|From: LoneClone||6/17/2019 12:37:32 PM|
|Skyharbour/Azincourt Energy Initial Drilling Confirms East Preston Basement Prospectivity|
GlobeNewswire•June 17, 2019
VANCOUVER, British Columbia, June 17, 2019 (GLOBE NEWSWIRE) -- AZINCOURT ENERGY CORP. (“Azincourt” or the “Company”) (TSX.V: AAZ, OTC: AZURF), is pleased to announce positive results from the Company’s recent phase one drill program at the East Preston uranium project, located in the western Athabasca Basin, Saskatchewan, Canada.
The initial drill campaign has confirmed the prospectivity of the East Preston project, as basement lithologies and graphitic structures intersected at East Preston are very similar and appear to be analogous to the Patterson Lake South-Arrow-Hook Lake/Spitfire uranium deposit host rocks and setting. A total of 552 meters of drilling was completed in three holes prior to the onset of spring break-up conditions that impacted the duration of the program. The rapid onset of spring required shifting from entirely overland-supported drilling to helicopter-supported drilling. All drill holes targeted multiple closely spaced discreet graphitic conductors with coincident gravity low anomalies often indicative of alteration or thicker overburden due to enhanced glacial scouring over altered, or structurally disrupted basement.
“We are certainly very pleased with the results of the first few holes, it’s an excellent start to initial drill testing at East Preston,” said president & CEO, Alex Klenman. “We have confirmed the project contains the appropriate environment – both geologically and geochemically – that is consistent with uranium mineralization in the area. That’s a significant confirmation, and to be able to determine this at the outset is very positive development. These are the right graphitic-rich host rocks and given we have just started drilling, we’re obviously optimistic about what’s ahead. We have dozens of high priority targets yet to drill, and thanks to recent substantial institutional support we are well funded to execute a much larger phase two program. Permitting is already underway, we have the cash, and we have the targets. Our timing looks good with sector developments as well. We’re excited to get more drills in the ground and will announce details of the upcoming phase two drill campaign in the coming weeks,” continued Mr. Klenman.
“We are highly encouraged with our first drill program results at East Preston,” said Ted O’Connor, Director and Technical Advisor for East Preston. “We have confirmed that we have prospective graphitic basement rocks and the right basement unconformity setting on the project. There are numerous conductor corridor system targets to test as we vector towards areas of structural disruption; all critical ingredients as we continue development of East Preston,” continued Mr. O’Connor.
The East Preston project lies immediately south of the interpreted southern edge of the Athabasca Basin, so no Athabasca sandstone was expected. Overburden thickness ranged from 15 to 33 m thick, and as expected, no Athabasca sandstone was intersected. Numerous untested graphitic conductive trends remain on the project for drill testing, and additional targets have been generated from the recent VTEM survey that now covers the entire East Preston project lands.
The basement rocks intersected comprised amphibolite-grade (high-grade) metamorphic pelitic/mafic to pssamopelitic/felsic gneisses and schists with pegmatitic partial melt segregations. Numerous intervals of blue quartz ‘units’ interpreted as either amphibolite-grade orthoquartzite, or silica-flooded, altered gneissic precursors were also intersected. The gneissic rocks often become highly strained displaying mylonitic to proto-mylonitic textures.
All drill holes intersected at least two intervals of graphitic pelitic gneiss/schist, sufficiently explaining the HLEM and VTEM conductors targeted. In drill holes EP19001 and EP19002, the graphitic rocks intersected were primarily stratigraphic with little associated structural disruption. Drill hole EP19003 intersected moderate to strong structural upgrading within the upper graphitic-pyritic unit encountered. Anomalous radioactivity was observed immediately in the hanging wall upper contact of this graphitic fault interval associated with partial melt pegmatite.
A photo accompanying this announcement is available at globenewswire.com
Downhole probe results showed anomalous radioactivity predominantly attributed to thorium related to observed partial melt pegmatitic granite intervals in drill core. Drill core samples collected were submitted to SRC Geoanalytical Laboratories in Saskatoon for ICP-MS Total Digest, ICP-MS Partial digest, Boron by fusion and Gold fire assay chemical analysis. Trace element geochemistry shows anomalous results for basement-hosted unconformity uranium deposit pathfinders Ni, Co, Cu, Zn and As associated with graphitic schist intervals. Graphitic rocks hosting uranium mineralization are often associated with Ni-Co-As; Cu and Zn sulphides in anomalous, to substantial quantities. The presence of these pathfinder elements adds additional information and will enhance vectoring towards the most prospective areas of the conductor systems.
Drill Hole Analysis
EP19001 (Pad B, 094/-45°): PAD B on L2400 targets the confluence of north- and northeast-trending conductors (prospective structure) with a coincident gravity anomaly (potential alteration), and a positive airborne radiometric anomaly (a potential mineralization indicator).
This hole successfully intersected graphite-rich intermediate-mafic (semipelitic?) gneiss and schist units between 105-145m (5-10% graphite), and 157.2-181.9m (2-5% graphite). Both intervals are sandwiched between granitic to granodioritic orthogneiss. Lithology variations and graphite content are significant enough to explain the geophysical conductor targets at this location. Overall alteration intensity is considered low to moderate. Radiometric anomalies are limited to biotite-rich fractures +-blue quartz or pods within pegmatitic granite subunits. The targeted hole successfully intersected graphite-laden structures/lithologies that are similar in character to host lithologies along the Patterson Lake trend.
EP19002 (Pad E, 105/-45°): PAD E on L1200 targets a flexure in the HLEM conductor trend and two down hole northwest dipping Maxwell Planes. This site is located 1.5km southwest and on-strike of hole EP19002.
Near identical sequence of lithologies as in hole EP19001 with intercepts averaging 40m higher in the hole. Radiometric anomalies are limited to biotite-rich fractures +-blue quartz or pods within pegmatitic granite subunits. Overall more carbonate and less garnet than EP19001. Two graphite rich bands correlate well with projected geophysical conductor traces.
Hole EP19003 (Pad KB, 120/-45°): PAD KB on M600 targets a flexure in a strong VTEM conductor trend. This site is located 1.0 km north of hole EP19001, along a second parallel conductor feature.
This hole intersected graphitic conductive lithologies significantly earlier than the predicted Maxwell-plate predicted depth of 155m, but in league with VTEM predicted conductor traces. Overall lithologic sequence is similar to holes 1 and 2, but overall graphitic content is higher in this hole. Garnet metamorphic overprint is high with low carbonate alteration. Pyrite content is also significantly elevated in the 54-61.5m interval. The highest count of 368 cps occurs at 50.5m depth in a pegmatitic granite immediately adjacent to the first graphitic fault gouge.
A photo accompanying this announcement is available at globenewswire.com
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).
Quality Assurance, Quality Control and Data Verification
Drill core samples were interval grab samples of interesting lithologies from 0.7m to 2 m in length, split in half longitudinally, with one-half of the core retained, and the other half placed in sealed bags and shipped to SRC Geoanalytical Laboratories (SRC) in Saskatoon, SK for sample preparation, processing and ICP-MS multi-element analysis using Total and Partial digestion, gold by fire assay and boron by fusion. SRC is an ISO/IEC 17025/2005 and Standards Council of Canada certified analytical laboratory. The Company’s Qualified Person for the drill program, Mr. Ted O’Connor, has verified the data disclosed, including drilling, sampling and analytical data. The program is designed to include analytical quality assurance and control routines comprising the systematic use of standards, blanks and duplicate samples.
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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|To: LoneClone who wrote (18200)||6/17/2019 12:43:04 PM|
|Ely Gold Options its Castle West Property to Bitterroot Resources|
NewsfileJune 17, 2019
Vancouver, British Columbia--(Newsfile Corp. - June 17, 2019) - Ely Gold Royalties Inc. (TSXV: ELY) (OTCQB: ELYGF) ("Ely Gold") or the ("Company") is pleased to announce that, through its wholly owned subsidiary Nevada Select Royalty, Inc ("Nevada Select"), it has signed an option agreement (the "Agreement") with Bitterroot Resources Ltd. (TSXV: BTT) and its US subsidiary Trans Superior Resources, Inc. ("Bitterroot") whereby Bitterroot will have an option to purchase a 100% interest in the Castle West property located in Esmerelda County, Nevada (the "Property") for a purchase price of US$241,000, payable over four years. Nevada Select will retain a 3.0% Net Smelter Return ("NSR") royalty on any precious metals production.
Under the terms of the Agreement, Bitterroot has paid Nevada Select US$1,000 and will pay US$15,000 on the first anniversary of Closing. On each of the second, third and fourth anniversaries of Closing, Bitterroot will pay US$40,000. A final payment of US$105,000 will be made on the fifth anniversary for the conveyance of the 100% interest in the Property. Bitterroot will make minimum advance royalty payments of US$5,000 on the first and second anniversaries of exercising of the option and US$10,000 on subsequent anniversaries. Bitterroot has the right to buy down 1% of the NSR for a payment of US$1,000,000.
The Property is comprised of 34 unpatented mining claims and 3 leased unpatented claims. Upon Option Exercise, Bitterroot will be assigned the lease and Nevada Select will retain a 1% NSR on the leased claims. The Castle West property hosts a high level, low-sulfidation epithermal gold system. The current erosional surface represents the top of a major epithermal system, as evidenced by large areas of quartz-sericite alteration and the presence of high-grade gold-silver mineralized veins. Surface rock chip samples taken across one to two-metre wide veins returned grades of 15-57 grams gold/tonne, 99-370 grams silver/tonne and 60-370 ppm mercury, with high levels of arsenic, molybdenum and antimony. Gold/silver mineralization occurs in strongly altered Tertiary-aged felsic tuffs and andesitic flows. Previous drilling, mapping and surface sampling by Kinross Gold USA Inc. identified near-surface and deeper bulk tonnage gold-bearing targets, together with potential for bonanza-style high-grade gold mineralized veins and feeder structures. Ely Gold has provided Bitterroot with a large database of geologic and geochemical data collected by previous operators.
About Ely Gold Royalties Inc. Ely Gold Royalties Inc. is a Vancouver-based, emerging royalty company with development assets focused in Nevada and Quebec. Its current portfolio includes 33 Deeded Royalties and 22 properties optioned to third parties. Ely Gold's royalty portfolio includes producing royalties, fully permitted mines and development projects that are at or near producing mines. The Company is actively seeking opportunities to purchase existing third-party royalties for its portfolio and all the Company's option properties are expected to produce royalties, if exercised. The royalty and option portfolios are currently generating significant revenue. Ely Gold is well positioned with its current portfolio of over 20 available properties to generate additional operating revenue through option and sale agreements. The Company has a proven track record of maximizing the value of its properties through claim consolidation and advancement using its extensive, proprietary data base. All portfolio properties are sold or optioned on a 100% basis, while the Company retains royalty interests. Management believes that due to the Company's ability to generate third-party royalty agreements, its successful strategy of organically creating royalties, its equity portfolio and its current low valuation, Ely Gold offers shareholders a low-risk leverage to the current price of gold and low-cost access to long-term mineral royalties.
Stephen Kenwood, P. Geo, is a director of the Company and a Qualified Person as defined by NI 43-101. Mr. Kenwood has reviewed and approved the technical information in this press release.
On Behalf of the Board of Directors
Signed "Trey Wasser"
Trey Wasser, President & CEO
For further information, please contact:
Trey Wasser, President & CEO
Joanne Jobin, Investor Relations Officer
647 964 0292
Caution: This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, including statements regarding the timing and size of the proposed Placement , the anticipated use of proceeds, the required Exchange acceptance of the presently proposed transactions, the future exercise of options on the Company's properties, the ability of the Company to generate and acquire new royalty interests, the Company's prospects for future revenue generation, management's assessment of the risks associated with the Company's business and stated plans for further near-term exploration and development of the Company's properties. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective," "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include the risk of accidents and other risks associated with mineral exploration, development and extraction operations, the risk that its partners will encounter unanticipated geological factors, or the possibility that they may not be able to secure permitting and other governmental clearances, necessary to carry out their stated plans for the Company's properties, the Company's inability to secure the required Exchange acceptance required for the Placement , and the risk of political uncertainties and regulatory or legal disputes or changes in the jurisdictions where the Company carries on its business that might interfere with the Company's business and prospects. The reader is urged to refer to the Company's reports, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effect.
Not for distribution to United States newswire services or for dissemination in the United States
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, as required by applicable Canadian laws, is not for distribution to
U.S. newswire services or for dissemination in the United States
To view the source version of this press release, please visit newsfilecorp.com
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|To: LoneClone who wrote (18201)||6/17/2019 12:50:12 PM|
|Barrian Mining Selects Drill Targets for Upcoming Drill Program Including High Priority Target of 500+ Metre Geophysical Anomaly |
Barrian Mining Corp. Jun 10, 2019, 00:05 ET
The plan map shows the proposed drill hole locations to test geophysical anomalies and extensions to known gold and silver zones
The section map shows proposed drill hole locations designed to test geophysical anomalies down-dip of drill-defined mineralization at the South Mine Fault Zone and the untested western conductive anomaly. * The true width of mineralization is estimated to be approximately 50% of drilled width
VANCOUVER, June 10, 2019 /CNW/ - Barrian Mining Corp. ("Barrian" or the "Company") (TSX-V: BARI) (FSE: BM5) is pleased to announce drill target selections for the upcoming 1,800 metre (5,500 ft) reverse circulation (RC) drilling program at the Bolo Gold Property. The program is designed to expand the footprint of drill-defined gold mineralization of the Mine Fault trend, both along strike and at depth. Planned South Mine Fault (SMF) Zone step-out drilling will extend to the north and south of previous drill intercepts that graded 3.24 grams-per-tonne (g/t) gold over 30.5 metres within a broader zone of mineralization averaging 1.28 g/t gold over 133 metres in drill hole BL-38, and 1.1 g/t gold over 90 metres including 40.9 metres of 2.05 g/t gold* from surface in drill hole BL-39. Drilling will also test a new discovery target, identified by the recently completed induced-polarization (IP) and resistivity geophysical survey.
Kris Raffle, P.Geo., Director and QP stated, "The 2019 drilling program has the potential to expand the historically drilled footprint of SMF Zone mineralization. We eagerly anticipate commencement of the 2019 Bolo drill program, which is designed to build on favorable results from previous drill campaigns by incorporating the recently acquired IP/resistivity geophysical survey results. The newly identified geophysical anomaly west of the SMF Zone is particularly intriguing given its potential to represent a new discovery sub-parallel to the main Mine Fault trend".
The SMF Zone forms part of a +1.1 kilometre combined gold and silver in RC drill hole and conductive geophysical anomaly coincident with the Mine Fault trend. North of the SMF Zone, geophysical results indicate that previous drill holes often failed to adequately test the Mine Fault conductive anomaly. The planned step-out drilling at SMF targeting the conductive anomaly has the potential to add up to 200 metres of mineralized strike length, with the potential for additional expansion during subsequent programs (see Figure 1). The geophysical results also suggest significant vertical continuity of conductive anomalies at the SMF Zone ranging from between 250 and 400 metres depth, the limit of the geophysical inversion. The planned drilling, in part, targets the down-dip extension of previously defined mineralization coincident with these geophysical anomalies (see Figure 2). The geologic and geophysical evidence suggests that the previously drilled gold and silver zones at Bolo could be inter-connected along Mine Fault trend structure.
New discovery drilling is planned for an untested, +500 metre linear conductive anomaly located approximately 150 to 200 metres west of the SMF Zone (see Figures 1 and 2). The anomaly is near surface, of similar amplitude to the Mine Fault anomaly, and ranges from 80 to 200 metres wide and 100 to 150 metres in vertical extent. It is sub-parallel to the Mine Fault Trend and may be part of the same fault system that hosts a distinct silver and gold mineralized zone at the Uncle Sam prospect.
About Barrian Mining Corp.
Barrian Mining Corp is a new gold exploration company focused on acquiring and advancing precious metal projects in the United States. Barrian's flagship Bolo Project, located 90km northeast of Tonopah Nevada, hosts Carlin type gold mineralization and is fully funded and permitted. In addition, Barrian has an earn-in option to acquire 100% of the "Sleeper Project" which is located in the historic Mogollon epithermal silver-gold mining district of New Mexico. Barrian is run by a strong management and technical team consisting of capital market and mining professionals with the goal of maximizing value for shareholders through new mineral discoveries, committed long-term partnerships, and the advancement of exploration projects in geopolitically favourable jurisdictions. Barrian trades on the TSXV under the ticker symbol "BARI", and on the German (Frankfurt) exchanges using the ticker symbol "BM5".
The scientific and technical information contained in this news release as it relates to the Bolo Property has been reviewed and approved by Kristopher J. Raffle, P.Geo. (BC) Principal and Consultant of APEX Geoscience Ltd. of Edmonton, AB, a "Qualified Person" as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
On behalf of the Board of Directors
s/ "Max Sali"
Max Sali, Chief Executive Officer
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 news release.
Forward Looking Information
This news release includes certain statements that constitute "forward-looking information" within the meaning of applicable securities law, including without limitation, the Company's plans and timing for its properties/projects, other statements relating to the technical, financial and business prospects of the Company, and other matters.
Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved), and variations of such words, and similar expressions are not statements of historical fact and may be forward-looking statements. Forward-looking statement are necessarily based upon a number of factors that, if untrue, could cause the actual results, performances or achievements of the Company to be materially different from future results, performances or achievements express or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of metals, anticipated costs and the ability to achieve goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms, and that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Company's planned exploration activities will be available on reasonable terms and in a timely manner. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks.
Forward-looking statements are subject to a variety of risks and uncertainties, which could cause actual events, level of activity, performance or results to differ materially from those reflected in the forward-looking statements, including, without limitation: (i) risks related to gold and other commodity price fluctuations; (ii) risks and uncertainties relating to the interpretation of exploration results; (iii) risks related to the inherent uncertainty of exploration and cost estimates and the potential for unexpected costs and expenses; (iv) that resource exploration and development is a speculative business; (v) that the Company may lose or abandon its property interests or may fail to receive necessary licences and permits; (vi) that environmental laws and regulations may become more onerous; (vii) that the Company may not be able to raise additional funds when necessary; (viii) the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; (ix) exploration and development risks, including risks related to accidents, equipment breakdowns, labour disputes or other unanticipated difficulties with or interruptions in exploration and development; * competition; (xi) the potential for delays in exploration or development activities or the completion of geologic reports or studies; (xii) the uncertainty of profitability based upon the Company's history of losses; (xiii) risks related to environmental regulation and liability; (xiv) risks associated with failure to maintain community acceptance, agreements and permissions (generally referred to as "social licence"); (xv) risks relating to obtaining and maintaining all necessary government permits, approvals and authorizations relating to the continued exploration and development of the Company's projects; (xvi) risks related to the outcome of legal actions; (xvii) political and regulatory risks associated with mining and exploration; (xix) risks related to current global financial conditions; and (xx) other risks and uncertainties related to the Company's prospects, properties and business strategy. These risks, as well as others, could cause actual results and events to vary significantly.
Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, the loss of key directors, employees, advisors or consultants, adverse weather conditions, increase in costs, equipment failures, litigation, exchange rate fluctuations, failure of counterparties to perform their contractual obligations and fees charged by service providers. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims 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.
SOURCE Barrian Mining Corp.
For further information: Max Sali, Chief Executive Officer & Director, Tel: (604) 620-8406, Email: email@example.com
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|From: LoneClone||6/17/2019 8:37:19 PM|
| Blue Sky sees first-mover advantage in Argentina uranium, vanadium market |
14th June 2019
By: Nadine James
Creamer Media Writer
TSX-listed Blue Sky Uranium CEO Niko Cacos tells Mining Weekly Online the uranium market is in the early stages of a longer-term rising price trend.
Blue Sky, which owns the Amarillo Grande uranium/vanadium project (AGP), in Rio Negro, Argentina, expects to take advantage as uranium prices continue to recover from the impact of the 2011 Fukushima Daiichi nuclear power plant disaster.
Improvements in technology and safety following the 2011 accident and shutdown, combined with the need for greener baseload energy, have resulted in renewed interest in, and construction of, nuclear power plants, the company says.
Cacos says the company has noted a steady rise in uranium prices in the last year to year-and-a-half, with more countries adopting nuclear energy as a way to generate safe, secure and efficient electricity.
The AGP has a resource of about 22.7-million pounds of uranium and 28-million pounds of vanadium, and Cacos expects Blue Sky to have a significant first-mover advantage as Argentina has a “reasonably well-developed” nuclear energy sector, but does not produce uranium.
“ Argentina has three nuclear reactors that are active and producing. There’s another one under construction and there are more in the planning stage . . . domestic law mandates that any domestic production of uranium has preference. . . the plants would be required to [buy uranium] from a domestic source and right now there is no other domestic source.”
Cacos notes that the project’s shallow mineralisation, which occurs within 25 m of the surface, will allow for “extremely cost effective” extraction.
Security of uranium supply was elevated into the global consciousness last week, following a Bloomberg report that the US was reviewing a petition by US-based uranium companies that were requesting that a quarter of US demand be filled by domestic supply.
The US Commerce Department had also released a report last week after Chinese officials suggested rare earths and other critical minerals could be used as leverage in the ongoing US- China trade war.
Cacos notes that the US consumes 25% to 30% of global uranium. “I can understand that when that significant a portion of your electricity supply is dependent on imports, it presents a risk.”
He comments that the US “did the same thing with oil and gas,” prioritising its local industry and increasing fracking to reduce the reliance on imports. However, he believes that if the US chooses to prioritise domestic uranium production, it will only boost prices.
“The domestic market in the US will pay whatever they need to pay to buy domestic uranium and that will, in a way, limit supply available on the global market and I think we’ll begin to see rising prices in the overall market."
Meanwhile, the AGP also has a substantial vanadium resource which may also provide Blue Sky with a first-mover advantage.
“Interestingly, in Argentina, there’s a huge need for vanadium,” Cacos notes, explaining that it is primarily used as a steel hardener and that Argentina’s burgeoning oil and gas industry and its subsequent steel demand, presents a considerable market opportunity.
Moreover, he explains that vanadium prices have also been increasing, following China’s mandate to increase vanadium use in its steel manufacturing sector.
Cacos points out that Blue Sky last month launched an expanded exploration programme on the AGP.
The programme is expected to last about six months, with the company expecting to begin the permitting and engineering processes in late 2019 or early 2020.
“We have a uranium deposit at Ivana which has a resource of about 11-million pounds and this is over a 3 km by 3 km area . . . our property package covers an entire district, which has a strike length of about 145 km long and 50 km wide. . .
“The work that we’ve done over the last few years shows that there are uranium occurrences throughout the entire district,” he comments, adding that he expects to see the AGP grow into one of the largest uranium districts in the world.
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|From: LoneClone||6/19/2019 11:49:07 AM|
| Virginia uranium-mining ban upheld by US Supreme Court |
17th June 2019
WASHINGTON – The US Supreme Court upheld a Virginia law that bans mining at the nation’s largest known uranium deposit, rejecting a challenge pressed by the owners of the property with help from the Trump administration.
Voting 6-3, the justices said Virginia’s uranium- mining ban is in accord with a 1954 federal law that gives the US Nuclear Regulatory Commission power over atomic safety. The majority said the 1954 law didn’t affect the longstanding power of states to regulate mining.
“Every indication in the law before us suggests that Congress elected to leave mining regulation on private land to the states and grant the NRC regulatory authority only after uranium is removed from the Earth,” Justice Neil Gorsuch wrote in the court’s lead opinion.
The landowners contended the state’s law, though phrased as a ban on mining, was actually driven by radiological safety concerns over the process of milling the ore and the disposition of mine waste known as tailings.
Gorsuch said the court should be hesitant to scrutinize the reasons behind a state measure, saying that would “require serious intrusions into state legislative processes.”
OWNED BY JEFFERSON
That aspect of his opinion drew objections from three members of the majority -- Justices Ruth Bader Ginsburg, Sonia Sotomayor and Elena Kagan. Ginsburg said in a separate opinion for that group that Gorsuch’s discussion “sweeps well beyond the confines of this case, and therefore seems to me inappropriate in an opinion speaking for the court, rather than for individual members of the court.”
Only Justices Clarence Thomas and Brett Kavanaugh joined Gorsuch’s opinion. Chief Justice John Roberts and Justices Stephen Breyer and Samuel Alito dissented.
The property, about 30 miles north of the North Carolina border in Pittsylvania County, was once owned by Thomas Jefferson. It’s now controlled by Virginia Energy Resources Inc. and the family of Walter Coles Sr. The Coles family first learned there might be uranium on the property in the 1970s.
The site contains an estimated 119-million pounds of uranium. Once valued at $6 billion, the deposit could displace the imports that now constitute 90% of the uranium used by the nation’s nuclear power plants.
Virginia first banned uranium mining in 1982 following the Three Mile Island nuclear power station partial meltdown near Harrisburg, Pennsylvania, three years earlier.
The case is Virginia Uranium v. Warren, 16-1275.
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