|To: LoneClone who wrote (18189)||6/5/2019 2:02:25 PM|
|Purepoint Uranium/Orano/Cameco Plan Next Program at Hook Lake |
Purepoint Uranium Group Inc. Jun 05, 2019, 06:30 ET
TORONTO, June 5, 2019 /CNW/ - Purepoint Uranium Group Inc. (the "Company" or "Purepoint") (TSX: PTU.V) is pleased to discuss the results of a recent Technical Committee meeting of the Hook Lake Joint Venture, a project owned jointly by Cameco Corp. (39.5%), Orano Canada Inc. (39.5%) and Purepoint Uranium Group Inc. (21%). The working session included technical representatives from each company with the purpose of reviewing all data and findings produced to date and developing a common and collective approach to the next stages of the project's advancement. The Hook Lake project lies on the southwestern edge of Saskatchewan's Athabasca Basin and is adjacent to and on trend with recent high-grade uranium discoveries including Fission Uranium's Triple R deposit and NexGen's Arrow deposit.
Figure 1: Section HK19-105 (CNW Group/Purepoint Uranium Group Inc.)
Figure 2: EM Survey (CNW Group/Purepoint Uranium Group Inc.)
Figure 3: Spitfire 3-D Model Interpretation (CNW Group/Purepoint Uranium Group Inc.)
Figure 4: Additional Exploration Targets (CNW Group/Purepoint Uranium Group Inc.)
"We are very excited that the results of this year's ground electromagnetic (EM) survey have supported our structural interpretation," said Scott Frostad, Vice President Exploration. "We have a new priority drill target in the form of a previously unknown conductive structure that links the Dragon and Spitfire areas."
"Only recently have we focused our exploration on the eight km trend lying north-east of our Spitfire discovery" stated Chris Frostad, Purepoint's President & CEO. "Our partners remain confident that numerous opportunities exist for a Tier 1 deposit to be found somewhere across this large project".
North Dragon Area
- The team identified primary areas of exploration for next stage advancement. In concert with resources from each company, work will begin on assembling detailed plans for each area in order for the committee to agree on priority and budget allotment at the next meeting;
- Based on what is now an extensive database of drill results, Purepoint will revise their lithological/structural map of the Patterson Lake corridor, an eight kilometre stretch across the property which is proving to be very complex in its make up;
- The committee will re-convene in the early fall to complete the prioritization of targets and to begin the budget process;
- Updated maps are now available on the Company's website at c212.net.
As previously reported, the 2019 drilling tested an EM conductor historically named the "W" conductor, which runs approximately 800 metres west of and parallel to the Dragon shear zone.
Hole HK19-105 (Figure 1) intersected numerous high-strain-zones, a post-Athabasca fault combined with strong hydrothermal alteration and elevated radioactivity with up to 125 ppm uranium in both the sandstone and basement rocks. The results of HK19-105 are considered to make the area surrounding HK19-105 highly prospective for both unconformity-type and basement-hosted uranium mineralization.
Plans will include a follow up to HK19-105 including the re-drilling of Hole HK19-108 which was collared 100 metres northeast of HK19-105 but was lost shortly after the unconformity within strongly clay and hematite altered diorite gneiss at a depth of 438.0 metres. The team will also consider additional geophysical surveys towards the north to define further drill targets.
Spitfire/Dragon Geophysical Survey
An important discovery during last year's winter drill season was a wide, mineralized graphitic shear running through the Dragon zone that was hydrothermally altered and along the same geophysical trend as the Spitfire discovery. The new structure, identified through drilling, was only evident within select ground geophysical results and currently remains untested for approximately five kilometres between the Spitfire and Dragon zones.
During 2019, Discovery International Geophysics of Saskatoon, SK completed 74 kilometres of stepwise moving loop transient EM surveying between the Spitfire and Dragon areas in an effort to define the location and extent of the interpreted structure.
The EM survey results identified a previously unseen, strongly conductive shear on trend between the two zones (Figure 2). Appropriate drill testing is now being planned for this highly prospective conductor.
The Partnership has developed 3-D modelling interpretations of the extensive drilling completed to date at the Spitfire deposit (Figure 3). The current interpretation shows the potential for deeply rooted mineralized lenses beneath Spitfire similar to the neighbouring Arrow deposit.
A plan will be developed to determine the nature and extent of drill testing required to assess the Spitfire mineralization at depth.
Drill holes from Spitfire Zone can be viewed at Corebox at: c212.net.
Additional Exploration Targets
Additional areas of interest by the team include the magnetic low located northeast of Spitfire and southwest of the new EM conductor as well as the complex EM conductor located west-northwest of Spitfire (Figure 4).
Hook Lake JV Project
The Hook Lake JV project is owned jointly by Cameco Corp. (39.5%), Orano Canada Inc. (39.5%) and Purepoint Uranium Group Inc. (21%) as operator and consists of nine claims totaling 28,598 hectares situated in the southwestern Athabasca Basin. The Hook Lake JV is considered one of the highest quality uranium exploration projects in the Athabasca Basin due to its location along the prospective Patterson Lake trend and the relatively shallow depth to the unconformity.
Current exploration is targeting the Patterson Lake Corridor that hosts Fission's Triple R Deposit (indicated mineral resource 87,760,000 lbs U3O8 at an average grade of 1.82% U3O8), NexGen Energy's Arrow Deposit (indicated mineral resource 256,600,000 lbs U3O8 at an average grade of 4.03%) and the Spitfire Discovery by the Hook Lake JV.
Purepoint Uranium Group Inc. is focused on the precision exploration of its ten projects in the Canadian Athabasca Basin, the world's richest uranium region. Established in the Athabasca Basin well before the initial resurgence in uranium earlier last decade, Purepoint's flagship project is the Hook Lake Project, a joint venture with two of the largest uranium producers in the world, Cameco Corporation and Orano Canada Inc. The Hook Lake JV is on trend with recent high-grade uranium discoveries including Fission Uranium's Triple R Deposit, NexGen's Arrow Deposit and Purepoint's Spitfire discovery.
Scott Frostad BSc, MASc, PGeo, Purepoint's Vice President, Exploration, is the Qualified Person responsible for technical content of this release.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE Purepoint Uranium Group Inc.
For further information: Purepoint Uranium Group Inc., Chris Frostad, President and CEO, (416) 603-8368, www.purepoint.ca, www.twitter.com/purepointU3O8
Related Links purepoint.ca
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|From: LoneClone||6/7/2019 10:42:55 AM|
| US uranium miners see boost from Commerce report |
6th June 2019
WASHINGTON – Two uranium mining companies said on Wednesday they are "confident" that US President Donald Trump will implement limits on uranium imports after the Commerce Department recommended urgent steps to boost domestic production of a list of 35 "critical minerals" that included the nuclear fuel.
The White House is currently reviewing a petition lodged by the companies, Ur- Energy and Energy Fuels, that asks the president to require that at least a quarter of US uranium needs are filled by domestic supply, and requiring US federal power utilities and agencies to buy US uranium.
Trump is expected to decide on the petition by July.
"It’s clear that the administration recognizes that relying on imported uranium creates a strategic vulnerability for our economy, military and overall security," Paul Goranson, COO of Energy Fuels, and John Cash, vice president of regulatory affairs at Ur- Energy, said in a joint statement to Reuters. "We are confident that he will recognise the danger of imported uranium and use his authority to address this threat and protect US national security."
The Commerce Department's report on Tuesday came after Chinese officials suggested rare earths and other critical minerals could be used as leverage in the trade war between the world’s largest economic powers. The report was initially due for release late last year.
US reliance on foreign minerals has worried US officials since 2010, when China - a major global source of the minerals - embargoed exports to Japan during a diplomatic row.
Rare earth minerals are essential for the manufacture of mobile phones and a host of other consumer goods, as well as fighter jets. Uranium is mainly used by the nuclear power industry and for weapons.
Tuesday's Commerce report included 61 specific recommendations - including low-interest loans and “Buy American” requirements for defense companies - to boost domestic production of minerals.
The measures would throw a lifeline to the struggling domestic uranium mining industry, which in 2017 saw production fall to near historic lows. Current uranium prices are hovering in the mid-$20s/lb compared to highs over $140/lb in 2007.
But some Western Democratic lawmakers and environmental groups raised concerns on Wednesday that greenlighting measures to boost domestic production would put iconic Western landscapes and sacred tribal lands at risk.
The Commerce Department report recommended that both the Bureau of Land Management and the Forest Service review all areas that are currently “withdrawn” – or protected - from development and assess whether those restrictions should be lifted or reduced to allow for critical mineral development.
It also proposed altering how the Interior Department and its agencies review mining projects under the bedrock National Environmental Policy Act, urging expedited environmental studies and identifying minerals which can be excluded from environmental reviews.
US House Natural Resources Committee Chairman Raul Grijalva said at a hearing on Wednesday that such measures could open uranium-rich areas near Arizona's Grand Canyon. He urged Congress to pass his Grand Canyon Centennial Protection Act, which would put a permanent ban on new mining claims on one million acres north and south of the national park.
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|To: LoneClone who wrote (18191)||6/7/2019 10:45:54 AM|
| World’s top uranium producer is gloomy about nuclear power |
6th June 2019
NEW YORK – Don’t expect an upswing in the global uranium market anytime soon.
“In our models, we don’t get excited on the demand side,” said Galymzhan Pirmatov, CEO of Kazatomprom, Kazakhstan’s State-owned mining company that’s the world’s biggest supplier.
With construction of nuclear power plants at a ten-year low, uranium demand remains weak. That’s holding prices so low that mining companies have been wary of increasing production. Kazatomprom’s output will increase about 5% this year, to as much as 22 800 t, and then will be flat in 2020, Pirmatov said Wednesday in an interview in New York. While he hasn’t yet made a decision on 2021, he doesn’t see much to get excited about, at least in the short term.
“I do believe prices are too low,” he said. Uranium has slumped 15% this year to $24.35/lb. Kazakhstan controls about 40% of the world’s supply of the metal, and Kazatomprom accounts for half of that, making it the biggest producer.
There were 55 nuclear plants under construction in the first quarter, the lowest number in a decade, according to BloombergNEF. While China is booming, with 11 of those projects, developed countries remain wary. That’s partly due to lingering concern from the 2011 Fukushima nuclear catastrophe in Japan, and partly due to high costs, Pirmatov said.
Long-term prospects are better in developing nations, where access to electricity remains a key barrier to growth. Seven of the reactors under construction are in India.
In the US, flush with abundant and cheap natural gas, utilities are closing nuclear plants. The US is also considering whether to impose tariffs on uranium, after two small domestic mining companies filed a trade case last year, arguing that imports are a threat to national security. The Commerce Department concluded its investigation in April, but the results haven’t been made public.
Kazatomprom doesn’t think tariffs would aid the global industry, but Pirmatov doesn’t have a sense of what the Trump administration is planning.
“There’s no logic” to imposing trade barriers, he said. “Everyone is aware with this White House, you can’t predict.”
While the next few years may remain turbulent, Pirmatov said that increasing interest in carbon-free nuclear power is going to be a key driver for demand.
“He’s planning for the long term,” said Chris Gadomski, BNEF’s nuclear analyst. “There’s definitely long-term interest because of increased concern about climate.”
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|From: LoneClone||6/16/2019 11:16:47 PM|
|ALX Uranium Begins Exploration at Close Lake Uranium Project|
NewsfileJune 10, 2019
Vancouver, British Columbia--(Newsfile Corp. - June 10, 2019) - ALX Uranium Corp. (TSXV: AL) (FSE: 6LLN) (OTC: ALXEF) ("ALX" or the "Company") is pleased to announce that a borehole enhanced 3D induced polarization/resistivity ("BHIP/Res") geophysical survey has been completed at the Close Lake Uranium Project ("Close Lake", or the "Project") located in the eastern Athabasca Basin area of northern Saskatchewan, Canada and situated between the two highest-grade uranium mines in the world. The BHIP/Res survey is a leading edge geophysical technique that ALX has adopted for uranium exploration in mineralized areas. Results gathered from a borehole survey at depth can provide a much clearer picture of the strike and character of local conductors and alteration haloes than that of a conventional ground geophysical survey.
Recent reconnaissance probing by ALX of drill holes in the southern part of the Project found that historical drill hole CL-90 along the C-1 East Trend was open to a depth of 512 metres, which provided an ideal scenario for a deep-penetrating BHIP/Res survey. Hole CL-90 was drilled in 1997 and intersected 0.34% U3O8 over 107.3 metres including 2.86% U3O8 over 8.5 metres and 2.00% U3O8 over 1.5 metres. Subsequent follow-up drilling in 1998 along strike of drill hole CL-90 encountered 0.28% U3O8 over 0.5 metres in hole CL-106 and 0.06% U3O8 over 3.5 metres in hole CL-109.
For the current survey, a geophysical crew laid out a three-line grid centred on hole CL-90 and collected data from surface as well as from depth by way of a metal current electrode that was lowered and raised down the drill hole. This new technique can provide a 3D image of zones of interest within the sub-surface to expected depths of over 1000 metres in the Close Lake geoelectrical environment with increased resolution within the vicinity of the drill hole, which could provide valuable information for future drill targeting. Results from the survey are being processed and modelled.
About Close Lake
ALX has signed a binding option agreement (the "Agreement") for Close Lake with Orano Canada Inc. ("Orano"), a subsidiary of Orano Group, France, a world leader in the nuclear marketplace, whereby ALX can earn up to a 51% participating interest in the Project (see ALX news release dated April 23, 2019). Orano, as operator, holds a 74.4004% interest in Close Lake with Cameco Corporation ("Cameco") (TSX: CCO) holding a 14.9849% interest, and JCU (Canada) Exploration Company Ltd. ("JCU") holding the remaining 10.6147% interest. The execution of the Agreement follows the non-binding Letter of Intent signed in February 2019 with Orano and confirms a five (5) year deal with ALX funding exploration expenditures for a total amount of $12.0 million and issuing 10,000,000 common shares of ALX to Orano.
Close Lake consists of 21 mineral claims totaling 38,679 hectares (95,578 acres). Numerous uranium and base metals showings have been discovered from historical drilling by a joint venture first established in 1978. The eastern boundary of the Project adjoins the Cigar Lake uranium mine property ("Cigar Lake") and its southern boundary adjoins the McArthur River uranium mine property. Two licensed uranium mills are located in the eastern Athabasca Basin area. Close Lake is accessible by winter trail from Cigar Lake and Points North Landing, each of which has all-weather road access and nearby infrastructure, including airports. Click here to view a map of the Project.
Historical drilling at Close Lake totals approximately 110,049 metres in 170 drill holes. Uranium mineralization has been intersected at or near the unconformity between the Athabasca sandstone and basement rock units, often graphitic, with associated base metals values and rare gold occurrences at downhole depths ranging between 463 metres and 682 metres.
The grades, widths and lithologies encountered in the drilling to date provide compelling evidence that Close Lake could host a mineralizing system similar to those previously found within the Wollaston Belt, which has produced over 900 million pounds of U3O8 during the past four decades.
NI 43-101 Disclosure
The technical information in this news release was 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 set out in National Instrument 43-101. Readers are cautioned that some of the technical information described in this news release is historical in nature; however, the information is deemed credible and was produced by professional geologists of the eras discussed. ALX further cautions investors it has reviewed but has not verified all of the historical Close Lake exploration data, and that mineralization located on adjacent properties by historical exploration may not be present at Close Lake.
ALX's mandate is to provide shareholders with multiple opportunities for discovery by exploring a portfolio of prospective mineral properties in northern Saskatchewan, Canada, a superior mining jurisdiction. The Company executes well-designed exploration programs using the latest available technologies and has interests in over 200,000 hectares in Saskatchewan, a Province that hosts the richest uranium deposits in the world, a producing gold mine, and demonstrates strong 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: 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 include the Company's plans to undertake exploration activities at the Close Lake Project ("Close Lake"), and expend funds on Close Lake. It is important to note that the Company's actual business outcomes and exploration results could differ materially from those in such forward looking statements. Risks and uncertainties include that ALX may not be able to fully finance our intended participation at Close Lake; our other mineral exploration projects in the Athabasca Basin may prove to be unworthy of further expenditure; and economic, competitive, governmental, environmental and technological factors may affect the Company's operations, markets, products and prices. Additional risk factors are discussed in the Company's Management Discussion and Analysis for the Three Months Ended March 31, 2019, 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.
To view the source version of this press release, please visit newsfilecorp.com
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