Fission Energy’s (CVE:FIX) (OTCQX:FSSIF) prospecting results yesterday have got investors talking. The company’s 50/50 joint venture with ESO Uranium Corp (CVE:ESO), known as Patterson Lake South, a property on the southern boundary of the Athabasca Basin in Saskatchewan, found an additional 20 radioactive boulder and hot spots, for a total of 74.
Dundee Capital Markets re-iterated its buy rating for junior uranium explorer Fission today, as the news was viewed as “very positive”, increasing the likelihood of another basement-hosted uranium discovery in the Athabasca Basin.
Fission’s latest exploration success is not at the J-Zone on its Waterbury joint venture near Hathor Exploration’s (TSE:HAT) prolific Roughrider deposit in the eastern Athabasca, but rather, it is close to AREVA’s Cluff Lake Mine, which has previously produced 60 million pounds of uranium, and also relatively nearby the 88 million pound uranium Shea Creek Deposit owned by UEX Corp (TSE:UEX).
"While only surface mapping, radon surveying, soil sampling and boulder prospecting took place this summer, results are spectacular," Dundee noted in its latest research report.
"Radioactive boulders were found on the first day of follow up of airborne radiometric anomalies flown in 2009."
Following this year's now completed boulder sampling program, a total of 74 boulders outline a distinct 4 kilometre long, 900 metre wide, north-south trending boulder train. Moreover, 57% of these produce “off-scale" radioactive readings as measured by hand held gamma ray scintillometers.
According to the companies, the boulder train appears to be pointing back at a series of east-northeast trending geophysical conductors – a possible new uranium discovery.
Fission suggests that the northern end of the boulder train might lie close to the source of the high grade boulders, but more ground work is required to fully target the source area.
"The size of this mineralized boulder field is very encouraging, if not impressive. The boulder train that led to the discovery of Cluff Lake was estimated at about 2km long, or half the size of this Patterson Lake South boulder trend," Dundee added.
Indeed, the Cluff Lake boulder train turned into the discovery of a 60 million pound series of orebodies for AREVA.
In addition, Fission said that basement mineralization is apparent at the site, eliminating many of the technical challenges found at some Athabasca deposits.
What started out as a small, $60,000 exploration program at the property, may turn into something of a larger nature due to the recent successes. The joint venture is considering spending $200,000 on detailed ground geophysics in the fall, followed by a drilling campaign in the winter.
Both Fission and ESO have enlisted the help of structural experts to help pinpoint targets, and the encouraging results from the boulder prospecting program have led the partners to stake an additional four more claims around the potential discovery, bringing total claims in the area to 12, or 25,450 hectares.
Proactiveinvestors is a leading multi-media news organisation, investor portal and events management business with offices in New York, Sydney, Toronto, Frankfurt and London.
Showing posts with label Energy. Show all posts
Showing posts with label Energy. Show all posts
Wednesday, 6 July 2011
Simba Energy to finalise Liberian Production Sharing Contract on 18 July
Simba Energy (CVE:SMB, OTCBB:SMBZF) will hold talks with the National Oil Company of Liberia (NOCAL) in Monrovia in the week begining 18 July, to finalise the formal Production Sharing Contract (PSC) application.
The company has already received a draft PSC from NOCAL, and Simba is currently reviewing the document.
It is expected that next week’s negotiations will lead to the onshore PSC being issued.
"The meeting represents the final step in the process for the company’s application to convert its current exploration license into a PSC,” said chief executive Robert Dinning.
“We look forward to finalizing this application process so we can begin our planned activities and continue to contribute socially to the communities within our area of work.”
Simba applied, to NOCAL, to convert its current Hydrocarbon Reconnaissance Permit (NR-001) into a Production Sharing Contract (PSC) last autumn. Since then it has had extensive meetings with NOCAL to review, advance, and finalize the application.
The application process has been complicated during this period by changes to management at NOCAL and a moratorium imposed on offshore PSC applications.
The fact that Simba’s application is for Liberia’s first onshore PSC also meant that the process has taken longer, because there wasn’t a ‘model PSC’ for onshore oil.
While Simba is poised to be the first company to secure an onshore PSC it is by no means the only oil firm with activities in Liberia.
Just offshore are several exploration ventures, including major names like Chevron and Anadarko.
In the near term these major offshore projects could be the main driver for Simba’s shares, as a successful 2011 programme for the likes of Chevron could go a long way to de-risking the whole region, auguring well for Simba’s own PSA.
Tuesday, 5 July 2011
Fission Energy locates further 20 radioactive boulders at Patterson South
Fission Energy Corp (TSE:FIS)(OTCQX:FSSIF) said Tuesday it has completed the boulder prospecting and survey program at its Patterson Lake South uranium property, together with 50/50 joint venture partner ESO Uranium Corp, with encouraging results.
The companies said an additional 20 radioactive boulders and hot spots were discovered on the claims in Saskatchewan, for a total of 74.
Of this, 42, or 57% produced "off-scale" radioactive readings as measured by hand held gamma ray scintillometers. Samples have been submitted to the lab, and assays will be reported when available.
In addition, Fission said that four claims, comprising an area of roughly 30,000 acres, have been acquired through staking, bringing the total land package to 12 claims, or 63,000 acres.
This means the uranium boulder field now exceeds four kilometres in its longest north-south dimension, and is up to 0.9 kilometres in its east-west dimension.
The Patterson Lake South property is accessible by all weather Highway 955, which runs north to the former Cluff Lake Mine, where more than 60 million pounds of uranium was produced.
"While there is no certainty that any in situ uranium deposits will be discovered on the property, the next challenge for the joint venture is to locate and define the source of its uranium boulders," Fission concluded in a statement.
The companies said an additional 20 radioactive boulders and hot spots were discovered on the claims in Saskatchewan, for a total of 74.
Of this, 42, or 57% produced "off-scale" radioactive readings as measured by hand held gamma ray scintillometers. Samples have been submitted to the lab, and assays will be reported when available.
In addition, Fission said that four claims, comprising an area of roughly 30,000 acres, have been acquired through staking, bringing the total land package to 12 claims, or 63,000 acres.
This means the uranium boulder field now exceeds four kilometres in its longest north-south dimension, and is up to 0.9 kilometres in its east-west dimension.
The Patterson Lake South property is accessible by all weather Highway 955, which runs north to the former Cluff Lake Mine, where more than 60 million pounds of uranium was produced.
"While there is no certainty that any in situ uranium deposits will be discovered on the property, the next challenge for the joint venture is to locate and define the source of its uranium boulders," Fission concluded in a statement.
Li3 extends period to negotiate formal partnership with South Korea's POSCO
Lithium explorer Li3 Energy (OTCBB:LIEG) said Tuesday that it has agreed to extend the expiration date for negotiating a formal agreement with South Korea-based industrial company POSCO (NYSE: PKX).
The memorandum of understanding document for the strategic partnership was set to expire June 30, but has now been extended until August 31st. POSCO, with operations in energy, chemicals and materials, is one of the largest steel manufacturers in the world, with $56 billion in annual revenues.
The South Korean company invests in several resource development projects globally, especially with regards to lithium projects.
Indeed, the agreement between Li3 and POSCO was to jointly explore and evaluate the development of Li3's Maricunga lithium project in Chile, including the establishment of a commercial plant.
This is because one of the primary uses for lithium is in the production of batteries for hybrid and electic vehicles. As demand for these cars increase, so will the world's requirements for lithium, resulting in many battery and automakers in Korea and Japan partnering with lithium exploration companies to ensure a steady supply.
"After concluding a week in Korea with POSCO's senior management team, advisors and legal counsel, I am extremely pleased that both companies have expressed a desire to continue working towards a mutually beneficial transaction," said Li3 CEO, Luis Saenz.
"Our objective is to align the companies in a manner that provides Li3 with capital, while minimizing dilution and still providing POSCO with a range of possible involvements including both financial and technological exchanges.
"Li3 is very proud to be considered as a potential strategic partner in lithium and other minerals and we look forward to exploring financial, technical and commercial opportunities with a global strategic partner of this magnitude".
Li3 has a controlling interest in the Maricunga property, which has been independently ranked as one of the top eleven lithium projects in the world, with the potential to become the largest lithium-based salar in brine-bearing deposits.
A report by SignumBOX concluded securing a multi-national strategic off-take partner was one of the missing elements that could elevate the project even further, said the company.
Li3, which looks for lithium properties in Peru, Argentina and Chile, has begun the initial $3.8 million development work program on the project, placing Maricunga into feasibility stage. A preliminary economic assessment report is anticipated by the end of the fourth quarter.
Maricunga covers an area of approximately 1,438 hectares, comprising six concessions, and is located in the northeast section of the Salar de Maricunga in Region III of Atacama.
The memorandum of understanding document for the strategic partnership was set to expire June 30, but has now been extended until August 31st. POSCO, with operations in energy, chemicals and materials, is one of the largest steel manufacturers in the world, with $56 billion in annual revenues.
The South Korean company invests in several resource development projects globally, especially with regards to lithium projects.
Indeed, the agreement between Li3 and POSCO was to jointly explore and evaluate the development of Li3's Maricunga lithium project in Chile, including the establishment of a commercial plant.
This is because one of the primary uses for lithium is in the production of batteries for hybrid and electic vehicles. As demand for these cars increase, so will the world's requirements for lithium, resulting in many battery and automakers in Korea and Japan partnering with lithium exploration companies to ensure a steady supply.
"After concluding a week in Korea with POSCO's senior management team, advisors and legal counsel, I am extremely pleased that both companies have expressed a desire to continue working towards a mutually beneficial transaction," said Li3 CEO, Luis Saenz.
"Our objective is to align the companies in a manner that provides Li3 with capital, while minimizing dilution and still providing POSCO with a range of possible involvements including both financial and technological exchanges.
"Li3 is very proud to be considered as a potential strategic partner in lithium and other minerals and we look forward to exploring financial, technical and commercial opportunities with a global strategic partner of this magnitude".
Li3 has a controlling interest in the Maricunga property, which has been independently ranked as one of the top eleven lithium projects in the world, with the potential to become the largest lithium-based salar in brine-bearing deposits.
A report by SignumBOX concluded securing a multi-national strategic off-take partner was one of the missing elements that could elevate the project even further, said the company.
Li3, which looks for lithium properties in Peru, Argentina and Chile, has begun the initial $3.8 million development work program on the project, placing Maricunga into feasibility stage. A preliminary economic assessment report is anticipated by the end of the fourth quarter.
Maricunga covers an area of approximately 1,438 hectares, comprising six concessions, and is located in the northeast section of the Salar de Maricunga in Region III of Atacama.
Tuesday, 31 May 2011
Li3 reports positive NI 43-101 compliant findings from technical report on Marincunga
Li3 Energy (OTCBB:LIEG) announced Tuesday the findings of an NI 43-101 compliant technical report on its Maricunga lithium brine property in northern Chile, independently ranked as one of the top ten lithium projects in the world.
The report, conducted by Hains Technology Associates, concludes that Maricunga can be considered a "property of merit", as it holds sufficient exploration potential to warrant further cost to advance the project to pre-feasibility stage.
Indeed, the property, in which Li3 has a controlling interest, has the potential to be a source of lithium, potassium and boron. The company recently signed a deal with one of the world's largest steel manufacturers, South Korea-based POSCO (NYSE:PKX), to jointly explore and evaluate the development of the Maricunga project, including the establishment of a commercial plant.
This is because one of the primary uses for lithium is in the production of batteries for hybrid and electic vehicles. As demand for these cars increase, so will the world's requirements for lithium, resulting in many battery and automakers in Korea and Japan partnering with lithium exploration companies to ensure a steady supply.
Maricunga covers an area of approximately 1,438 hectares, comprising six concessions, and is located in the northeast section of the Salar de Maricunga in Region III of Atacama.
According to the NI 43-101 compliant report, exploration work at Maricunga has indicated that the brines are enriched in lithium and potassium, from which lithium can be recovered at a good rate.
The company also noted the relatively high boron concentration in the brine, which should permit high extraction rates for the recovery of boric acid, a valuable co-product.
Historical work over Maricunga has calculated a non compliant mineral resource of 224,300 tonnes of lithium and 3.27 million tonnes of potash. The recent report estimates that it is possible to develop an NI 43-101 compliant resource similar to the historical one.
Initial drilling at the property estimated assay values of 1.1g/L lithium, 7.93 g/L potassium, 1.81 q/L boron and 6.6 g/L magnesium.
In addition, production from the property is expected to be lower cost than other Chilean salars, as sulphate in the brine is unusually low, reducing the need for additional reagents for sulphate removal. Electrical and road infrastructure is also in place to support preliminary development.
"The findings of the NI 43 -101 and other preliminary data support our opinion of the strength of this strategic asset," said COO Tom Currin.
Other data compiled from earlier findings is expected to be further validated with the completion of a preliminary economic assessment report for Maricunga, which Li3 is anticipating by the end of the 4th quarter.
"Armed with this data, Li3 looks forward to the future and unlocking the full potential of Maricunga, commercializing the asset and creating value for all of our stakeholders and strategic partners," added CEO Luis Saenz.
Li3, which looks for lithium properties in Peru, Argentina and Chile, has begun the initial $3.8 million development work program on the project.
The report, conducted by Hains Technology Associates, concludes that Maricunga can be considered a "property of merit", as it holds sufficient exploration potential to warrant further cost to advance the project to pre-feasibility stage.
Indeed, the property, in which Li3 has a controlling interest, has the potential to be a source of lithium, potassium and boron. The company recently signed a deal with one of the world's largest steel manufacturers, South Korea-based POSCO (NYSE:PKX), to jointly explore and evaluate the development of the Maricunga project, including the establishment of a commercial plant.
This is because one of the primary uses for lithium is in the production of batteries for hybrid and electic vehicles. As demand for these cars increase, so will the world's requirements for lithium, resulting in many battery and automakers in Korea and Japan partnering with lithium exploration companies to ensure a steady supply.
Maricunga covers an area of approximately 1,438 hectares, comprising six concessions, and is located in the northeast section of the Salar de Maricunga in Region III of Atacama.
According to the NI 43-101 compliant report, exploration work at Maricunga has indicated that the brines are enriched in lithium and potassium, from which lithium can be recovered at a good rate.
The company also noted the relatively high boron concentration in the brine, which should permit high extraction rates for the recovery of boric acid, a valuable co-product.
Historical work over Maricunga has calculated a non compliant mineral resource of 224,300 tonnes of lithium and 3.27 million tonnes of potash. The recent report estimates that it is possible to develop an NI 43-101 compliant resource similar to the historical one.
Initial drilling at the property estimated assay values of 1.1g/L lithium, 7.93 g/L potassium, 1.81 q/L boron and 6.6 g/L magnesium.
In addition, production from the property is expected to be lower cost than other Chilean salars, as sulphate in the brine is unusually low, reducing the need for additional reagents for sulphate removal. Electrical and road infrastructure is also in place to support preliminary development.
"The findings of the NI 43 -101 and other preliminary data support our opinion of the strength of this strategic asset," said COO Tom Currin.
Other data compiled from earlier findings is expected to be further validated with the completion of a preliminary economic assessment report for Maricunga, which Li3 is anticipating by the end of the 4th quarter.
"Armed with this data, Li3 looks forward to the future and unlocking the full potential of Maricunga, commercializing the asset and creating value for all of our stakeholders and strategic partners," added CEO Luis Saenz.
Li3, which looks for lithium properties in Peru, Argentina and Chile, has begun the initial $3.8 million development work program on the project.
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