Fission, Azincourt announce summer program for Patterson Lake North:
Immediately north of Patterson Lake South lies, of course, Patterson Lake North. On July 22 joint venture partners Fission and Azincourt Uranium (V.AAZ) announced a $530,000 summer program to start in early August.
Following up on “conductive areas of interest” found by a previous survey, an airborne VTEM max will fly 303 line-kilometres at 400-metre line spacing over the approximately 25,000-hectare property’s northern half. That will be followed by a single-line 6.3-line-kilometre ground magnetotellurics survey. The property’s southern portion will get a ground TDEM survey. The partners hope results will help identify targets for a drill campaign anticipated for next winter.
The companies say PLN sits within a large gravity low structural corridor that incorporates PLS, the former Cluff Lake mine and the Shea Creek deposits of UEX Corp (T.UEX) and AREVA Resources Canada. Additionally PLN shows EM anomalies that might be interpreted as an extension of the Saskatoon Lake EM conductor associated with Shea Creek.
Azincourt may earn 50% of PLN by paying $4.75 million in cash or shares and spending $12 million by April 2017. Fission gets a 2% NSR and acts as project operator. Fission has already spent about $4.7 million exploring PLN. Earlier this month the company applied for a patent on its “System and Method for Aerial Surveying or Mapping of Radioactive Deposits.”
Uranerz updates Wyoming mine development:
Near-term producer Uranerz Energy (T.URZ) released a July 25 update for its Nichols Ranch in-situ recovery mine in Wyoming’s Powder River Basin. The first of two deep disposal wells, which will be used to remove non-hazardous byproduct solutions, has been drilled to 2,700 metres, with casing and cementing complete.
Finishing the first well, drilling the second well and building other infrastructure is expected to take about five more months.
The company continues working with Wyoming administrators to close a $20-million loan that’s expected to be repayable over seven years at 5.75% interest.
ISR uses a leaching solution to extract uranium from sandstone-hosted deposits. Uranerz has production scheduled for this year or early 2014.
Shareholder KEPCO supports Energy Fuels’ takeover of Strathmore:
In another update about the proposed acquisition of Strathmore Minerals (T.STM) by Energy Fuels (T.EFR), the companies announced on July 25 that Korea Electric Power Corp has given the deal its blessing. The utility, which supplies 93% of South Korea’s electricity, holds 8.5% of Energy Fuels and 11.7% of Strathmore, making KEPCO the largest shareholder of both companies. Should the deal go through, KEPCO would end up with about 9.1% of Energy Fuels.
Energy Fuels produces about 25% of uranium mined in the U.S. Based on fiscal 2013 projections, a KEPCO affiliate will be Energy Fuels’ biggest customer. KEPCO also has a right to form a JV with Strathmore on the latter company’s Gas Hills project in Wyoming. Energy Fuels and Strathmore shareholders vote on the deal in August.
Skyharbour announces $500,000 private placement
On July 26 Skyharbour announced a non-brokered private placement of up to 6.25 million flow-through units at $0.08 for proceeds up to $500,000. Each unit will consist of one flow-through share and one warrant. Each warrant will be exercisable for one non-flow-through share at $0.10 for two years.
Proceeds will go to Athabasca Basin uranium exploration.
Ashburton completes $247,500 private placement, acquires graphite prospect:
On July 24 Ashburton Ventures (V.ABR) reported it closed a $247,500 private placement at $0.05 per unit. Each unit consists of one share and one warrant, with each warrant exercisable for a share at $0.10 for five years. The financing goes to Ashburton’s PLS-area Sienna North and Sienna West projects, where Phase I exploration has already begun.
No stranger to area plays, Ashburton also holds properties in the vicinity of Colorado Resources’ (V.CXO) North ROK porphyry copper-gold project in British Columbia. On July 26 Ashburton announced it picked up the 256-hectare Page claims adjoining Zenyatta Ventures’ (V.ZEN) Albany graphite project in Ontario, another burgeoning area play.
Pele Mountain closes $35,000 final tranche:
Pele Mountain Resources (V.GEM) closed the final tranche of a private placement of 500,000 flow-through units of $0.07 for $35,000, the company announced July 26. Each unit consists of one share and one-half of a warrant, with each whole warrant exercisable for one share at $0.15 for one year.
Along with two previous tranches announced since June, the company has pulled in a total of $615,907. In June the company released a resource update for its Eco Ridge uranium-rare earth oxides project in Ontario.
Graham Thody to retire from UEX:
UEX Corp announced Graham Thody will retire as president/CEO effective January 1. He’ll remain as a director and will assist with transitional matters. Thody has been a UEX Corp director since the company’s formation in 2002 and president/CEO since September 2009.
Chairman Mark Eaton credited him as “instrumental in assisting the company in advancing its properties, including our two major projects, Shea Creek and Hidden Bay.” The board has begun searching for his replacement.
Alpha, Uranium Energy Corp report AGM results:
All items of business received shareholder approval at Alpha’s July 23 AGM, including nominations, appointments, the company’s stock option plan and its advance notice policy.
Uranium Energy Corp’s July 24 AGM elected directors, appointed accountants, approved a stock incentive plan and reappointed executives. The company is beginning production at its Palangana mine while constructing its Goliad project, both ISR projects in Texas.
Strateco appoints new director:
Strateco Resources (T.RSC) announced on July 22 the appointment of Sentient Group nominee Charles Riopel as a director. Riopel replaces Paul-Henri Couture, who moves from Sentient nominee to independent director. The nominations followed a 2010 private placement with Sentient. Riopel has 20 years of investment banking and project management experience in the mining sector.
Strateco suffered a setback with its flagship Matoush project after Quebec imposed a temporary moratorium on uranium activity and refused to issue the company an exploration permit.
Crosshair proposes reverse split and name change, faces TSX listing review:
Crosshair Energy (T.CXX) announced July 26 it will seek shareholder approval for a consolidation of shares and change of name. An August 29 vote will decide whether to allow the exchange of up to 10 pre-consolidation shares for one post-consolidation share. If approved, company directors would determine the consolidation ratio and the timing of the consolidation up to one year following the vote. Directors could also decide against consolidation. Shareholders will also vote on changing the company name to Jet Metal Corp.
The TSX has given Crosshair 120 days to regain compliance with its listing requirements. The company was delisted from the NYSE in June. Earlier this month it began trading on the OTCQB under the symbol CRHRF. The company has a uranium-vanadium project in Labrador and a uranium project in Wyoming.
With technology and fuel, Russia expands worldwide nuclear presence:
The Soviet Union failed in its global ambitions despite a nuclear arsenal. But Russia evidently has global ambitions for its nuclear energy. According to a July 22 Reuters feature, Russia’s building more reactors than any other country. Itself the world’s second-largest consumer of nuclear energy, Russia is aggressively selling technology and fuel around the world. Since Fukushima its state-owned company Rosatom has increased foreign contracts by 60%, up to $66.5 billion. Still not satisfied, Rosatom wants to triple sales by 2030, the news agency stated.
Rosatom even has a marketing ploy for underdeveloped countries. It will build, own and operate reactors in jurisdictions that lack the funds to buy them.
There might be more to Russia’s ambitions than money, Reuters suggested. Some sources expressed concern about relying on the former Soviet power for technology, expertise and fuel.
Rosatom is a vertically integrated company that builds and operates reactors, enriches fuel and, through its subsidiary ARMZ, mines uranium in Russia and abroad.