Uranium Snapshot: Seven juniors trying to find the power steel

Because the world appears for low-carbon power options, extra nations are coming to the conclusion that nuclear energy must be a part of the combo. Listed below are seven junior corporations on the lookout for the subsequent uranium deposits to energy the nuclear renaissance. 


In early September, Basin Uranium (CSE: NCLR, US-OTC: BURCF) introduced the intersection of serious uranium mineralization in first-phase drilling at its flagship Mann Lake uranium undertaking in Saskatchewan’s Athabasca Basin. 

Drilling highlights from the five-hole, 3,503-metre program included 323 components per million (ppm) U3O8 over 0.5 metres under the unconformity inside a broader 7.2-metre interval of anomalous uranium and graphite mineralization. Important boron mineralization, a pathfinder factor for uranium mineralization, was encountered in a number of different holes with values starting from 319 to 1,000 ppm. 

On Sept. 20, the corporate introduced the beginning of a follow-up 4,000-metre core drilling program. This system may also take a look at conductive zones and constructions recognized on account of a Cellular MT survey alongside the unconformity contact that corresponds to prevalent gravity lows positioned close to the southeastern portion of the undertaking. 

Basin Uranium entered into an possibility settlement with Skyharbour Sources (TSXV: SYH) in October 2021 to accumulate as much as a 75% curiosity within the 34.7-sq.-km Mann Lake undertaking. Beneath the settlement, Basin Uranium agreed to spend $4 million on exploration over a three-year interval amongst different money and share issues to finish the earn-in. 

The Mann Lake undertaking is positioned 25 km southwest of Cameco’s (TSX: CCO, NYSE: CCJ) McArthur River mine, the biggest, high-grade uranium deposit on the planet; 15 km northeast of Cameco’s Millenium uranium deposit; and adjoining to the Mann Lake three way partnership co-owned by Cameco, Denison Mines (TSX: DML, NYSE-AM: DMN) and Orano Canada. 

In late September, Basin introduced the receipt of permits to conduct drilling at its 6,282-acre Wray Mesa undertaking in San Juan Cty., Utah. The Wray Mesa undertaking is contiguous to the Power Fuels’ (TSX: EFR, NYSE: UUUU) absolutely permitted and production-ready La Sal undertaking. 

Basin Uranium has a market capitalization of $4.5 million. 


Geophysicists advancing a borehole radiometric survey on the Ivana deposit. Credit score: Blue Sky Uranium

Blue Sky Uranium (TSXV: BSK, US-OTC: BKUCF) is concentrated on uranium and vanadium exploration in Argentina. In early September, the Vancouver-based junior launched last assay outcomes from its Ivana deposit, a part of its wholly owned Amarillo Grande uranium-vanadium undertaking in Rio Negro province. The latest outcomes from reverse-circulation drilling intersected a spotlight of seven metres grading 309 ppm U3O8 and 417 ppm V2O5, together with 1 metre of 1,273 ppm U3O8 and 1,260 ppm V2O5. A second gap encountered 8 metres averaging 197 ppm U3O8 and 202 ppm V2O5, together with 1 metre of 805 ppm U3O8and 243 ppm V2O5. All the 3,346-metre program collected 3,136 samples from 350 holes. 

Positioned 25 km north of Valcheta Metropolis, the Ivana deposit hosts an inferred useful resource of twenty-two.7 million lbs of U3O8 and 11.5 million lbs of V2O5 based mostly on 28 million tonnes averaging 0.037% U3O8 and 0.019% V2O5 at a 100 ppm uranium cut-off. 

A member of the Vancouver-based Grosso Group of corporations, Blue Sky Uranium has a number of different targets alongside a 145-km-trend with mineralization in all instances occurring at or very close to floor. A 2019 preliminary financial evaluation based mostly on inferred mineral sources described the potential viability of a 13-year floor mining operation. 

On Sept. 26, the corporate introduced the launch of a complete discipline exploration program at its Cateo Cuatro goal, 32 km southwest of its Ivana deposit. It additionally mentioned it will advance the Ivana East goal, 10 km east of the Ivana deposit, to the drill-testing stage. Each targets have been recognized by airborne or hand-held radiometric surveys and auger drilling between 2012 and 2013. 

Blue Sky hopes to provide uranium to Argentina’s nuclear energy sector, which is at the moment depending on imported manufacturing.  

Blue Sky Uranium has a market capitalization of $27.9 million. 


The Norasa uranium undertaking in central-west Namibia. Credit score: Forys Metals

Forsys Metals (TSX: FSY) is within the technique of updating a 2015 feasibility research for its wholly owned Norasa uranium undertaking in Namibia. The research, below the management of not too long ago employed metallurgical engineer Pine van Wyk, will overview and replace all geology knowledge and look at how newer, various mining tools and applied sciences can improve pit design, restoration and slope angle to enhance mining and processing prices. 

The Norasa uranium undertaking consists of the 7.4-sq.-km Valencia property, for which Forsys has a 25-year mining licence issued in 2008, and the 12.7 sq. km Namibplaas property 7.5 km northeast. In early October, Forsys introduced that its 100%-owned subsidiary, Valencia Uranium, submitted an software to Namibia’s Ministry of Mines and Power for a 25-year mining licence for its Namibplaas property. 

The 2015 feasibility reported confirmed and possible reserves of 206 million tonnes grading 200 ppm U3O8 for 90.7 million lb. of U3O8

The research estimated working prices of US$32.96 per lb. of U3O8 over the primary 5 years of manufacturing and US$34.72 per lb. over a 15-year lifetime of mine. The financial evaluation estimated a post-tax web current worth of $383.4 million at a reduction charge of 8% and an inside charge of return of 26%. Plant throughput was estimated at 11.2 million tonnes per 12 months to provide a mean of 5.2 million lb. of U3O8 per 12 months. Capital prices have been estimated at US$432.8 million. 

Forsys has a market capitalization of $131.1 million. 


Madison Metals’ Rössing North uranium undertaking in Namibia. Credit score: Madison Metals

Madison Metals (CSE: GREN, US-OTC: MMTLF) is an exploration firm centered on consolidating possession of landholdings within the Erongo uranium province of Namibia, not too long ago signing offers to accumulate pursuits in three properties. In September, the Toronto-based firm entered right into a binding letter of intent with Otjiwa Mining and Prospecting CC to accumulate an 85% curiosity in two prospecting licences near China Nationwide Uranium Corp.’s Rossing uranium mine, an open pit operation that has been in manufacturing since 1976, and the close by Husab mine owned by Taurus Metals, a subsidiary of China Basic Nuclear Energy Co., Uranium Sources Co. Ltd. and the China-Africa Growth Fund. Madison Metals agreed to pay US$150,000 and difficulty 1.6 million widespread shares for the 85% curiosity. 

On Sept. 13 it entered into an settlement with Namibia Nuclear Corp. to accumulate a 24% curiosity in one other mining licence in return for US$2 million and two million shares. The ensuing licences shall be consolidated below the property names Madison North and Madison West. 

“The uranium outlook is constant to strengthen as a result of it’s a vital steel for power transition and power safety,” mentioned Duane Parnham, Madison Metals govt chairman and CEO. “Madison’s technique of buying extremely potential concessions in a tier-one uranium jurisdiction offers the corporate with a possibility to determine itself as a key participant within the uranium business.” 

All three licences are positioned between 42 and 50 km east of the town of Swakopmund. 

One of many licences – beforehand often known as Rossing North – has a historic inferred useful resource of 15.6 million tonnes grading 260 ppm U3O8 for 9 million lb. U3O8, 85% of which might be attributable to Madison. Nonetheless, the corporate cautions that the estimate is in want of overview and verification earlier than it may be handled as a present mineral useful resource. 

In late September, Madison signed a ahead gross sales settlement with Lux Companions, an Isle of Man-based fintech firm. The five-year unique provide settlement offers for the supply of as much as 20 million lb. of U3O8 following the graduation of business manufacturing, the success of which might again the first-ever uranium-backed non fungible tokens. 

Along with its pursuits in Namibia, Madison has a 100% curiosity within the 398.5-sq.-km Kenora uranium property containing the past-producing Richard Lake uranium mine in northwestern Ontario. 

A 60-hole, 2,000-metre drilling program is deliberate for the Kenora property as soon as targets are chosen based mostly on database compilation and cross-section mapping of historic drill outcomes and channel sampling. 

Madison has a market capitalization of $17.5 million. 


Myriad Metals has over 1800 sq. km of exploration licenses within the Tim Mersoï Basin, Niger. Credit score: Myriad Metals

Vancouver-based Myriad Metals (CSE: MMC) not too long ago entered into an possibility settlement to earn a 100% curiosity in 1,882 sq.-km of uranium exploration licences within the Tim Mersoi Basin in Niger. Beneath the Aug. 17 cope with Loxcroft Sources, Myriad can earn an preliminary 80% curiosity within the properties by issuing 8.5 million widespread shares to Loxcroft and spending no less than $2 million on exploration inside two years. 

The properties are instantly adjoining to the Imouraren deposit, one of many largest uranium reserves on the planet with greater than 174,000 tonnes of uranium, in response to Orano, the earlier licensee of the properties. Orano returned the licences to the general public area in 2012 following the Fukushima catastrophe when uranium costs tanked. 

The settlement with Loxcroft obliges Myriad to make extra funds of $5 million on the attainment of assorted milestones, together with $1 million in money or shares on completion of a technical report establishing a minimal useful resource of greater than 10 million lb. of uranium with a minimal common grade of 0.25%, and a further $2 million in money or shares on completion of a technical report establishing a minimal useful resource of greater than 50 million lb. of uranium on the similar grade.  

Myriad may also be obliged to pay Loxcroft $1 million in money or shares on completion of a preliminary financial evaluation and one other $1 million on the issuance of a mining allow. 

The remaining 20% curiosity within the properties might be acquired for $6 million. 

The corporate is compiling and analyzing earlier work packages that occurred on the properties by the French Nuclear Power Fee from 1959 to 1990 and extra not too long ago by Orano from 2006 to 2012. The work included spectrometer surveys, geophysics, seismic surveys, sampling, geological mapping and drilling. 

Myriad additionally has a 50% curiosity within the Millen Mountain gold property positioned in Nova Scotia. The remaining 50% curiosity is held by Probe Metals (TSXV: PRB, US-OTC: PROBF). 

Myriad Metals has a market capitalization of $4.9 million. 


Uranium Snapshot: Seven juniors searching for the energy metal

Drilling at certainly one of Purepoint Uranium’s properties in northern Saskatchewan. Credit score: Purepoint Uranium

Purepoint Uranium Group (TSXV: PTU, US-OTC: PTUUF), a Toronto-based exploration firm with pursuits in 12 uranium properties within the Athabasca Basin, started a 3,500-metre 10-hole drill program at its Crimson Willow undertaking in late September. The drill program follows one final winter that intersected uranium mineralization alongside 1.2 km of strike size. 

“Final winter’s drill program persistently returned anomalous uranium highlighted by (gap) RW22-06 that intersected 0.47% U3O8 over 0.9 metres, and our last winter gap RW22-15, which encountered alteration and construction beneficial to uranium deposition,” mentioned Purepoint president and CEO Chris Frostad in a launch. 

The corporate’s 100%-owned, 401.2 sq.-km Crimson Willow undertaking is located on the northern fringe of the jap Athabasca Basin close to Orano’s JEB mine (about 10 km southwest), and Cameco’s Eagle Level mine (10 km due south). 

Purepoint additionally continued airborne exploration efforts on its Carson Lake, Russell South and Hook Lake JV tasks final summer season. Purepoint is the operator and 21% proprietor of the Hook Lake JV positioned on the southwestern fringe of the Athabasca Basin adjoining to and on development with the high-grade uranium discoveries at Fission Uranium’s (TSX: FCU, US-OTC: FCUUF) Triple R deposit and NexGen Power’s (TSX: NXE, NYSE: NXE, ASX: NXG) Arrow deposit. Cameco and Orano every personal a 39.5% curiosity within the Hook Lake JV, which is taken into account one of many highest high quality uranium exploration tasks within the Athabasca Basin. 

Other than airborne electromagnetics, exploration on the Hook Lake JV has included line slicing, floor induced polarization, EM and gravity surveys, a soil geochemical survey and 143 diamond drill holes totalling 57,589 metres. 

Purepoint additionally holds a 27% curiosity within the Good Lake property in a three way partnership with Cameco. One other 10 Athabasca Basin properties in its portfolio, together with Crimson Willow, are wholly owned. 

Purepoint has a market capitalization of $25.8 million. 


ValOre Metals’ Angilak property in Nunavut Territory. Credit score: ValOre Metals

ValOre Metals (TSXV: VO, US-OTC: KVLQF), a Vancouver-based exploration firm, reported optimistic outcomes from a summer season 2022 core drilling program at its 100%-owned Angilak uranium property in Nunavut. The 594.8-sq.-km property hosts the Lac 50 Pattern with an inferred useful resource of two.8 million tonnes grading 0.69% U3O8, totaling 43.3 million lb. U3O8, making it the very best grade uranium useful resource in Canada exterior of Saskatchewan and one of many highest grade uranium sources globally. 

The summer season 2022 core drilling program, undertaken to observe up on robust radioactive intercepts in 22 of 27 holes from a spring 2022 reverse-circulation drill program, intercepted radioactivity in 23 of 26 holes, together with one gap that registered scintillometer readings of as much as 60,000 counts-per-second. The three,590-metre core drilling program examined the down-dip extension and along-strike continuity of earlier high-grade U3O8 intercepts on the firm’s Dipole and J4 West targets. 

Since acquisition of Angilak in 2008, ValOre has invested greater than $55 million on useful resource delineation and exploration drilling, metallurgy, geophysics, geochemistry and logistics. The corporate has drilled 589 holes totalling 89,572 metres. 

Uranium mineralization on the 15-by 3-km Lac 50 Pattern begins at floor and has been drilled to a depth of 380 metres. 

ValOre additionally owns 50% of the Genesis property within the Athabasca Basin in partnership with Coast Copper (TSXV: COCO); 100% of the Hatchet Lake property, 3.5 km northeast of the Genesis property; and 100% of the Pedra Blanca PGE and gold property in northeastern Brazil. 

ValOre has market capitalization of $56.9 million. 

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