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Athabasca Basin and beyond

May 1st, 2015

Uranium news from Saskatchewan and elsewhere to May 1, 2015

by Greg Klein

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NexGen ends winter with outstanding step-outs, plans 2015 maiden resource

Following a season in which 44 of 46 holes at Rook 1’s Arrow zone found mineralization, the last one released by NexGen Energy TSXV:NXE showed the project’s highest total composite mineralization. That April 29 announcement followed an April 23 batch of results that included some of the zone’s strongest offscale radioactivity. Although lots of assays are still pending, drilling resumes in early June with five rigs expected to sink a total of 25,000 metres. The longer-term goal is a maiden resource by December.

Winter’s record-breaker was angled hole AR-15-45b, which drilled through A2 and A3, two of the zone’s three mineralized shears. It returned a composite 226 metres of mineralization distributed within a 468-metre section starting at 391 metres in downhole depth. Included was a composite 9.8 metres that went “offscale” between 10,000 and 54,000 counts per second.

The results come from a hand-held scintillometer that measures drill core radioactivity. Readings above 10,000 cps are considered offscale due to the limitations of earlier devices. These measurements don’t substitute for assays, which have yet to arrive.

Another radioactive announcement six days earlier heralded a substantial expansion to A2’s high-grade core, some of Arrow’s strongest off-scale measurements and semi-massive to massive pitchblende that would make a geologist’s mouth water. Currently marking Arrow’s southwestern border, hole AR-15-44b stepped out 76 metres southwest along strike from AR-14-30, which last October assayed 7.54% U3O8 over 63.5 metres.

AR-15-44b found a composite 190.7 metres within a 519-metre section, starting at 430.5 metres in depth. The results included an offscale composite of 40.45 metres.

Other highlights include:

  • AR-15-43a, with 92 composite metres within a 501.5-metre section, starting at 346 metres

  • AR-15-42a, with 68.9 composite metres within a 592.5-metre section starting at 142.5 metres

Arrow now covers 515 metres by 215 metres, with mineralization found vertically at depths between 100 metres and 920 metres. Still open in all directions and at depth, the zone boasts significant off-scale mineralization at both its southwestern and northeastern extents.

Beyond Arrow, NexGen’s winter season also resulted in Rook 1’s Bow discovery.

Athabasca Basin bought deals: Fission closes $20 million, Denison announces $15 million

April 29 proved a good day for uranium financings as the Basin’s two most prominent explorers announced substantial bought deals. Fission Uranium TSX:FCU completed a private placement of 13.34 million flow-through shares at $1.50 to bring in $20.01 million. Denison Mines TSX:DML announced an agreement to purchase 12 million flow-through shares at $1.25 for $15 million, an offer that’s expected to close around May 26.

Fission’s placement started at $15 million on April 1. Within hours the figure rose to $17.4 million. With the underwriters exercising their additional 15% option, the deal closed on $20.01 million. Earlier this month the company finished its winter program at Patterson Lake South, which strived to expand and upgrade the Triple R deposit and the R600W zone, as well as explore the PLS property farther afield.

Denison also wrapped up winter work earlier this month after sinking 61 holes totalling 30,400 metres on seven projects, most of them joint ventures. Summer plans call for about 34,000 metres on eight projects, focusing on the flagship Wheeler River project, which has a maiden resource for the Gryphon zone planned for December to complement the very high-grade Phoenix deposit three kilometres southeast. Denison holds 60% of the JV with Cameco Corp TSX:CCO (30%) and JCU (Canada) Exploration (10%).

Also announced April 29, Cameco’s Q1 results showed $566 million in revenue, a 35% increase over the same period last year. Gross profit reached $129 million, a 19% increase. But a net loss attributable to shareholders sunk to $9 million, or $0.02 per share diluted, 107% below Q1 2014 performance. The company attributed blame “primarily due to higher mark-to-market losses on foreign exchange derivatives.”

In a more modest financing the following day, Kivalliq Energy TSXV:KIV closed the final tranche of a private placement totalling nearly $2.8 million. UEX Corp TSX:UEX offered a $2.5-million placement on April 21.

Phase I drilling finds U3O8 at Lakeland Resources’ Star/Gibbon’s Creek project

Assays released May 1 show a promising start to Lakeland Resources’ (TSXV:LK) Star/Gibbon’s Creek project. As a result the company plans geophysics and drilling to complement last winter’s 14-hole, 2,550-metre program on the road-accessible property a few kilometres from the town of Stony Rapids, on the Basin’s north-central rim.

Among highlights from the project’s South trend was hole GC15-03, immediately below the sub-Athabasca unconformity, which showed:

  • 333.8 ppm U3O8 over 1.1 metres, starting at 106.8 metres in downhole depth
  • (including 0.13% over 0.23 metres)

True widths weren’t available.

The hole also revealed uranium enrichment, strong hydrothermal alteration and the pathfinder elements boron, cobalt and nickel between 106.8 and 133 metres in depth.

Additional anomalous uranium came from two holes north and south of GC15-03:

Phase I drilling finds U3O8 at Lakeland Resources’ Star/Gibbon’s Creek project

Drill results show uranium enrichment, strong hydrothermal
alteration and pathfinder geochemistry for hole GC15-03.

GC15-04

  • 86.7 ppm over 1 metre, starting at 114.2 metres

GC15-11

  • 123.3 ppm over 2.1 metres, starting at 103.4 metres

GC15-02, collared near an historic hole that assayed 0.18% over 0.13 metres, showed:

  • 120.3 ppm over 1 metre, starting at 101 metres

At the South zone’s eastern end, GC15-10 returned “a strong illite clay alteration assemblage from the unconformity (80.9 metres) to 148 metres’ depth,” Lakeland stated. “This interval corresponds to a zone of strong ductile shearing and local brittle-ductile cataclastic brecciation.”

GC15-06 on the Centre zone tested an area with some of the Basin’s strongest land-based RadonEx measurements. “Highly anomalous geochemical pathfinders were noted throughout the hole, including a zone of uranium enrichment from approximately 41 metres to 109.5 metres in depth.”

The company now plans airborne electromagnetics on the project’s eastern margins, ground gravity at the South trend and additional RadonEx surveys. Further drilling around GC15-06 and the South trend will follow.

“Given the early stage of exploration at Gibbon’s Creek, results obtained from this first round of drilling are very encouraging,” said president Jonathan Armes. “The geochemical, clay and alteration results are suggestive of a nearby basement-hosted or unconformity-hosted uranium occurrence…. Lakeland will have multiple exploration programs ongoing in and around the Athabasca Basin this summer and fall, which should provide for an exciting year.”

With one of the Basin-region’s largest portfolios, Lakeland currently holds 32 properties totalling over 300,000 hectares. Among other drill-ready projects are Newnham Lake, east of Star/Gibbon’s, and Lazy Edward Bay on the Basin’s southern rim.

Last week the company appointed well-known geologist Jody Dahrouge to Lakeland’s board of directors. During his 25-year career he played a key role in Fission Energy’s acquisition of Waterbury Lake, Patterson Lake and Patterson Lake South. Waterbury Lake now hosts the J-zone discovery, while PLS holds the Triple R deposit.

Read more about Lakeland Resources’ Star/Gibbon’s Creek project.

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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 ResourceClips.com, 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

November 15th, 2014

Uranium news from Saskatchewan and elsewhere to November 14, 2014

by Greg Klein

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Kivalliq’s Nunavut property reveals new drill priority

Heralding its “most advanced, drill-ready target outside of the Lac 50 trend,” Kivalliq Energy TSXV:KIV announced the Angilak project’s Dipole target on November 12. The new area came to light after a 1,335-line-kilometre VTEM survey and 1,514 soil samples south of the 111,476-hectare property’s Lac 50 deposit in Nunavut.

Preliminary analysis confirms geophysical targets at Dipole and the RIB area, Kivalliq stated. The company expects final VTEM data shortly to further define targets south of Lac 50.

Uranium news from Saskatchewan and elsewhere to November 14, 2014

Located 225 kilometres south of the hamlet of Baker Lake,
Angilak has an exploration season lasting from April to September.

Enzyme leach soil samples showed 379 anomalous uranium results, about a quarter of the total, ranging from 6 ppb up to 285 ppb uranium, placing the results in the 75th percentile. Out of that group, 77 samples made the 95th percentile. The sampling has “significantly upgraded” drill targets in the Hot and KU areas, as well as Dipole.

Kivalliq describes the latter area, 27 kilometres southwest of Lac 50, as “a distinct, two-kilometre-long geophysical anomaly having a coincident boulder assay of 2.24% U3O8, now confirmed by an anomalous uranium-in-soil trend over 3.4 kilometres of strike length” with anomalous copper, molybdenum and silver.

This year’s work also confirmed a conductor in the RIB area, which has “geological similarities with both Dipole and Lac 50,” the company added. Soil samples showed a 3.6-kilometre-long geochemical trend with uranium values ranging from 6 ppb to 61.9 ppb.

Historic 1970s drilling at RIB found shallow mineralization up to 0.19% U3O8 over 9.3 metres (including 0.52% over 2.6 metres) and 1.61% over 0.7 metres.

Lac 50’s January 2013 inferred resource used a 0.2% cutoff to show 2.83 million tonnes averaging 0.69% for 43.3 million pounds U3O8. The inferred category also shows 1.88 million ounces silver, 10.4 million pounds molybdenum and 15.6 million pounds copper.

In late October Kivalliq announced a 1,914-hectare addition to its Genesis project in Saskatchewan and Manitoba, where Roughrider Exploration TSXV:REL funds exploration through an 85% earn-in.

A big piece of Strateco brings Toro Energy to Canada

An ASX-listed uranium company would gain a substantial portion of Strateco Resources TSX:RSC under an agreement announced November 3. Toro Energy would issue shares to obtain a chunk of the Sentient Group’s holdings in Strateco and SeqUr Exploration, a Strateco subsidiary. As a result, Toro would hold 19.8% of Strateco shares, $14.1 million of secured convertible notes receivable in Strateco, a $3-million senior secured first ranking loan receivable in Strateco and five million SeqUr shares, representing 25% of the subsidiary.

Sentient’s interest in Strateco would drop from 27.13% to about 8%. Sentient would also hold 800 convertible notes representing $800,000 secured by Strateco assets.

Toro’s Wiluna project is “set to become Western Australia’s first-ever uranium mine,” according to Strateco. “Toro has shown clear interest in the Matoush project, as well as in SeqUr’s uranium projects in Saskatchewan. Toro’s experience … permitting the Wiluna project, in an area formerly under moratorium, will certainly be an asset for Strateco.” The latter company’s Matoush project in Quebec has been stalled by a moratorium while a provincial inquiry into uranium takes place.

The transaction is part of a wider deal that includes Sentient’s AU$10-million placement into Toro, with another AU$10 million to fund the Wiluna flagship. Sentient now holds 18.9% of Toro, in which Oz Minerals holds 21.9% and Mega Uranium TSX:MGA 21.5%.

Toro anticipates closing the deals by mid-December.

Hook Lake JV proposes $2.9-million 2015 budget, Purepoint announces

Hook Lake partners will be on the hook for $2.9 million worth of exploration next year, if the joint venture committee’s proposals go through. Purepoint Uranium TSXV:PTU announced November 11 that a final decision on the budget, which would cover 4,200 metres of drilling, would follow geophysical results and a detailed drill plan. An airborne magnetic and VTEM-plus survey finished last month north of the project’s Spitfire zone. Beginning soon will be a ground EM survey to pinpoint drill targets on the 28,683-hectare property five kilometres northeast of Fission Uranium’s (TSX:FCU) Patterson Lake South discovery.

Purepoint announced the Spitfire zone last March and released additional drill results in May.

The Hook Lake JV consists of Cameco Corp TSX:CCO (39.5%), AREVA Resources Canada (39.5%) and Purepoint (21%). The latter company’s share of the budget would come to about $310,000.

Western Athabasca Syndicate, Aben, Alpha update Preston, Mann Lake and Carpenter Lake

A recent analysis of airborne geophysics confirms existing drill targets at the 246,643-hectare Preston property, the Western Athabasca Syndicate reported November 13. The four-company group has further geophysical and geochemical work planned for early 2015, along with land- and lake-based drilling.

Some $3.75 million worth of expenditures so far have identified 15 target areas on the southwestern Athabasca Basin PLS-proximal property. In July the companies released results from Preston’s initial drill campaign of nine holes totalling 1,902 metres.

Skyharbour Resources TSXV:SYH currently acts as project operator for partners Athabasca Nuclear TSXV:ASC, Noka Resources TSXV:NX and Lucky Strike Resources TSXV:LKY.

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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)

PLS14-254

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

PLS14-256

  • 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)

PLS14-257

  • 5.02% over 5 metres, starting at 256.5 metres

PLS14-259

  • 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)

PLS14-261

  • 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)

PLS14-263

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

PLS14-264

  • 0.27% over 22.5 metres, starting at 191.5 metres

  • 0.37% over 19.5 metres, starting at 216.5 metres

PLS14-270

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

PLS14-271

  • 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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Athabasca Basin and beyond

September 6th, 2014

Uranium news from Saskatchewan and elsewhere for August 30 to September 5, 2014

by Greg Klein

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“Aggressive” step-outs continue at NexGen’s PLS-adjacent Rook 1

A week unusually devoid of bragging from Fission Uranium’s (TSXV:FCU) Patterson Lake South gives next-door neighbour NexGen Energy TSXV:NXE top spot among uranium newsmakers. Three more holes announced September 3 bring the total to 28 mineralized holes out of 30 that were sunk across an area of 515 metres by 215 metres at Rook 1’s Arrow zone. Among them is the previously reported “landmark drill hole,” which has now been completed.

The usual scintillometer disclaimer applies. The results come from a hand-held device that measures drill core for radiation in counts per second and are no substitute for assays, which will follow.

Uranium news from Saskatchewan and elsewhere for August 30 to September 5, 2014

That “landmark” hole, AR-14-30, peaked with the previous results. Further drilling only found an additional 6.9 metres (not true thickness) of mineralization starting at 721.3 metres in vertical depth. But overall the hole’s mineralization totalled a composite 206.6 metres.

VP of exploration and development Garrett Ainsworth credited AR-14-30 as “successful in confirming the pinch and swell of mineralization within one of the sub-vertical shear zones that hosts high-grade uranium … Targeting these mineralized swells or ‘blow-outs’ will require a combination of angled and vertical drill holes.”

A composite 202.05 metres came from AR-14-28, with the top-most interval starting at a downhole depth of 108.1 metres. AR-14-29a revealed 123.35 metres, with the first intercept beginning at 230.75 metres in downhole depth.

Ainsworth characterized these holes as “aggressive 45-to-50-metre step-outs that intersected significant intervals of mineralization, which provides further evidence that Arrow is only getting bigger.”

Backed by $6.5 million of working capital, the Arrow campaign continues.

Fission 3.0/Azincourt finish summer drilling at PLN

Fission 3.0 TSXV:FUU and Azincourt Uranium TSXV:AAZ have wrapped up the summer’s six-hole program of about 2,130 metres at Patterson Lake North. One assay released September 3, from a hole testing the A1 conductor, showed:

  • 0.012% U3O8 over six metres, starting at 193 metres in downhole depth
  • (including 0.047% over 0.5 metres)

Geochemical analysis of two other holes “returned highly prospective results that warrant aggressive follow-up on two separate conductor trends,” the companies stated. Five holes tested A1 along 750 metres of strike. A sixth hole targeted the A4-1 conductor. Further drilling is now being planned.

Results are pending for DC resistivity surveys on the property’s Broach Lake area “but preliminary interpretations are prospective.”

Fission 3.0 acts as operator on the 27,408-hectare project, where Azincourt has so far earned 10% of its 50% option.

Last May Fission 3.0 joined Brades Resource TSXV:BRA to announce VTEM results from their Clearwater West joint venture, also adjacently north of PLS.

Macusani completes acquisition of Azincourt’s Peruvian properties

A consolidation of their Peruvian uranium assets has closed, as Macusani Yellowcake TSXV:YEL acquired properties from Azincourt. Details announced September 4 followed terms of a July definitive agreement. Macusani got Azincourt’s Peruvian subsidiary for 68.35 million shares representing about 26.3% of Macusani’s post-transaction stock. Macusani also announced a further $1.66-million financing that brought its private placement to a total of $2.23 million.

The property package borders a project held by Azincourt’s PLN JV partner, Fission 3.0. Read more here and here.

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Athabasca Basin and beyond

July 19th, 2014

Uranium news from Saskatchewan and elsewhere for July 12 to 18, 2014

by Greg Klein

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High-grade U3O8 helps Fission delineate

Still enthusiastically proving that high grades can come from shallow depths, Fission Uranium TSXV:FCU released more assays from winter drilling on July 14. Six infill holes from the central portion of R780E, the middle and largest of five zones, complemented the previous week’s batch from the zone’s eastern area. An additional hole from R1155E proved less impressive but provided the strongest results so far from that zone.

Some highlights from R780E show:

Hole PLS14-172

  • 2.1% uranium oxide (U3O8) over 28 metres, starting at 86 metres in downhole depth
  • (including 5.88% over 8.5 metres)
Uranium news from Saskatchewan and elsewhere for July 12 to 18, 2014

With five barges afloat over Patterson Lake South, Fission Uranium
has another season to drill prior to releasing a December resource.

  • 0.23% over 11 metres, starting at 131.5 metres

  • 0.54% over 18 metres, starting at 168 metres
  • (including 1.62% over 4.5 metres)

  • 0.6% over 10 metres, starting at 224 metres

Hole PLS14-181

  • 0.46% over 27.5 metres, starting at 118 metres
  • (including 1% over 9 metres)

  • 6.01% over 17.5 metres, starting at 148 metres
  • (including 23.53% over 4 metres)

Hole PLS14-183

  • 0.14% over 18 metres, starting at 109 metres

  • 0.21% over 10.5 metres, starting at 147 metres

  • 0.66% over 13.5 metres, starting at 176.5 metres
  • (including 1.22% over 5.5 metres)

  • 1.63% over 3.5 metres, starting at 193.5 metres

  • 1.1% over 6.5 metres, starting at 213 metres

  • 0.48% over 6 metres, starting at 244 metres
  • (including 1.11% over 2 metres)

Hole PLS14-184

  • 2.02% over 14.5 metres, starting at 110.5 metres
  • (including 8.31% over 2 metres)

  • 7.66% over 2 metres, starting at 136 metres

  • 1.65% over 19 metres, starting at 158.5 metres
  • (including 4.45% over 3.5 metres)

Hole PLS14-189

  • 1.93% over 15 metres, starting at 262.5 metres

  • 0.44% over 13 metres, starting at 281 metres
  • (including 1.03% over 4.5 metres)

Hole PLS14-191

  • 0.22% over 6.5 metres, starting at 99 metres

  • 0.62% over 9 metres, starting at 122 metres
  • (including 1.7% over 2.5 metres)

  • 1% over 3.5 metres, starting at 152.5 metres

On the R1155E zone, the better results from PLS14-191 showed:

  • 0.2% over 8 metres, starting at 197.5 metres
  • (including 1.28% over 0.5 metres)

  • 0.33% over 3.5 metres, starting at 211 metres

  • 0.1% over 5.5 metres, starting at 359 metres

True widths weren’t provided. Fission Uranium stated PLS14-191 “opens up the potential to discover increased amounts and higher grades of mineralization from this area, including further to the south and within the 75-metre gap separating R780E and R1155E.” The 31,039-hectare project’s 2.24-kilometre potential strike remains open to the east and west.

Still to come are assays for 32 holes from last winter’s 92-hole program. Now underway is a 63-hole, 20,330-metre campaign worth $12 million to focus on R780E. That would bring the project’s total to about 263 holes totalling around 83,500 metres. December’s the deadline for the maiden resource.

Cigar Lake suspended as Cameco encounters freezing failure

Progress continues on the technological challenge of extracting Cigar Lake’s uranium deposit—but not “as quickly as expected,” Cameco Corp TSX:CCO conceded July 16. As a result production has been suspended to allow some areas of the mine to freeze more thoroughly. In an innovative method to prevent flooding “where the water-saturated Athabasca sandstone meets the underlying basement rocks,” the company injects and freezes a brine solution around the rock body. Water jet boring then extracts the ore. (Watch a video here.) Now Cameco has stopped operations to allow “additional freezing.”

Noting that the McClean Lake mill, 70 kilometres away, hasn’t started processing Cigar Lake feed, the suspension “will allow more continuous production at the mine once the mill is operational.” Cameco anticipates a couple of months’ delay that will affect 2014 production, which was originally estimated at 770 to 1,100 tonnes of uranium concentrate. The long-term annual target of 18 million pounds U3O8 by 2018 remains unaffected.

The company will provide another update during its July 31 Q2 discussion.

Flooding in 2006 and 2008 had already set back development at the eastside Athabasca Basin mine, which began construction in 2005. The first ore shipment finally left Cigar Lake in March. McClean Lake was scheduled to begin processing last quarter, following modifications to the leaching circuit.

The world’s second-largest high-grade uranium deposit, Cigar Lake holds grades 100 times the global average. The joint venture is held 50.025% by Cameco, 37.1% by AREVA Resources Canada, 7.875% by Idemitsu Canada Resources and 5% by TEPCO Resources.

Another JV, McClean Lake is held 70% by AREVA, 22.5% by Denison Mines TSX:DML and 7.5% by OURD Canada.

Read more about Cigar Lake.

Athabasca Nuclear/Strike Graphite merger would combine uranium and diamond projects

Exploration in two Saskatchewan plays would come together under one entity should a merger go through between Athabasca Nuclear TSXV:ASC and Strike Graphite TSXV:SRK. The companies announced that intention on July 15, subject to conditions and approvals. Athabasca Nuclear holds a number of uranium properties including its Preston Lake flagship, which the company operates for the four-company Western Athabasca Syndicate. Strike has received conditional TSXV approval for its 80% acquisition of two properties in the Sask Craton that are contiguous to the Pikoo diamond discovery made last November by North Arrow Minerals TSXV:NAR.

The deal would exchange one Athabasca Nuclear share for each Strike share, with a similar swap of options and warrants. Strike would then become a wholly owned subsidiary of Athabasca Nuclear but presumably would not be called Nuclear Strike. Athabasca Nuclear would be held 73.9% by its current shareholders and 26.1% by Strike shareholders. Athabasca Nuclear’s officers and BOD would remain unchanged, except for the board addition of Blair Way, now a Strike director.

Among the deal’s conditions is two-thirds approval by Strike shareholders. The companies hope to consummate by September 20.

Read about diamond mining and exploration in Canada here and here.

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Athabasca Basin and beyond

July 12th, 2014

Uranium news from Saskatchewan and elsewhere for June 28 to July 11, 2014

by Greg Klein

Next Page 1 | 2

NexGen extends Arrow’s reach at Rook 1

The first six summer holes at the Rook 1 project’s Arrow zone have more than doubled the potential strike, NexGen Energy TSXV:NXE stated July 7. Radiometric measurements extended the 215 metres determined by eight winter holes to a potential 470-metre strike open in all directions.

Although assays have been released for the winter program, the company bases its summer results on radiation readings from a gamma spectrometer and a gamma probe. The results are no substitute for assays, which are pending.

Some of the highlights include hole RK-14-37, which totalled a composite 8.1 metres of “off-scale” radioactivity straining the spectrometer’s limit of 9,999 counts per second. The drill hit 17 anomalous intercepts totalling a composite 78.05 metres of mineralization within a 227.8-metre section beginning at 378 metres in downhole depth.

RK-14-34 found 29 intercepts totalling a composite 100.6 metres of mineralization within a 627.9-metre section that started at 221.4 metres in depth.

RK-14-31 found 35 intercepts totalling 125.8 metres of mineralization within a 430.7-metre section beginning at 221.4 metres in depth.

True widths weren’t provided. All six Arrow holes, which totalled 4,324 metres, showed visible mineralization. One hole is still in progress.

About 200 metres away, the Dagger area took in four holes totalling 1,349 metres without showing anomalous radioactivity. In addition to further Arrow drilling, “preparations have been made for regional drilling to continue at Area K (Dennis Lake),” the company stated.

Rook 1 straddles the southwestern rim of the Athabasca Basin, on the northeastern border of Fission Uranium’s (TSXV:FCU) Patterson Lake South.

Fission Uranium drills 12.35% U3O8 over 13.5 metres, 4.68% over 25 metres at PLS

More high-grade assays from Fission Uranium continue to build Patterson Lake South’s R780E zone, focus of the highly anticipated maiden resource scheduled for December. Of nine holes released July 2 from last winter’s infill drilling, all showed mineralization. A half dozen brought especially impressive results. Some highlights include:

Hole PLS14-170

  • 0.35% uranium oxide (U3O8) over 58 metres, starting at 135.5 metres in downhole depth
  • (including 1.2% over 5.5 metres)
Fission drills 13.5 metres of 12.35%, 25 metres of 4.68% at Patterson Lake South

With 39 winter holes still to report,
Fission Uranium has embarked on
a 63-hole summer campaign.

  • 0.31% over 12 metres, starting at 202 metres

  • 2.9% over 20 metres, starting at 217.5 metres
  • (including 8.35% over 4 metres)

  • 0.58% over 11 metres, starting at 260 metres

Hole PLS14-174

  • 0.8% over 25 metres, starting at 105 metres
  • (including 3.45% over 1.5 metres)
  • (and including 2.8% over 1 metre)
  • (and including 4.39% over 1.5 metres)

  • 0.87% over 13.5 metres, starting at 135 metres
  • (including 9.24% over 1 metre)

Hole PLS14-175

  • 0.7% over 21 metres, starting at 120.5 metres
  • (including 3.35% over 2.5 metres)

  • 0.38% over 26 metres, starting at 144 metres
  • (including 1.44% over 2.5 metres)

Hole PLS14-178

  • 0.12% over 25.5 metres, starting at 135.5 metres

  • 0.19% over 15 metres, starting at 164.5 metres

Hole PLS14-179

  • 2.99% over 1 metre, starting at 184.5 metres

  • 2.25% over 8.5 metres, starting at 244 metres

Hole PLS14-180

  • 0.44% over 21 metres, starting at 136.5 metres
  • (including 3.45% over 2 metres)

  • 4.68% over 25 metres, starting at 165 metres
  • (including 18.56% over 5.5 metres)

Hole PLS14-186

  • 12.35% over 13.5 metres, starting at 157 metres
  • (including 23.41% over 7 metres)

  • 1.52% over 2.5 metres, starting at 175 metres

  • 0.9% over 7 metres, starting at 188 metres
  • (including 3.61% over 1.5 metres)

True widths weren’t provided. With five PLS zones stretching east-west along a 2.24-kilometre potential strike, Fission Uranium stated these results show “the continued strong nature of uranium mineralization as the R780E zone moves eastwards.”

Still to come are assays for 39 holes from the 92-hole winter campaign. One week before unloading this latest batch of results, the company announced a 20,330-metre, 63-hole summer program that would eat $12 million of this year’s $28-million budget. As was the case last winter, most of the drilling will focus on delineation for a December resource.

Gold, PGEs and REEs suggest a “robust hydrothermal system” at Lakeland Resources’ Star uranium project

Recently compiled data shows potential for a regional hydrothermal system on Lakeland Resources’ (TSXV:LK) Star uranium property, adjacently north of the company’s Gibbon’s Creek joint venture. That’s the verdict for samples taken last year, which assayed for gold, platinum group elements and rare earth elements, as well as uranium.

The Star property covers “a quasi-circular basement uplift,” a feature considered “an ideal location for the development of uranium occurrences associated with the unconformity or sub-unconformity of the Athabasca Basin,” the company stated July 8.

One outcrop sample assayed 5.7 grams per tonne gold, 0.36 g/t platinum and 0.39 g/t palladium. Another showed 1.8 g/t gold, 0.08 g/t platinum and 0.12 g/t palladium.

A sandstone boulder revealed 257 ppm uranium and 0.3% total rare earth oxides, including 1,216 ppm dysprosium and 321 ppm yttrium. Another outcrop sample showed 6.9% TREO, predominantly light REE-enriched.

The assays further indicate potential for a regional hydrothermal system as “demonstrated by intense alteration associated with historic uranium mineralization within the Gibbons Creek property located immediately to the south,” Lakeland stated. “Within the Athabasca Basin, there are a number of projects where highly anomalous precious metals and/or rare earth elements occur in spatial relation to uranium deposits and/or mineralization. Examples of such mineralization include the Nicholson Bay and Fish Hook Bay uranium-gold-platinum group elements occurrences, and the MAW zone-Wheeler River occurrences.”

The Star project’s now slated for a near-term mapping and sampling program. Lakeland may earn a 100% interest in the property by paying $60,000 and issuing 600,000 shares over 12 months. The vendor retains the option of a 25% buyback for four times Lakeland’s exploration expenses.

Declan Resources TSXV:LAN has an option to earn 70% of the adjacent Gibbon’s Creek JV, which has shown boulder samples grading up to 4.28% U3O8 and some of the Basin’s highest-ever radon readings.

With an acquisition announced late last month, Lakeland now holds interests in 17 properties totalling 164,316 hectares in and around the Basin.

GoviEx debuts on CSE, orders enviro/social assessment for Niger project

The company began public trading just last month but GoviEx Uranium CSE:GXU has been advancing its Madaouela project in Niger since 2008. On July 2 the company announced contracts to complete an environmental and social impact assessment expected to “culminate the detailed feasibility study and environmental work already undertaken.”

Uranium news from Saskatchewan and elsewhere for June 28 to July 11, 2014

Backed by Toshiba and a Cameco subsidiary, GoviEx’s
Madaouela project in Niger moves towards feasibility.

As of March 2013 Madaouela’s seven deposits showed resources totalling 22.92 million pounds uranium oxide-equivalent (eU3O8) measured, 75.3 million pounds indicated and 24.1 million pounds inferred. Included are probable reserves of 25,300 tonnes.

Five of the deposits “have been developed to pre-feasibility level of confidence,” the company states.

The July 2 announcement quoted GoviEx chief executive Daniel Major, “Through the use of proprietary technologies never before used in Niger, our project team has presented a commercially viable project and one that seeks to limit its impact on the environment with a particular focus on limitation of dust, reduction in water usage and commercialization of the molybdenum byproduct resource.”

Executive chairman Govind Friedland’s bio lists a number of accomplishments even after he took part in the 1996 Voisey’s Bay discovery. Friedland went on to graduate from the Colorado School of Mines, provided business development services to Ivanhoe Mines and Ivanhoe Energy, and co-founded Ivanhoe Industries. Yes, he’s the son of that Friedland.

Two Niger mines operated by AREVA produce 7.5% of global supply, ranking the country as the world’s fourth-largest producer. While the government supports mining, the industry has been plagued by terrorist kidnappings and a bombing.

Fission 3.0, Azincourt report scintillometer results from PLN

One of four summer holes at Patterson Lake North shows anomalous radioactivity, JV partners Fission 3.0 TSXV:FUU and Azincourt Uranium TSXV:AAZ reported July 7. Two intercepts of 0.5 metres and 7.5 metres (not true widths) showed variable readings up to 1,450 counts per second on a hand-held scintillometer. Assays are pending.

The hole, PLN14-019, “is still in progress at 258 metres, although no further intervals of mineralization are expected,” the companies stated. The three other holes “intersected anomalous hydrothermal clay altered intervals, associated with structurally disturbed sections. This further highlights the partners’ confidence of the prospectivity and potential of the A1 conductor to host high-grade uranium mineralization.”

This summer’s five-hole program will total about 1,600 metres. Fission 3.0 acts as operator on the 27,408-hectare property, where Azincourt has a 50% earn-in.

Last April the companies reported that winter drilling failed to find radioactivity but did “confirm the high prospectivity of the target areas.”

In late May Azincourt and Macusani Yellowcake TSXV:YEL stated they would extend to June 15 a letter of intent to consolidate their Peruvian assets. That date passed without further announcement. (Update: The companies announced a definitive agreement on July 14.)

Those properties surround a project held by Fission 3.0, which holds interests in nine others in Saskatchewan and Alberta. Along with JV partner Brades Resource TSXV:BRA, Fission 3.0 announced VTEM results from their Clearwater West project in May.

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Athabasca Basin and beyond

June 21st, 2014

Uranium news from Saskatchewan and elsewhere for June 14 to 20, 2014

by Greg Klein

Next Page 1 | 2

Patterson Lake South gives Fission 91 metres of 4.29% U3O8

High grades and shallow depths continue to characterize Fission Uranium’s (TSXV:FCU) Patterson Lake South. A June 16 batch of assays found positive results from three holes targeting the eastern part of R780E, the middle of five zones along a 2.24-kilometre potential strike. The two best holes showed:

Hole PLS14-161

  • 0.11% uranium oxide (U3O8) over 13 metres, starting at 137 metres in downhole depth
Uranium news from Saskatchewan and elsewhere for June 14 to 20, 2014

  • 0.2% over 22 metres, starting at 153 metres

  • 1.88% over 3.5 metres, starting at 190.5 metres

  • 2.48% over 4.5 metres, starting at 209.5 metres

  • 7.85% over 3 metres, starting at 221.5 metres
  • (including 18.1% over 1 metre)

Hole PLS14-164

  • 4.29% over 91 metres, starting at 97 metres
  • (including 14.69% over 6.5 metres)
  • (and including 21.2% over 7 metres)

  • 3.5% over 2.5 metres, starting at 228 metres

True widths weren’t provided. Another hole testing the gap between R780E and discovery zone R00E to the west failed to find significant mineralization.

The results followed a late May batch that featured 4.44% U3O8 over 38 metres. The tally from last winter’s campaign now stands at 44 holes reported and 48 pending.

With still no word on a maiden resource, another question remains outstanding: When will someone find the source of the uraniferous boulder field that inspired so much successful drilling since November 2012?

Denison boosts Wheeler River to 70 million pounds indicated, drills Gryphon zone

Denison Mines TSX:DML reported a 34% increase for the indicated category of the Phoenix zone on its Wheeler River joint venture June 17. The resource uses a 0.8% cutoff to estimate:

  • indicated: 166,400 tonnes averaging 19.13% for 70.2 million pounds U3O8

  • inferred:8,600 tonnes averaging 5.8% for 1.1 million pounds
Denison boosts Wheeler River’s Phoenix resource, drills Gryphon zone

A substantial upgrade to the Phoenix resource now complete,
Denison turns its focus to Wheeler River’s Gryphon zone.

With a 60% interest in Wheeler River, project operator Denison’s share comes to 42.1 million pounds indicated and 600,000 pounds inferred. Cameco Corp TSX:CCO holds a 30% interest while JCU (Canada) Exploration holds the rest.

The estimate was based on 25 new holes in addition to the 2012 resource. With mineralization at 400 metres in depth and varying from disseminated to massive, “Phoenix belongs to a select group of very high-grade unconformity uranium deposits that includes the prolific McArthur River mine (37 kilometres to the northeast) and the Cigar Lake mine (80 kilometres to the northeast),” Denison stated.

JV partner Cameco operates the Key Lake mill about 35 kilometres northeast of Wheeler.

The Phoenix upgrade notwithstanding, Wheeler’s newly discovered Gryphon zone has taken centre stage. Now underway is a two-drill, 18-hole, 14,000-metre summer program three kilometres northwest of Phoenix. Meanwhile Denison has a 3D DC-resistivity survey planned for the northern extension of the Phoenix trend.

The previous week Denison closed its most recent company acquisition, of International Enexco. With $15 million committed to Canadian exploration in 2014, Denison announced its summer plans earlier this month.

Aldrin’s first three Anticline holes at Triple M reveal radioactivity

Aldrin Resource TSXV:ALN reported more radioactive mineralization from the Anticline target on its PLS-adjacent Triple M property June 19. Results for the first three holes showed significant intervals above 300 counts per second for widths above 0.3 metres as measured by a downhole radiometric probe.

Hole ALN14-008 had been reported in late May but further drilling found additional radioactivity in small intervals ranging from 0.4 metres to 6.5 metres (not true thicknesses) of mineralization between downhole depths of 176.6 and 323.9 metres.

ALN14-009 showed radioactivity in several small intercepts between 214.9 and 289.1 metres in depth, while ALN14-010 revealed intervals between 226.7 and 282 metres.

The company cautioned that radiometric results could indicate potassium or thorium. Aldrin describes the Anticline target as “a coincident basement conductor, gravity low and structural feature extending more than 2.5 kilometres on strike.” These three holes tested its northeast corner.

Drilling will resume “immediately following our high-resolution surface geophysics and geochemistry,” CEO Johnathan More stated.

In April the company released initial results from four of seven holes on Triple M’s Forrest Lake fault. The 12,000-hectare project comprises two blocks west and south of PLS.

Fission 3.0, Azincourt to begin summer drilling at Patterson Lake North

Adjacent and to the north of PLS, Patterson Lake North has four or five holes totalling about 1,600 metres that were expected to begin imminently, according to June 16 announcements from Fission 3.0 TSXV:FUU and Azincourt Uranium TSXV:AAZ. The plan is to test the project’s A1 and A4 conductors with three holes spaced 400 metres apart and a fourth contingent on the first three results. Winter drilling failed to find radioactivity but did “confirm the high prospectivity of the target areas,” the companies stated last April.

This summer’s budget comes to $1.5 million, including geophysics. Fission 3.0 acts as operator on the 27,408-hectare property, where Azincourt has just entered year two of a 50% earn-in.

Late last month Azincourt and Macusani Yellowcake TSXV:YEL stated they would extend to June 15 a letter of intent to consolidate their Peruvian assets. That date passed without further announcement.

The Fission 3.0 portfolio also includes a Peruvian interest in addition to nine others in Saskatchewan and Alberta. Late last month the company joined Brades Resource TSXV:BRA to announce VTEM results from their Clearwater West joint venture.

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Athabasca Basin and beyond

May 31st, 2014

Uranium news from Saskatchewan and elsewhere for May 24 to 30, 2014

by Greg Klein

Next Page 1 | 2

Fission Uranium drills 38 metres of 4.44% U3O8 at Patterson Lake South

Still no word on a resource estimate, but Fission Uranium TSXV:FCU released assays for 10 more infill holes from Patterson Lake South on May 29. The latest batch brings the total reported holes from last winter to 40, with 52 more to come. Nine of the most recent came from R780E, the middle and the largest of five zones along a 2.24-kilometre potential strike that’s open to the east and west. Some of the best results show:

Hole PLS14-153

  • 0.34% uranium oxide (U3O8) over 21.5 metres, starting at 166.5 metres in downhole depth
  • (including 1.47% over 2 metres)
Uranium news from Saskatchewan and elsewhere for May 24 to 30, 2014

  • 0.78% over 5.5 metres, starting at 203 metres
  • (including 3.76% over 1 metre)

  • 0.64% over 10.5 metres, starting at 215 metres
  • (including 4.16% over 1 metre)

Hole PLS14-156

  • 4.68% over 19 metres, starting at 103.5 metres
  • (including 12.32% over 5.5 metres)

  • 3.69% over 4.5 metres, starting at 202 metres
  • (including 10.67% over 1.5 metres)

Hole PLS14-160

  • 4.44% over 38 metres, starting at 69 metres
  • (including 14.74% over 10 metres)

  • 1.05% over 9.5 metres, starting at 187 metres
  • (including 3.44% over 2.5 metres)

Hole PLS14-167

  • 1.16% over 18.5 metres, starting at 120 metres
  • (including 3.1% over 6.5 metres)

Hole PLS14-171

  • 1.05% over 18.5 metres, starting at 75 metres
  • (including 4.42% over 2.5 metres)

  • 2.96% over 48 metres, starting at 105 metres
  • (including 8.67% over 11.5 metres)

Fission Uranium also released one assay from R00E, the second zone from the west and location of the project’s first hit.

Hole PLS14-163

  • 0.14% over 5 metres, starting at 128.5 metres

True widths weren’t provided.

Back to the R780E assays, Fission Uranium stated they show “the exceptional strength of uranium mineralization in the middle region over a substantial strike length” of the zone.

Aldrin finds radioactivity at Triple M’s Anticline area

The first hole sunk on the Anticline target at Aldrin Resource’s (TSXV:ALN) Triple M property went radioactive, the company announced May 29. A downhole probe found nine intervals totalling 14.6 metres (not true widths) showing “significant” radiation above 300 counts per second for intercepts above 0.3 metres. The nine intervals occurred at downhole depths between 176.6 and 246.2 metres.

Radiation measurements are no substitute for assays. The company noted that radiation could come from potassium or thorium, but radiometric readings have shown some correlation with uranium at the adjacent PLS project.

Aldrin has also drilled seven holes so far on the project’s Forrest Lake fault, reporting preliminary results for the first four in April. The 12,000-hectare Triple M property consists of two blocks west and south of PLS.

Ur-Energy reports Shirley Basin eU3O8, prepares 43-101

Radiometric results announced May 28 follow completion of a 14-hole confirmation drill program at Ur-Energy’s (TSX:URE) Shirley Basin project in Wyoming. Providing the results not as counts per second but as uranium oxide-equivalent, the company found 13 intercepts above 0.02% eU3O8 for intercepts ranging between 1.83 metres and 5.79 metres thick (not true widths). The intercepts started at downhole depths ranging from 68 to 161 metres.

Historically, the Shirley Basin district has hosted low-grade deposits suited to in-situ recovery operations. But this campaign found higher-grade results too, including:

  • 0.502% eU3O8 over 2.44 metres, starting at 95 metres in downhole depth

  • 0.321% over 3.81 metres, starting at 73.8 metres

  • 0.189% over 5.79 metres, starting at 100.95 metres

Now underway is a 43-101 technical report on the property, part of last December’s acquisition of Pathfinder Mines. In August Ur-Energy began ISR production at another Wyoming project, Lost Creek. In May the company revised the mine’s guidance in view of low uranium prices.

Fission 3.0 and Brades report Clearwater West conductors

On May 27 Fission 3.0 TSXV:FUU and Brades Resource TSXV:BRA announced more detailed results from a previously reported VTEM survey. The companies now say 24 conductive areas have been located on the Clearwater West joint venture, five coinciding with anomalous radiometric readings. In all, seven high-priority areas have been identified on the eastern side of the 11,835-hectare property that borders PLS to the north.

Follow-up work will include boulder prospecting and ground-based electromagnetic and DC resistivity surveys to determine drill targets.

The Fission Energy spinco acts as operator and currently holds 100% of the project. Brades has a three-year, 50% option that would call for $5 million in spending by October 2016 and a first-year commitment of $700,000.

New listing enhances Lakeland Resources’ American exposure

Lakeland Resources TSXV:LK made its OTCQX trading debut May 30, marking an important step “as we continue to grow and expand our shareholder base globally,” said president/CEO Jonathan Armes. “The United States is an important market to be active in and we look forward to the increased visibility and exposure that this new listing will offer.”

In April the company announced a 4,475-hectare expansion to its Lazy Edward Bay project, one of Lakeland’s 16 uranium properties in and around the Basin.

Read more about Lakeland Resources here and here.

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Athabasca Basin and beyond

May 24th, 2014

Uranium news from Saskatchewan and elsewhere for May 17 to 23, 2014

by Greg Klein

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Kivalliq signs LOI with Westham Resources on Saskatchewan Genesis property

Its flagship Angilak project in Nunavut holds Canada’s highest-grade uranium deposit outside the Athabasca Basin. Nevertheless Kivalliq Energy TSXV:KIV was drawn into Saskatchewan with last January’s acquisition of the 198,763-hectare Genesis project. Now the company plans to bring in Westham Resources TSXV:WHR.P as a funding partner.

Under a letter of intent announced May 21, the capital pool company could acquire an 85% interest in return for 20% of its issued and outstanding shares, $1 million in payments and $5 million in spending over four years. The exploration commitment would include $1 million by year-end and another $1.5 million by August 31, 2016. Kivalliq would act as project operator for at least two years. Kivalliq director Dale Wallster would join Westham’s board.

Uranium news from Saskatchewan and elsewhere for May 17 to 23, 2014

Among other conditions, Westham must raise a private placement of at least $2 million.

The property lies northeast of the Basin in the prospective Western Wollaston Tectonic Domain and “covers basement rocks known to host uranium mineralization,” the companies stated. Previous operators and government surveys “outlined over 30 uranium showings that include several uranium-bearing boulder trains.” Based on that data, Kivalliq has identified eight initial targets for geophysics, sediment sampling, soil sampling, mapping and prospecting to be completed by early autumn. The company hopes to follow with a “major” drill program early next year.

Last February Kivalliq reported results of ore-sorting and metallurgical tests from Angilak’s Lac 50 deposit.

UEC adds one Texas property, “releases” another

Still expanding its southern Texas “hub-and-spoke” projects, Uranium Energy Corp NYSE MKT:UEC announced a new acquisition May 20, this one with a permitting advantage. The Longhorn project’s aquifer exemption “eliminates a major permitting hurdle” for a potential in-situ recovery operation, covering the mining zone of interest and allowing for expansion, the company stated. The project’s historic legacy includes drill maps and over 500 logs of gamma radiation data.

UEC compiled the project leases and data “over the last 18 months at a very low cost.”

The company also announced a decision to “release” its Channen project following evaluation of last summer’s drill results.

In April UEC completed a preliminary economic assessment for its Slick Rock uranium-vanadium deposit in Colorado. A week before that, the company announced its Burke Hollow ISR project in Texas had begun permitting.

UEC’s southern Texas holdings include the Hobson processing plant, the Palangana ISR mine, the Goliad development project and satellite properties. Of its nearly two dozen exploration properties, two are located in Paraguay and the others in the western U.S.

Unity picks up historic Uranium City region property

Twenty-six kilometres southwest of Uranium City, Saskatchewan, the Gulch Mine project comprises Unity Energy’s TSXV:UTY latest acquisition. Announced May 21, the 3,010-hectare property holds an historic, non-43-101 “reserve,” estimated by one source at around 928,796 pounds uranium oxide (U3O8) and by another at 1.65 million pounds. Gulch adjoins properties held by Fission 3.0 TSXV:FUU, Red Rock Energy TSXV:RRK and CanAlaska Uranium TSXV:CVV.

A 100% interest will require $1.2 million in payments over 18 months from Unity, which must drill 3,000 metres within three years. The vendor retains a 2.5% gross overriding royalty. Unity may buy back two-fifths for $1.5 million, less any previous royalty payments.

Earlier this month Unity closed a 100% option on the 14,200-hectare Camsell project in the northwestern Basin. In April the company optioned out 50% of its Mitchell Lake project to Rio Grande Mining TSXV:RGV.

MPVC tests NW Manitoba for uranium, “young” uranium, radon and lead 210

As a rotary air blast drill arrived on site, MPVC Inc TSXV:UNO updated its Northwest Manitoba project on May 22. The RAB drill is intended to quickly test shallow targets found by geophysical, geochemical and prospecting work. Drilling will take place over the lake while ice persists.

Two holes of core drilling have failed to convince a gamma ray spectrometer that they contain significant uranium mineralization, MPVC conceded. But “samples of the core are now being tested for radon, ‘young’ uranium and lead 210 which, if present, could signal the presence of uranium mineralization at greater depths.”

The company also reported receiving a letter of support for its one-year drill permit application from the Northlands Denesuline First Nation.

In early May MPVC stated preliminary results from the project’s radon-in-water survey showed, “to the author’s knowledge,” readings second only to Fission Uranium’s (TSXV:FCU) Patterson Lake South.

Contract prices, spending cuts help Ur-Energy withstand uranium’s descent

While uranium sinks to eight-year lows, on May 22 Ur-Energy TSX:URE revised its guidance for this year and next. With mid- and long-term contracts in place, customers have committed to buy approximately 518,000 pounds U3O8 at an average of $51.10 a pound this year, for projected revenues approaching $26.5 million.

As for 2015, the company so far has commitments for 630,000 pounds at an average of $50.10, for projected revenues of $31 million. With spending controls as well as managed production, Ur-Energy expects “to maintain a positive cash position throughout 2014 and 2015.”

Although its processing facility has a nameplate capacity of two million pounds annually, the company plans to keep production tied to contract obligations in 2015 “unless the market demonstrates sustained price improvement.”

Ur-Energy began ISR mining at Lost Creek in Wyoming last August.

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