Sprott continued: "After a landmark year for uranium markets in 2023, 2024 has been an important step forward… On the commodity front, multiple factors are at play. The uranium bull market is still well underway. The uranium spot price increased 88.54% last year, with the majority of this occurring in a rapid, almost straight upward movement during the latter half of the year. As such, we believe a natural correction within the broader context of a bullish market cycle is a healthy sign of a functioning market… fundamentals continue to strengthen with nuclear power plant restarts, new builds and a deepening supply deficit. Notably, the spot market may have paused, but the increasingly positive fundamental picture has played out differently for both the term market and uranium miners."
Stallion Uranium ($STUD.V $STLNF) Outlines 9 High Priority Targets in Prolific Southwestern Athabasca Basin - Stallion Uranium Corp. (TSX-V: STUD) (OTCQB: STLNF) (FSE: HM40) is pleased to provide an exploration update outlining 9 high priority target areas discovered across its land package in the prolific Southwestern Athabasca Basin. The targets highlighted are the compilation of all available data from survey's completed by the company that have allowed for the identification of previously unknown high priority targets. The company is continuing to undertake survey programs that will work to further upgrade these target areas and help prioritize them for advanced exploration and drill testing.
Key Exploration Highlights:
- Uncovered over 600km of prospective conductive corridors
- Outlining only high priority targets from over 3,000 sq/km of prospective land
- Discovered 9 Tier One target areas across land package
- Successful maiden drill program following Exploration Funnel, near term discovery potential
"Stallion's vision to discover the next significant uranium deposit in the Athabasca Basin is well underway," said CEO Drew Zimmerman "We acquired over 3,000 sq/km of highly prospective, yet vastly underexplored ground in the southwestern basin that borders industry majors like Cameco, Orano, Uranium Energy Company, NexGen Energy, and Fission Uranium. With the utilization of the latest exploration technology, we have transformed our ground from an unknown expanse into a land package that hosts not one, two or three areas with the potential for a world class deposit, but the nine being highlighted today!"
Overview - Stallion has covered every square kilometre of their land package with regional airborne surveys to uncover the most prospective conductive corridors. These conductive corridors are the "plumbing" network for uranium deposits that are detectable through airborne surveys in the Athabasca Basin. The company has continued their survey work, continuing to layer on more new data, which has allowed the company to highlight 9 tier one target areas that hold significant potential for discovery.
At the beginning of this year Stallion took huge strides, moving from early-stage exploration to the advanced stage with its maiden drill program. As the company implemented its exploration funnel, the Appaloosa target moved to the top of the list for drill testing, yielding great initial success in completing its objectives. The technical success that came from the first target has bolstered the company's confidence. With 8 additional tier one targets moving through the exploration funnel Stallion's opportunity, and probability, of making a significant uranium discovery continue to grow. CONTINUED … Read these full press releases and more news for Stallion Uranium at: https://stallionuranium.com/news/press-releases/
Other recent developments in the mining industry of note include:
Mustang Energy Corp . (CSE: MEC) on Sept. 6, 2024, entered into a binding purchase and sale agreement with two private arm's-length parties, Proton Uranium Ltd. and Electron Uranium Ltd. Pursuant to the purchase agreement, the company will acquire a 100-per-cent undivided interest in seven mineral claims, covering a total of 25,000 hectares, located in the Cluff Lake region of the Athabasca basin of Saskatchewan. Closing of the transaction remains subject to, without limitation, receiving all necessary consents and approvals, including the approval of the Canadian Securities Exchange, as well as satisfaction of customary closing conditions. Mustang expects to complete the transaction by Sept. 15, 2024.
About the Mineral property in the Cluff Lake region of the Athabasca basin - The 100-per-cent acquisition from Proton and Electron marks an exciting milestone in the Cluff Lake region of the Athabasca basin, with the newly secured land package spanning over 25,000 hectares (250 square kilometres). This prime positioning highlights the potential of the Cluff Lake properties, nestled within one of the world's most prolific uranium-producing areas. The extensive land package underscores the exploration potential and the opportunity to tap into high-grade uranium resources in a region renowned for its rich deposits.
NexGen Energy Ltd. (NYSE: NXE) recently announced the mineralized zone at Patterson Corridor East (PCE) has materially expanded since the original discovery in the 2024 Winter Program (see NexGen News Release dated March 11, 2024). The Summer Drill Program commenced May 21st, with eight (8) out of twelve (12) drillholes intersecting mineralization to date (Figures 1 and 2, Table 1). Extensive mineralization plunges to the east with a span of 540 malong strike and 600 m vertical extent, showing wide intervals of elevated radioactivity that remain open at depth and along strike. In comparison, previously reported holes from PCE had identified two mineralized holes, 275 m apart.
Leigh Curyer, Chief Executive Officer, commented: "In the first two months of the summer program, the results have rapidly indicated an expansive, mineralized footprint with remarkable continuity. Geological characteristics are very analogous to Arrow indicating a large, pervasive and high-grade system. The summer program has been purposely bold with very large drill step outs and has intersected mineralization in an additional 8 of the 12 holes drilled. Important to note, PCE has currently hit 4 holes with intense mineralization >61,000 cps, with this occurring at Arrow for the first time in the 15 th hole - which led to subsequently delineating broad ultra-high grade zones in the A2 shear of Arrow.
CanAlaska Uranium Ltd. (OTCQX: CVVUF) (TSX-V: CVV) recently reported that the Moon Lake South Joint Venture ("MLSJV") has approved a supplemental 2024 exploration budget. The supplemental budget will be used to complete a fall drill program that will test newly identified conductivity anomalies along the mineralized CR-3 Corridor. The CR-3 corridor is host to high-grade uranium mineralization discovered in 2023 in drill hole MS-23-10A (2.46% U3O8 over 8.0 metres). The MLSJV is 75%-owned and operated by Denison Mines Corp. ("Denison"), and CanAlaska holds a 25% ownership. CanAlaska is funding the Company's share of the 2024 exploration program.
CanAlaska CEO, Cory Belyk, comments, "I am very pleased with results from the winter geophysical program that have highlighted additional untested targets in the vicinity of high-grade mineralization intersected in 2023. The CR-3 corridor is already host to a significant number of mineralized drillholes which highlight its discovery potential. I congratulate our partner, Denison, for outlining additional priority targets and bringing this supplemental budget to the JV for consideration and approval. CanAlaska and its shareholders can look forward to continued news flow from the Moon Lake South JV in the fall."
FISSION URANIUM CORP. (OTCQX:FCUUF) (TSX: FCU) recently announced it has completed the Front End Engineering Design ("FEED") at its PLS high-grade uranium project in Saskatchewan, Canada. The completion of this crucial development phase includes all geotechnical drilling required for the tailings management facility ("TMF") and underground mine access, including the decline and ventilation shafts. The Company is now transitioning fully into the Detailed Design phase. Additionally, Fission is pleased to announce it has responded to all information requests received from the Ministry ("SK-ENV") regarding its initial draft EIS and has officially submitted an updated draft that includes all feedback received. The EIS permitting process, including a ministerial decision, is expected to conclude in Q4, 2024.
Ross McElroy, President and CEO for Fission, commented, " Fission's expert engineering team continues to make excellent progress at PLS. The completion of the FEED further derisks the project and is a critical step on the pathway to production. Completion of FEED brings the engineering to the level required to support the CNSC application to prepare site and construct a mine or mill. We are now fully transitioning into Detailed Design. In addition, pending assays, the success of this year's resource upgrade drilling at the R1515W zone should allow us to integrate this important high-grade zone into our overall mine plan, which aims to increase mine reserves. I am also delighted to confirm that Fission has submitted a revised draft EIS to the Province, and a Ministerial Decision is expected in Q4 of this year."
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FIGURE 1. WYOMING IS URANIUM PROCESSING PLANTS & GTI PROJECT LOCATIONS
Figure 1 – Location of Grand Codroy uranium project, showing historical uranium and copper occurrences across the tenure (Source – Newfoundland Labrador Dept of Industry, Energy and Technology’s “Mineral occurrences database system report”)