Ur-Energy Inc. (NYSE American:URG)(TSX:URE) (the "Company" or "Ur-Energy") wishes to congratulate Constellation on their recently announced power purchase agreement with Microsoft. The deal for 835 megawatts of electricity is the largest ever power purchase agreement for Constellation and will result in the restart of the Three Mile Island Unit 1 nuclear reactor in Pennsylvania. This historic project will contribute 835 megawatts of carbon-free electricity to the grid while creating 3,400 jobs and offsetting approximately 61 million metric tons of CO2 emissions over 20 years. Constellation has named the project the Crane Clean Energy Center in honor of Chris Crane, a well-respected leader in the nuclear industry and a past CEO of Constellation's former parent company
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Stunning High Grade Uranium Soil Results at Portland Creek
Maiden soil sampling assays uncover Uranium grades beyond laboratory detection limit
Infini Resources Ltd (ASX: I88, “Infini” or the “Company”) is delighted to announce its maiden field sampling assay results at its highly prospective and 100% owned Portland Creek Uranium Project in Newfoundland, Canada. The return of these material assay results follows the completion of the Company’s maiden exploration program (Figure 1 and refer to ASX announcement 28 May 2024).
Highlights
Infini’s CEO, Charles Armstrong said: “These first pass soils are nothing short of outstanding and represent some of the highest uranium soil grades returned globally. To see such consistent and high- grade mineralisation within soil sampling across ~235m x 100m, which sits within a ~3.2km radiometric corridor is remarkable and suggests we may be very close to a potential discovery here at Portland Creek. The high-grade soils are proximal to highly anomalous biogeochemical and boulder rock samples, further increasing our confidence in this remarkable uranium asset. We might be onto something of significant scale here. Right now, we await the follow-up assay results from these ‘ore grade’ soil samples to determine how high they really are, in addition to planning fieldwork to sample the unexplored radon gas anomalies at the property.”
Figure 1 The Talus Uranium Prospect depicting the location of the incredibly high-grade soil samples. Note: surface geochemistry is highly coincidental with the large existing anomalous radiometric corridor.
Soil Sampling Results
A total of 75 soils were taken in east-west traverse lines through known radiometric anomalism except for one area surrounding a historical radon gas anomaly. This area was identified as anomalous during spectrometer line traverses and infill samples on tight ~25m spacings where terrain allowed. Two uranium soil anomalies have been identified running in north-south orientations at the Talus prospect. High grade anomaly one (Figure 2 and Appendix 1 Table 1) is ~235m x 100m with a peak value of >11,792 ppm U3O8 (above LOD) and anomaly two is ~165m long with a peak value of 284 ppm U3O8. These findings are even more significant given the average background reading in soils is only ~8 ppm U3O8 (peak anomaly - 1474 times background).
Click here for the full ASX Release
This article includes content from Infini Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Completion of Grand Codroy Uranium Acquisition
AuKing Mining Limited (ASX: AKN, AuKing) is pleased to advise that it has completed the purchase of the Grand Codroy uranium exploration project in Newfoundland, Canada.
PROJECT HIGHLIGHTS
- Uranium Mineralisation: Uranium mineralisation within extensive, organic-rich siliciclastic rocks is similar to sandstone-hosted uranium districts in the western United States.
- High Grade Samples: Notable high-grade historical rock samples including:
- Grand Codroy River #6 (Sample 153) - >20,000ppm (2%) Cu and 435ppm U
(Sample 3522) - >20,000ppm (2%) Cu and 400ppm U - Grand Codroy River #4 – 22,000ppm (2.2%) U
- Overfall Brook – 595ppm U
(Source – Newfoundland Labrador Dept of Industry, Energy and Technology)
- Grand Codroy River #6 (Sample 153) - >20,000ppm (2%) Cu and 435ppm U
- Significant Exploration Potential: Grand Codroy tenure area largely untouched by modern exploration. Note the impressive results being reported by Infini Resources Limited (ASX:I88) at its Portland Creek uranium project, to the north of Grand Codroy in western Newfoundland.
- Strategic Location: The mineral claim is strategically situated approximately 50 km north of Port aux Basque, Newfoundland.
- Excellent Accessibility: The site offers excellent accessibility with well-maintained road infrastructure leading directly to the area.
[See AKN release to ASX on 11 September 2024]
AuKing’s Managing Director, Mr Paul Williams, said now the acquisition has been completed the Company would seek to take an aggressive approach to exploration at its new Grand Codroy uranium project.
“We see strong interest from investors with companies seeking to develop uranium projects around the world. The ongoing impressive exploration results of other companies in the region (such as Infini Resources Limited – ASX:I88) provide us with a significant incentive to get started on soil sampling and related exploration activities as soon as possible,” said Mr Williams.
Grand Codroy Uranium Project
AuKing has acquired a uranium bearing mineral claim in the Codroy Valley of south-west Newfoundland, Canada known as the Grand Codroy Uranium Project. The claim, covering an area of 2,200 ha, was selected due to presence of several documented uranium occurrences located along a major radiometric high. The Grand Codroy Uranium Property is approximately 50 km north of Port aux Basque, Newfoundland.
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”)
The style of low-grade uranium mineralisation within extensive, organic-rich siliciclastic rocks is similar to sandstone-hosted uranium districts in the western United States. These districts have produced significant amounts of uranium from conventional and low-impact, low-cost in-Situ Recovery (ISR) operations. The potential for ISR amenable uranium mineralisation has never been evaluated in the Bay St. George Sub-basin. Based on regional maps the widespread nature of the noted uranium occurrences and the volume of potential host-rock is significant in this area and could potentially represent an economic uranium target.
ASX-listed Infini Resources Limited (ASX: I88) holds the Portland Creek uranium project in western Newfoundland, which is to the north of the Grand Codroy area. I88 is well advanced with a major surface geochemical sampling program and reporting results such as a 74,997ppm U3O8 assay result [See I88 ASX release on 29 August 2024] and further impressive results in more recent reports to ASX.
Click here for the full ASX Release
This article includes content from Auking Mining, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer hereSkyharbour Resources
Investor Insight
In the current strong market dynamic for uranium, Skyharbour Resources is a compelling investment opportunity driven by its large portfolio of exploration assets in Canada’s most prolific uranium district in the Athabasca Basin.
Overview
Nuclear energy is a critical component in the transition to net zero. There's a growing acknowledgment of the pivotal role nuclear power can play in meeting decarbonization objectives, thanks to its clean emissions profile, dependable baseload capabilities, and secure operation.
Global electricity demand is set to grow 50 percent by 2040 and nuclear energy will play an integral role in meeting this demand. This is evident in the recently released World Energy Outlook 2023 published by the International Energy Agency (IEA) which highlighted the role that nuclear energy can play in making the journey towards net-zero faster, more secure, and more affordable. With 439 reactors operating globally, about 61 reactors under construction in 15 countries and a further 400 that are either ordered, planned or proposed, the IEA anticipates a substantial growth of over 43 percent in installed nuclear capacity from 2020 to 2050Uranium prices have been the highest since 2008 at over US$80/lb. Prices are expected to remain strong due to the ongoing tightness in the uranium supply/demand balance. As mentioned earlier, this tightness is likely to intensify over the next 24 months as demand continues to rise, new supply remains restricted, and inventories/stockpiles continue to diminish. The risks to the supply side far outweigh risks to the demand side given that more than 50 percent of global uranium production comes from countries with significant geopolitical risk.
This is where companies such as Skyharbour Resources (TSXV:SYH,OTCQX:SYHBF,FWB:SC1P), with a presence in jurisdictions such as the Athabasca Basin in Canada, stand out for its geopolitical stability. The Athabasca Basin is the world’s most prolific uranium jurisdiction, boasting uranium grades averaging over ten to twenty times higher than those found elsewhere, with levels at 3.95 percent U3O8 in contrast to the global average of 0.15 percent.
Skyharbour Resources possesses a broad portfolio of uranium exploration projects within the Athabasca Basin and is strategically positioned to capitalize on the improving fundamentals of the uranium market. The company follows a dual strategy of mineral exploration at its core projects (Russell and Moore) while utilizing the prospect generator model to advance its secondary projects with strategic partners. Employing the prospect generator model provides advantages to Skyharbour as partner firms finance exploration and development activities, as well as making cash and stock payments directly to Skyharbour Resources as they earn in on the projects. The model allows Skyharbour to retain upside exposure through minority interests and royalties at the partner projects while limiting equity dilution and ensuring that partner companies fund the majority of exploration costs.
The company has eight partner companies: Orano Canada, Azincourt Energy, Thunderbird Resources (previously Valor), Basin Uranium Corp, Medaro Mining, Terra Clean Energy (previously Tisdale), North Shore Uranium, and UraEx Resources. Skyharbour’s option agreements total over C$38 million in exploration expenditures, with more than C$29 million in stock being issued and over C$21 million in cash payments potentially coming into Skyharbour.
The company has recently entered into a property purchase and sale agreement with Cosa Resources wherein Skyharbour will sell two mineral claims to Cosa, comprising approximately 6,049 hectares. These two claims represent a small portion of Skyharbour's Karin Property and are located in Saskatchewan about 22 km south of the Key Lake Mill. Skyharbour originally acquired the claims through low-cost, online staking. The company retains ownership in five other adjacent claims constituting the new Karin Project which is now 19,116 hectares.
In October 2024, Skyharbour entered into an option agreement with UraEx Resources for its South Dufferin and Bolt uranium projects, which will allow UraEx to acquire up to 100 percent interest in the properties, which comprise 12 mineral claims spanning approximately 18,000 hectares. Under the agreement, UraEx can earn an initial 51 percent in the projects through C$4.6 million in combined project consideration, and up to 100 percent through C$9.8 million in combined project consideration consisting of cash and share payments as well as exploration expenditures over a five-year period.
Company Highlights
- Skyharbour Resources is a junior mining company with an extensive portfolio of uranium exploration projects in Canada’s Athabasca Basin. They comprise 29 uranium projects, 10 of which are drill-ready, totaling over 580,000 hectares.
- The Athabasca Basin is the world’s most prolific uranium jurisdiction, boasting uranium grades averaging over 10-20 times higher than those found elsewhere.
- The company employs a multi-faceted strategy of focused mineral exploration at its core projects (Russell and Moore) while utilizing the prospect generator model to advance its secondary projects with strategic partners.
- The company’s co-flagship Moore project is an advanced-stage uranium exploration asset featuring high-grade uranium mineralization at the Maverick Zone. Previous drilling has returned results of 6 percent U3O8 over 5.9 meters, with a notable intercept of 20.8 percent U3O8 over 1.5 meters, at a vertical depth of 265 meters.
- Adjacent to the Moore project is Skyharbour’s second core project, the Russell Lake uranium project, wherein Skyharbour has completed the acquisition of 51 percent interest from Rio Tinto. The Russell Lake uranium project is a large, advanced-stage uranium exploration property totaling 73,294 hectares.
- The 2024 winter drill program at the Russell Lake uranium project led to a new discovery of high-grade, sandstone-hosted mineralization up to 2.99 percent U3O8 intersected over 0.5 meters.
- Management intends to continue building the prospect generator business by offering projects to partners who will fund the exploration and provide cash/stock to Skyharbour for an ownership interest in the projects; Skyharbour typically retains minority interests in the projects and equity holdings in the partners.
- The increasing focus on nuclear energy by governments globally to achieve decarbonization goals bodes well for uranium prices. Skyharbour, with key uranium assets in a top mining jurisdiction, stands to benefit from this shift in the global energy mix.
Flagship Projects
The Moore Project
This project covers an area of 35,705 hectares, located in the eastern Athabasca Basin near existing infrastructure with known high-grade uranium mineralization and significant discovery potential. Skyharbour acquired the project from Denison Mines (TSX:DML), a large strategic shareholder of the company. The project can be easily accessed year-round via winter and ice roads, streamlining logistics and reducing expenses. During the summer months, a significant portion of the property remains accessible as well. The property has been the subject of extensive historic exploration with over $50 million in expenditures, and over 140,000 meters of diamond drilling completed historically.
Moore hosts high-grade uranium mineralization at the Maverick zones. Over the past few years, Skyharbour Resources has conducted diamond drilling programs, resulting in the intersection of high-grade uranium mineralization in numerous drill holes along the 4.7-kilometer-long Maverick structural corridor. Some of the high-grade intercepts include:
- Hole ML-199 which intersected 20.8 percent U3O8 over 1.5 meters at 264 meters,
- Hole ML-202 from the Maverick East Zone which intersected 9.12 percent U3O8 over 1.4 meters at 278 meters.
- Hole ML20-09 which intersected 0.72 percent U3O8 over 17.5 meters from 271.5 meters to 289.0 meters, including 1 percent U3O8 over 10.0 meters represents the longest continuous drill intercept of uranium mineralization discovered to date at the project.
- Drill hole ML-61 returned 4.03 percent eU3O8 over 10 meters;
- Drill hole ML -55 encountered high-grade mineralization, returning 5.14 percent U3O8 over 6.2 meters
- Drill hole ML -47 intersected 4.01 percent U3O8 over 4.7 meters
Merely 50 percent of the total 4.7-kilometer promising Maverick corridor has undergone systematic drilling, indicating significant discovery potential both along its length and within the underlying basement rocks at depth. Skyharbour recently completed a winter drill program which consisted of 2,800m of drilling at the project which focused on infill/expansion drilling at the Main Maverick Zone.Assay results from the program intersected 5 metres of 4.61 percent U3O8 from a relatively shallow downhole depth of 265.5 metres to 270.5 metres including 10.19 percent U3O8 over 1 metre at the Main Maverick Zone from hole ML24-08. Skyharbour will continue to advance Moore through a 2,500 metre summer drill program.
Apart from the Maverick Zone, diamond drilling in various other target areas has encountered multiple conductors linked with notable structural disturbances, robust alteration, and anomalous concentrations of uranium and associated pathfinder elements.
Russell Lake Uranium Project
The Russell Lake project is a large, advanced-stage uranium exploration property spanning 73,294 hectares, strategically positioned between Cameco’s Key Lake and McArthur River projects. Skyharbour has completed its earn-in requirements for an option agreement with Rio Tinto and has now acquired 51 percent ownership interest in the Russell Lake project. Skyharbour made a cash payment of C$508, 200, issued 3,584,014 common shares of the company to Rio Tinto and incurred an aggregate of $5,717,250 in exploration expenditures on the property over the 3-year term of the earn-in.
The project is adjacent to Denison’s Wheeler River project and Skyharbour’s Moore uranium project. It is supported by excellent infrastructure in terms of highway access as well as high-voltage power lines. The project has undergone a significant amount of historical exploration which includes over 95,000 meters of drilling in over 220 drill holes. The exploration identified numerous prospective target areas and several high-grade uranium showings as well as drill hole intercepts.
The property hosts several noteworthy exploration targets, including the Grayling Zone, the M-Zone Extension target, the Little Man Lake target, the Christie Lake target, and the Fox Lake Trail target. Skyharbour completed a 19-hole drilling program totaling 9,595 meters in three phases in 2023. The initial drilling phase encompassed 3,662 meters across eight completed holes at the Grayling Zone, followed by a second phase involving four holes totaling 2,730 meters drilled at the Fox Lake Trail Zone. The third drilling phase involved 3,203 meters across seven holes targeting additional areas within the Grayling Zone.
Drilling at Russell in 2024 was completed in two separate phases with a total of 3,094 metres drilled in six holes. Phase One of drilling resulted in the best intercept of uranium mineralization historically on the property from hole RSL24-02, which returned a 2.5 metre wide intercept of 0.721 percent U3O8 at a relatively shallow depth of 338.1 metres, including 2.99 percent U3O8 over 0.5 metres at 339.6 metres just above the unconformity in the sandstone. This high-grade intercept represents a discovery in a newly delineated target area and will be a top-priority target in the upcoming fully funded summer/fall drill program.
Secondary Projects
Falcon Uranium Project
This project comprises 11 claims covering 42,908 hectares located approximately 50 km east of the Key Lake mine. Skyharbour Resources has entered into an option agreement with North Shore Uranium which provides North Shore with an earn-in option to acquire an initial 80 percent interest and up to a 100 percent interest in the Falcon Property. North Shore can acquire an initial 80 percent interest in the claims within three years by meeting combined commitments of C$5.3 million in cash, share issuance, and exploration expenditures. Additionally, there's an option to buy the remaining 20 percent for an extra C$10 million in cash and shares.
North Shore has collected multiple samples from two of the first three uranium prospects drilled at its 55,699-hectare Falcon property in 2024. The samples returned anomalous uranium values of greater than 300 ppm U3O8 and up to a maximum of 572 ppm U3O8. An exploration permit has been secured for the project, which will allow North Shore to conduct exploration activities at the property, including prospecting and ground geophysics, trail and drill site clearing, line cutting, drilling of up to 75 exploration drill holes and storage of drill core.
South Falcon East
This project comprises 16 claims covering 12,234 hectares located approximately 55 km east of the Key Lake mine. Skyharbour has optioned up to a 75 percent interest in a portion of the project to Terra Clean Energy (previously Tisdale). Terra will issue Skyharbour Resources 1,111,111 shares upfront, fund exploration expenditures totaling C$10.5 million, and pay Skyharbour Resources C$11.1 million in cash of which C$6.5 million can be settled for shares over a five-year earn-in. Skyharbour Resources will retain a minority interest in the South Falcon East.
East Preston
This project comprises 20,674 hectares located on the west side of the Athabasca Basin. In March 2017, Skyharbour Resources signed an option agreement with Azincourt Uranium (TSXV:AAZ) to option 70 percent of a portion of the East Preston project to Azincourt. Since then, Azincourt earned a majority interest in the project which currently stands at 85.8 percent. Skyharbour retains 9.5 percent ownership and Dixie Gold owns the remaining 4.7 percent.
Azincourt completed a 2023 drill program comprising 3,066 meters in 13 drill holes. The company also completed the winter 2024 diamond drill program of 1,086 meters of drilling in four diamond drill holes and results indicated the following:
- Dravite and Kaolinite clay alteration zone expanded in K and H Zones
- Illite, Dravite and Kaolinite clay alteration identified in G Zone
- Illite and Kaolinite clay alteration identified in A Zone
Preston
This project comprises 49,635 hectares strategically located near Fission’s Triple R deposit and NexGen’s Arrow deposit. In March 2017, Skyharbour Resources signed an option agreement with Orano (formerly AREVA) Resources Canada to option a majority stake in the Preston project. Orano has fulfilled its first earn-in option interest for 51 percent in the project. Following this, Orano has formed a joint venture (JV) with Skyharbour and Dixie Gold for the advancement of the project. Orano holds 51 percent interest, and the remaining is split evenly (24.5 percent each) between Skyharbour and Dixie Gold.
Orano Canada has completed a geophysical programat the 49,635-hectare Preston uranium project which included a ground electromagnetic survey (ML-TEM) and a ground gravity survey. Orano is now preparing for a Spatiotemporal Geochemical Hydrocarbons (SGH) soil sampling program that will take place this summer at the project.
Hook Lake
This project comprises 16 claims covering 25,847 hectares on the east side of the Athabasca Basin. In February 2024, Thunderbird Resources (previously Valor) completed an earn-in for 80 percent interest and formed a JV partnership with Skyharbour which retains the remaining 20 percent interest.
Yurchison Lake
This project consists of 13 claims totaling 57,407 hectares in the Wollaston Domain. In November 2021, Medaro signed an agreement to acquire an initial 70 percent interest by spending C$5 million on exploration, C$800,000 in cash payments, and C$3 million in Medaro shares over 4 years. Medaro may acquire the 30 percent interest, within 30 business days of earning the initial 70 percent interest, by issuing C$7.5 million of shares and a cash payment of $7.5 million to Skyharbour.
Mann Lake
This project is strategically located on the east side of the Athabasca basin, 25 km southwest of Cameco’s McArthur River Mine and 15 km northeast and along strike of Cameco's Millennium uranium deposit. In October 2021, Basin Uranium signed an earn-in option to acquire a 75 percent interest in the project. Basin will pay a combination of cash and stocks over three years comprising C$4.85 million in cash plus exploration expenditure and C$1.75 million worth of shares.
South Dufferin and Bolt
The South Dufferin Project totals 13,205 hectares covering 10 claims and is located immediately south of the southern margin of the Athabasca Basin in northern Saskatchewan. The property covers the southern extension of the Virgin River Shear Zone, which hosts known high-grade uranium mineralization at Cameco Corp.'s Dufferin Lake zone approximately 13 kilometres to the north (highlight drill results of 1.73% U3O8 over 6.5 metres) and Cameco Corp.'s Centennial deposit approximately 25 kilometres to the north (includes drill intersections up to 8.78% U3O8 over 33.9 metres).
The Bolt Project consists of two contiguous claims 100 percent owned by Skyharbour Resources Ltd. totalling 4,726 hectares and is located approximately 7 km west of the Highway 914 and about 32 km southwest of Cameco’s Key Lake Operation (which produced 209.8 million pounds of U3O8 at an average grade of 2.32 percent U3O8 from 2 deposits, where ore from the McArthur River mine is currently processed).
A definitive agreement was recently signed in October of 2024 with UraEx Resources to earn an initial 51 percent and up to 100 percent of both the South Dufferin and Bolt Projects, collectively. For an initial 51 percent, UraEx will issue common shares having an aggregate value of C$1.15 million, make total cash payments of $450,000, and incur $3 million in exploration expenditures on both the South Dufferin and Bolt properties over a 3 year period. UraEx has an option to acquire the remaining 100 percent by issuing common shares having an aggregate value of C$2.5 million, making cash payments of $1.2 million and incurring $1.5 million in exploration expenditures over an additional two-year period.
In addition to the projects being advanced by Skyharbour and its partners, the company has 18 additional 100 percent owned projects that they’re actively seeking to option out to potential new partners in the future to add to their growing prospect generator business. All in all, Skyharbour is very well positioned to benefit from an accelerating uranium bull market with increasing demand in the backdrop of a strained supply side.
Management Team
Jordan Trimble - President and CEO
With a background in entrepreneurship, Jordan Trimble has held various positions in the resource industry, focusing on management, corporate finance, strategy, shareholder communications, business development, and capital raising with multiple companies. Prior to his role at Skyharbour, he was the corporate development manager at Bayfield Ventures, a gold company with projects in Ontario. Bayfield Ventures was subsequently acquired by New Gold (TSX:NGD) in 2014. Throughout his career, Trimble has established and assisted in the management of numerous public and private enterprises. He has played a pivotal role in securing significant capital for mining companies, leveraging his extensive network of institutional and retail investors.
Jim Pettit – Chairman of the Board
Jim Pettit currently serves as a director on the boards of various public resource companies, drawing from over 30 years of experience in the industry. His expertise lies in finance, corporate governance, management and compliance, particularly in the early-stage development of both private and public enterprises. Over the past three decades, he has primarily focused on the resource sector. Previously, he served as chairman and CEO of Bayfield Ventures, which was acquired by New Gold in 2014.
David Cates - Director
David Cates currently serves as the president and CEO of Denison Mines (TSX:DML). Before assuming the role of president and CEO, Cates was the vice-president of finance, tax, and chief financial officer at Denison. In his capacity as CFO, he played a pivotal role in the company's mergers and acquisitions activities, including spearheading the acquisition of Rockgate Capital and International Enexco. Cates joined Denison in 2008, initially serving as director of taxation before he was appointed CFO. Prior to joining Denison, he held positions at Kinross Gold and PwC with a focus on the resource industry.
Joseph Gallucci - Director
Joseph Gallucci was previously a senior manager at a leading Canadian accounting firm. He possesses more than two decades of expertise in investment banking and equity research, specializing in mining, base metals, precious metals, and bulk commodities worldwide. He serves as a senior capital markets executive and corporate director. Presently, Gallucci is the managing director and head of investment banking at Laurentian Bank Securities, where he assumes responsibility for overseeing the entire investment banking practice.
Brady Rak - VP of Business Development
Brady Rak is a seasoned investment professional who has focussed on the Canadian capital markets over his 13-year career at several independent broker dealers including Ventum Financial, Salman Partners and Union Securities. As a registered investment advisor in the private client division of Ventum Financial, Brady has been involved in advising high-net-worth and corporate clients, structuring transactions, raising capital and navigating global market sentiment. Brady graduated from Northwood University with a BBA in Management and holds his Options license.
Serdar Donmez - Vice-president of Exploration
A recognized geoscientist with decades of experience in uranium exploration and development, Serdar Donmez has played an active role in numerous grassroots and advanced uranium exploration projects in northern Saskatchewan and Zambia. Donmez has an engineering degree in geology and is a registered professional geoscientist with the Association of Professional Engineers and Geoscientists of Saskatchewan. During his 17-year tenure at Denison Mines, Donmez was pivotal in advancing numerous uranium exploration and development projects. He was involved in various capacities with the Phoenix and Gryphon uranium deposits on Denison's Wheeler River project, from initial discovery to the completion of the feasibility study in 2023. As resource geology manager, he was integral to the development of mineral resource estimates and NI 43-101 technical reports for several advanced exploration projects in the Athabasca Basin. Additionally, he was part of a team exploring the application of in-situ recovery mining techniques for high-grade uranium deposits in the Athabasca Basin.
Dave Billard - Head Consulting Geologist
Dave Billard is a geologist with over 35 years of experience in exploration and development, focusing on uranium, gold and base metals in western Canada and the western US. He served as chief operating officer, vice-president of exploration, and director for JNR Resources before its acquisition by Denison Mines. He played a crucial role in the discovery of JNR’s Maverick and Fraser Lakes B zones. Earlier in his career, he contributed to the discovery and development of several significant gold deposits in northern Saskatchewan. Prior to joining JNR, Billard worked as a geological consultant specializing in uranium exploration in the Athabasca Basin. He also spent over 12 years with Cameco Corporation.
Christine McKechnie - Senior Project Geologist
Christine McKechnie is a geologist with a specialization in uranium deposits, particularly those hosted in the basement and associated with unconformities in the Athabasca Basin and its vicinity. Throughout her career, she has worked with various companies such as Claude Resources, JNR Resources, CanAlaska Uranium and Cameco, engaging in gold and uranium exploration activities. She completed her B.Sc. (High Honors) in 2008 from the University of Saskatchewan and completed a M.Sc. thesis on the Fraser Lakes Zone B deposit at the Falcon Point project. She also received the 2015 CIM Barlow Medal for Best Geological Paper.
Purepoint Uranium
Overview
The Athabasca Basin in Saskatchewan presents exceptional discovery and exploration opportunities for companies looking to enter the thriving uranium market. Uranium is poised for significant growth and the expected deficit in the supply side will create opportunities in the market. With new reactors continually coming online to meet demand and a limited number of suppliers to fill it, looking to high-value mining jurisdictions for uranium is one of the best strategies for companies trying to get ahead of the crowd.
With strong backing from industry leaders, Purepoint is set to advance its key projects while keeping shareholder dilution to a minimum.
- Exposure to district-scale uranium exploration in the Athabasca Basin
- Reduced financial risk through strategic partnerships
- Operational control of exploration activities
- Aligned with renewed interest in uranium exploration from major producers
Company Highlights
- Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) is a focused explorer with a dynamic portfolio of advanced projects within the renowned Athabasca Basin in Canada. T
- The most prospective projects are actively operated on behalf of partnerships with industry leaders including Cameco Corporation, Orano Canada Inc. and IsoEnergy Ltd. Additionally, the Company holds a promising VHMS project currently optioned to and strategically positioned adjacent to and on trend with Foran Corporation’s McIlvena Bay project.
- Through a robust and proactive exploration strategy, Purepoint is solidifying its position as a leading explorer in one of the globe’s most significant uranium districts.
Key Projects
Hook Lake Project
The Hook Lake property is located within the Patterson Uranium district and has nine claims totalling 28,598 hectares. The project is jointly owned by Cameco, Orano Canada and Purepoint Uranium. Operated by Purepoint since 2007, the project has seen significant discoveries and exploration campaigns.
Highlights of discovery on the property include the Spitfire high-grade discovery which revealed 53.3 percent uranium oxide over 1.3 meters, including a 10-meter interval of 10.3 percent uranium mineralization measurements. Three prospective structural “corridors” have been defined on the property, each consisting of multiple electromagnetic (EM) conductors confirmed by drilling.
In 2024, Purepoint completed 2,332 metres of drilling in four holes to test the success of the previous 2023 drill program that uncovered a significant 35-metre-wide boron halo surrounding a 0.08 percent U3O8 uranium intercept over 0.4 metres at hole CRT23-05. Boron is a key pathfinder element for uranium deposits. The 2024 drill program ended with the discovery of the newly identified Lightning Zone in the Carter Corridor, returning 0.9 metres of 0.29 percent U3O8 including 0.3 metres of 0.68 percent U3O8. associated with a major structure intersected by hole CRT24-10.
All the 2024 drill holes were collared northeast of CRT23-05, drilled in 2023, that intersected 0.08 percent U3O8 over 0.4 metres within a 15 metre wide graphitic shear zone with local brecciation and intense clay alteration.
All 2024 drill holes encountered elevated radioactivity.
Smart Lake Project
Purepoint, as operator, holds a 27-percent ownership of the Smart Lake project in joint venture with Cameco Corp.
The Smart Lake property includes two claims with a total area of 9,860 hectares situated in the southwestern portion of the Athabasca Basin, approximately 60 km south of the former Cluff Lake mine and 18 kilometers west-northwest of Purepoint’s Hook Lake JV project.
Depth to the unconformity, where it occurs, is relatively shallow at less than 350 meters.
Aeromagnetic and electromagnetic patterns at Smart Lake reflect an extension of the patterns underlying the Shea Creek deposits (indicated resource of 68 million lbs at 1.50 percent U3O8; UEC PR Jan 2023) 55 kilometers north of the property. Exploration by Purepoint has firmly established the presence of anomalous uranium and hydrothermal alteration. Numerous priority target areas, where EM conductors are cross-cut by east-west structures, are yet to be drill-tested.
Like the Kianna fault at Shea Creek, known uranium mineralization at the Smart Lake project is associated with the intersection of the east-west Arthur Fault and north-south-striking fluid/chemical traps including the Shearwater conductor and chloritized mafic orthogneiss. The occurrence of low-grade uranium mineralization along the Arthur Fault away from Shearwater conductor underscores the need to target east-west structures both at the intersection with conductive anomalies and magnetically interpreted lithological contacts.
Additional east-west striking faults (Groomes Lake and Cristobal) have been interpreted from examination of airborne magnetic and electromagnetic surveys. These faults are spatially related to strong EM conductors identified in both airborne and ground-based geophysical surveys.
Purepoint plans to conduct stepwise moving loop and fixed loop transient EM surveys at the Smart Lake JV project. Survey results from the northern Groomes Lake conductor will be used to define discrete targets for the next step drilling.
Purepoint & IsoEnergy Joint Venture
Purepoint Uranium has formed a 50-50 joint venture with IsoEnergy, combining 10 uranium exploration projects in Saskatchewan's Athabasca Basin. Purepoint will be the operator for exploration activities, while IsoEnergy will take over if a resource is identified.
This strategic move not only validates Purepoint's assets but also positions the company to advance its most promising projects with reduced financial risk.
- Joint Venture Portfolio– The Joint Venture will be comprised of 10 projects within the eastern Athabasca Basin (Figure 1) including:
- IsoEnergy’s Geiger, Thorburn Lake, Full Moon, Edge, Collins Bay Extension, North Thorburn, 2Z Lake, and Madison Projects.
- Purepoint’s Turnor Lake and Red Willow Projects.
- Complementary and Prospective Ground Covering the Larocque Trend with Strong Discovery Potential – The Larocque Trend (“Larocque Trend”), is an important regional structure that hosts the world-class Hurricane deposit and other notable high-grade occurrences, including those on Cameco/Orano’s Dawn Lake joint venture. The trend extends onto the Turnor Lake and Full Moon Projects, positioning the Joint Venture along a proven corridor for uranium mineralization, where further discoveries could be expedited (Figure 2).
- Strategic Synergy and Strengthened Positioning through Equity Participation – IsoEnergy will subscribe for $1.0 million in concurrent equity financing of Purepoint.Through this equity stake, IsoEnergy will gain exposure to Purepoint’s other highly prospective exploration projects in the Athabasca Basin, including Hook Lake, which previously intersected an impressive 10 meters at 10.3% U₃O₈. In turn, Purepoint will benefit from IsoEnergy’s financial and technical support, enabling both companies to work collaboratively to accelerate project development and drive long-term success.
- Initial Ownership Structure and Operating Terms – IsoEnergy will initially hold a 60% interest in the Joint Venture, while Purepoint will hold a 40% interest. Each party has the option to adjust this ownership to 50/50 within six months through the exercise of mutually exclusive put/call options.Purepoint will serve as the operator during the exploration phase of the Joint Venture properties. Upon the advancement into the pre-development phase, IsoEnergy will assume operational control of the Joint Venture properties.
Management Team
Chris Frostad - President and CEO
Chris Frostad is a founding partner bringing over 40 years of expertise to his position as president and CEO. He led public companies in both the technology and mining and metals industries.
Throughout his career, Frostad has been instrumental in building a variety of high-growth, early-stage, public and private companies.
Before Purepoint, he held numerous senior positions in the technology industry including CEO-in-residence of a Toronto-based venture capital firm. Frostad is a chartered accountant and a chartered professional accountant who began his career in international taxation with Deloitte.
Scott Frostad - VP of Exploration
Scott Frostad’s experience in the mining industry throughout Canada spans over three decades. He brings to his position as VP of exploration a background in mineral exploration with renowned mining companies such as Lac Minerals, Teck and Placer Dome. Most recently, he was the environmental specialist for Cogema Resources and managed environmental issues at both the Cluff Lake and McClean Lake Uranium Mines in Northern Saskatchewan.
Frostad is a graduate of Western University with a B.Sc. in geology and holds an M.A.Sc. in mining and mineral process engineering from the University of British Columbia. He is a member of the Association of Professional Engineers and Geoscientists of British Columbia and the Association of Professional Engineers and Geoscientists of Saskatchewan.
Ram Ramachandran - CFO
Before his position as CFO with Purepoint, Ram Ramachandran brings an 11-year tenure as deputy director and associate chief accountant with the Ontario Securities Commission. Most recently, Ramachandran provided advisory services in the area of litigation/compliance to numerous companies. To his credit, Ramachandran conceived, developed and launched the Canadian Securities Reporting Advisor – an online compliance tool for public companies.
Jeanny So - Corporate Communications
Jeanny So has over 20 years of experience in operations, investor relations, sales and marketing in the financial industry and has executed corporate communication programs for several private and publicly-listed companies.
Ur-Energy Congratulates Constellation on Its Power Purchase Agreement with Microsoft
John Cash, Ur-Energy's CEO stated, "We wish to congratulate Constellation on their continued growth and leadership in the U.S. nuclear power industry. We are excited to continue in our role as an established, long-term supplier of domestic uranium to Constellation. As the demand for nuclear power grows, our objective is to continue being a reliable supplier to U.S. and global utilities from our Wyoming mines."
Ur-Energy plays an important role in the nuclear energy sector within the United States. Ur-Energy was the largest domestic uranium producer in the U.S. in 2024 H1 and is a trusted long-term supplier to leading U.S. utilities such as Constellation. As the U.S. advances the clean energy transition and continues efforts to decarbonize its grid, nuclear energy will play an increasingly critical role as a carbon-free source of baseload power. The U.S. has the largest nuclear power generation capabilities globally (by reactor count and electricity produced from nuclear) and has also recently taken important steps to rebuild a strong domestic nuclear fuel cycle. Ur-Energy is uniquely positioned to play an integral role in the first steps of the U.S. nuclear fuel cycle (see diagram below) both today, as the largest domestic uranium producer from its Lost Creek ISR mine in Sweetwater County, Wyoming in 2024 H1, and tomorrow as it continues construction of its Shirley Basin ISR mine in Carbon County, Wyoming, which is expected to be completed in late 2025 and will increase Ur-Energy's licensed production capacity by over 83%.
The demand for carbon free, baseload electricity from big data centers is growing at a nearly unimaginable rate. According to the Electric Power Research Institute's May 28, 2024, White Paper titled Powering Intelligence, data centers are expected to consume as much as 9.1% of U.S. electricity generation by 2030 versus an estimated 4% today. The International Energy Agency stated in its Electricity 2024, Analysis and Forecast to 2026 report
Data centres are significant drivers of growth in electricity demand in many regions. After globally consuming an estimated 460 terawatt-hours (TWh) in 2022, data centres' total electricity consumption could reach more than 1 000 TWh in 2026. This demand is roughly equivalent to the electricity consumption of Japan.
As electricity demand from big data and other industries continues to grow, Ur-Energy expects to see increasing interest in sourcing power from existing and new conventional nuclear power plants and, within a few years, from Small Modular Reactors (SMRs). The carbon-free energy provided by nuclear power, combined with around-the-clock production for as long as two years between refueling outages, makes it a perfect fit for data centers that must operate without interruption while meeting carbon emission objectives. Currently, 60 conventional reactors are under construction globally with many utilities seeking power rate increases and life extensions. The International Energy Agency expects nuclear power output to increase by 2.5 times its current rate by 2050.
As a recognized leader in U.S. uranium production with significant mineral resources, Ur-Energy expects to play a critical role in fueling the global nuclear industry for many years to come.
About Ur-Energy
Ur-Energy is a uranium mining company operating the Lost Creek in situ recovery uranium facility in south-central Wyoming. We have produced and packaged approximately 2.7 million pounds U3O8 from Lost Creek since the commencement of operations. Ur-Energy has all major permits and authorizations to begin construction at Shirley Basin, the Company's second in situ recovery uranium facility in Wyoming and is advancing Shirley Basin construction and development following the March 2024 ‘go' decision for the mine. We await the remaining regulatory authorization for the expansion of Lost Creek. Ur‑Energy is engaged in uranium mining, recovery and processing activities, including the acquisition, exploration, development, and operation of uranium mineral properties in the United States. The primary trading market for Ur‑Energy's common shares is on the NYSE American under the symbol "URG." Ur‑Energy's common shares also trade on the Toronto Stock Exchange under the symbol "URE." Ur-Energy's corporate office is in Littleton, Colorado and its registered office is in Ottawa, Ontario.
FOR FURTHER INFORMATION, PLEASE CONTACT
John W. Cash, Chairman, CEO & President
720-981-4588, ext. 303
John.Cash@Ur-Energy.com
Cautionary Note Regarding Forward-Looking Information
This release may contain "forward-looking statements" within the meaning of applicable securities laws regarding events or conditions that may occur in the future (e.g., whether global demand for nuclear energy continues to grow at currently projected rates, including whether electricity demands by big data continue to increase; whether our mine sites will continue to reliably supply global utility customers for years to come and what role they will play in fueling nuclear power; whether increased use of nuclear energy will successfully reduce emissions as projected) and are based on current expectations that, while considered reasonable by management at this time, inherently involve a number of significant business, economic and competitive risks, uncertainties and contingencies. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects," "does not expect," "is expected," "is likely," "estimates," "intends," "anticipates," "does not anticipate," or "believes," or variations of the foregoing, or statements that certain actions, events or results "may," "could," "might" or "will be taken," "occur," "be achieved" or "have the potential to." All statements, other than statements of historical fact, 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 any forward-looking statements include, but are not limited to, capital and other costs varying significantly from estimates; failure to establish estimated resources and reserves; the grade and recovery of ore which is mined varying from estimates; production rates, methods and amounts varying from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; inflation; changes in exchange rates; fluctuations in commodity prices; delays in development and other factors described in the public filings made by the Company at www.sedarplus.ca and www.sec.gov. Readers should not place undue reliance on forward-looking statements. The forward-looking statements contained herein are based on the beliefs, expectations and opinions of management as of the date hereof and Ur-Energy disclaims any intent or obligation to update them or revise them to reflect any change in circumstances or in management's beliefs, expectations or opinions that occur in the future.
SOURCE: Ur-Energy Inc.
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Quarterly Report – Activities for Quarter Ended 30 September 2024
HIGHLIGHTS:
Odessa’s Executive Director, David Lenigas, commented:
“During the quarter the Board has continued to rationalise the Company’s tenement portfolio, minimising expenditure and assessing the priorities for its exploration programs going forward in addition to assessing new opportunities. Our cash position is very healthy at $3.2 million; post the two-tranche placing closing. At our Lyndon Uranium Project, we have completed the Heritage survey during the quarter. All Program of Works (POWs) for the drilling are in place but no drilling for uranium can occur at Lyndon until a base-line uranium survey has been completed which is expected to be finalised this quarter.”
Lyndon Uranium Project:
During the quarter an Aboriginal Heritage Survey was completed over the Company’s uranium drill targets. The final heritage report was received post quarter end and is being reviewed by the Company.
In addition, the Company finalised its Radiation Management Plan and submitted this to DEMIRS for approval.
Post quarter end, a base-line gamma survey was commenced, the completion of which is a DEMIRS requirement prior to considering any drilling on site.
Gascoyne East Project
During the quarter the company undertook a review of the Gascoyne East Project including the results of the recent airborne magnetic survey and interpretation, with a view to reducing tenure while retaining areas of high prospectivity.
The Company anticipates significantly reducing tenement holding costs as a result of the review, while maintaining tenure over priority prospects and drill targets on the project.
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This article includes content from Odessa Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Quarterly Cashflow Report - September 2024
Boss Energy Limited (ASX: BOE; OTCQX: BQSSF) is pleased to release its Quarterly Cash Flow Report for the period ended September 30, 2024.
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