|From: The Barracuda™||5/7/2019 6:06:54 PM|
|Mike Alkin Sachem Cove Partners uranium report|
Sachem Cove Partners uranium
In the end, Lewis Ranieri’s Mortgage Backed Security mutated into a monstrosity that collapsed the whole world economy. And none of the experts or leaders or talking heads had a clue it was coming... But there were some who saw it coming... While the whole world was having a big ol’ party, a few outsiders and weirdos saw what no one else could. (Not me, I’m not a weirdo. I’m pretty cool. We’ll meet later.) These outsiders saw the giant lie at the heart of the economy. And they saw it by doing something the rest of the suckers never thought to do: They looked.
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|From: LoneClone||5/12/2019 6:10:45 PM|
| Alba Enters into Definitive Agreement for Torado Vanadium and Uranium Project: 100% Interest in 5 Prospective Vanadium and Uranium Properties with Historic Production and a 6th Option for a Property with a Known Historic Resource|
Tuesday, May 7, 2019 1:55 AM
VANCOUVER, BC / ACCESSWIRE / May 7, 2019 / Alba Minerals Ltd. ("Alba") (TSX - Venture: AA / Frankfurt: A117RU / OTC: AXVEF is pleased to announce that it has entered into an agreement with Journey Exploration Inc. ("Journey"), a private arms' length company, to acquire all of the issued and outstanding share capital of Journey. Journey holds a 100% interest in 5 prospective vanadium and uranium properties in Colorado and Utah in addition to an option to acquire 100% of a 6th property with a known historic resource. The properties are in and adjacent to the Uravan Mineral Belt which has seen extensive prospecting, exploration, drilling for and production of vanadium, uranium and radium since 1881.
The following is an overview of the assets that will be acquired by Alba upon completion of the transaction with Journey.
Figure 1 – Satellite view of locations of the 6 vanadium-uranium properties transferred by the agreement.
La Sal West Property
The La Sal West Property is comprised of 176 vanadium and uranium claims (3636.16 acres or 1472 hectares) located in the La Sal District of San Juan County, Utah approximately 20 miles (32km) southeast of Moab, Utah. The property is near the junction of US Highway 191 and Utah Highway 46 and can be easily accessed via dirt roads and 4-wheel drive trails leading off the highways. The La Sal West Property has seen considerable exploration and development over the years.
The Lyons Property is comprised of 144 vanadium and uranium claims (2975.04 acres or (1204 hectares) located in the La Sal Creek Mining District of Montrose County, Colorado and abuts the Utah-Colorado border. The claims are adjacent to Colorado Highway 90, which is an extension of Utah Highway 46. The property is accessible by 4-wheel drives off the highway. Nine mines are shown within the Lyons claim block on the geologic map of the La Sal Quadrangle*.
Polar Mesa Property
The Polar Mesa Property is comprised of 181 vanadium and uranium claims (3,739.46 acres or 1513 hectares) located in the Gateway West Mining District of Grand County, Utah which lie north of the La Sal mountains. The Polar Mesa Property has seen extensive exploration and development over the years, of which, the estimated production from the Polar Mesa Camp to 1945 was reported to be 10,060 tons of ore at an estimated grade of 3.24% V2O5 and 0.46% U3O8 for a ratio of 1:7 of U3O8 to V2O5**.
Slick Rock Property
The Slick Rock Property is comprised of 158 vanadium and uranium claims (2604.28 acres or 1054 hectares) located in the Slick Rock Mining District of San Miguel County, Colorado. The claims occupy an area of undulating topography on a mesa that is covered in the most part by open grassy areas and scattered short scrubby trees. Elevation ranges from 7,000ft in the north to 8,080ft (2,130m – 2,460m) in the south eastern corner of the claim group. The area is readily accessible by roads, tracks and drill trails established by previous miners and explorers of the Spud Patch Group of Mines. Production from the Spud Patch area between 1940 and 1951 is reported to have been 24,000 tons at a grade of 2.2% V2O5 and 0.21% U3O8.
Yellow Circle Property
The Yellow Circle Property is comprised of 96 vanadium and uranium claims (2045.34 acres or 828 hectares) located in the Yellow Circle Mining District of San Juan County, Utah. Total production from the Yellow Circle Property is unknown, but in 1943 the mines were credited with 1,624 tons of ore averaging 1.65% V2O5***. During the Atomic Energy Commission's purchase program, 1948-70 inclusive, the Yellow Circle Mines produced 43,070 tons of ore that averaged 0.28% U3O8 and 1.52% V2O5****.
Wray Mesa Property
The Wray Mesa Property consists or two project areas, the Ajax and Dylan Projects, in the La Sal Trend of southeast Utah and southwest Colorado. The Ajax and Dylan are both located on the Utah side. Both projects have historic resource calculations conducted by Homeland Uranium, Inc. in 2007. At that time Homeland was focused on the uranium mineralization due to its higher value. They calculated the resource values listed in Table 1.
Table 1 – Homeland Uranium Inc. historic resource estimates.
As with other deposits in the region, these deposits also carry strong vanadium values with ratios ranging from 4:1 to 14:1 V2O5:U3O8 and averaging 6:1 for deposits in the La Sal Quadrangle (Carter and Gualtieri, 1965).
| Measured Resource |
| Indicated Resource |
| Inferred Resource |
| Dylan |
| 85,501 |
| 211,713 |
| - |
| Ajax |
| 38,207 |
| 57,178 |
| 40,456 |
The above values are presented here as documentation of a historical estimate for the Wray Mesa property. It is believed that these resource figures were created in 2007 by competent practitioners and are considered accurate for the timeframe in which they were created but have not been verified. There is insufficient information for the Qualified Person to classify these historical estimates as a resource under current CIM mineral resource standards and Alba is not treating them as current mineral resources.
Figure 2 – One of many accessible adits on the Yellow Circle claims.
Together, the properties total 762 mining claims covering approximately 15,697 acres (6352 hectares). All six of the properties have undergone historical exploration, development and/or production of vanadium and uranium.
Figure 3 – Vanadium mineralization (dark grey to black coloration) in one of the Yellow Circle underground workings.
These five properties (with option to acquire the 6th, Wray Mesa Property) are collectively referred to as the Torado Vanadium & Uranium Project. which are located in the vicinity of Energy Fuels Inc. Energy Fuels is currently producing a high-purity vanadium product at commercial rates from the tailings pond solutions at its 100%-owned White Mesa Mill (the "Mill"). The Mill is located within trucking distance of the Properties. Furthermore, Energy Fuels is currently considering going back into full production at the La Sal Complex where they are undergoing a test-mining program to recover vanadium, as further detailed in their release dated April 1, 2019 and available through SEDAR.
"Alba's mission to become a global player in the Green Energy revolution has been significantly advanced by this acquisition. The procurement of this high-profile portfolio of properties, all with historical workings, mines, excellent infrastructure and significant data is exceedingly rare and makes Alba a major force in the vanadium/uranium exploration, development and production space in Utah and Colorado. This acquisition complements Alba's existing portfolio of lithium properties as well as our significant investment in Noram's 143 million ton lithium resource in Clayton Valley, Nevada" stated Sandy MacDougall, Chairman and Director.
Journey is presently comprised of 32,000,000 shares issued and outstanding. Pursuant to the share exchange agreement dated May 6, 2019, Alba will acquire all of the issued and outstanding shares of Journey, thereby making Journey its wholly owned subsidiary, in consideration for which, Alba will issue the equivalent number of shares of Alba to the shareholders of Journey, subject to TSX Venture Exchange approval
This transaction remains subject to TSX Venture Exchange approval.
*Carter and Gualtieri, 1965
** Atomic Energy Commission, 1951
*** Huleatt, et al. 1946
**** Chenowith 1983
Figure 4.- example of historic cart tracks inside mines.
Figure 5 – example of infrastructure & workings inside mines
The technical information contained in this news release has been reviewed and approved by Bradley C. Peek, MSc and Certified Professional Geologist, who is a Qualified Person with respect to the Torado Vanadium & Uranium Project as defined under National Instrument 43-101.
About Alba Minerals Ltd.
Alba Minerals Ltd. is a Vancouver-based junior resource company with projects in North and South America. Alba is focused on the development of the following mineral properties:
3,800,000 common share ownership interest in Noram Ventures Ltd., a lithium exploration and development Company with a principal property known as the Zeus Property which hosts a 146,000,000 ton inferred resource in Clayton Valley, Nevada.
The Quiron II Lithium Property consists of 2,421 hectares of prospective lithium exploration in the Pocitos Salar, Province of Salta, Argentina. The Property is located approximately 12 km northeast from the Liberty One Lithium Corp and 19 km from Pure Energy Minerals Ltd.'s Pocitos prospects.
The Chascha Norte property consists of 2,843 hectares of prospective lithium exploration in the Southeastern part of the Salar de Arizaro, Salta, Argentina in closest vicinity to Argentina Lithium & Energy Corporation's and Lithium X's Arizaro lithium brine projects.
The Rainbow Canyon Gold Property consists of 417 hectares of prospective gold exploration in the Olinghouse mining district, in the Washoe County Nevada.
The Muddy Mountain property consists of 450.41 hectares of prospective lithium exploration in Muddy Mountains of Clark County, Nevada.
Please visit our web site for further information: www.albamineralsltd.com .
ON BEHALF OF THE BOARD OF DIRECTORS
Chairman & Director
Phone: (778) 999-2159
This news release contains projections and forward - looking information that involve various risks and uncertainties regarding future events. Such forward - looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements; the uncertainty of future profitability; and the uncertainty of access to additional capital. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from anticipated in such information. These and all subsequent written and oral forward- looking information are based on estimates and opinions of management on the dates they are made and expressed qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking information should circumstance or management's estimates or opinions change.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Alba Minerals Ltd.
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|From: LoneClone||5/13/2019 11:06:21 AM|
|Energy Fuels Announces Q1-2019 Results |
Energy Fuels Inc. May 08, 2019, 06:00 ET
LAKEWOOD, CO, May 8, 2019 /CNW/ - Energy Fuels Inc. (NYSE American: UUUU;TSX: EFR) ("Energy Fuels" or the "Company") today reported its financial results for the quarter ended March 31, 2019. The Company's quarterly report on Form 10-Q has been filed with the U.S. Securities and Exchange Commission ("SEC") and may be viewed on the Electronic Document Gathering and Retrieval System ("EDGAR") at www.sec.gov/edgar.shtml, on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com, and on the Company's website at www.energyfuels.com. Unless noted otherwise, all dollar amounts are in U.S. dollars.
Mark S. Chalmers, Energy Fuels' President and CEO stated:
- At March 31, 2019, the Company had $47.3 million of working capital, including $15.3 million in cash, $17.5 million in marketable securities, 470,000 pounds of finished uranium goods inventory, and 270,000 pounds of finished vanadium goods inventory.
- The Company successfully achieved commercial rates of vanadium production at the Company's White Mesa Mill (the "Mill"), producing the highest purity vanadium in the Mill's history. Vanadium production totaled 325,000 pounds of V2O5 for the quarter, and the Company expects to continue to produce 160,000 to 200,000 pounds of V2O5 per month over a 16-20 month period, subject to continued successful recovery and suitable sales prices.
- Uranium production totaled 20,000 pounds of U3O8 during the quarter.
- The Company completed no uranium sales during the quarter and continues to add to uranium inventories. The Company believes that uranium prices will improve and that it may be able to sell inventory at higher prices in the future.
- The Company completed 53,000 pounds of vanadium sales into the steel industry during the quarter, following conversion of the Company's V2O5 product into ferrovanadium. The Company is continuing to convert V2O5 into ferrovanadium, while also evaluating the sale of certain quantities of high-purity V2O5 into specialty aerospace, chemical, and potentially the vanadium battery industries.
- The Company continued a limited conventional vanadium test-mining program at its La Sal Complex. As of March 31, 2019, the Company had mined approximately 6,000 tons of mineralized material with an average grade of 1.44% V2O5 and 0.17% U3O8. While these numbers are not intended to represent the basis of a new resource estimate, the Company believes that the new mining methods that were tested are likely to result in reduced costs, higher grades, and higher value for mined material due to significantly improved grade control at the mine site. The Company completed test mining in April 2019 and plans to continue further operational readiness activities at the La Sal Complex based on these encouraging results.
- Pursuant to Section 232 of the Trade Expansion Act of 1962 (as amended), on April 14, 2019, the U.S. Department of Commerce ("DOC") completed its investigation into the effects of uranium imports on U.S. national security (the "Section 232 Investigation") and submitted a report to the President of the United States containing their findings and proposed remedy (if any). The Company is seeking a remedy which would set a quota limiting imports of uranium into the U.S., effectively reserving 25% of the U.S. nuclear market for U.S. uranium production. If granted, the quota would be expected to strengthen uranium prices available to U.S. producers, thereby reviving an industry crucial to America's national security and the generation of clean, carbon-free nuclear energy.
"Energy Fuels continued to make important progress on a number of value-building initiatives in the first quarter of this year.
"Some of our most noteworthy achievements have resulted from our continued support of the U.S. Department of Commerce's Section 232 investigation into U.S. uranium imports. On April 14, 2019, our efforts resulted in an important milestone. On that date, the DOC submitted a report to the White House containing the results of its investigation, along with proposed recommendations. President Trump now has up to 90 days from April 14, 2019 to decide whether and how to act on DOC's recommendations. As the report has not been made public, the Company has not seen the report. However, we believe the facts are crystal clear. Increasing levels of uranium and nuclear fuel imports into the U.S. from our geopolitical rivals represent a real threat to U.S. national security and energy security. We are proud to be one of the voices urging the President to act decisively to protect America on this key issue, and we will continue to support this initiative in the months ahead.
"While we await the President's decision on the Section 232 investigation, one of our other key initiatives involves vanadium production, where we have made enormous strides to re-establish the Company as the only primary producer of vanadium in North America. In 2018, when vanadium prices began to rise over the $10 per pound threshold, we began evaluating the short-term recovery of dissolved vanadium from the pond solutions at our White Mesa Mill, a source of solubilized vanadium inventory we had never previously attempted to recover. Through the innovation, hard work, and dedication of our skilled milling professionals, we entered production toward the end of 2018 and began making sales in February 2019. We are actively producing significant quantities of the highest-purity vanadium in the Mill's history. Perhaps more importantly, since we have developed an effective processing methodology, we now have the ability to quickly and inexpensively adjust production in response to evolving market conditions. We are closely tracking market conditions, particularly in China where significant quantities of vanadium are produced and consumed. Prices currently sit at approximately $9.10 per pound and, if they remain at current levels or decline for any extended period of time, we may temporarily halt vanadium production in order to save this valuable inventory for higher future prices. Regardless of what happens to markets, we have created the potential to rapidly generate significant cash flows during periods of elevated vanadium prices.
"We also believe we have created significant shareholder value through the test-mining program at our La Sal Complex. As we have previously reported, under this program we analyzed mining methods and technologies never before utilized in the uranium/vanadium mines of the Colorado Plateau. Our results are extremely encouraging, potentially changing the paradigm for mining these deposits by significantly improving grade control. If successful, this would reduce mining, milling and trucking costs, and potentially improve Mill recovery for vanadium since the higher the vanadium grade fed into the Mill, the higher the percentage of vanadium recovered.
"In short, we believe we are clearly demonstrating that Energy Fuels is not just another uranium company waiting for prices to recover. We are committed to realizing value and leveraging our assets wherever we can. We look forward to providing further updates on our progress in the months ahead."
Selected Summary Financial Information:
| || || |
|$000, except per share data |
|Three months ended |
March 31, 2019
|Three months ended |
March 31, 2018
|Results of Operations: |
| || |
|Total revenues |
|Operating loss |
|Net loss attributable to the company |
|Basic and diluted loss per share |
| || || |
|As at |
March 31, 2019
|As at |
December 31, 2018
|Financial Position: |
| || |
|Working capital |
|Property, plant and equipment |
|Mineral properties |
|Total assets |
|Total long-term liabilities |
Operations and Sales Outlook Overview
The Company plans to extract and/or recover uranium from its Nichols Ranch Project in 2019. In addition, during 2019 the Company expects to extract and/or recover vanadium, and potentially uranium, from pond solutions at its White Mesa Mill, subject to continued successful recovery and suitable sales prices.
As a result of improved vanadium market conditions in 2018, the Company began its current campaign in early 2019 to recover between two and a half (2.5) and four (4) million pounds of vanadium from existing pond solutions at the White Mesa Mill, which result from past mineral processing campaigns, over the 16 to 20 month expected life of the program.
Extraction and Recovery Activities Overview
During the quarter ended March 31, 2019, the Company recovered approximately 20,000 pounds of U3O8. In the year ending December 31, 2019, the Company expects to recover approximately 50,000 to 125,000 pounds of U3O8. The Company also recovered 325,000 pounds of high-purity vanadium pentoxide ("V2O5" or "black flake"), during the quarter ended March 31, 2019, and expects to continue to recover approximately 160,000-200,000 pounds of V2O5 per month over the life of the program, subject to continued successful recovery and depending on the availability of suitable sales prices.
The Company has entered into no uranium sales commitments for 2019 thus far. Therefore, all 2019 uranium production is expected to be added to existing inventories. All V2O5 production is expected to be sold on the spot market or maintained in inventory.
Both ISR and conventional uranium extraction and/or recovery are expected to continue to be maintained at reduced levels until such time as improvements in uranium market conditions are observed or suitable sales contracts can be procured. Continued vanadium production will depend on the continued availability of suitable vanadium spot prices.
During the quarter ended March 31, 2019, we extracted and recovered approximately 20,000 pounds of U3O8 from the Nichols Ranch Project. In the year ending December 31, 2019, the Company expects to produce approximately 50,000-70,000 pounds of U3O8 from Nichols Ranch.
At March 31, 2019, the Nichols Ranch wellfields had nine header houses extracting uranium. Until such time as improvement in uranium market conditions is observed or suitable sales contracts can be procured, the Company intends to defer development of further header houses at its Nichols Ranch Project. The Company currently holds 34 fully-permitted, undeveloped wellfields at Nichols Ranch, including four additional wellfields at the Nichols Ranch wellfields, 22 wellfields at the adjacent Jane Dough wellfields, and eight wellfields at the Hank Project, which is fully permitted to be constructed as a satellite facility to the Nichols Ranch Plant.
The Company expects to continue to keep the Alta Mesa ISR Project on standby until such time as improvements in uranium market conditions are observed or suitable sales contracts can be procured.
Conventional Extraction and Recovery Activities
During the quarter ended March 31, 2019, the White Mesa Mill recovered no uranium due to the its focus on vanadium recovery.
During the quarter, the Company produced 325,000 pounds of high-purity V2O5 from its Mill pond return program. The Company is currently producing at full-production rates of 160,000 to 200,000 pounds of V2O5 per month. The Company expects to continue to recover V2O5 at these rates throughout 2019, subject to continued successful recovery and depending on the availability of suitable sales prices. If vanadium prices remain at current levels or decline, the Company may curtail or stop vanadium production during the year, pending improvements in vanadium prices. One of the benefits of the Mill's vanadium pond return program is that it can be stopped and restarted relatively quickly in response to changes in vanadium market conditions.
In addition, the Company is evaluating whether uranium can be extracted, concurrent with its vanadium recovery, from the pond solutions. If the Company determines such recovery is possible, it expects that up to approximately 55,000 pounds of U3O8 could potentially be recovered at the White Mesa Mill in 2019 from those activities.
The Company currently expects that planned vanadium and other processing activities will keep the Mill in operation through the end of 2019 and into 2020. The Company is also actively pursuing opportunities to process new and additional alternate feed sources and low-grade ore from third parties in connection with various uranium clean-up requirements. In addition, if improvements in uranium market conditions are observed as a result of the Section 232 Investigation or otherwise, the Company would expect to be able to procure suitable long-term sales contracts to keep the Mill operating over a considerably longer period of time.
Conventional Standby, Permitting and Evaluation Activities
During the quarter ended March 31, 2019, the Company continued its test-mining program targeting vanadium at the fully-permitted La Sal Complex located on the Colorado Plateau, which it completed in April 2019, in addition to pursuing enhanced operational readiness targeting future commercial production. The goal of the program was to evaluate different mining approaches that selectively target high-grade vanadium zones, thereby potentially increasing productivity and mined grades for vanadium and decreasing mining costs per pound of V2O5 and U3O8. During this program, the Company refurbished the La Sal and Pandora mines within the La Sal Complex and extracted approximately 6,000 tons of mineralized material. The Company expects to continue readiness activities throughout 2019. In addition, the Company expects to complete a surface and underground drilling program at the La Sal Complex by mid-2019 in order to potentially expand the known uranium and/or vanadium resources available to mine.
During the quarter ended March 31, 2019, the Company completed no uranium sales. The Company currently has no remaining contracts and is therefore fully unhedged to future uranium price increases.
The Company continued V2O5 shipments during the quarter ended March 31, 2019 with initial quantities being allocated for conversion to ferrovanadium ("FeV"), which is currently being sold into spot metallurgical markets. During the quarter, the Company completed sales of 53,000 pounds of vanadium at an average price of $20.40 per pound. The Company expects to continue to sell finished vanadium product as it is produced into the metallurgical industry, as well as other markets that demand a higher purity product, including the aerospace, chemical and potentially the vanadium battery industries. The Company expects to sell to a diverse group of customers in order to maximize revenues and profits. The Company is continuing to produce a high-purity vanadium product of 99.6%-99.7% V2O5. The Company believes there may be opportunities to sell certain quantities of this high-purity material at a premium to reported spot prices. The Company may also retain vanadium product in inventory for future sale, depending on vanadium spot prices at the time of production.
The Company also continues to pursue new sources of revenue, including additional alternate feed materials and other sources of feed, for the White Mesa Mill.
In January 2018, the Company participated in the joint filing of a Petition for Relief under Section 232 of the Trade Expansion Act of 1962 (as amended) from Imports of Uranium Products that Threaten National Security (the "Petition"). On April 14, 2019, the DOC completed the Section 232 Investigation and submitted a report to the President of the United States containing their findings and proposed remedy (if any). From April 14, 2019, the President has 90 days to act on the DOC's recommendations and, if necessary, take action to adjust imports or pursue other lawful, non-trade-related actions to address the national security threat. The Petition describes how uranium and nuclear fuel from state-owned and state-subsidized enterprises in Russia, Kazakhstan, Uzbekistan, and China potentially represent a threat to U.S. national security. The Petition seeks a remedy which would set a quota to limit imports of uranium into the U.S., effectively reserving 25% of the U.S. nuclear market for U.S. uranium production. Additionally, the Petition suggests implementation of a requirement for U.S. federal utilities and agencies to buy U.S. uranium in accordance with the President's Buy American Policy. The remedies, if granted, would be expected to strengthen the U.S. uranium mining industry, bolster national defense, and improve supply diversification for U.S. utilities and their customers. The Company intends to continue its support of this action during 2019. It should be noted, however, that there can be no certainty of the outcome of the Section 232 Investigation and, therefore, the outcome of this process is uncertain.
About Energy Fuels: Energy Fuels is a leading U.S.-based uranium mining company, supplying U3O8 to major nuclear utilities. The Company also produces vanadium from certain of its projects, as market conditions warrant. Its corporate offices are in Lakewood, Colorado near Denver, and all of its assets and employees are in the United States. Energy Fuels holds three of America's key uranium production centers: the White Mesa Mill in Utah, the Nichols Ranch in-situ recovery ("ISR") Project in Wyoming, and the Alta Mesa ISR Project in Texas. The White Mesa Mill is the only conventional uranium mill operating in the U.S. today, has a licensed capacity of over 8 million pounds of U3O8 per year, and has the ability to produce vanadium when market conditions warrant. The Nichols Ranch ISR Project is in operation and has a licensed capacity of 2 million pounds of U3O8 per year. The Alta Mesa ISR Project is currently on standby. In addition to the above production facilities, Energy Fuels also has one of the largest NI 43-101 compliant uranium resource portfolios in the U.S. and several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development. The primary trading market for Energy Fuels' common shares is the NYSE American under the trading symbol "UUUU," and the Company's common shares are also listed on the Toronto Stock Exchange under the trading symbol "EFR." Energy Fuels' website is www.energyfuels.com.
Cautionary Note Regarding Forward-Looking Statements: This news release contains certain "Forward Looking Information" and "Forward Looking Statements" within the meaning of applicable Canadian and United States securities legislation, which may include, but is not limited to, statements with respect to: production and sales forecasts; costs of production; scalability, and the Company's ability and readiness to re-start or expand any of its existing projects to respond to any improvements in uranium market conditions; any expectations regarding vanadium opportunities, the Company's program for the recovery of vanadium from pond solutions, or the Company's ability to sell any of its vanadium product at a premium to spot prices or otherwise; the ability to quickly and inexpensively adjust vanadium production in response to evolving market conditions; the ability to generate cash flows during periods of elevated vanadium prices; the expected results from the vanadium test-mining program; the ability of the Company to secure any new sources of alternate feed materials or other processing opportunities at the White Mesa Mill; expected timelines for the permitting and development of projects; the Company's expectations as to longer term fundamentals in the market and price projections; expectations to become or maintain its position as a leading uranium company in the United States; any threats to national security and energy security; and the outcome of the Department of Commerce Section 232 investigation, including the nature of the Secretary of Commerce's recommendation to the President of the United States; whether or not the President will act on the recommendation and, if so, the nature of the action and remedy; and the expected benefits of the proposed remedies. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects," "does not expect," "is expected," "is likely," "budgets," "scheduled," "estimates," "forecasts," "intends," "anticipates," "does not anticipate," or "believes," or variations of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will be taken," "occur," "be achieved" or "have the potential to." All statements, other than statements of historical fact, herein are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements include risks associated with: production and sales forecasts; costs of production; scalability, and the Company's ability and readiness to re-start or expand any of its existing projects to respond to any improvements in uranium market conditions; any expectations regarding vanadium opportunities, the Company's program for the recovery of vanadium from pond solutions, or the Company's ability to sell any of its vanadium product at a premium to spot prices or otherwise; the ability to quickly and inexpensively adjust vanadium production in response to evolving market conditions; the ability to generate cash flows during periods of elevated vanadium prices; the expected results from the vanadium test-mining program; the ability of the Company to secure any new sources of alternate feed materials or other processing opportunities at the White Mesa Mill; expected timelines for the permitting and development of projects; the Company's expectations as to longer term fundamentals in the market and price projections; expectations to become or maintain its position as a leading uranium company in the United States; any threats to national security and energy security; and the outcome of the Department of Commerce Section 232 investigation, including the nature of the Secretary of Commerce's recommendation to the President of the United States; whether or not the President will act on the recommendation and, if so, the nature of the action and remedy; the expected benefits of the proposed remedies; and the other factors described under the caption "Risk Factors" in the Company's most recently filed Annual Report on Form 10-K, which is available for review on EDGAR at www.sec.gov/edgar.shtml, on SEDAR at www.sedar.com, and on the Company's website at www.energyfuels.com. Forward-looking statements contained herein are made as of the date of this news release, and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. The Company assumes no obligation to update the information in this communication, except as otherwise required by law.
SOURCE Energy Fuels Inc.
For further information: Investor Inquiries: Energy Fuels Inc., Curtis Moore, VP - Marketing and Corporate Development, (303) 974-2140 or Toll free: (888) 864-2125, firstname.lastname@example.org, www.energyfuels.com
Related Links energyfuels.com
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|To: LoneClone who wrote (18174)||5/13/2019 11:12:01 AM|
|Uranium Participation Corporation Reports Estimated Net Asset Value at April 30, 2019|
CNW GroupMay 9, 2019
TSX Trading symbol: U
TORONTO, May 9, 2019 /CNW/ - Uranium Participation Corporation ("UPC") (TSX:U) reports its estimated net asset value at April 30, 2019 was CAD$608.4 million or CAD$4.41 per share. As at April 30, 2019, UPC's uranium investment portfolio consisted of the following: View PDF Version
|(in thousands of Canadian dollars, except quantity amounts) |
| ||Quantity |
|Fair Value |
Investments in Uranium:
| || || |
|Uranium oxide in concentrates ("U3O8") |
| || 14,159,354 lbs |
|$ 479,904 |
|Uranium hexafluoride ("UF6") |
| || 1,117,230 KgU |
|$ 123,722 |
| || || ||$ 603,626 |
|U3O8 fair value1 per pound: |
| || || |
|- In Canadian dollars1 |
| || ||$ 33.89 |
|- In United States dollars |
| || ||$ 25.25 |
|UF6 fair value1 per KgU: |
| || || |
|- In Canadian dollars1 |
| || ||$ 110.74 |
|- In United States dollars |
| || ||$ 82.50 |
| || || || || |
|1 Fair values are month-end spot prices published by Ux Consulting Company, LLC, translated at the Bank of Canada's month-end daily exchange rate of $1.3423. |
On the last trading day of April 2019, the common shares of UPC closed on the TSX at a value of CAD$4.34, which represents a 1.59% discount to the net asset value of CAD$4.41 per share.
About Uranium Participation Corporation
Uranium Participation Corporation is a company that invests substantially all of its assets in uranium oxide in concentrates ("U3O8") and uranium hexafluoride ("UF6") (collectively "uranium"), with the primary investment objective of achieving appreciation in the value of its uranium holdings through increases in the uranium price. UPC provides investors with a unique opportunity to gain exposure to the price of uranium without the resource or project risk associated with investing in a traditional mining company. Additional information about Uranium Participation Corporation is available on SEDAR at www.sedar.com and on UPC's website at www.uraniumparticipation.com.
Caution Regarding Forward-Looking Information
This press release contains certain forward-looking statements and forward-looking information that are based on UPC's current internal expectations, estimates, projections, assumptions and beliefs. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "will", "expect", "intent", "estimate", "anticipate", "plan", "should", "believe" or "continue" or the negative thereof or variations thereon or similar terminology and include statements with respect to UPC's investment objectives.
By their very nature, forward-looking statements involve numerous factors, assumptions and estimates. A variety of factors, many of which are beyond the control of UPC, may cause actual results to differ materially from the expectations expressed in the forward-looking statement. These factors include, but are not limited to, changes in commodity prices and foreign exchange as well as the risk that UPC will not obtain the anticipated benefits of its agreements with third parties. For a description of the principal risks of UPC, see "Risk Factors" in UPC's Annual Report dated April 4, 2019 for the year ended February 28, 2019, a copy of which is available on UPC's website or under its profile at www.sedar.com.
These and other factors should be considered carefully, and readers are cautioned not to place undue reliance on these forward-looking statements. Although management reviews the reasonableness of its assumptions and estimates, unusual and unanticipated events may occur which render them inaccurate. Under such circumstances, future performance may differ materially from those expressed or implied by the forward-looking statements. Except where required under applicable securities legislation, UPC does not undertake to update any forward-looking information statement.
SOURCE Uranium Participation Corporation
View original content: newswire.ca
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|To: LoneClone who wrote (18175)||5/13/2019 11:23:30 AM|
|ALX Uranium Announces Results from the Winter 2019 Drilling Program at the Hook-Carter Uranium Project, Athabasca Basin, Saskatchewan |
Vancouver, British Columbia--(Newsfile Corp. - May 2, 2019) - ALX Uranium Corp. (TSXV: AL) (FSE: 6LLN) (OTC: ALXEF) ("ALX" or the "Company") is pleased to announce results from the Hook-Carter Uranium Project ("Hook-Carter", or the "Project") winter 2019 drilling program which began in early January 2019 (see ALX news release dated January 9, 2019). Exploration at Hook-Carter is operated by Denison Mines Corp. ("Denison") (TSX: DML) (NYSE MKT: DNN). The Project lies within the highly-prospective Patterson Lake Corridor ("PLC") and is owned 80% by Denison and 20% by ALX.
Winter 2019 Drilling Program
The winter 2019 program consisted of 4,797 metres of diamond drilling in six completed holes to test high-priority geophysical targets developed by Denison which were identified from the resistivity and moving loop time-domain electromagnetic (MLTEM) surveys carried out in 2017 within the interpreted extension of the PLC. The winter 2019 drilling program was designed as a continuation of the 2018 winter and summer drilling programs which included 6,960 metres in nine holes.
Favorable structure and alteration was encountered in the majority of the drill holes completed in the 2019 drilling program and initial geochemical results received to date show significant concentrations of uranium pathfinder elements, which indicate the presence of a mineralizing system on Hook-Carter. Completion of the 2018 and 2019 drilling programs has provided reconnaissance level drill hole coverage along the PLC at an approximate 1,200 metre spacing throughout the 2017 geophysical survey area. These reconnaissance drill holes form an important initial repository of drilling data, which is expected to be used to prioritize target horizons and plan future exploration programs.
Highlights of the winter 2019 drill holes are as follows:
HC19-015 tested a resistivity target that is coincident with a historical electromagnetic anomaly located along the eastern edge of the 2017 geophysical grid. Weak dravite and pyrite alteration was noted mostly in the upper portions of the sandstone column. The basal 30 metres of sandstone were desilicified with several unconsolidated sections. Basement lithologies encountered included a graphitic breccia and a weakly graphitic pelite unit. Pervasive strong quartz flooding was observed throughout the basement and elevated radioactivity of up to 350 cps was measured with a hand-held RS-125 scintillometer in a hematized zone below the unconformity. Geochemical results for HC19-015 are pending.
HC19-014A and HC19-013A tested two electromagnetic targets located along the northeastern portion of the 2017 geophysical grid. HC19-013A encountered multiple zones of strongly brecciated, faulted and hydrothermally altered sandstone, particularly near the unconformity. Strongly silicified pelitic gneisses and a graphite-rich pelitic gneiss were intersected within the basement that exhibited extensive shearing, faulting and brecciation. Elevated radioactivity (up to 170 cps with a handheld RS-125 spectrometer) was recorded in some of the fault zones in the basement. Collared approximately 1.2 kilometres northeast of HC19-013A, drill hole HC19-014A encountered similar sandstone structure and alteration; however, it was restricted to the basal portion of the sandstone column. A massive white clay zone approximately three metres in thickness was encountered at the unconformity. HC19-014A encountered strongly sheared, faulted and brecciated graphitic pelitic gneiss in the basement. Strong clay alteration and hematization followed the graphitic unit extending approximately 10 metres into the underlying quartz-flooded granitic gneiss. Geochemical results for HC19-013A and HC19-014A are pending.
HC19-012 targeted a strong electromagnetic anomaly in the central portion of the 2017 geophysical survey area. The hole was designed to test the basement below historical drill hole HK-002. Sandstone structure in drill hole HC19-012 included several narrow zones of blocky and locally brecciated core. Significant hydrothermal alteration was also noted in the sandstone. Geochemical samples analyzed from this hole returned strongly anomalous boron values of up to 1,000 ppm for the entire sandstone column. Structurally-controlled clay alteration was observed in multi-metre sections. A weakly to moderately bleached, locally sheared, weakly graphitic unit was intersected in the basement of drill hole HC19-012 below HK-002.HC19-011 tested a roughly coincident electromagnetic-resistivity anomaly located along the eastern edge of the 2017 geophysical grid. Drill hole HC19-011 intersected moderate to locally strong hydrothermal alteration in the sandstone and weakly elevated radioactivity in hematized clay near the unconformity (up to 225 cps with a handheld RS-125 spectrometer). Elevated levels of boron (up to 3,320 ppm) were returned in the sandstone and immediately below the unconformity. It has been interpreted that HC19-011 likely overshot the optimal target and additional targets may exist to the southeast on section. HC19-010A targeted a resistivity anomaly located 900 metres along strike to the northeast of HC19-011. The hole intersected weak to moderate hydrothermal alteration in the sandstone. Geochemistry results returned anomalous boron values of up to 762 ppm throughout the sandstone column.
Hook-Carter consists of 82 claims covering 24,262 hectares and is located approximately 180 kilometres (155 miles) northwest of La Loche, SK. The Project is located along the prolific Patterson Lake Corridor - host to the Triple R uranium deposit (Fission Uranium Corp.), the Arrow uranium deposit and the Harpoon, Bow and South Arrow uranium discoveries (NexGen Energy Ltd.), and the Spitfire, Hornet and Dragon uranium discoveries (a joint venture of Purepoint Uranium Group Inc., Cameco Corp., and Orano Canada Inc.). When Denison acquired its interest in the Project in November 2016, Denison agreed to fund the first $12.0 million of expenditures at Hook-Carter (see ALX news releases dated October 13, 2016 and November 7, 2016). Exploration expenditures to date by Denison total approximately $6.6 million.
The 2018 inaugural drilling programs at Hook-Carter tested an initial set of regional scale geophysical targets along 7.5 of the 15 kilometres of interpreted strike length of the PLC at the Project. The nine completed reconnaissance holes, totaling 6,960 metres, successfully identified multiple prospective trends of strong hydrothermal alteration in both the sandstone and basement lithologies associated with graphitic basement structures. These features are consistent with unconformity-related mineralizing systems in Athabasca Basin uranium deposits and provide a strong indication of the continuation of the mineralizing system within the PLC at Hook-Carter.
To view maps of Hook-Carter's location along the Patterson Lake Corridor and the 2019 drilling plan, please click here.
Technical information in this news release has been reviewed and approved by Sierd Eriks, P.Geo., President and Chief Geologist of the Company, who is a Qualified Person, in accordance with the Canadian regulatory requirements as set out in National Instrument 43-101.
ALX's mandate is to provide shareholders with multiple opportunities for discovery by exploring a portfolio of prospective mineral properties in northern Saskatchewan, Canada. The Company executes well-designed exploration programs using the latest technologies and has interests in over 200,000 hectares in Saskatchewan, a Province which hosts the richest uranium deposits in the world, a producing gold mine, and demonstrates potential for economic base metals deposits. ALX is based in Vancouver, BC, Canada and its common shares are listed on the TSX Venture Exchange under the symbol "AL", on the Frankfurt Stock Exchange under the symbol "6LLN" and in the United States OTC market under the symbol "ALXEF". Technical reports are available on SEDAR at www.sedar.com for several of the Company's active properties.
For more information about the Company, please visit the ALX corporate website at www.alxuranium.com or contact Roger Leschuk, Manager, Corporate Communications at Ph: 604.629.0293 or Toll-Free: 1.866.629.8368, or by email: email@example.com
On Behalf of the Board of Directors of ALX Uranium Corp.
Warren Stanyer, CEO and Chairman
FORWARD LOOKING STATEMENTS
Statements in this document which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward looking statements in this news release for example include and are not limited to the results of the 2019 drilling program by Denison at Hook-Carter, and the anticipated benefits of future planned programs. It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Risks and uncertainties include economic, competitive, governmental, environmental and technological factors that may affect the Company's operations, markets, products and prices. Factors that could cause actual results to differ materially may include misinterpretation of data; that we may not be able to get equipment or labour as we need it; that we may not be able to raise sufficient funds to complete our intended acquisitions, exploration or development; that our applications to drill may be denied; that weather, logistical problems or hazards may prevent us from exploration; that equipment may not work as well as expected; that analysis of data may not be possible accurately and at depth; that results which we or others have found in any particular location are not necessarily indicative of larger areas of our properties; that we may not complete environmental programs in a timely manner or at all; that market prices may not justify commercial production costs; and that despite encouraging data there may be no commercially exploitable mineralization on our properties. Additional risk factors are discussed in the Company's Management Discussion and Analysis for the Year Ended December 31, 2018, which is available under Company's SEDAR profile at www.sedar.com. Except as required by law, we will not update these forward looking statement risk factors.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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|From: LoneClone||5/14/2019 6:53:34 PM|
|Anfield Energy Engages BRS Engineering to Complete a PEA for the Charlie Uranium Project|
May 13, 2019 07:00 ET | Source: Anfield Energy Inc.
VANCOUVER, British Columbia, May 13, 2019 (GLOBE NEWSWIRE) -- Anfield Energy Inc. (TSX.V: AEC; OTCQB: ANLDF; FRANKFURT: 0AD) (“Anfield” or “the Company”) is pleased to announce that it has engaged BRS Engineering to complete a Preliminary Economic Assessment (PEA) for the recently-acquired Wyoming-based Charlie Uranium Project (“Charlie Project”). The PEA is expected to be completed by the end of June 2019. Anfield had previously issued a revised mineral resource technical report for the Charlie Project, entitled “Charlie Uranium Project Mineral Resource NI 43-101 Technical Report, Johnson County, Wyoming, USA” and dated February 7, 2019. This report is filed on SEDAR and states the following estimated mineral resources:
An Indicated Mineral Resource of 1,255,000 tons with an average grade of 0.123% eU3O8 (equivalent to an Indicated Resource of 3,100,000 pounds of eU3O8); and
An Inferred Mineral Resource of 411,000 tons with an average grade of 0.12% eU3O8 (equivalent to 988,000 pounds of eU3O8). Corey Dias, Anfield CEO, states, “We are pleased to begin the process of moving Charlie forward through the commissioning of a Preliminary Economic Assessment. We believe that, when combined with our Resin Process Agreement with Uranium One, this project will place Anfield in a strong position for potential future production. Moreover, with the U.S. Department of Commerce’s Section 232 recommendation before the White House to implement a supportive U.S. uranium policy, a positive outcome could prove a boon to companies such as Anfield with a U.S. production horizon”.
BRS, Inc. is an engineering and geology consulting corporation with expertise in mining and mineral exploration. Of particular note, it specializes in uranium exploration, mineral resource evaluation, mine design, feasibility, mine operations, and reclamation. It has completed numerous uranium projects including technical reports and feasibility studies for underground, open pit, ISR, and conventional uranium mills. Representative projects include technical reports and due diligence for project financing for conventional uranium projects including the Sheep Mountain and the JAB-RD open pit in Wyoming, the Cibola Project in New Mexico, the Coles Hill, Virginia open pit and underground mine, and numerous ISR uranium projects in Wyoming and Paraguay.
Douglas L. Beahm, P.E., P.G., the principal engineer at BRS, is a Qualified Person as defined in NI 43-101 with 40 years of professional and managerial experience. Mr. Beahm has a proven track record in a variety of mining and mine reclamation projects including surface and underground mining, heap leach recovery, ISR, and uranium mill tailings projects. Mr. Beahm’s experience includes coal, precious metals, and industrial minerals, but his emphasis throughout his career has been on uranium.
Anfield is a uranium and vanadium development and near-term production company that is committed to becoming a top-tier energy-related fuels supplier by creating value through sustainable, efficient growth in its assets. Anfield is a publicly-traded corporation listed on the TSX-Venture Exchange (AEC-V), the OTCQB Marketplace (ANLDF) and the Frankfurt Stock Exchange (0AD). Anfield is focused on two asset centres, as summarized below:
Wyoming – Irigaray ISR Processing Plant (Resin Processing Agreement)
Anfield has signed a Resin Processing Agreement with Uranium One whereby Anfield would process up to 500,000 pounds per annum of its mined material at Uranium One’s Irigaray processing plant in Wyoming. In addition, the Company can both buy and borrow uranium from Uranium One in order to fulfill some or all of its sales contracts.
Anfield’s 24 ISR mining projects are located in the Black Hills, Powder River Basin, Great Divide Basin, Laramie Basin, Shirley Basin and Wind River Basin areas in Wyoming. Anfield’s two projects in Wyoming for which NI 43-101 resource reports have been completed are Red Rim and Clarkson Hill.
The Charlie Project, the asset which was the core component of a recently-announced transaction between Anfield and Cotter Corporation, is located in the Pumpkin Buttes Uranium District in Johnson County, Wyoming. The Charlie Project consists of a 720-acre Wyoming State uranium lease which has been in development since 1969. An NI 43-101 resource report has been completed for the Charlie Project.
Arizona/Utah/Colorado – Shootaring Canyon Mill
A key asset in Anfield’s portfolio is the Shootaring Canyon Mill in Garfield County, Utah. The Shootaring Canyon Mill is strategically located within one of the historically most prolific uranium production areas in the United States, and is one of only three licensed uranium mills in the United States.
Anfield’s conventional uranium assets consist of mining claims and state leases in southeastern Utah, Colorado and Arizona, targeting areas where past uranium mining or prospecting occurred. Anfield’s conventional uranium assets include the Velvet-Wood Project, the Frank M Uranium Project, the West Slope Project as well as the Findlay Tank breccia pipe. An NI 43-101 Preliminary Economic Assessment has been completed for the Velvet-Wood Project. The PEA is preliminary in nature, and includes inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment would be realized. All conventional uranium assets are situated within a 200-mile radius of the Shootaring Mill.
On behalf of the Board of Directors
ANFIELD ENERGY INC.
Corey Dias, Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Anfield Energy, Inc.
Safe Harbor Statement
THIS NEWS RELEASE CONTAINS “FORWARD-LOOKING STATEMENTS”. STATEMENTS IN THIS NEWS RELEASE THAT ARE NOT PURELY HISTORICAL ARE FORWARD-LOOKING STATEMENTS AND INCLUDE ANY STATEMENTS REGARDING BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS REGARDING THE FUTURE.
EXCEPT FOR THE HISTORICAL INFORMATION PRESENTED HEREIN, MATTERS DISCUSSED IN THIS NEWS RELEASE CONTAIN FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT TO CERTAIN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH STATEMENTS. STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS THAT ARE PRECEDED BY, FOLLOWED BY, OR THAT INCLUDE SUCH WORDS AS “ESTIMATE,” “ANTICIPATE,” “BELIEVE,” “PLAN” OR “EXPECT” OR SIMILAR STATEMENTS ARE FORWARD-LOOKING STATEMENTS. RISKS AND UNCERTAINTIES FOR THE COMPANY INCLUDE, BUT ARE NOT LIMITED TO, THE RISKS ASSOCIATED WITH MINERAL EXPLORATION AND FUNDING AS WELL AS THE RISKS SHOWN IN THE COMPANY’S MOST RECENT ANNUAL AND QUARTERLY REPORTS AND FROM TIME-TO-TIME IN OTHER PUBLICLY AVAILABLE INFORMATION REGARDING THE COMPANY. OTHER RISKS INCLUDE RISKS ASSOCIATED WITH SEEKING THE CAPITAL NECESSARY TO COMPLETE THE PROPOSED TRANSACTION, THE REGULATORY APPROVAL PROCESS, COMPETITIVE COMPANIES, FUTURE CAPITAL REQUIREMENTS AND THE COMPANY’S ABILITY AND LEVEL OF SUPPORT FOR ITS EXPLORATION AND DEVELOPMENT ACTIVITIES. THERE CAN BE NO ASSURANCE THAT THE COMPANY WILL BE ABLE TO COMPLETE THE PROPOSED TRANSACTION, THAT THE COMPANY’S EXPLORATION EFFORTS WILL SUCCEED OR THE COMPANY WILL ULTIMATELY ACHIEVE COMMERCIAL SUCCESS. THESE FORWARD-LOOKING STATEMENTS ARE MADE AS OF THE DATE OF THIS NEWS RELEASE, AND THE COMPANY ASSUMES NO OBLIGATION TO UPDATE THE FORWARD-LOOKING STATEMENTS, OR TO UPDATE THE REASONS WHY ACTUAL RESULTS COULD DIFFER FROM THOSE PROJECTED IN THE FORWARD-LOOKING STATEMENTS. ALTHOUGH THE COMPANY BELIEVES THAT THE BELIEFS, PLANS, EXPECTATIONS AND INTENTIONS CONTAINED IN THIS NEWS RELEASE ARE REASONABLE, THERE CAN BE NO ASSURANCE THOSE BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS WILL PROVE TO BE ACCURATE. INVESTORS SHOULD CONSIDER ALL OF THE INFORMATION SET FORTH HEREIN AND SHOULD ALSO REFER TO THE RISK FACTORS DISCLOSED IN THE COMPANY’S PERIODIC REPORTS FILED FROM TIME-TO-TIME.
THIS NEWS RELEASE HAS BEEN PREPARED BY MANAGEMENT OF THE COMPANY WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS.
More articles issued by Anfield Energy Inc. More articles related to: Company Announcement
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|From: LoneClone||5/15/2019 12:02:16 PM|
|Azincourt Energy Vtem Survey Generates Seven New Target Areas at East Preston Uranium Project|
GlobeNewswire•May 15, 2019
VANCOUVER, British Columbia, May 15, 2019 (GLOBE NEWSWIRE) -- AZINCOURT ENERGY CORP. (“Azincourt” or the “Company”) (TSX.V: AAZ, OTC: AZURF), is pleased to announce results from the helicopter-borne Versatile Time-Domain Electromagnetic (VTEM™ Max) and Magnetic survey conducted over the southeastern portion of the East Preston Uranium Project, located in the western Athabasca Basin, Saskatchewan.
As reported previously, Azincourt conducted a helicopter-borne Versatile Time-Domain Electromagnetic (VTEM™ Max) and Magnetic survey in February 2019 over the southern portion of the East Preston Project to complete survey coverage over the entire 25,000+ hectare project area. The survey consisted of 498 line-km with 300 m line spacing and 1,000 m tie-line spacing – identical parameters to the previous VTEM™ Max survey, and ties directly into the previous flight lines oriented NW-SE, perpendicular to the NE-SW orientation of the regional structural and basement conductor trends at East Preston.
Geotech completed data processing and provided a merged dataset covering the entire East Preston project. In-depth interpretation has now been completed by Bingham Geoscience, geophysical consultants to Azincourt.
The detailed interpretation of the project-scale VTEM survey data has added an additional seven areas to the project target inventory and has confirmed the main A-conductor trend extends an additional five km southwest to the property edge.
Four of the new target areas (A7, A8, B4 & C1) display prospective structural offset breaks in the conductor trends with multiple, discreet conductors interpreted. Three new target areas (B5, B6 & E1) display single discreet conductors coincident with magnetic structures and offset breaks (see Figure 1).
All new target areas are considered prospective for basement-hosted unconformity uranium discovery and the expanded targets at East Preston will now be prioritized for continued exploration drill testing.
“We are very pleased with the results of the property-wide VTEM survey, results that have now substantially expanded our target inventory,” said Ted O’Connor, Director and Technical Advisor for East Preston. “I am most excited at the results along the A Conductor Corridor that extends across the entire central project area. This complex, linear, multi-conductor system hosts geologically prospective graphitic basement rocks with apparent structural upgrading and this system alone, has approximately 15 km strike length to test. The East Preston project is ideally situated immediately south of the Athabasca Basin edge, but entirely within 15-20 km of the present-day basin edge where basement-hosted unconformity uranium deposits, if present, can be preserved at present day erosion levels,” continued Mr. O’Connor.
“The goal of this geophysical survey was to see if we could add quality drill targets on the southern half of the property to our database, and we were able to do this in a significant way,” said president & CEO, Alex Klenman. “The entire project now has survey coverage, and even more target areas. East Preston continues to develop. We now have a strong inventory of drill targets over a very expansive footprint, in precisely the right geographical location for uranium discovery. With many predicting a potentially strong uranium market ahead, the East Preston project clearly positions Azincourt for growth,” continued Mr. Klenman.
Graphics accompanying this announcement are available at
About East Preston
Azincourt is currently earning towards 70% interest in the 25,000+ hectare East Preston project as part of a joint venture agreement with Skyharbour Resources ( SYH.V), and Clean Commodities Corp ( CLE.V). Extensive regional exploration work at East Preston was completed in 2013-14, including airborne electromagnetic (VTEM), magnetic and radiometric surveys. Three prospective conductive, low magnetic signature corridors have been discovered on the property. The three distinct corridors have a total strike length of over 25 km, each with multiple EM conductor trends identified. Ground prospecting and sampling work completed to date has identified outcrop, soil, biogeochemical and radon anomalies, which are key pathfinder elements for unconformity uranium deposit discovery.
The Company completed a winter geophysical exploration program in January-February 2018 that generated a significant amount of new drill targets within the previously untested corridors while refining additional targets near previous drilling along the Swoosh corridor.
Ground-truthing work confirmed the airborne conductive trends and more accurately located the conductor axes for future drill testing. The gravity survey identified areas along the conductors with a gravity low signature, which is often associated with alteration, fault/structural disruption and potentially, uranium mineralization. The combination/stacking of positive features has assisted in prioritizing targets.
The Main Grid shows multiple long linear conductors with flexural changes in orientation and offset breaks in the vicinity of interpreted fault lineaments – classic targets for basement-hosted unconformity uranium deposits. These are not just simple basement conductors; they are clearly upgraded/enhanced prospectivity targets because of the structural complexity.
The targets are basement-hosted unconformity related uranium deposits similar to NexGen’s Arrow deposit and Cameco’s Eagle Point mine. East Preston is near the southern edge of the western Athabasca Basin, where targets are in a near surface environment without Athabasca sandstone cover – therefore they are relatively shallow targets but can have great depth extent when discovered. The project ground is located along a parallel conductive trend between the PLS-Arrow trend and Cameco’s Centennial deposit (Virgin River-Dufferin Lake trend).
Drilling commenced in March of 2019, testing the first few priority targets to depths between 150 and 200 meters. Results are pending and will be announced once received, reviewed and verified.
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43- 101 and reviewed on behalf of the company by Ted O’Connor, P.Geo. a director of the Company, as well as a qualified person.
About Azincourt Energy Corp.
Azincourt Energy is a Canadian-based resource company specializing in the strategic acquisition, exploration and development of alternative energy/fuel projects, including uranium, lithium, and other critical clean energy elements. The Company is currently active at its joint venture East Preston uranium project in the Athabasca Basin, Saskatchewan, Canada, and the Escalera Group uranium-lithium project located on the Picotani Plateau in southeastern Peru.
ON BEHALF OF THE BOARD OF AZINCOURT ENERGY CORP.
Alex Klenman, President & CEO
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release includes “forward-looking statements”, including forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Azincourt. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed, and actual future results may vary materially.
For further information please contact:
Alex Klenman, President & CEO
Azincourt Energy Corp.
1430 – 800 West Pender Street
Vancouver, BC V6C 2V6
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