also target Wheeler’s 489 zone, Phoenix North, K North and two DC resistivity-low anomalies, the company added. The project lies about 35 kilometres from the Key Lake mill.

In other Denison updates reported February 26, 10 holes at Hatchet Lake failed to find significant mineralization. The company will evaluate geochemical data before planning further work.

Ten holes at Moore Lake followed Hatchet’s example. Electromagnetic and DC resistivity surveys are slated for winter. Denison currently has drills turning at its Park Creek, Bell Lake and Waterbury Lake projects in campaigns scheduled for March completion.

Kivalliq announces ore-sorting and metallurgical progress at Angilak in Nunavut

Kivalliq Energy TSXV:KIV says metallurgical and ore-sorting tests from the Lac 50 deposit of its Angilak property provide encouraging news for the Nunavut project’s economics. Announced February 27, tests showed better than 95% uranium recovery in a 48-hour leach cycle, the ability to recycle all the primary alkaline leach reagents and production of 70% yellowcake meeting industry standards for uranium concentrate. The presence of boron and magnesium was “marginally higher than penalty levels but significantly below reject levels,” the company stated. Optimization tests continue.

Dilution could be reduced through radiometric ore sorting prior to milling. Tests showed a cumulative uranium recovery of 96.7% out of 49.2% of the extracted rock. In other words, 50.8% of the rock was rejected with loss of only 3.3% of uranium. The tests also showed 94.1% recovery from just 15.9% of the rock, when 84.1% of rock was rejected with a loss of only 5.9% of uranium.

“The testing reflects the high-grade uranium characteristics at Lac 50 where the majority of uranium mineralization occurs as disseminations and veins of massive pitchblende within the carbonate and hematite alteration zone” comprising the inferred resource, the company stated.

The resource boasts Canada’s highest grade outside the Athabasca Basin. Released in January 2013, the inferred category uses a 0.2% cutoff to show 2.83 million tonnes averaging 0.69% for 43.3 million pounds uranium oxide (U3O8). The inferred resource also shows 1.88 million ounces silver, 10.4 million pounds molybdenum and 15.6 million pounds copper. Kivalliq operates the 137,699-hectare project, 225 kilometres south of the hamlet of Baker Lake, in partnership with Nunavut Tunngavik Inc.

Kivalliq picked up another Nunavut property in October and moved into Saskatchewan last January.

Forum starts 3,000 metres at Clearwater

Adjacently southwest of PLS, drilling has begun at Forum Uranium’s (TSXV:FDC) 9,910-hectare Clearwater project. According to its February 26 statement, the company plans about 3,000 metres in 12 to 15 shallow holes between 100 and 200 metres in depth. Around 11 targets were chosen by previous surveys including ground gravity, airborne EM and radon work.

Initial drilling will focus on the project’s northern claim. Forum stated the central and southern claims require further ground gravity, ground EM and radon surveys to define targets.

The previous week Forum’s portfolio increased with the Fir Island acquisition east of Stony Rapids on the Athabasca Basin’s northeastern rim.

Lakeland Resources offers $2 million private placement for Basin exploration

Lakeland Resources TSXV:LK announced a private placement up to $2 million on February 24. The offer consists of three million flow-through units at $0.25 and 5.92 million non-flow-through units at $0.21. Each flow-through unit consists of one flow-through share and one-half non-flow-through warrant. Each warrant is exercisable for 12 months at $0.30. Non-flow-through units consist of one share and one warrant, also exercisable at $0.30 for a year.

Proceeds go to Athabasca Basin exploration, corporate development and general and administrative purposes.

In January Lakeland announced its 12,771-hectare Gibbon’s Creek project showed high-grade boulders up to 4.28% U3O8 and some of the highest radon readings ever measured in the Basin. As part of a 70% four-year earn-in, Declan Resources TSXV:LAN has committed $1.25 million to exploration this year.

Read more about Lakeland Resources here and here.

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Athabasca Basin and beyond

January 25th, 2014

Uranium news from Saskatchewan and elsewhere for January 18 to 24, 2014

by Greg Klein

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Fission Uranium resumes Patterson Lake South drilling, focuses on delineation

Nature takes its annual repose as winter settles on Saskatchewan’s Athabasca Basin. Feathered flocks have flown to finer climes, leaving their four-footed furry friends to wander the white wilderness or succumb to seasonal slumber. Days are short but, as darkness descends, aurora borealis performs its passionate pantomime, twisting and twirling, shining and shimmering, in heavenly hues of silvery green and blue.

Purple runs the prose. And drilling resumes on Patterson Lake South.

With a few additions, that’s the gist of a January 20 announcement from Fission Uranium TSXV:FCU. The company expects to spend $12 million on PLS this season, part of the year’s $20-million budget. Five rigs will sink 90 holes totalling 30,000 metres. With seven zones open in all directions and situated along a 1.78-kilometre strike, Fission Uranium plans to direct about 80% to 85% of its drilling to the gaps between five high-grade zones. Additionally, exploration drilling will test electromagnetic conductors following interpretation of ground geophysics and radon results.

Uranium news from Saskatchewan and elsewhere for January 18 to 24, 2014

Last year’s Patterson Lake South activity, pictured here,
will be dwarfed by this year’s $12-million winter campaign.

All that infill drilling can only heighten anticipation of a maiden resource, although the company has yet to set a target date. But to tease the market even more, Fission Uranium couldn’t resist stating its property “remains highly prospective for several kilometres, both in the immediate area of known mineralization and along strike in both the WSW and ENE directions.”

The company also granted insiders five-year options on 8.4 million shares at $1.20. The previous week Fission Uranium released assays from six holes drilled last summer.

NexGen Energy begins 6,000-metre Rook 1 program

With a geophysical interpretation that might validate closeology, NexGen Energy TSXV:NXE has begun winter drilling at Rook 1, adjacently northeast of PLS. Two rigs will sink about 6,000 metres on the property, which the company says includes an interpreted extension of the 3B conductor that hosts Fission Uranium’s near-surface, high-grade discovery. Targets will follow up on three widely spaced holes from last summer that found mineralization in an area spanning 1.6 by 1.2 kilometres, according to the January 20 announcement. Further drilling will test areas already identified by VTEM, magnetics, ground gravity and DC resistivity surveys. One large structural zone will undergo additional ground gravity.

Recent financings have contributed to the company’s $7.8-million bank account, which has about $3 million slated for the flagship’s winter campaign. The previous week NexGen announced an extension to its 70% option on the Radio project in the northeastern Basin. Results have yet to be released from Radio’s nine-hole, 3,473-metre summer program.

Azincourt and Fission 3.0 start 3,000 metres at Patterson Lake North

Also adjacent to PLS, a drill’s turning at the Patterson Lake North joint venture of Azincourt Uranium TSXV:AAZ and Fission 3.0 TSXV:FUU, the companies announced in separate statements on January 20 and 21. The latter company, which holds the non-PLS assets spun out of Fission Uranium, acts as operator on the million-dollar program. The agenda includes a radon-in-water survey, ground geophysics and eight to 10 holes totalling about 3,000 metres over previously identified conductors.

The campaign’s focal points are Hodge Lake in PLN’s south-central area, the west-central Harrison Lake and Broach Lake in the southeast. Azincourt is earning a 50% interest in the 27,408-hectare project. The previous week Azincourt closed a $2-million cash-and-share deal with Cameco Corp TSX:CCO and Vena Resources TSX:VEM to acquire two uranium properties in Peru.

TAD to begin Athabasca exploration with airborne geophysics

Having been diverted by other area plays, TAD Mineral Exploration TSXV:TJ “finally” starts work on the 4,000 hectares it staked in the PLS area last April. On January 20 the company announced an impending VTEM max program. TAD also holds claims near Colorado Resource’s TSXV:CXO North ROK copper-gold project in British Columbia and Zenyatta Ventures’ TSXV:ZEN graphite project in central Ontario.

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Athabasca Basin and beyond

January 19th, 2014

Uranium news from Saskatchewan and elsewhere for January 11 to 17, 2014

by Greg Klein

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Fission Uranium’s Patterson Lake South gives up more high-grade assays

More results from Fission Uranium’s TSXV:FCU Patterson Lake South show last summer’s sowing continues to reap high-grade rewards. Released January 15, the latest batch comes from two holes on the Athabasca Basin project’s R390E zone and four on the R780E zone, the third and fifth of seven zones trending northeast.

All holes were vertical or near-vertical. The R390E zone currently has a strike length of 255 metres and a lateral width of about 40 metres. Some highlights show:

Hole PLS13-102

  • 0.32% uranium oxide (U3O8) over 12.5 metres, starting at 119.5 metres in downhole depth

  • 0.58% over 9.5 metres, starting at 138 metres
  • (including 1.44% over 1 metre)

  • 0.12% over 9 metres, starting at 154 metres

  • 0.73% over 4 metres, starting at 171.5 metres

Hole PLS13-104

  • 0.13% over 12 metres, starting at 61 metres

  • 4.97% over 13 metres, starting at 99 metres
  • (including 13.2% over 4.5 metres)
  • (which includes 35.9% over 0.5 metres)

  • 0.42% over 6.5 metres, starting at 131 metres
  • (including 2.1% over 1 metre)

  • 0.22% over 17 metres, starting at 146.5 metres

Zone 780E shows a 60-metre strike and approximately 50-metre lateral width. The best assays include:

Hole PLS13-082

  • 1.25% over 41 metres, starting at 141 metres
  • (including 4.94% over 9 metres)

Hole PLS13-089

  • 0.17% over 16 metres, starting at 150 metres

  • 0.18% over 8 metres, starting at 198.5 metres

Hole PLS13-097

  • 0.99% over 48 metres, starting at 119 metres
  • (including 1.94% over 5 metres)
  • (and including 2.05% over 2.5 metres)
  • (and including 6% over 3.5 metres)

  • 0.54% over 6 metres, starting at 228.5 metres
  • (including 1.1% over 1 metre)

Hole PLS13-101

  • 0.5% over 34.5 metres, starting at 103 metres
  • (including 1.89% over 4.5 metres)

  • 0.63% over 11.5 metres, starting at 163 metres
  • (including 2.27% over 1 metre)

  • 1.04% over 17 metres, starting at 179 metres
  • (including 2.44% over 3.5 metres)

True widths were unavailable. Both zones remain open in all directions.

And the project’s potential remains open to speculation, not to mention exploration. On January 13 the company announced a new radon survey to follow up on 10 basement electromagnetic conductors. So far the technique has been used systematically on only one of the property’s over 100 basement EM conductors, Fission Uranium stated. Expected to last five or six weeks, the survey will take some 2,300 samples from three areas within Patterson Lake and a fourth within Forrest Lake, immediately south.

$50-million Uranium Participation financing bolsters commodity price confidence

In what’s been hailed as a testament of faith in uranium prices, Uranium Participation Corp TSX:U announced a $50-million private placement on January 16. “By mid-day the bought deal was complete,” reported Toll Cross Securities analyst Tom Hope.

Uranium Participation describes itself as “an investment alternative for investors interested in holding uranium.” Proceeds of the financing will be used to stockpile further purchases of U3O8 and uranium hexafluoride (UF6). Hope estimates the company will buy up to 1.28 million pounds to hold a total of about 14.7 million pounds “or approximately 9% of our estimated 2014 global mine output.”

A Denison Mines TSX:DML subsidiary manages Uranium Participation.

Declan grabs more ground north of Gibbon’s Creek

North of the company’s Gibbon’s Creek joint venture with Lakeland Resources TSXV:LK, Declan Resources TSXV:LAN has acquired the 11,100-hectare North Star property, the company announced January 17. The property “is believed to contain the northerly extensions of a number of important regional structures associated with uranium projects in the area,” Declan stated. “An interpretation of the magnetic background at Gibbon’s Creek shows a northerly trending structure which continues to the north through Lakeland Resources Ltd’s Star property, and onto the North Star property.”

The deal costs Declan $15,000 and 1.5 million shares, with a 2% gross sales royalty in effect. The previous week Declan and Lakeland reported Gibbon’s Creek boulder samples grading up to 4.28% U3O8, as well as some of the Basin’s highest-ever radon readings.

Read more about Lakeland Resources here and here.

Azincourt closes Peru property acquisitions

Uranium news from Saskatchewan and elsewhere for January 11 to 17, 2014

Along with the more advanced Macusani project, Azincourt’s newly acquired Muñani property positions the company in Peru’s emerging uranium district.

Azincourt Uranium TSXV:AAZ announced January 16 completion of its $2-million cash-and-share deal with Cameco Corp TSX:CCO and Vena Resources TSX:VEM. Coming with the advanced-stage Macusani project and the earlier-stage Muñani property, the buyout of Cameco and Vena’s Minergia S.A.C. places the purchaser prominently in Peru.

Back in Saskatchewan, Azincourt is earning into a 50/50 JV with Fission Uranium on their Patterson Lake North project. In December Azincourt closed two private placements totalling $2.5 million.

As for Vena, the deal “reactivates our investment in the uranium business,” chairman/CEO Juan Vegarra stated. The agreement allows Vena to double its Azincourt holdings within months.

Read more about Azincourt’s Peru acquisitions.

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Athabasca Basin and beyond

November 23rd, 2013

Uranium news from Saskatchewan and elsewhere for November 16 to 22, 2013

by Greg Klein

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Azincourt to acquire Peruvian company from Cameco and Vena for $2 million

So far best known for its 50% interest in the Patterson Lake North joint venture with Fission Uranium TSXV:FCU, Azincourt Uranium TSXV:AAZ plans to acquire an advanced-stage uranium project in Peru. Under definitive share purchase agreements announced November 22, the $8.1-million market cap Athabasca Basin junior proposes to buy Minergia S.A.C. from 50/50 co-owners Cameco Corp TSX:CCO and Vena Resources TSX:VEM. As well as the 4,900-hectare Macusani project, Minergia comes with its younger sister, 9,600-hectare Muñani, both in southeastern Peru.

Subject to approvals, the deal would have Azincourt give Cameco and Vena $750,000 worth of shares and $250,000 each. Vena chairman/CEO Juan Vegarra would join Azincourt as an independent director. Azincourt would spend between $1.5 million and $2 million on the projects annually.

The deal would also allow Vena to buy Cameco’s portion of Azincourt shares for the purchase price plus 50% of any increase in the market price.

In a statement accompanying Vena’s announcement, Vegarra noted that Azincourt president/CEO Ted O’Connor is “the former director of Cameco’s corporate development group who was responsible for overseeing Cameco’s significant investment in Minergia.”

With over $12 million of work between 2007 and 2011, Macusani comes with an historic resource that was released in September 2011. Using a 0.009% cutoff, five of the property’s nine areas show:

  • measured: 10.39 million short tons averaging 0.025% for 5.69 million pounds uranium oxide (U3O8)

  • indicated: 34.16 million tons averaging 0.018% for 12.52 million pounds

  • inferred: 37.79 million tons averaging 0.02% for 17.42 million pounds

The project could offer low-cost open pit, acid heap leach potential, according to Azincourt.

As for Muñani, it shows uranium mineralization in sandstone and outcrops, has undergone airborne geophysics and ground prospecting, and has drill targets ready, Azincourt stated.

Although two years of depressed prices have pushed the projects into dormancy, Azincourt plans to complete community agreements and permitting prior to another drill program.

Vena also announced that Silvia Dedios has been named general manager following David Bent’s resignation. Walter Cuba becomes project manager to work with Azincourt on Minergia’s uranium assets.

Last June Vena dropped out of negotiations with a private Peruvian company to create a JV for three other Vena projects. In August the company settled $150,350 of debt for 1.64 million shares.

Azincourt and Fission update winter plans for Patterson Lake North

Back in the Basin, Azincourt and Fission updated their previously announced winter plans for Patterson Lake North on November 18. The program now includes a radon survey at Hodge Lake as well as further electromagnetic work and eight to 10 holes totalling 2,500 to 3,000 metres.

Initial results from a five-kilometre ground magnetotelluric survey over the northern part of an eight-kilometre VTEM conductive trend suggest it comprises a series of parallel west-dipping basement EM conductors, the JV stated. Further EM work will increase resolution and orient a resistivity survey scheduled for next summer. “Many structurally controlled high-grade uranium occurrences in the Athabasca Basin are related to hydrothermal alteration systems associated with basement EM conductors,” the companies emphasized. Drill targets will be refined by identifying an EM basement conductor with a resistivity low signature, especially when associated with a cross-cutting interpreted structural feature, the partners explained.

Diamond drilling is slated to begin in January, after the holes have been pre-collared with RC rigs.

Azincourt is earning a 50% interest in the 27,408-hectare project adjacent to Fission’s better-known project, the Patterson Lake South JV with Alpha Minerals TSXV:AMW. Fission acts as operator on both projects.

Denison considers compulsory acquisition as Rockgate takeover now 86% complete

Delighted with “such overwhelming enthusiasm,” Denison Mines TSX:DML president/CEO Ron Hochstein announced on November 18 his company has so far nabbed 100.54 million shares for 86% control of Rockgate Capital TSX:RGT. In another extension to the offer—the final one, this time—Denison now says Rockgate laggards have until November 29 to throw in their lot with the victor.

If the company can get just 4% more of Rockgate’s total shares, Denison intends to acquire the rest through a compulsory acquisition. Otherwise the aggressive uranium miner/explorer will try an “amalgamation or other corporate reorganization” to part the hold-outs from their holdings. On October 30 Denison stated it was lowering the minimum tender condition from 90% to two-thirds of outstanding shares.

At that time directors of the two companies softened their positions considerably. Rockgate president/CEO Karl Kottmeier initially denounced the Denison offer as an “unsolicited opportunistic hostile takeover bid” which scuttled Rockgate’s proposed merger with Mega Uranium TSX:MGA. Rockgate’s board did, however, reluctantly recommend shareholder acceptance.

Read more here and here.

Read more about uranium merger-and-acquisition activity.

Read about Denison’s Q3 report.

Denison moves its people into Rockgate management/board positions

Rockgate’s changing of the guard, meanwhile, presages its takeover. The company announced five departures from its seven-person board on November 22. Gone are Doug Ford, Edward Ford, Allen Ambrose, Gord Neal and Phil Williams. Replacing them are Denison directors Ron Hochstein, Robert Dengler and Catherine Stefan, with William Rand becoming chairperson.

Rockgate’s Karl Kottmeier, Doug Ford and Kirk Gamely step down from management, although Kottmeier and Bryan Hyde will remain on Rockgate’s board to smooth the transition of its flagship Falea project in southwestern Mali, which was scheduled for pre-feasibility in early 2014. Denison’s Hochstein now becomes Rockgate president/CEO, David Cates CFO and Sheila Colman corporate secretary.

Denison has said that on acquiring Rockgate it will spin out its African assets to concentrate on the Athabasca Basin.

Mega Uranium closes Australian sale, gains 28% of Toro Energy

Undeterred by its Rockgate failure, Mega has now picked up 28% of an ASX-listed company with “one of the larger pre-development uranium projects worldwide.” That results from the completed sale of Mega’s Lake Maitland property in Western Australia to Toro Energy. In a deal valued at about AU$37 million last August, Mega gets about 28% of Toro shares and fills Toro board positions with Mega executive VP of corporate affairs Richard Patricio and executive VP for Australia Richard Homsany, the Toronto-listed company announced November 19.

Blue Sky drills Ivana project in Argentina, offers $500,000 private placement

Uranium news from Saskatchewan and elsewhere for November 16 to 22, 2013

Located in Argentina’s Rio Negro province, Blue Sky’s
Ivana project currently undergoes a 2,000-metre drill program.

Now underway at Blue Sky Uranium’s TSXV:BSK Ivana project in Argentina, a nine-hole, 2,000-metre drill campaign targets shallow, roll-front uranium mineralization to 400 metres in depth. Announced November 18, Phase I work also includes ground geophysics. The 71,300-hectare property has previously undergone airborne radiometrics, sampling, prospecting, mapping and trenching.

AREVA funds the work under an option to spend $2 million by December 31 on Blue Sky’s Argentinian properties. On completion, AREVA may fund an additional $3 million on one project, or $4 million combined on two projects, to earn a 51% interest by the end of 2017. In addition to the project in Rio Negro province, Blue Sky currently focuses on its Sierra Colonia property in central Chubut province.

The company also announced a private placement of 10 million units at $0.05 for $500,000. Each unit consists of one share and one transferable warrant exercisable at $0.10 for two years.

Ground gravity survey underway on Aldrin Resource’s Triple M

Announced by Aldrin Resource TSXV:ALN on November 20, a ground gravity survey on the PLS-vicinity Triple M property intends to find extensively altered basement rocks associated with two bedrock conductive anomalies shown in last summer’s VTEM survey. Identified by anomalous gravity lows, extensively altered rocks are associated with strong uranium mineralization elsewhere in the region, the company stated. Triple M’s schedule calls for completion of the gravity survey by year-end.

The previous week Aldrin released initial radon results from 527 sample sites. The company also plans to buy the 49,275-hectare Virgin property around the Basin’s south-central edge.

Zadar Ventures acquires two more properties from Canterra Minerals

With two new acquisitions just south of the Basin’s southeastern rim, Zadar Ventures TSXV:ZAD has signed another definitive purchase agreement. The deal, announced November 20, has Zadar issuing 160,000 shares to Canterra Minerals TSXV:CTM and 170,000 to African Oil Corp in return for the 5,831-hectare Highrock and the 5,583-hectare Riverlake projects. Canterra retains a 2% NSR on both properties, of which Zadar may buy half for $1 million.

Both properties have seen historic EM surveys, soil sampling and drilling. Radioactive pitchblende pebbles found immediately west of Highrock might have originated on the property, Zadar stated. Highrock sits eight kilometres from Cameco’s former Key Lake mine.

Riverlake features a 1,200-metre by 600-metre soil anomaly with uranium values up to 0.0374% over three EM conductors with a combined strike of five kilometres, Zadar added. A hole drilled in 2008 found 63 metres of radioactivity five to 10 times the background level.

In September the company announced its acquisition of the 37,445-hectare Pasfield Lake property, also from Canterra. Earlier that month Zadar reported finding radioactive boulders on its PLS-vicinity PNE project.

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Uranium M&A: Azincourt to acquire Peruvian company from Cameco and Vena

November 22nd, 2013

by Greg Klein | November 22, 2013

So far best known for its 50% interest in the Patterson Lake North joint venture with Fission Uranium TSXV:FCU, Azincourt Uranium TSXV:AAZ plans to acquire an advanced-stage uranium project in Peru. Under definitive share purchase agreements announced November 22, the $8.4-million market cap Athabasca Basin junior proposes to buy Minergia S.A.C. from 50/50 co-owners Cameco Corp TSX:CCO and Vena Resources TSX:VEM. As well as the 4,900-hectare Macusani project, Minergia comes with its younger sister, 9,600-hectare Muñani, both in southeastern Peru.

Subject to approvals, the deal would have Azincourt give Cameco and Vena $750,000 worth of shares and $250,000 each, a deal valued at $2 million total. Vena chairman/CEO Juan Vegarra would join Azincourt as an independent director. Azincourt would spend between $1.5 million and $2 million on the projects annually.

The deal would also allow Vena to buy Cameco’s portion of Azincourt shares for the purchase price plus 50% of any increase in the market price.

In a statement accompanying Vena’s announcement, Vegarra noted that Azincourt president/CEO Ted O’Connor is “the former director of Cameco’s corporate development group who was responsible for overseeing Cameco’s significant investment in Minergia.”

With over $12 million of work between 2007 and 2011, Macusani comes with a September 2011 resource. Using a 0.009% cutoff, five of the property’s nine areas show:

  • measured: 10.39 million short tons averaging 0.025% for 5.69 million pounds uranium oxide (U3O8)

  • indicated: 34.16 million tons averaging 0.018% for 12.52 million pounds

  • inferred: 37.79 million tons averaging 0.02% for 17.42 million pounds

The project could offer low-cost open pit, acid heap leach potential, according to Azincourt.

As for Muñani, it shows uranium mineralization in sandstone and outcrops, has undergone airborne geophysics and ground prospecting, and has drill targets ready, Azincourt stated.

Although two years of depressed prices have pushed the projects into dormancy, Azincourt plans to complete community agreements and permitting prior to another drill program.

Last June Vena dropped out of negotiations with a private Peruvian company to create a JV for three other Vena projects. In August the company settled $150,350 of debt for 1.64 million shares.

Athabasca Basin and beyond

August 25th, 2013

Uranium news from Saskatchewan and elsewhere for August 17 to 23, 2013

by Greg Klein

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Fission/Alpha extend zone, find “potential candidate” for PLS bedrock source

More scintillometer readings from Patterson Lake South show a 47-metre interval of continuous radioactivity and a 15-metre extension to one zone. Of five holes reported August 22, three showed no sandstone above the basement unconformity. According to joint venture partners Alpha Minerals TSXV:AMW and Fission Uranium TSXV:FCU, that “makes the R390E zone a potential candidate area for one of the bedrock sources of the large uranium boulder field.” R390E is the second of four zones extending northeast along a 1.05-kilometre potential strike.

The hand-held scintillometer scans drill core to measure gamma rays in counts per second up to an off-scale reading above 9,999 cps. Scintillometer readings are not substitutes for assays, which have yet to come. Radioactivity will also be measured with a downhole probe.

Dips range from 84 to 90 degrees, making downhole depths close to vertical depths. True widths were unavailable. Hole PLS13-078 was drilled to a total depth of 224 metres, encountering sandstone at 50 metres and the basement unconformity at 53.5 metres. Highlights include:

  • <300 to >9,999 cps over 31.5 metres, starting at 85 metres in downhole depth

  • <300 to 5,900 cps over 10 metres

Drilled to a total depth of 230 metres, hole PLS13-081 found two metres of sandstone before striking the basement unconformity at 51.5 metres. The one result released showed:

  • <300 to 7,300 cps over 25.5 metres, starting at 105 metres in downhole depth

Hole PLS13-083 stepped out 15 metres west to extend the zone’s strike. It found no sandstone before striking the basement unconformity at 53 metres, reaching a total depth of 278 metres. Highlights include:

  • <300 to >9,999 cps over 17.5 metres, starting at 53 metres in downhole depth

  • <300 to >9,999 cps over 16.5 metres

  • <300 to >9,999 cps over 7.5 metres

With a total depth of 224 metres, hole PLS13-085 hit the basement unconformity at 57 metres without encountering sandstone. Highlights include:

  • <300 to 2,800 cps over 5.5 metres, starting at 58.5 metres in vertical depth

  • <300 to >9,999 cps over 22.5 metres

Hole PLS13-086 was drilled to a total depth of 263 metres, finding no sandstone but hitting the basement unconformity at 50 metres. Highlights include:

  • <300 to >9,999 cps over 47 metres, starting at 75 metres in downhole depth

  • (including 530 to >9,999 cps over 22.5 metres)

PLS13-083’s 15-metre step-out brings the R390E zone’s strike to 120 metres, twice that of last winter. The zone remains open in all directions. The 50/50 JV’s $6.95-million campaign of drilling and ground geophysics continues just beyond the Athabasca Basin’s southwestern rim.

Update: On August 26 Fission announced a proposal to take over Alpha. Read more.

Fission, Azincourt complete airborne geophysics over Patterson Lake North

Backed by another JV partner, Azincourt Uranium TSXV:AAZ, Fission is also exploring the Patterson Lake North project adjacent to PLS and about 5.7 kilometres north of the discovery. On August 20 the companies announced completion of an airborne VTEM survey over the 27,000-hectare property’s northern half.

Uranium news from Saskatchewan and elsewhere for August 17 to 23, 2013

JV partners Fission and Azincourt plan a $1.53-million
summer/winter program for their Patterson Lake North project.

At 400-metre line-spacing, the survey flew 303 line-kilometres to provide data that might show basement conductors or enhanced sandstone alteration. Late summer and fall are scheduled for ground geophysics featuring time domain electromagnetic (TDEM) and magnetotellurics surveys. The partners have budgeted $530,000 for geophysics and about $1 million for winter drilling.

Azincourt may earn 50% of the project by paying $4.75 million in cash or shares and spending $12 million by April 2017. Fission retains a 2% NSR and acts as operator. Prior to the JV Fission had already spent about $4.7 million exploring PLN.

Forum begins Clearwater ground campaign, raises private placement to $2.25 million

Adjacently southwest of PLS, Forum Uranium TSXV:FDC has begun field work on its 9,910-hectare Clearwater project. Having interpreted data from airborne surveys, Forum says the EM conductor hosting the PLS discovery and parallel conductors trend onto Clearwater in a northeast-southwest direction. Radiometrics show uranium channel anomalies and historic surveys reveal two areas with highly anomalous lake sediment samples, according to the August 20 announcement.

Clearwater’s current campaign consists of prospecting with scintillometers, soil radon surveys and lake sediment sampling, along with additional ground geophysics. The company plans to begin drilling in January.

A $1.5-million private placement announced the morning of August 21 was, by late afternoon, raised to $2.25 million. On offer are up to 6.08 million units at $0.37, with each unit comprised of one share and one warrant exercisable at $0.50 for two years. Proceeds will go to Clearwater’s ground geophysics and 3,000-metre campaign.

Ground work begins at Aldrin’s PLS-adjacent Triple M

Adjacently west of PLS and contiguous with Clearwater, Aldrin Resource TSXV:ALN has begun field work on its Triple M property, according to an August 20 news release. Following up on radiometric anomalies identified by an airborne survey, the company will prospect for uranium boulders and map surficial geology. In September another crew will take surface radon samples above bedrock conductive anomalies found in an airborne VTEM survey.

The schedule calls for drilling to begin by January.

Skyharbour arranges additional $75,000 private placement

On August 19 Skyharbour Resources TSXV:SYH announced an additional $75,000 non-brokered private placement of 937,500 flow-through units at $0.08. Each unit consists of one flow-through share and one non-transferable warrant exercisable for a non-flow-through share at $0.10 for two years. No finder’s fee will be paid.

The company also granted incentive stock options up to a total of 531,250 shares at $0.10 for five years. The previous week Skyharbour closed a $425,000 private placement that left the company fully funded for its portion of a $6-million, two-year program.

Skyharbour is part of the Western Athabasca Syndicate, a four-company strategic alliance with Athabasca Nuclear TSXV:ASC, Noka Resources TSXV:NX and Lucky Strike Resources TSXV:LKY that’s exploring the PLS-area’s largest land package.

Read more about the Western Athabasca Syndicate Project.

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