More high-grade, near-surface results from Fission/Alpha's Patterson Lake South

The best assay yet from Patterson Lake South's R00E zone hit the news on May 16. That's when the Fission Uranium (FSSIF.PK) and Alpha Minerals (ESOFD.PK) joint venture reported nine more holes from last winter's 46-hole program. Some highlights include:

• 4.8% U3O8 over 22 metres, starting at 67.5 metres in downhole depth (including 20.73% over 4 metres)
• 3.56% over 18 metres, starting at 75.5 metres (including 11.95% over 4.5 metres)
• 1.93% over 18.5 metres, starting at 64.5 metres (including 8.04% over 2.5 metres)
• 0.87% over 10.5 metres, starting at 62 metres (including 2.01% over 3.5 metres)
• 0.23% over 21 metres, starting at 64 metres.

True widths weren't available. Further assays are pending.

The shallowest of the project's three discovery zones, R00E shows continuous mineralization for 120 metres of strike and remains open in all directions. The 50-50 partners consider it a priority for next season's drilling on the property that caused so much activity in and around the Athabasca Basin's southwestern rim.

Noka, Lucky Strike earn-ins finance Skyharbour exploration in PLS region

Two option agreements have Skyharbour Resources (SYHBF.PK) financed to explore one of the PLS region's largest land packages. The company granted Lucky Strike Resources (LKYSF.PK) and Noka Resources each a 25% earn-in on seven properties totalling 161,755 hectares. In deals announced May 14 and 16 respectively, each company pays Skyharbour $100,000 and funds $500,000 of exploration a year over two years. Noka issues Skyharbour 640,000 shares, while Lucky Strike issues the optionor two million shares. Skyharbour remains project operator and retains a 2% NSR on approximately 46,000 hectares the company staked directly while a vendor holds a 2% NSR on the rest of the package.

Events have moved quickly since March, when the company announced its entry into the region. "Now that we've brought in these two partners we've recuperated the $200,000 all-in costs in the initial outlay, we have a 10% equity position in both companies and their work commitment is half a million each for a total of $1 million a year for two years," says Jordan Trimble, Skyharbour's manager of corporate development and communications. The seven properties involved in the agreements include Wheeler, on the Basin's eastern flank.

But exploration will focus on the PLS area, starting with a joint airborne survey that will fly properties held by Skyharbour and at least three other companies. "Given that we have such a large land package, the most effective way to do the geophysics is to put together a team to share expenses," Trimble says.

He expects the survey to take two or three weeks, followed by a few weeks of interpretation and a summer of fieldwork. "You can work there until October and then winter is the best time to drill."

He sees other advantages too. "We'll be using the same methodology that Alpha and Fission employed. They spent the last four or five years refining the exploration methodology in this area. It's unique because it's outside the Basin. If you read their technical report, they have a very refined process and specific geophysical targets that they look for in conjunction with radon anomalies and boulder fields, etc. Given that we don't have to re-invent the wheel, we're hoping to have drill targets by the end of the year."

He adds, "We had our foot to the pedal to do these deals with Noka and Lucky Strike so we can get to work without having to go back to the market."

Alpha's PLS discovery team looks north

While Fission toils as PLS project operator, the Alpha team that made the discovery has turned its attention farther north. Along with JV partner Acme Resources [V.ARI], Alpha's studying reports from previous operators on their Skull Lake claim adjacent to the former Cluff Lake mine, which gave up 60 million pounds of uranium by 2005.

The data shows four radon anomalies on the 2,416-hectare property, one over two kilometres long and in the direction of glacial drift from three historic holes. Scintillometer readings from one hole found gamma ray particles percolating as high as 900 counts per second.

Plans for summer include re-sampling the anomalies and searching for radioactive rocks and debris from a potential up-ice source. Alpha holds an 80% interest in the JV.

Zadar expands holdings east of Patterson Lake North

Adjacent to the north of Fission/Alpha's Patterson Lake South lies Fission/Azincourt Resources' Patterson Lake North. Adjacently east of PLN lies Patterson Northeast, now under a purchase agreement with Zadar Ventures . Including the company's BullRun A and BullRun D properties, the deal gives Zadar 15,292 hectares contiguous to PLN.

In its May 16 announcement, Zadar said the 7,744-hectare PNE shares magnetic signatures with both PLS and Shea Creek, a UEX Corp (UEXCF.PK) /AREVA Resources Canada JV with 67.7 million pounds U3O8 indicated and 28.2 million pounds inferred.

A 2006 geophysical survey found a "broad conductive zone, potentially a graphitic horizon or alteration halo," Zadar added. "Just north of the conductor, historic drilling has revealed clay alteration, fracturing and abundant pyrite, indicative of hydrothermal enrichment. On surface, boulders rich in boron, a pathfinder element for uranium deposits, have also been identified."

Zadar gets a 100% interest in PNE for $205,000 payable within a year, with another $2.8 million in payments and $2 million in exploration over four years. The vendor gets a 1% NSR, half of which Zadar may buy for $1 million.

NexGen to drill Radio, update geophysics for Basin's southwest

NexGen Energy announced plans for a busy summer on May 15. On the Basin's east side, the company will sink the first 4,400 metres of drilling in its 70% Radio project, in an area interpreted to be a structural extension of Rio Tinto's Roughrider deposit. Roughrider's resource totals 17.2 million pounds U3O8 indicated and 40.7 million pounds inferred.

On the west side, adjacent to PLS's northeast, the company's processing data from a ground gravity survey on its Rook I project. NexGen stated it's also re-interpreting geophysical data for several of its southwestern Basin properties. The company plans to fly a low-level radiometric, magnetic and VLF-EM survey on four properties that so far have seen only widely spaced government radiometric surveys, which managed to miss the boulder field that sparked the PLS discovery.

Azincourt appointments add uranium expertise

Having optioned 50% of Patterson Lake North from Fission two weeks earlier, Azincourt announced new appointments on May 15, including Fission chairman/CEO Dev Randhawa. He's now an Azincourt director too.

Randhawa founded Strathmore Minerals (STHJF.PK) and spun out Fission Energy, which was taken out by Denison Mines (DNN) last month, leaving spinco Fission Uranium with its 50% PLS interest as well as PLN-not to mention a few bucks in the bank. Randhawa also headed Pacific Energy Asia until its $35.2-million sale in 2008.

Azincourt's new president/chairman/director is Ian Stalker, former CEO of UraMin, which was bought out by Areva in 2007 for US$2.5 billion. He also served as VP of Gold Fields when it was the world's fourth-largest gold producer.

Joining Azincourt as CEO/director, Ted O'Connor has spent the last 19 years in Cameco Corp's (CCJ) exploration division, most recently holding responsibility for evaluating and directing uranium exploration in four continents.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Additional disclosure: Disclaimer: Skyharbour Resources Ltd is a client of OnPage Media Corp, the publisher of ResourceClips.

Just the stuff to develop bigger and healthier crops, potash complements a world growing in population and appetite. Two contrasting companies pursuing the commodity are Western Potash (WPSHF.PK), the most advanced junior in the space, and Pacific Potash (PPOTF.OB), with a very big but early-stage property optioned from Western. Those differences aside, both companies have seen a general upturn in share price over the last month.

Pacific's V.P. of corporate communications Mike Blady largely attributes his company's stock performance to a $2.25-million financing announced in April. The money will fund exploration on the Amazonas project in the Brazilian potash basin of the same name, a region that's being compared in size and geology to Saskatchewan's prolific potash region.

With 796,000 hectares, Pacific holds a substantial chunk of property. Even so, it's been trimmed from its original size of over 1.5 million hectares. Last September the company dropped claims to the south that involved indigenous communities, protected forests or inaccessible terrain. Much of the remaining land had already been cleared. A 43-101 technical report followed in November.

Parts of the property might be remote but "there are several cities within our claim blocks, with 40,000 to 100,000 inhabitants," Blady explains. "There are roads in and around the cities but the majority of the property is accessible by boat through tributaries of the Amazon River," which he calls "the super-highway for commerce in most of Amazon state."

The location offers an even greater advantage-an already huge domestic potash market with a faster rate of increase than anywhere else on the planet.

"Brazil has a very large agricultural sector but almost zero domestic production," Blady points out. The country currently imports over 90% of its supply from places as distant as Canada, Russia and the Middle East, he says. Shipping costs add about $175 to $225 per tonne to the price, compared to an estimated $40 to $60 for shipping if a local mine were developed. Consequently "the government's very supportive of these projects. Brazil's trying to increase domestic production to 60% of demand by 2020. They're very interested in seeing this basin get developed, which is great for a company like us."

He adds, "In Brazil, agro-business is the fastest-growing industry and one of the government's largest cash generators. It's expected that Brazil will have the largest sustained growth in potash consumption over the next 50 to 100 years as it still has 20% of the world's remaining arable land. Brazil is the number one growth market for fertilizer and potash. It's growing even faster than China for potash consumption."

That potential attracted Asian capital to Pacific's recent $2.25-million financing. A first tranche of $1.25 million closed last month while another $1 million from Sino-Canada Natural Resources Fund is being held in trust until May 31. That's the day shareholders decide whether to approve a change of control in which the fund would hold about 18.1% of Pacific's outstanding shares and nominate a co-chairman and director.

Sino-Canada plans to invest more than $500 million over two years in Canadian natural resource companies.

"They bring to the table very deep pockets and a commitment to fund future exploration programs on this property and other acquisitions as long as we continue to be successful," Blady says. In addition the company might apply for exploration funds from the Brazilian Development Bank, which has increased its funding for agricultural and fertilizer products tenfold.

To complement the Brazilian project, Pacific has some Brazilian expertise in Andre Costa, the exploration geologist who helped discover Potash Brazil's deposit, Luis Silva, Pacific's country manager, and William Freire, "one of the best mining lawyers in Brazil."

The exploration team is currently compiling and reviewing the property's data prior to setting drill targets for a program to start in late September or October.

In Saskatchewan, meanwhile, Western Potash has distinguished itself as "the most advanced junior potash development story," says Western VP of corporate development John Costigan. The company cleared its last hurdle with April's environmental assessment approval. "Even those of our peers who have environmental approval have contingent approvals only," Costigan emphasizes. "Nobody's quite where we are."

The approval followed December's feasibility study, which used a 10% discount rate to calculate a pre-tax net present value of $3.6 billion and a 21% internal rate of return. After taxes the numbers show a $2.44-billion NPV and an 18.6% IRR. With a $2.91-billion initial capital cost, the operation would produce 2.8 million tonnes of potassium chloride a year over its 40-year life, based on proven reserves of 35.84 million tonnes and probable reserves of 101.44 million tonnes KCl. Payback would take 5.6 years.

A number of advantages brought Milestone this far. Among them is solution mining, in which water is pumped into underground caverns and then pumped out as potash-rich brine. With a construction phase that can be completed in three and a half years, the method offers much lower capex, says Costigan.

As for the water supply, it'll come from the city of Regina, which signed a 45-year agreement to supply the company with treated effluent.

And with Regina only 30 kilometres away, Milestone enjoys an enviable location. Roads, power lines and two railways run right through the property. "We have agreements in place ready to be executed for electricity, rail and the port," says Costigan.

While the company's stock has trended favourably over the last month, Western conducts talks with potential joint venture partners.

"Our contribution would be the project," Costigan explains. "Our partner would match that, depending on what the percentage is. If it's 60/40, they'd put 60% in, which would be more than the value of our project, and that would be the first equity contribution to the project. Then together we could raise the debt, which we'd repay from operations down the road."

Western already has mine-building expertise on board. Project director Richard Lock has also served as project director for the Resolution copper mine, now in pre-feasibility, and brought Rio Tinto's Diavik diamond mine into production. "Those are larger operations under much more difficult conditions," points out Costigan. "It's a slam dunk for Richard to build a potash solution mine in Saskatchewan." Additionally, "We've been in the Basin six years and we probably have better geological knowledge than anyone out there."

With Western Potash discussing a potential JV for a Saskatchewan mine and Pacific Potash preparing for early-stage Brazilian exploration, the two companies might be a study in contrasts. But, if all goes well, they could both play a part in helping feed generations to come.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

If British Columbia's mining and exploration sector needed a massive jolt of reassuring news, they got it May 14. The pollsters were wrong, the pundits were wrong and the winners might be as surprised as the losers are disappointed. Although the popular vote was close, the BC Liberal party won an historic fourth term, handily defeating the New Democratic Party.

Or did the NDP defeat themselves? Adrian Dix, the party's choice for new leader 13 months ago, was widely considered an NDP hardliner. He played a prominent role in B.C.'s last NDP government, which is blamed for the "dismal decade" of 1991 to 2001, when the province's economy tanked despite robust performance in other parts of the country. For possibly the first time in its history, B.C. saw a significant exodus of job-seekers. In addition to low metal prices and Bre-X, exploration and mining were hammered by NDP policies. As the BC Liberals like to say, when the NDP governed "two mines closed for every one that opened."

More recently, Dix tried to soften his image. But he remained vague about his intentions even though-or because-he leads arguably the most extreme left-wing party in mainstream North American politics. In several conversations with ResourceClips prior to the election, exploration and mining company executives spoke with dread of another NDP government.

Now, it turns out, they needn't have worried. But apart from removing a widely perceived threat, what exactly does a BC Liberal victory mean to the sector?

That's not easy to say. Mining didn't play a prominent role in the election, despite the efforts of four industry organizations behind the Vote Mining campaign.

Moreover, under Christy Clark's leadership the once business-friendly party has shown policy confusion and a lack of conviction. Her government never explained its rejection last October of Pacific Booker Minerals' (PBM) proposed Morrison copper-gold-molybdenum mine, which received a favourable environmental assessment report. The company launched a lawsuit in April after spending about $30 million on the project, including over $10 million on the decade-long environmental process.

When news broke that HD Mining plans to staff its proposed Murray River coal mine exclusively with Chinese underground workers, the BC Liberals couldn't say enough good words about the scheme. The government knew that Chinese interests had similar plans for other B.C. coal projects since at least 2007.

Even under Clark's more capable predecessor, policy wonk Gordon Campbell, the BC Liberals could sow uncertainty. A sudden ban on uranium and thorium exploration in 2009 led to a $30-million out-of-court settlement for Boss Power (BPUZF.PK).

By the BC Liberals' first 10 years in office, BC Hydro built up at least $2.2 billion in deferred debt that's expected to reach $5 billion by 2017. The burden calls into question the public utility's ability to build infrastructure and provide inexpensive electricity to homes, businesses and industry.

On the positive side, Clark easily outperformed Dix in her reply to questions posed by Vote Mining. To a large extent she took credit for industry success, reiterated her record and made future projections that might be more sales pitch than policy. But hers was far more specific than Dix's largely platitudinous response.

Mining might have played a role in the re-election of at least one of two BC Liberal MLAs in Kamloops, a small city in central B.C. A controversial issue was the Ajax mine, KGHM International's proposed $795-million copper-gold open pit partly within the town boundaries. One of the two NDP candidates opposed the project.

Not that everyone in mining supports the BC Liberals. Stephen Hunt, western Canada director of the United Steelworkers, says his union represents about 7,000 to 8,000 B.C. mining workers, depending on industry activity. The USW endorsed the NDP. "I think an NDP victory would be beneficial because then we could stop talking about permitting mines and actually do it," Hunt told ResourceClips on May 10. Dix had proposed a 55-day turnaround time for notice of work permits, compared to the 60-day objective set by the BC Liberals in February.

Dix also said he would press the federal government to resolve aboriginal treaties. Hunt sounded less optimistic about such a goal but said, "I think the NDP may have a bit of a lead because of their approach to things. They're a little more respectful to the environment, a little more respectful to first nations…. If you look at the debacle with HD Mining, no one even thought of employing first nations people."

Before the polls closed, Mining Association of B.C. president/CEO Karina Briño told ResourceClips, "Regardless of the election results, our priorities do not change." She said the industry requires "a climate which will allow for continued growth. That means clear process, clear timelines, transparency when it comes to requirements when submitting an application for an approval, a permit or an environmental assessment certificate. It means skilled people in the government running the process, it means clear investment opportunities as well in terms of taxation, infrastructure, access to power, access to water, etc."

She added, "We're looking forward to working with the government to make sure our priorities and our contributions to the economy of the province are well understood."

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Geology has a way of stimulating even the most discouraged investors, as shown by the way North ROK excited an otherwise dismal market. The very first hole from the Colorado Resources project sent company stock soaring from an April 24 close of 16 cents to a May 6 high of $1.25. Along with the excitement comes revived interest in the northern part of British Columbia's Golden Triangle, in the region around the discovery hole and Imperial Metals' (IPML.PK) development-stage Red Chris project, 15 kilometres east.

For anyone coming out of cryogenic slumber, here's the first North ROK hole announced April 25:

• 0.51% copper and 0.67 grams per tonne gold over 333 metres, starting at 2 metres in downhole depth
• (including 0.63% copper and 0.85 g/t gold over 242 metres, starting at 2 metres)
• (which includes 0.76% copper and 1 g/t gold over 180.47 metres, starting at 63.53 metres)
• (and including 0.2% copper and 0.19 g/t gold over 91 metres, starting at 244 metres).

True widths haven't been determined.

Still to come are assays for a second hole 350 metres west. Geophysical data, however, suggests drilling "may have been stopped short of adequately testing the IP chargeability anomaly." Colorado now plans to deepen the second hole and sink a series of 100-metre-spaced step-outs from the 333-metre intercept.

Could North ROK be a one-hole wonder? Maybe, but other companies aren't wasting time getting in on the action. The region "may become the next significant mining district in British Columbia," according to TAD Mineral Exploration [V.TJ]. On May 6 the company reported staking a 876-hectare copper-gold prospect near the village of Iskut, north of North ROK. TAD could be a tad opportunistic, having announced on April 11 it staked 4,000 hectares in the region of Patterson Lake South, the Fission Uranium (FSSIF.PK) / Alpha Minerals (ESOFD.PK) uranium discovery that sparked the southwestern Athabasca Basin acquisition rush.

Also on May 6, Teuton Resources (TEUTF.PK) reported it optioned its Yellow Chris South claims to Redhill Resources (ATWGF.PK). Located "a few kilometres northeast" of Colorado's discovery hole, Yellow Chris South shares a similar geophysical setting, Teuton stated. The company added that its optionee "plans an aggressive program of property-wide soil sampling, geological mapping and IP surveying" beginning immediately. Subject to regulatory approval, the option allows Redhill to earn an initial 50% by paying Teuton $300,000 and 1.4 million shares, as well as spending $4.5 million over four years.

Teuton still has several blocks in the Red Chris and Yellow Chris area totalling 10,256 hectares. "We're currently negotiating with a number of other companies," IR officer Gary Assaly tells ResourceClips. "We have several properties that are optioned in the Stewart region [roughly 190 kilometres south] and there will be a lot of work done by other companies on our properties," he says. But there's been sudden interest in the North ROK area. "The phone started ringing a week ago, on the weekend."

Teuton president Dino Cremonese adds, "We feel that our claims have a lot of potential, especially those which have discrete mag highs, some associated with flanking mag lows, the latter suggesting an area where alteration has been so intense that the magnetite has been replaced. So far, because our attention has been on our many claims further south, we have done only very minor soil geochem. This, however, has also been positive, with a few areas reporting values to 271 parts per million copper."

A company that diversifies its opportunism, Pistol Bay Mining was advancing an Ontario graphite property while a big-name joint venture partner drilled one of its Athabasca Basin uranium projects. Then the Colorado Resources discovery drew Pistol Bay back to its Summit Lake B property contiguous to North ROK.

"When this hit we went back and looked at the results from our 2010 program," Pistol Bay president/director Charles Desjardins tells ResourceClips. "When you look at the showing in North ROK and compare it to our Kitty showing, we have some good numbers."

The 1,394-hectare property saw "a lot of soil sampling and grab samples in 2010 and what we did was quite interesting. There were good numbers like 17.9 grams per tonne gold with 18.5 grams per tonne silver, a 10.9-gram-per-tonne gold sample with 15.9 grams per tonne silver, and a pretty good-sized trend there. We've identified three zones but the most southerly zone is probably three by 700 metres or so. So it's looking pretty interesting."

Pistol Bay also holds the Summit A and D blocks, over 7,000 hectares adjacent to Imperial Metals' Red Chris copper-gold project, a potential open pit which could spend 28 years mining reserves of 301 million tonnes averaging 0.359% copper and 0.274 g/t gold.

Summit A and D have also been revitalized, Desjardins points out. "We're looking at everything right now. We got all the historic government mag data that was done probably in the 1990s. Usually government mag spacing is three, four hundred metres but this stuff was quite tight and quite valuable. So we're looking at all that right now." Work will follow in spring or early summer, he adds.

On Pistol Bay's C5 uranium project in Saskatchewan, meanwhile, assays are pending from six holes totalling 2,760 metres sunk by the JV partner, a Rio Tinto subsidiary. South of C5, Pistol Bay has optioned its C3 property to Actus Minerals. Desjardins says Pistol Bay management and geos like C3 even better than C5. "I wouldn't mind getting it back, but it's nice to use other people's money too," he says.

As for Summit B, Desjardins isn't yet sure whether his company will finance the project itself or JV it. "But it's definitely a project that needs to be worked right now, with the signatures that the Colorado guys have shown us." Like Teuton's Assaly, Desjardins says his phone's been flooded with calls.

The North ROK news diverted Serengeti Resources (SGRNF.PF) from its flagship Kwanika copper-gold deposit in central B.C. long enough to stake Red Chris North. Announced May 1, the 5,675-hectare property sits eight to 10 kilometres north of Colorado's discovery. It features a "strong gold-copper in-stream sediment geochemical anomaly from Geoscience B.C.'s northern B.C. dataset, as well as coincident magnetic anomalies from the Geoscience B.C. Quest NW airborne geophysical survey with geological settings favourable for porphyry-style copper-gold mineralization," according to Serengeti.

That same day the company also reported staking the 2,469-hectare Smoke property contiguous with its Kwanika East property and the 2,078-hectare Rottacker property, contiguous with the southeastern part of Kwanika itself.

Bordering Imperial Metals' Red Chris project to the northwest, the 6,891-hectare ROK Coyote property bounced back to Firesteel Resources last January after an option with Lions Gate Metals (LGMFF.PK) fell through. Historic work at the copper-gold project includes 18 trenches totalling 1,184 metres and 19 shallow holes for 1,792 metres. Lions Gate, however, has since turned to another hot area with a March option on the Whitford Lake uranium project in the Athabasca Basin.

Nevertheless, the Red Chris area competes even with North ROK for Colorado Resources' attention. The company's determined to drill out the rest of a 1,500-metre program at its Eldorado project, which features copper-gold showings about seven kilometres along strike with the Imperial Metals deposit. Colorado picked up a 75% option on the property last October from Sunrise Resources.

Back in November, Colorado president/CEO Adam Travis stated, "I have been working in the Red Chris area now for over 25 years and am confident that this untested geophysical anomaly is one of the better alkalic copper-gold porphyry drill targets I have seen, given its location and geological setting next door to Red Chris."

But now the market's mostly focused about 15 kilometres west, the site of North ROK.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Denison gets Fission Energy, spinco Fission Uranium gets Patterson Lake South

It's a done deal, both companies announced April 26. Denison Mines (DNN) closed its acquisition of Fission Energy (FSSIF.PK). The latter company stops trading at the close of April 29 but a new outfit, Fission Uranium Corp., is expected to begin trading on May 1. Fission Uranium will retain the Fission Energy team and their most celebrated asset, a 50% interest in Patterson Lake South.

For each Fission Energy share, holders get 0.355 of a Denison share, a full Fission Uranium share and, for good measure, one ten-thousandth of a penny. The new company also gets about $17 million from Denison, a handy sum to continue its share of PLS drilling while shopping for other properties.

The acquisition went much as planned except for a late decision to change the new company's stock ticker to FCU.

Patterson Lake South rolls out the results

Patterson Lake South, meanwhile, continues to shock and awe the market with near-surface results showing off-scale scintillometer readings and high-grade assays about every week-at least.

Just a couple of examples: An April 22 announcement reported assays of 6.57% triuranium octoxide (U3O8) over 53 metres, including 29.26% over 10.5 metres. The intercept started at a downhole depth of 95 metres. Only two days later came assays of 6.26% over 49.5 metres, including 35% over 6 metres, starting at 66 metres in downhole depth.

A 50/50 joint venture between Fission Energy and Alpha Minerals (ESOFD.PK), the PLS discovery sparked the current staking rush around the Athabasca Basin's southwestern rim. Alpha filed an NI 43-101 technical report for the property on April 14.

Alpha private placement closes at $12.28 million

While Fission Uranium starts off with about $17 million from Denison, its JV partner-to-be, Alpha Minerals, has just picked up $12.28 million. On April 25 the company announced completion of 1.2 million flow-through shares at $4.40 each and 1.75 million units at $4. Each unit consists of one non-flow-through share and half of a warrant. Each whole warrant will be exercisable at $5 for 24 months.

The private placement was originally offered up to $7.28 million, but was increased by $5 million on April 9.

NexGen now on the TSXV

Its reverse takeover with Clermont Capital complete, NexGen Energy Ltd. made its Venture debut on April 23. NexGen interprets its flagship Radio property to be on the same structural trend as Rio Tinto's Roughrider deposit and Denison's Waterbury Lake J-zone. NexGen holds an option to acquire an initial 70%, then the remaining 30% subject to a 2% NSR.

Another NexGen standout is Rook 1, immediately northeast of Patterson Lake South.

Under a JV within a JV, NexGen and Forum Uranium (FDCFF.PK) have an option to earn 30% each of the Northwest Athabasca project, currently held 87.5% by Cameco Corp (CCJ) and 12.5% by AREVA Resources. On April 10 project operator Forum announced completion of a 3,500-metre program that hit uranium mineralization in eight of 17 holes.

Last November NexGen picked up 10 Canadian uranium properties from Mega Uranium (MGAFF.PK). On April 22 Mega acquired an approximately 25.2% interest in NexGen, which currently has about $6 million on hand.

As for Waterbury and the J-zone …

In the eastside Basin neighbourhood of Radio and Roughrider, Waterbury Lake is now held 60% by Denison, a result of its Fission Energy acquisition. A consortium headed by the Korean power utility Kepco holds the remaining 40%.

Last winter Fission Energy sunk 68 holes totalling over 21,000 metres to define and expand the project's J-zone. Scintillometer results announced April 5 showed mineralization in 35 holes. Assays are pending for this final stage of a three-year, $30-million campaign.

Forum to fly Clearwater

In addition to its NexGen collaboration, Forum plans an airborne magnetic and electromagnetic survey over its 100%-held, 9,910-hectare Clearwater property immediately southwest of Patterson Lake South. Funding comes from a $500,000 private placement that closed April 23.

Denison drills turn Wheeler River

On the Basin's east side, winter drilling at Denison's 60% Wheeler River project completed 14,577 metres in 27 holes. On April 24 the company announced it had extended the new 489 zone along strike by 65 metres. The zone lies 2.1 kilometres from the project's Phoenix deposits, which Denison calls "the most significant new uranium discovery in the Athabasca Basin in many years."

Denison acts as project operator for partners Cameco, which holds a 30% interest, and JCU (Japan-Canada Uranium) Exploration, which holds 10%.

Lakeland stakes more land

Now a "pure play uranium exploration company focused on the Athabasca Basin," Lakeland Resources (LRESF.OB) announced on April 25 it had staked three more properties. The Small Lake, Hawkrock Rapids and Circle Lake properties total 54,745 hectares in the northern and northeastern Basin.

The news followed an April 2 announcement that Lakeland staked two other northern Basin properties, the 9,645-hectare Otherside and 35,429-hectare Riou Lake. All five properties, totalling nearly 100,000 hectares, were chosen on the basis of previous work by former operators. Lakeland intends to study historic data prior to planning a work program.

The company has also signed a non-binding letter of intent for eight other Basin properties totalling about 190,000 hectares.

Ashburton shifts focus to the southwestern Basin

The same day Lakeland reported its three most recent acquisitions, Ashburton Ventures (ASHXF.OB) announced 50% options on two others. The 2,999-hectare Patterson West property borders Patterson Lake South and is eight kilometres northwest of the PLS discovery. The 2,537-hectare Patterson North sits eight kilometres north of the PLS property. CanAlaska Uranium (CVVUF.OB) staked the two properties last January.

Ashburton may earn a 50% interest in both projects by paying CanAlaska $25,000, issuing the company 2.5 million shares and a million warrants exercisable at $0.10 and spending $1.4 million over three years.

The options increase Ashburton's PLS presence. On March 14 the company announced the purchase of a 147-hectare claim bordering a Fission Energy property north of the Patterson Lake South JV and a 1,090-hectare property about 25 kilometres southwest of PLS. That deal cost Ashburton $10,000 and 1.5 million shares.

In order to focus on the PLS region, Ashburton cancelled a 100% option on the eastern Basin's Bernick Lake project that was announced March 21.

More PLS expansion with Skyharbour

A 115,300-hectare acquisition announced April 11 brings Skyharbour Resources' (SYHBF.PK) PLS-proximate package up to six properties totalling 157,000 hectares. Skyharbour is now one of the region's largest landholders.

The most recent deal cost the company $50,000, a million shares, a 2% NSR and a 2% gross revenue royalty.

CIN stakes out a JV, increases PLS holdings

A joint staking operation by Canadian International Minerals and Tyko Resources Inc gives each a 50% interest in eight claims totalling more than 34,700 hectares. The April 2 announcement boosts CIN's presence to nearly 60,000 hectares, all in the vicinity of Patterson Lake South. CIN will act as project operator on the Tyko JV.

Uranium, diamonds, whatever

Another company with a "strategic resource direction," Aldrin Resource (AOUFF.PK) announced an option on the 12,001-hectare Triple M uranium property nine kilometres south and 11 kilometres west of the PLS discovery. Under the agreement announced April 15, Aldrin may earn 70% by paying $1.5 million, issuing 12.5 million shares and spending $4 million over four years. The vendors get a 3% NSR and 3% gross overriding royalty for, um, "any diamonds found on the property."

A tad contrite

Saying it "plans to mobilize crews shortly," TAD Mineral Exploration announced on April 11 it had staked 4,000 hectares in the PLS region. "Management of TAD has let its shareholders down in the past with a lack of focus," stated company director Jason Gigliotti. "We plan on becoming much more active to enhance shareholder value and this is the first step in that direction."

Alberta as well as Athabasca

Zadar Ventures announced on April 22 that the TSXV approved its purchase of the Upper Poulton Lake project for $100,000, 900,000 shares and another $2 million to explore the 2,730-hectare property over four years.

Zadar first announced the agreement on April 9, one week after the company reported completion of its 60% earn-in on the 17,300-hectare Whiskey Gap uranium project in southwestern Alberta.

Nuinsco begins radon survey

Sediment and water sampling has begun on the Diabase Peninsula project in the south-central Basin, Nuinsco Resources (NWIFF.PK) reported on April 19. The company will measure radon gas to map the presence of radium on the Rowan Grid area of the 21,959-hectare property.

Purepoint completes winter work

Purepoint Uranium Group (PUMGF.PK) finished a winter campaign on Hook Lake, a 28,683-hectare property five kilometres northeast of the PLS discovery, the company reported on April 4. Work included a ground electromagnetic survey and 925 metres of drilling. Purepoint holds a 21% interest in the JV with Cameco holding 39.5% and AREVA 39.5%.

Purepoint has 11 uranium projects in the Basin, where the company's been established "well before the initial resurgence in uranium earlier last decade."

Shea Creek proud to be #3

Shea Creek remains the Basin's largest undeveloped resource and third-largest overall, after McArthur River and Cigar Lake. That's according to an April 17 resource update from UEX Corp (UEXCF.PK). Using a 0.3% U3O8 cutoff, totals for the four deposits show:

• an indicated category of 2.07 million tonnes averaging 1.48% for 67.66 million pounds U3O8
• an inferred category of 1.27 million tonnes averaging 1.01% for 28.19 million pounds U3O8.

The indicated category grew 6% since the 2010 resource, while the inferred category rose 15%. Mineralization "is still largely open," UEX stated. The company holds 49% of the project, with operator AREVA holding the balance. Shea Creek's located in the western Basin, just south of the former Cluff Lake mine.

On April 10 UEX announced AREVA granted the company an option to increase its interest to 49.9% by funding another $18 million of exploration. The previous month UEX completed its 25% interest in Beatty River, a 6,688-hectare project about 30 kilometres south of Shea Creek and 25 kilometres north of Patterson Lake South. Project operator AREVA holds 50.7%, while JCU Exploration holds 24.3%.

AREVA also holds part of the Basin's top two resources-a 30% interest in the McArthur River mine (with Cameco holding the rest) and 37% in the Cigar Lake project (Cameco 50%, Idemitsu Canada Resources 8%, TEPCO Resources 5%). Cigar Lake could begin production later this year.

Great Northern Gold Exploration's Wekusko property hasn't always delivered the grade. But four holes reported April 29 have ended a 2,133-metre Phase I program on a high-grade note, extending the McCafferty zone at depth and offering encouragement to the project in northern Manitoba's Flin Flon greenstone belt. The results show:

• 14.6 grams per tonne gold over 1.5 metres, starting at 49 metres in vertical depth
• 1.52 g/t over 1.25 metres, starting at 92 metres
• 9.19 g/t over 1.15 metres, starting at 56 metres
• 5.98 g/t over 1.2 metres, starting at 90.5 metres.

True widths were estimated around 80%. The company labelled the second result a poor sample recovery due to broken and ground-up core.

Another five exploration holes, however, failed to find expansion potential. Of 11 previous holes reported March 13 from the same one-kilometre by three-kilometre grid, 10 didn't show significant gold but one hole produced intervals of:

• 131.1 g/t gold over 0.3 metres, starting at 85.5 metres
• 3.73 g/t over 0.5 metres, starting at 85 metres.

True widths weren't available.

A non-43-101 in-house estimate by a previous operator suggested McCafferty holds 16,761 tonnes averaging 13.89 g/t for 7,483 gold ounces. An historic, non-43-101 estimate for Wekusko's Gold Dust zone suggested 58,356 tonnes averaging 14.06 g/t for 26,361 gold ounces. Another non-43-101 estimate for the project's past-producing Ferro Mine suggested 73,760 tonnes averaging 15.31 g/t for 36,111 gold ounces.

While the estimate "is modest in size," concedes Great Northern's May 2012 technical report, "the grade is relatively high and, in aggregate, the tonnage and contained ounces exceed [what] was mined successfully from the adjacent Rex-Laguna past-producer. It should also be noted that the erratic distribution of gold in these zones as indicated in drill intercepts makes ore resource estimation difficult."

Summer exploration will venture beyond the McCafferty grid to include soil sampling, mapping and prospecting on other parts of the property.

The company holds an option to earn 100% of the 8,880-hectare Wekusko as well as a separate 100% option on the nearby 60-hectare Ferro Mine. The package lies 23 kilometres southeast of Snow Lake, home to HudBay Minerals' (HBM) Lalor mine and QMX Gold's (QMXGF.OB) Snow Lake mine, a past-producer that QMX plans to re-open.

Great Northern opened April 29 at $0.06, half a cent over its previous close, then ended the day at $0.065. The stock's 52-week high and low were $0.18 and $0.05. With 20.22 million shares outstanding, the company's market cap came to $1.31 million.

In other April 29 gold news, an option adjacent to its 100%-held Juby property allowed Temex Resources (TMXRF.PK) to substantially increase its resource estimate.

Located in northeastern Ontario's Timmins-Kirkland Lake camp, the project saw a 140% jump for indicated ounces and an 11% increase for inferred. Using a 0.4 g/t cutoff, the deposit's four zones total:

• an indicated category of 25,300 tonnes averaging 1.28 g/t for 1.04 million gold ounces
• an inferred category of 74,200 tonnes averaging 0.91 g/t for 2.17 million ounces.

Grades were capped at 30 g/t. The resource hasn't been pit-constrained but it remains open at depth and along strike, Temex stated.

The deposit extends from the company's 100%-held Juby property into the Golden Lake property, on which Temex may earn 100%. Golden Lake drilling added more than a kilometre of strike to the deposit. The Juby project includes both properties and totals 5,837 hectares.

The company also announced new assays from the resource's western extension. Some highlights show:

• 0.72 g/t gold over 58.2 metres, starting at a down-hole depth of 198.7 metres (including 1.68 g/t over 5.55 metres)
• 1.52 g/t over 45.15 metres, starting at 73.85 metres (including 2.3 g/t over 22.25 metres)
• 1.11 g/t over 16.71 metres, starting at 252.59 metres (including 2.47 g/t over 2.12 metres)
• 0.78 g/t over 20.64 metres, starting at 116 metres.

True widths were estimated between 65% and 75%. The assays show mineralization is "continuous and consistent with previously reported results and remains open to the northwest," Temex stated.

The company's other focal point is the Whitney project in Timmins, which features a September 2012 resource using a 0.3 g/t cutoff:

• a measured category of 2.9 million tonnes averaging 2.44 g/t for 232,100 gold ounces
• an indicated category of 8.66 million tonnes averaging 1.95 g/t for 544,000 ounces
• an inferred category of 4.02 million tonnes averaging 1.79 g/t for 231,900 ounces.

Temex holds a 60% interest in the joint venture and acts as project operator, with Goldcorp (GG) holding the remaining 40%.

Temex opened April 29 at its previous close of $0.17, then reached a high of $0.20 before sliding to $0.18. The 52-week high and low were $0.36 and $0.095. The company's 160.41 million shares equalled a $28.87-million market cap.