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Posts tagged ‘Vulcan Minerals Inc (VUL)’

Athabasca Basin and beyond

October 19th, 2013

Uranium news from Saskatchewan and elsewhere for October 12 to 18, 2013

by Greg Klein

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Alpha/Fission upgrade R780E zone; final barge drilling shows zones open in all directions

Actual lab assays, not scintillometer readings, show the best results so far from Patterson Lake South’s R780E zone, giving it high-grade status similar to the R390E zone. Announced by 50/50 joint venture partners Fission Uranium TSXV:FCU and Alpha Minerals TSXV:AMW on October 17, some highlights from hole PLS13-080 include:

  • 6.93% uranium oxide (U3O8) over 43 metres, starting at 130 metres in downhole depth

  • (including 26.73% over 2 metres)
  • (and including 15.63% over 14 metres)

  • 0.28% over 5 metres, starting at 175.5 metres

  • 0.48% over 6 metres, starting at 236.5 metres

  • 1.98% over 2.5 metres, starting at 245 metres

  • 0.16% over 11 metres, starting at 290 metres
Uranium news from Saskatchewan and elsewhere for October 12 to 18, 2013

Alpha Minerals VP of exploration
Garrett Ainsworth surveys a PLS core shack.

True widths weren’t available. The hole reached a total depth of 347 metres, encountering basement bedrock at 54 metres. At an 89-degree dip, downhole depths are close to vertical.

One day earlier the JV reported more scintillometer results, largely the stock in trade of this campaign’s announcements, for the final 10 holes drilled from barges. The hand-held device measures drill core for gamma radiation up to an off-scale reading over 9,999 counts per second. Scintillometer readings are no substitute for assays, which are pending.

The two companies didn’t always report results the same way. Some highlights from Alpha’s chart include:

R390E zone, hole PLS13-104

  • <300 to <9,999 cps over 14.5 metres, starting at 98 metres in downhole depth

  • <300 to >9,999 cps over 10.5 metres, starting at 131 metres

R780E zone

Hole PLS13-097

  • <300 to >9,999 cps over 49.5 metres, starting at 117.5 metres

  • 340 to >9,999 cps over 6 metres, starting at 228.5 metres

Hole PLS13-101

  • <300 to >9,999 cps over 17 metres, starting at 179 metres

Hole PLS13-105

  • <300 to >9,999 cps over 18.5 metres, starting at 113 metres

Hole PLS13-107

  • <300 to 8,400 cps over 24.5 metres, starting at 138.5 metres

Hole PLS13-108

  • <300 to >9,999 cps over 20 metres, starting at 152 metres

  • <300 to >9,999 cps over 21 metres, starting at 174.5 metres

  • <300 to >9,999 cps over 6.5 metres, starting at 228 metres

Hole PLS13-109

  • <300 to >9,999 cps over 10.5 metres, starting at 105.5 metres

  • <300 to >9,999 cps over 34 metres, starting at 136 metres

  • <300 to >9,999 cps over 15 metres, starting at 197 metres

Again, true widths were unavailable. Dips ranged from -85 to -89 degrees.

Alpha noted that the five zones remain open in all directions and continuity is possible between some or all of the “zones.”

The quotation marks might reflect Alpha’s previous doubt that a fifth zone had been confirmed. But elsewhere in the company’s October 16 news release Alpha refers unequivocally to five zones.

Now Fission’s the more cautious partner. Two additional holes stepped out 195 metres grid east of the most easterly zone, R945E. Although mineralization wasn’t strong, Alpha said the results extend the PLS trend by 210 metres to 1.23 kilometres. Fission, on the other hand, said the holes may extend the strike at least 200 metres. Presumably these little differences will be forgotten once Fission closes its acquisition of Alpha, which might take place in November.

Meanwhile the recently extended campaign continues with 11 land-based holes, totalling 3,700 metres, west of the lake.

NexGen finds three mineralized holes at Rook 1, plans winter drilling

With Rook 1’s Phase I now complete, NexGen Energy TSXV:NXE reported probe results for three of 12 widely spaced holes on October 16. Like the scintillometer, the downhole probe measures gamma radiation in counts per second while assays are pending. Some highlights include:

Hole RK-13-03

  • 350 to 508 cps over 0.8 metres, starting at 131.9 metres in downhole depth

  • 345 to 1,143 cps over 0.5 metres, starting at 149.9 metres

Hole RK-13-05

  • 380 to 4,379 cps over 2.7 metres, starting at 215.7 metres

  • 347 to 1,771 cps over 1.7 metres, starting at 219.2 metres

Hole RK-13-06

  • 481 to 2,297 cps over 2.1 metres, starting at 151.8 metres

True widths weren’t available. The three holes targeted three parallel conductors, one of them interpreted to be the same conductor hosting the PLS discoveries 2.1 kilometres southwest.

NexGen plans “a significantly large” winter drill campaign near the mineralized holes and on targets identified by geophysics.

The company’s portfolio includes a 70% option on the northeastern Athabasca Basin Radio project two kilometres east of Rio Tinto’s NYE:RIO Roughrider deposits. Assays are pending from Radio’s nine-hole, 3,473-metre program, which wrapped up in July.

Kivalliq to buy Nunavut uranium project in $275,000 deal

On the southern boundary of Nunavut’s Baker Lake Basin, Kivalliq Energy TSXV:KIV will acquire a 93,991-hectare property from Pacific Ridge Exploration TSXV:PEX. Subject to approvals, the deal has Kivalliq paying $55,000 to Pacific Ridge, issuing the company 600,000 shares at a deemed price of $0.25 and investing $70,000 by purchasing 1.4 million Pacific Ridge units at $0.05. Each unit would consist of one share and one-half warrant, with each whole warrant exercisable at $0.10 for a year, Kivalliq announced October 15.

The 100% acquisition doesn’t include any diamonds found on the property.

Previous work on the Baker Basin project included $7.1 million of exploration in 2006 and 2007. Among the results were:

KZ zone

  • 0.31% U3O8 over 11.5 metres, starting at 79.5 metres in downhole depth

  • (including 0.56% over 5.5 metres)

  • 0.27% over 5.8 metres, starting at 36 metres

True widths were unknown.

Lucky 7 zone

  • 0.3% over 17.3 metres, starting at 232.2 metres

  • (including 0.51% over 9 metres)

True widths were estimated between 50% and 70% of intercepts.

Four zones haven’t been fully evaluated, according to Kivalliq. The company plans to compile project data before planning additional work. The property lies 60 kilometres south of the hamlet of Baker Lake.

About 165 kilometres farther south, Kivalliq’s 137,699-hectare Angilak project has inferred resources of 43.3 million pounds U3O8, 1.88 million ounces silver, 10.4 million pounds molybdenum and 15.6 million pounds copper. The company reported new geochemical and metallurgical results in September.

Pacific Ridge focuses on projects in the Yukon’s White Gold and Klondike districts.

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Athabasca Basin and beyond

September 22nd, 2013

Uranium news from Saskatchewan and elsewhere for September 14 to 20, 2013

by Greg Klein

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Fission and Alpha sign acquisition agreement, Denison challenges Mega for Rockgate

Another burst of merger and acquisition activity hit the markets last week. Joint September 18 statements from Fission Uranium TSXV:FCU and Alpha Minerals TSXV:AMW announced a definitive agreement for the former’s acquisition of the latter. The proposed Mega Uranium TSX:MGA/Rockgate Capital TSX:RGT merger, however, took a surprising turn with Denison Mines’ TSX:DML unsolicited pitch for Rockgate. Denison’s September 17 announcement claimed a 38% premium over Mega’s offer, based on the previous day’s closing prices.

Uranium news from Saskatchewan and elsewhere for September 14 to 20, 2013

In addition to taking a run at Rockgate, Denison filed a revised
43-101 report for six deposits on its Mutanga property in Zambia.

The Fission/Alpha rationale is to put their 50/50 joint venture under a single owner, creating a company solely focused on Patterson Lake South and presumably a more attractive takeover target. Their other properties would go to two newly created spincos. Should Denison’s offer succeed, the company would spin out its African assets along with Rockgate’s advanced-stage Mali project. That would leave Denison focused on the Athabasca Basin.

Read more about these proposals and other uranium M&A news.

(Update: On September 24 Rockgate terminated its proposed merger with Mega. Read more.)

PLS assay backlog grows as Fission/Alpha release more scintillometer results

Step-out drilling confirmed strong mineralization in Patterson Lake South’s newest zone, Alpha and Fission stated on September 16. The JV partners released scintillometer readings for two new holes on zone R945E, the fourth of four zones along a 1.02-kilometre southwest-northeast trend.

The hand-held device measures drill core gamma rays in counts per second, up to an off-scale reading above 9,999 cps. The results are no substitute for assays, which are pending.

Hole PLS13-092 was collared roughly 10 metres north of existing holes. It reached a total downhole depth of 377 metres, striking the basement unconformity at 59 metres without encountering sandstone. Some highlights include:

  • <300 to 1,400 cps over 3 metres, starting at 157.5 metres in downhole depth

  • <300 to >9,999 cps over 16 metres, starting at 163 metres

  • <300 to 1,800 cps over 11 metres, starting at 192.5 metres

  • 460 to 2,500 cps over 2.5 metres, starting at 238 metres

PLS13-096 was collared about 15 metres grid west of PLS-084, replacing it as the zone’s most southwesterly hole. It found no sandstone, hit the basement unconformity at 56.5 metres and stopped at 365 metres. Highlights include:

  • <300 to >9,999 cps over 42.5 metres, starting at 135.5 metres in downhole depth

  • 310 to >9,999 cps over 11.5 metres, starting at 185.5 metres

  • <300 to >9,999 cps over 10.5 metres, starting at 235.5 metres

  • <300 to >9,999 cps over 14.5 metres, starting at 249 metres

True widths weren’t available. The two holes were drilled at -88 and -89 degree angles respectively, making downhole depths close to vertical.

The $6.95-million program calls for 44 holes totalling 11,000 metres, along with geophysics. These results bring the summer’s drilling to 27 holes totalling 8,488 metres. So far just one of the holes has had lab assays released. Scintillometer readings have been reported for 18 holes this summer.

Denison files combined resources for Mutanga property in Zambia

Denison has filed a new NI 43-101 report to replace two previous reports for its Mutanga property in Zambia, the company announced on September 16. The New Mutanga Report follows an Ontario Securities Commission review of a resource filed in March 2012 for the property’s Dibwe East deposit. The OSC declared that report non-compliant because it didn’t include all resource estimates and material information for the property as a whole. Denison’s new report incorporates information covered in a 2009 report on the Mutanga and Dibwe deposits, as well as the 2012 info for Dibwe East.

Of the project’s six deposits, only Mutanga shows measured, indicated and inferred categories. Mutanga Extension, Mutanga East, Mutanga West, Dibwe and Dibwe East have inferred pounds only. Combined, the estimate shows:

  • a measured resource of 1.88 million tonnes averaging 0.048% for 2 million pounds uranium oxide (U3O8)

  • an indicated resource of 8.4 million tonnes averaging 0.031% for 5.8 million pounds

  • inferred resources totalling 65.2 million tonnes averaging 0.029% for 41.4 million pounds

The 457.3-square-kilometre property is about 200 kilometres south of the capital city of Lusaka, near the Zimbabwean border.

The previous week, Denison updated two Athabasca Basin projects with a new resource for Waterbury Lake and more high-grade assays from Wheeler River.

Lakeland Resources options gold project to focus on Athabasca uranium

Now a pure play uranium explorer, Lakeland Resources TSXV:LK optioned a north-central Ontario gold property to New Dimension Resources TSXV:NDR, the companies announced September 16. New Dimension may earn a 70% interest in the Midas project by paying $100,000, spending $1.2 million and issuing 1.5 million shares. New Dimension must spend $300,000 on exploration by December 31.

We’re maintaining our focus on uranium, yet we’re not giving away what could turn out to be a valuable asset in the end. In our view there’s no downside to our shareholders, only a potential upside.—Roger Leschuk, corporate communications manager for Lakeland Resources

The 2,112-hectare road-accessible property has already seen ground magnetics, induced polarization and 16 drill holes that partially defined two gold-bearing zones, with 14 holes showing gold mineralization. Among the assays was 5.92 grams per tonne gold over 4.7 metres, starting at 45.7 metres in depth and including 8.88 g/t over 2.6 metres.

“We get to maintain an interest in a property that looks very encouraging to say the least,” Lakeland corporate communications manager Roger Leschuk tells “The people who are picking it up are a very good group and they see this as potentially becoming their flagship property. The great part about it for Lakeland is we retain a 30% interest all the way potentially to a new discovery. We’re maintaining our focus on uranium, yet we’re not giving away what could turn out to be a valuable asset in the end. In our view there’s no downside to our shareholders, only a potential upside.”

A fall drill program is expected to begin shortly, the companies stated.

Read more about Lakeland Resources.

Forum announces fall/winter plans for its PLS-adjacent Clearwater project

In a September 17 report, Forum Uranium TSXV:FDC updated its Clearwater project, which underwent ground radiometric prospecting, lake sediment geochemical surveys and soil radon surveys in late August and early September. The radon survey found anomalous zones immediately southwest of the adjacent PLS property, the company stated. Forum now plans further prospecting of radiometric anomalies, as well as an expanded radon survey to cover areas with electromagnetic conductors on strike with the PLS conductive trend. Autumn is scheduled for ground EM surveys and early winter for ground gravity work to identify drill targets for the 9,910-hectare property in late January.

One week earlier Forum said its private placement raised $2.59 million.

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