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Posts tagged ‘Clermont Capital Inc (XYZ.P)’

The uranium rush is on

March 22nd, 2013

Saskatchewan’s southwestern Athabasca Basin hosts a staking stampede

by Greg Klein

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This could be just what the beleaguered exploration sector needs—a good old-fashioned staking rush. And that’s exactly what’s going on in northern Saskatchewan’s uranium-rich Athabasca Basin. Although the market hasn’t fully caught on, companies are flocking into the area, drawn by the sensational Fission Energy TSXV:FIS and Alpha Minerals TSXV:AMW discovery at Patterson Lake South.

Saskatchewan’s southwestern Athabasca Basin hosts a staking stampede

A major uranium discovery has diverted explorers’ attention
to an under-explored region of northern Saskatchewan.

The Basin’s no stranger to frenetic activity. It last happened in the early and mid-part of the century’s first decade. But that was on the east side, whose mines now comprise one of the world’s most important sources of uranium. This time the stampede is to the west side, some of it a little outside the Basin. Among the driving forces are Saskatchewan’s new online staking system, an increasingly optimistic supply-demand scenario and an escalating stream of news from the Fission/Alpha 50/50 JV.

That started in July 2011, when boulder field samples brought assays as high as 39.6% U3O8. By November 2012, drilling confirmed the discovery not only with high grades but—in glaring contrast to the Basin’s east side—shallow mineralization. This year’s step-outs have the sector wondering just how big this might be. Not surprisingly, other explorers aren’t content to watch from the sidelines.

“We were quick to jump in there,” says Skyharbour Resources TSXV:SYH manager of corporate development and communications Jordan Trimble. His company snapped up five properties totalling nearly 80,000 hectares, one of the area’s largest packages according to a March 20 announcement. Two of the properties lie 27 kilometres and 35 kilometres north of the PLS discovery, another two 15 kilometres south and the fifth 90 kilometres east.

“We have a connection with a guy from Calgary who was one of the first prospectors in there,” Trimble points out. “Given that you can now stake online, it’s incredibly cheap. We got that land package for about 30 cents an acre. Packages of land have been offered to me in the last few days in the same area, comparable properties for upwards of $10 an acre. So already I think we’ve created value just with the acquisition at the cost we did.”

Last December’s inauguration of Saskatchewan’s e-registry was “certainly part of it,” he says. “But online staking or no online staking, there’s no shadow of doubt in my mind that this area would have seen a staking rush, given the [PLS] discovery. It’s a one-of-a-kind discovery.”

Michael Schuss concurs. The president/CEO of Canadian International Minerals TSXV:CIN says Patterson Lake South “is probably going to be one of the biggest discoveries in Canadian history. I wouldn’t call us ambulance-chasers by nature, but we saw the opportunity and thought we better move on it.”

Just one day before Skyharbour’s announcement, CIN revealed it nabbed a 20-claim, 25,225-hectare package in the same district. Like Skyharbour, the company’s looking at further nearby acquisitions.

Of all the news pouring out of the Fission/Alpha project, Schuss singles out the February 19 announcement of 57.5 metres of mineralization from a step-out 385 metres on strike. The JV partners were “either extremely lucky or it’s so big you couldn’t miss it. I think that’s what kicked off the staking rush.

“The excitement of Patterson Lake South is a discovery outside the traditional Athabasca Basin,” Schuss maintains. “It shouldn’t have been there. The staking has gone way beyond south of the basin. That’s something we haven’t seen before. It’s an exciting time in the industry.”

He credits people like Fission director Jody Dahrouge and Alpha director Warren Stanyer, who were among the PLS visionaries. “At first it was wildcatting at best,” Schuss says. “To go from concept to discovery in four years is an exceptional timetable. That’s part of the excitement. It also shows that in Canada you can still find major deposits in places that people drive right over.” Highway 955 cuts through PLS on its way to the former Cluff Lake uranium mine.

Schuss adds, “The staking rush is a nice feeling for a change because we probably haven’t had one in Canada since Voisey’s Bay, about 20 years ago.”

And the excitement brings a new focus to some companies.

“Skyharbour had been dormant for two years, looking for deals,” explains Trimble. “We waited patiently through a real tough market, researched uranium, saw it from the perspective of both current equity valuations in the space and the lack of what you could call saturation. You don’t have as many uranium companies clamouring for investor dollars.”

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NexGen Energy CEO/director Leigh Curyer on NexGen’s acquisition of Canadian properties from Mega Uranium and amalgamation LOI with Clermont Capital

December 17th, 2012

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Athabasca bound

December 11th, 2012

Clermont Capital and NexGen Energy have big plans for Saskatchewan and Nunavut uranium exploration

by Greg Klein

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(Update: With the reverse takeover of Clermont Capital complete, NexGen Energy Ltd TSXV:NXE began trading on April 23, 2013.)

When boiled down to basics, the formula for exploration success seems simple—all you need is brains, money and projects. In reality, of course, each of those qualities can be elusive. But in northern Saskatchewan’s Athabasca Basin, companies are joining forces to create what they believe will be the region’s “premier uranium exploration company.” That’s the ambition of Clermont Capital Inc TSXV:XYZ.P and NexGen Energy Ltd.

The events began with work on NexGen’s Radio project, continued with Clermont’s capital pool IPO in August and further progressed with NexGen’s November 15 acquisition of 10 Canadian projects from Mega Uranium TSX:MGA. Further progress came with an LOI announced November 30, in which NexGen and Clermont would amalgamate to create a new TSXV-trading entity. That, in turn, would follow NexGen closing a minimum $6.6-million private placement. (For more details, as well as comments from Clermont president/CEO/director Arlen Hansen, click here.)

The newly expanded portfolio means “we now have a very dominant position in the Athabasca Basin,” explains NexGen CEO/director Leigh Curyer. “Our strategy is to find assets that are at the shallower sections of the basin and have existing geophysical signatures that make them prospective. While there are 10 properties in the Mega portfolio, each of them made that criteria. They predominantly straddle the unconformity, they’re in the shallower part of the basin, they’ve got existing but not extensive work and we thought they had very strong technical merits.”

Clermont Capital and NexGen Energy have big plans for Saskatchewan and Nunavut uranium exploration

NexGen’s Radio project is one of three Athabasca Basin
focal points in the company’s recently expanded portfolio.

Now with a total of 12 properties, NexGen’s three focal points are Radio, Rook 1 and Northwest Athabasca. “One property has mineralization on it, another two are directly adjacent to significant discoveries. The geological trends that host those discoveries are interpreted to go into our properties. Our properties are even shallower than those with the existing deposits. If they prove to have a discovery, the economics should be comparatively more favourable.”

Although Radio resides in a crowded neighbourhood with prominent neighbours, it’s never been drilled. That’s scheduled to change in January with an approximately 40-hole campaign. Adjacent to the Roughrider deposits that Rio Tinto bought from Hathor early this year for $654 million, Radio is interpreted to sit on the same east-west corridor hosting Roughrider and Fission Energy’s TSXV:FIS J-Zone. Roughrider’s indicated resource totals 17.2 million pounds triuranium octoxide while the inferred category shows 40.7 million pounds U3O8. The J-Zone at Waterbury Lake has an indicated resource of 10.28 million pounds and an inferred resource of 2.74 million pounds U3O8.

NexGen has an option to earn an initial 70% interest in Radio, then the additional 30% subject to a 2% NSR.

Rook 1 borders Patterson Lake South, a Fission Energy and Alpha Minerals TSXV:AMW JV near-surface discovery that’s generated considerable market interest. The NexGen property could be on trend with PLS and, according to some interpretations, might host the bedrock source of a high-grade boulder field associated with the Fission/Alpha discovery. Rook 1 geophysics are underway and, if completed in time, will determine a drill campaign to start this winter.

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Clermont Capital CEO Arlen Hansen on his company’s amalgamation LOI with NexGen Energy and NexGen’s acquisition of Mega Uranium properties

December 5th, 2012

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Week in review

November 30th, 2012

A mining and exploration retrospect for November 24 to 30, 2012

by Greg Klein

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Amalgamation, acquisitions bring big news to Canada’s uranium play

Friday’s announcement from Clermont Capital Inc TSXV:XYZ.P and NexGen Energy Ltd shows companies joining forces to combine money, projects and expertise in uranium exploration. Clermont announced a letter of intent to acquire NexGen in a three-cornered amalgamation in which a Clermont subsidiary amalgamates with NexGen to create a new Clermont subsidiary. The capital pool company intends the acquisition as a qualifying transaction to become a TSXV Tier-2 issuer.

So there’s good money and a good technical team coming behind the deal. And it’s happening when the market’s clearly hungry for a discovery. It sure looks like Fission and Alpha have something to be excited about. We hope that we can be part of that ride as well.—Clermont Capital president/CEO/director Arlen Hansen on a planned amalgamation with NexGen Energy and properties acquisition

Currently NexGen’s key asset is the Radio uranium project in northern Saskatchewan’s Athabasca Basin. NexGen holds an option to acquire an initial 70%, then the remaining 30% subject to a 2% NSR. Exploration has identified drill targets that are interpreted to be on the same structural trend as Rio Tinto’s Roughrider deposits and Fission Energy’s TSXV:FIS J-Zone. Roughrider holds resources of 17.2 million pounds U3O8 indicated and 40.7 million pounds inferred, while the J-Zone holds 7.37 million pounds indicated and 1.51 million pounds inferred. NexGen plans drilling in Q1 2013.

NexGen’s wholly-owned Rook 1 property sits directly northeast of the near-surface Patterson Lake South uranium project, a JV of Fission and Alpha Minerals TSXV:AMW.

On November 15 NexGen announced a definitive agreement to purchase the majority of Mega Uranium’s TSX:MGA Canadian projects in the Athabasca Basin and Nunavut’s Thelon Basin. As a result, Mega is anticipated to acquire up to a 38% interest in NexGen.

Among the conditions for the Clermont-NexGen acquisition, NexGen would close a private placement of at least $6.6 million. Prior to closing the acquisition, Clermont would consolidate its shares on a 2.35-for-one basis. On closing, NexGen shareholders would receive one post-consolidation Clermont share for each NexGen share.

Speaking to ResourceClips Friday afternoon, Clermont president/CEO/director Arlen Hansen said, “It’s a very large land package and uranium exploration takes a lot of time and money, so we’re getting the NexGen operational team, which includes some ex-Rio Tinto guys and Leigh Curyer, who raised hundreds of millions of dollars for Southern Cross before it was taken out in the uranium sector as well.

“So there’s good money and a good technical team coming behind the deal. And it’s happening when the market’s clearly hungry for a discovery. It sure looks like Fission and Alpha have something to be excited about. We hope that we can be part of that ride as well.”

U3082014 apologizes. Now VMS goes after axeman#, tamerackerdown and nttg2005

A mining and exploration retrospect

VMS Ventures TSXV:VMS greeted Friday by announcing progress in its battle against anonymous posters on the Stockhouse bullboard. Following what the company alleges to have been “false and malicious posts” between November 2, 2010 and May 10, 2012, VMS has now received court orders requiring internet service providers to identify three more commentators. The company had already obtained court orders requiring Stockhouse to divulge their internet protocol addresses. VMS said it “intends to pursue all legal options available against these posters in order to protect its reputation.”

The company also announced a settlement with a poster identified as U3082014 regarding statements uploaded between April 15, 2011 and August 27, 2012. Details are confidential, apart from the apology U3082014 submitted to VMS’ lawyers in September and posted on Wednesday.

Richmont closes Francoeur Mine, suspends Wasamac exploration

Francoeur had been struggling but, just the same, the news seemed sudden. Richmont Mines TSX:RIC announced Thursday the immediate shutdown of its 20-year-old gold mine in Quebec’s Rouyn-Noranda region. President/CEO Paul Carmel blamed the decision on high costs due to “low realized grades, difficult mining conditions and a tight labour pool for the experienced miners required for the challenging mining conditions at Francoeur.” As recently as November 8, however, Carmel sounded fairly optimistic as he spoke of “ramping up the Francoeur Mine to full production levels.”

The company’s pre-tax write-off will range between $11 million and $13 million. Immediate layoffs hit 115 workers, while another 35 will stay on for four months of decommissioning. Richmont is holding to its 2012 guidance of 65,000 ounces but 2013 is estimated between 65,000 and 70,000 ounces, down from a previous projection of 85,000 to 95,000 ounces. The company also operates the Beaufor Mine near Val d’Or, Quebec and the Island Gold Mine in northern Ontario.

Exploration at Richmont’s Wasamac gold project near Rouyn-Noranda has been suspended until next year.

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Clermont, NexGen amalgamation LOI follows NexGen, Mega Uranium property acquisition definitive agreement

November 30th, 2012

Resource Clips - essential news on junior gold mining and junior silver mining(Update: With the reverse takeover of Clermont Capital complete, NexGen Energy Ltd TSXV:NXE began trading on April 23, 2013.)

Clermont Capital Inc TSXV:XYZ.P announced a letter of intent on November 30 to acquire NexGen Energy Ltd. The arrangement would involve a three-cornered amalgamation in which a Clermont subsidiary amalgamates with NexGen to create a new Clermont subsidiary. The capital pool company intends the acquisition as a qualifying transaction to become a TSXV Tier-2 issuer.

Currently NexGen’s key asset is the Radio uranium project in northern Saskatchewan’s Athabasca Basin. NexGen holds an option to acquire an initial 70%, then the remaining 30% subject to a 2% NSR. Exploration has identified drill targets that are interpreted to be on the same structural trend as Rio Tinto’s Roughrider deposits and Fission Energy’s TSXV:FIS J-Zone. Roughrider holds resources of 17.2 million pounds U3O8 indicated and 40.7 million pounds inferred, while the J-Zone holds 7.37 million pounds indicated and 1.51 million pounds inferred. (Update: The J-Zone’s December 6, 2012 resource now shows 10.28 million pounds indicated and 2.74 million pounds inferred.) NexGen plans drilling in Q1 2013.

NexGen’s wholly-owned Rook 1 property sits directly northeast of the near-surface Patterson Lake South uranium project, a JV of Fission and Alpha Minerals TSXV:AMW.

On November 15 NexGen announced a definitive agreement to purchase the majority of Mega Uranium’s TSX:MGA Canadian projects in the Athabasca Basin and Nunavut’s Thelon Basin. As a result, Mega is anticipated to acquire up to a 38% interest in NexGen.

Among the conditions for the Clermont-NexGen acquisition, NexGen would close a private placement of at least $6.6 million. Prior to closing the acquisition, Clermont would consolidate its shares on a 2.35-for-one basis. On closing, NexGen shareholders would receive one post-consolidation Clermont share for each NexGen share.

Clermont president/CEO/director Arlen Hansen tells ResourceClips, “It’s a very large land package and uranium exploration takes a lot of time and money, so we’re getting the NexGen operational team, which includes some ex-Rio Tinto guys and Leigh Curyer, who raised hundreds of millions of dollars for Southern Cross before it was taken out in the uranium sector as well.

“So there’s good money and a good technical team coming behind the deal. And it’s happening when the market’s clearly hungry for a discovery. It sure looks like Fission and Alpha have something to be excited about. We hope that we can be part of that ride as well.”

by Greg Klein