Juniors Hunting for Uranium in Patterson Lake Region, Part 2

Energy Investing

As part of a continuing series on the mining camps of Patterson Lake, here is information on other key players in the area.

As part of a continuing series on the mining camps of Patterson Lake, below is information on other key players in the area. The Patterson Lake uranium prospect has attracted plenty of attention, as well as many investors and companies interested in exploring the area.

Forum Uranium (TSXV:FDC)

Forum Uranium is a Canada-based company focusing on the acquisition, exploration and development of Canadian uranium projects. It has properties in the Athabasca Basin, Saskatchewan, which is the site of the Patterson Lake prospect, and the Thelon Basin, Nunavut.

The company’s Clearwater project is adjacent to the Patterson Lake South discovery that Alpha Minerals (TSXV:AMW) and Fission Energy (TSXV:FIS) own in the Athabasca Basin. It is the company’s northernmost claim, according to its website. It is interpreted to be on strike with the trend that hosts high-grade uranium mineralization on the Patterson Lake South project. Geologically, the site is on the edge of an interpreted Archean granite gneiss complex.

Forum is exploring its project extensively, and has found anomalous radon results as of October 22, 2013. High amounts of radon were found in the ground in Bear Grid, West Bear Grid and Mungo Grid, as well as high amounts of radon in the water of a small lake in the southeast corner of the Mungo grid. This is an encouraging discovery, and the company intends to conduct more surveys of the same type in the future, along with ground gravity and ground electromagnetic surveys. Its prior explorations have included aerial surveys of the property, ground programs using hand-held scintillometers and biogeochemical sampling.

Western Athabasca Syndicate

The Western Athabasca Syndicate was formed in July 2013 and currently holds the largest land package in the region. Its goal is to explore and develop over 700,000 acres of property with the aim of discovering uranium. The property package is the largest mineral claim position along the Western Athabasca Basin owned by a single group.

The Western Athabasca Syndicate group consists of five properties, Preston Lake, North Patterson, RY, South Basin and Wheeler. Four of these are in close proximity to the discovery at Patterson Lake that Fission and Alpha recently made. The Preston Lake Property includes the extension of the northeast-southwest trends and of magnetic features Fission and Alpha targeted. While this region of the basin is sparsely explored so far, the geological attributes of the area are promising, and similar to those of the eastern basin trend. The syndicate intends to spend a minimum of $6 million over the next two years in combined exploration expenditures.

The companies in the syndicate are the Athabasca Nuclear (TSXV:ASC), Skyharbour Resources (TSXV:SYH), Lucky Strike Resources (TSXV:LKY) and Noka Resources (TSXV:NX). Each will contribute to the cost of exploration stated above, and each will benefit from the possible products of the sites the syndicate holds in equal amounts, each shouldering a quarter of the costs and having the option to share in a quarter of any profits that may come from the syndicate’s ventures.

Lakeland Resources (TSXV:LK)

Lakeland Resources is a pure-play uranium exploration company with properties in the promising Athabasca Basin. Lakeland holds over 100,000 hectares of land across nine projects, with drill-ready projects already in close proximity to established infrastructure, including roads and power. The company’s leading properties are located in the northern basin Riou Lake, South Pine and Otherside properties, which are between Fond du Lac and Stony Rapids. On these properties, over $3 million in exploration has been completed by UEX since 2005. The company still needs to test identified targets.

Moving forward in 2013 and into 2014, Lakeland is planning on competing fieldwork on its properties so it can move into exploration drilling in Q1 of the coming year.

Makena Resources (TSXV:MKN)

Makena Resoruces recently acquired a portfolio of uranium prospects bordering the Patterson Lake South Discovery. The company entered into an option agreement with CanAlaska Uranium for the properties, and per the terms was required to a cash payment of $25,000, and issue 100,000 shares three days following regulatory approval for the acquisition. The company also needs to make $25,000 payments on December 31, 2013. In addition to the $25,000 due on June 1, 2014 and June 1, 2015, Makena must also issue 750,000 common shares on both those dates. Prior to year end 2013, Makena needs to complete $75,000 worth of work on commitments, followed by $225,000 before September 30, 2015, $400,000 by September 30, 2015, and $700,000 by September 30, 2016. Once these goals are met, the company will earn a 50% interest in the prospect.

Makena’s President Negar Adam is please with these developments staying “This is a significant acquisition for Makena. This acquisition would position Makena in the heart of the most exciting uranium district in the world today. The PLS discovery has garnered significant market attention and we are extremely pleased to be bordering this discovery.”

Earlier in November, Makena closed the final tranche of its private placement for a total gross proceeds of $115,600. The company aims to start its work program on the Patterson Lake claims before month end.


Related reading: 

Juniors Hunting for Uranium in the Patterson Lake Region

Uranium Juniors in the Athabasca Basin

Emerging Uranium District in Saskatchewan’s Patterson Lake Region

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