|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:
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|$000, except per share data |
|Three months ended |
March 31, 2019
|Three months ended |
March 31, 2018
|Results of Operations: |
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|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: |
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|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
|RecommendKeepReplyMark as Last ReadRead Replies (1)|
|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
|RecommendKeepReplyMark as Last ReadRead Replies (1)|
|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.
|RecommendKeepReplyMark as Last Read|
|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
|RecommendKeepReplyMark as Last Read|
|From: LoneClone||5/21/2019 7:46:21 PM|
|Blue Sky Uranium Expands Exploration Program at the Amarillo Grande Uranium-Vanadium Project |
Blue Sky Uranium Corp. May 16, 2019, 09:30 ET
TSX Venture Exchange: BSK
Frankfurt Stock Exchange: MAL2
OTCQB Venture Market (OTC): BKUCF
VANCOUVER, May 16, 2019 /CNW/ - Blue Sky Uranium Corp. (TSX-V: BSK, FSE: MAL2; OTC: BKUCF), "Blue Sky" or the "Company") is pleased to provide an update on current exploration and planned follow-up programs for the Company's wholly-owned Amarillo Grande Uranium-Vanadium Project in Rio Negro, Argentina ("AGP"). The AGP covers a 145 km prospective trend, including the Ivana deposit which demonstrated strong economic potential in a recent NI 43-101 Preliminary Economic Assessment ("PEA"; see News Release dated February 27, 2019).
Work to date has identified three high-priority target areas with significant anomalies of uranium and vanadium. The exploration program for the next six months, including RC drilling, is designed to systematically identify and delineate mineralization potentially extending the Ivana deposit to the west (Ivana West target). The program will also test targets in two other key areas, Ivana Central and Ivana North, within 25 kilometres of the deposit ( see Figure 1).
The program includes:
"Following on the heels of our successful PEA for the Ivana deposit, we are continuing exploration with confidence in the potential for discovery of additional deposits that will build value," stated Nikolaos Cacos, Blue Sky President & CEO. "Our team has made considerable advancements in exploration targeting and all of our results to date confirm significant uranium and vanadium anomalies to the west and north of the Ivana deposit, with additional prospects along the 145km-long exploration trend covered by the Amarillo Grande Project."
- Auger drilling and down-hole radiometric measurements (currently in progress)
- 6km-long Induced Polarization ("IP") geophysical survey (planned)
- Up to 4,500 metres of reverse circulation ("RC") drilling (planned)
On February 27th, 2019 the Company announced a PEA for the Ivana deposit, including an updated inferred mineral resource estimate of 22.7 million pounds of U308 and 11.5 million pounds of V2O5 (23.9 million tonnes averaging 0.037% U3O8 & 0.019% V2O5 at a 100 ppm uranium cut-off). The PEA concludes that the current mineral resources support 13 years of uranium and vanadium production from a surficial mining operation, with robust economics after modest capital outlay, but noted that there was still considerable potential to identify new resources to the west and north. The Company is therefore continuing exploration with a particular focus on shallow "blind" targets not exposed at surface.
Pit sampling work completed to date, as well as past wide-spaced diamond drilling and ground radiometrics, has aided in the identification of shallow mineralized targets in the Ivana West, Ivana Central and Ivana North areas. Results from Ivana West, adjacent to the main deposit area, returned high grades of uranium and vanadium from pit sampling as reported in the Company's news releases dated November 15, 2018 and April 29, 2019. Pit sampling at the Ivana Central and North areas was completed as part of a 2011 exploration program which also returned high values of uranium (report by C.G. Verley, filed on www.sedar.com dated May 29th, 2012).
In 2013, Blue Sky's joint venture partner at the time, Areva S.A., drilled 11 core holes in the Ivana Central and North target areas totaling 2023.5 metres with depths ranging from 110 to 280 metres. Since the middle of 2018, Blue Sky's exploration team has been relogging, resampling and re-interpreting those holes and applying the in-house geological and exploration models that have been developed and refined as the Ivana deposit has been advanced. This work has identified two suites of pathfinder elements that the Company plans to employ as geochemical indicators to vector towards blind uranium deposits during the upcoming exploration program.
A program comprising 321 new auger holes is ongoing and designed to refine targets for RC drilling ( see Figure 1). A total of 152 auger holes have been completed since the beginning of 2018 (133 at the Ivana deposit/West and 19 at Ivana Central) totalling 644 metres with an average depth of 4.3 metres. This method is being applied in areas with weak or no superficial radiometric anomalies that have potential for blind uranium deposits and where the basement rock is considered too deep for pit-sampling. The auger holes are drilled to approximately 10 metres in depth, after which the open hole is surveyed with a down-hole radiometric probe; areas with elevated radiometrics are being prioritized for RC drill testing. Prior to the start of the current auger program, the Company conducted augering in a number of areas on the Ivana property, including the Ivana deposit area, Ivana Central and Ivana North (Figure 1). Radiometric probe results from auger holes were partially responsible for the discovery of the Ivana deposit and in some cases have delineated strong near-surface anomalies requiring follow-up RC drilling (see report by C.G. Verley, filed on www.sedar.com dated May 29th, 2012 for discussion of pre-2017 auger drilling).
Planned Geophysics Program
To further refine drill targets with the potential for blind uranium deposits the exploration team has planned a 6-km long IP geophysical survey over the Ivana Central and North targets. Disseminated pyrite associated with uranium-vanadium mineralization was initially detected by an IP survey at the Ivana deposit, and confirmed with the following RC drill program. Therefore, chargeability anomalies related to disseminated pyrite may be a useful indirect indicator to identify additional zones of buried uranium-vanadium mineralization.
Planned RC Program
The planned RC drilling program will be executed in two stages totalling approximately 4,500 metres. Stage 1 will be focussed on the Ivana West target, comprising the potential western extension of the Ivana deposit, as well as testing surficial uranium-vanadium anomalies, open to depth auger-detected anomalies and airborne/surface survey radiometric anomalies at the Ivana North and Central targets. The focus of Stage 2 drilling will be defined based on results from Stage 1 and will prioritize areas with the most potential for delineation of additional mineral resources.
The entire geophysics and RC drilling programs are expected to take approximately six months; both are contingent on the Company raising additional funds.
The results of the Company's exploration program were reviewed, verified (including sampling, analytical and test data) and compiled by the Company's geological staff under the supervision of David Terry, Ph.D., P.Geo. Dr. Terry is a Director of the Company and a Qualified Person as defined in National Instrument 43-101. The contents of this news release have been reviewed and approved by Dr. Terry.
About the Amarillo Grande Project
The Company's 100% owned Amarillo Grande Uranium-Vanadium Project in Rio Negro Province, Argentina is a new uranium district controlled by Blue Sky. The Ivana deposit is the cornerstone of the Project and the first part of the district for which both a Mineral Resource Estimate and a Preliminary Economic Assessment have been completed. Mineralization at the Ivana deposit has characteristics of sandstone-type and surficial-type uranium-vanadium deposits. The sandstone-type mineralization is related to a braided fluvial system and indicates the potential for a district-size system. In the surficial-type deposits, mineralization coats loosely consolidated pebbles, and is amenable to leaching and simple upgrading. The PEA demonstrates robust economics for a surficial mining operation of the Ivana deposit, with 13 years of uranium and vanadium production.
The Project includes several other target areas over a regional trend, at or near surface. The area is flat-lying, semi-arid and accessible year-round, with nearby rail, power and port access. The Company's strategy includes delineating resources at multiple areas for which a central processing facility could consolidate production.
For additional details on the project and properties, please see the Company's website.
About Blue Sky Uranium Corp.
Blue Sky Uranium Corp. is a leader in uranium discovery in Argentina. The Company's objective is to deliver exceptional returns to shareholders by rapidly advancing a portfolio of surficial uranium deposits into low-cost producers. Blue Sky has the exclusive right to properties in two provinces in Argentina. The Company's flagship Amarillo Grande Project was an in-house discovery of a new district that has the potential to be both a leading domestic supplier of uranium to the growing Argentine market and a new international market supplier. The Company is a member of the Grosso Group, a resource management group that has pioneered exploration in Argentina since 1993.
ON BEHALF OF THE BOARD
Nikolaos Cacos, President, CEO and Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Readers are encouraged to refer to the Company's public disclosure documents for a more detailed discussion of factors that may impact expected future results. The Company undertakes no obligation to publicly update or revise any forward-looking statements. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.
SOURCE Blue Sky Uranium Corp.
For further information: Corporate Communications, Tel: 1-604-687-1828, Toll-Free: 1-800-901-0058, Email: firstname.lastname@example.org
Related Links www.blueskyuranium.com
|RecommendKeepReplyMark as Last Read|
|From: LoneClone||5/23/2019 12:44:28 PM|
|Fission 3.0 Targets Large, Shallow Geophysics Anomaly at Cree Bay in Athabasca Basin |
First pass drill program to focus on 1.2km area of interest along Virgin River Shear Zone in NE Athabasca Basin
Fission 3.0 Corp. May 23, 2019, 03:00 ET
TSX VENTURE SYMBOL: FUU
KELOWNA, BC, May 23, 2019 /CNW/ - FISSION 3.0 CORP. ("Fission 3" or "the Company") is pleased to announce a three-hole (1,225m) drill program at its Cree Bay property, located in the northeast area of Canada's Athabasca Basin. The program is budgeted at $500,000 and is expected to take 2.5 weeks to complete, commencing during the last week of May. The property is located along the SW-NE trending Virgin River Shear Zone, which is host to the historic past producing Nisto uranium deposit located ~7km along strike to the northeast. Drilling will focus on the strongest areas of a localized 1.2km geophysics resistivity low anomaly coincident with the Virgin River shear zone conductive trend located in the north east of the property.
High-grade unconformity uranium occurrences in the Athabasca Basin are often formed where mineralized fluids that have traveled along reactivated basement faults intersect with the overlying sandstone. Such systems often produce hydrothermal alteration along the fault corridors and these alteration halos can plume upwards into the sandstone. These alteration features may be detected by DC resistivity geophysics surveys as resistivity lows within a conductive trend, such as the anomaly that the Company's Cree Bay drill program will be targeting.
Ross McElroy, COO, and Chief Geologist for Fission, commented,
- Summer Program to Commence during the last week of May 2019: Site preparations already underway for three-hole (1,225m) program
- All Holes to Focus on Large, Prospective Target: A 1.2km resistivity anomaly was identified by Fission 3 during recent ground geophysics surveys. Two core holes will test the primary intense part of anomaly on line 2700N and a third hole is planned 600m to the southwest to test the secondary moderate part of the resistivity anomaly on line 2100N
"We are looking forward to commencing our drill program at Cree Bay. This is an attractive property with a primary drill target of significant size, and it is located just 10km from the past-producing Nisto uranium mine. The program is the latest element of Fission 3's ongoing exploration across its large portfolio in Canada's Athabasca Basin – a region which hosts the highest-grade uranium deposits in the world."
Cree Bay – Location and Geophysics Survey Details: The Cree Bay property, located 20km south of the town of Stony Rapids, consists of 16 claims totaling 14,080 ha and sits on the inside edge of the north-eastern Athabasca Basin. The property is located along the major SW-NE trending Virgin River Shear Zone. Locally the conductive corridor is bound by the Black Lake Fault to the north and East Channel Fault to the south. The historic Nisto uranium mine, is located ~7km to the northeast of the property boundary, along the Black Lake fault.
In 2017, Fission 3 completed a ground DC resistivity geophysics survey over the northeast end of a historic airborne Electromagnetic (EM) anomaly located in the northeast part of the property. This anomaly is situated within the Virgin River Conductive Corridor, where the Athabasca Sandstone cover is estimated to have a thickness of just over 200m. The ground resistivity survey identified an associated resistivity anomaly in the lower sandstone that was open to the south and that was interpreted to indicate a possible alteration system. In March to April 2019, Fission 3 carried out a 27-line km ground DC Resistivity Survey. The goal was to close off and fully define the resistivity anomaly identified in 2017, as such alteration systems are known to accompany unconformity-type uranium mineralization.
The Resistivity Surveys have defined a resistivity low anomaly in the lower part of the Athabasca Sandstone along a strike length of ~1.2km. Two 3km-long lines of moving loop Time Domain Electromagnetic (TDEM) were completed over the most intense parts of the resistivity anomaly, over a 900m strike length between Line 2700N and Line 1800N. The TDEM survey identified basement conductors adjacent to the resistivity low which may indicate reactivated structural faulting, and which have the potential to provide pathways for uranium mineralizing fluids. Cross-faulting is also interpreted near Line 2700N.
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 Ross McElroy, P.Geol. Chief Geologist and COO for Fission 3.0 Corp., a qualified person.
About Fission 3.0 Corp.
Fission 3.0 Corp. is a Canadian based resource company specializing in the strategic acquisition, exploration and development of uranium properties and is headquartered in Kelowna, British Columbia. Common Shares are listed on the TSX Venture Exchange under the symbol "FUU."
ON BEHALF OF THE BOARD
Ross McElroy, COO
Cautionary Statement: Certain information contained in this press release constitutes "forward-looking information", within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "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 "has the potential to". Forward looking statements contained in this press release may include statements regarding the future operating or financial performance of Fission 3.0 Corp. which involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar.com. The forward-looking statements included in this press release are made as of the date of this press release and Fission 3 Corp. disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
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.
SOURCE Fission 3.0 Corp.
For further information: Investor Relations, Ph: 778-484-8030, TF: 844-484-8030, email@example.com, www.fission3corp.com
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