Good morning investors and speculators,
Hope everybody had a good Labour Day weekend, news in the junior resource world is coming fast and furious to start out the four-day trading week.
NexGen Energy: The Athabasca Basin’s hottest uranium play reported assay results from six angle drill holes, and they are impressive. The highlights – AR-15-49c2 included 50 m at 12.01% U3O8 (435.5 to 485.5 m) including 18 m at 20.55% U3O8 (456.0 to 474.0 m) and 4.5 m at 40.64% U3O8 (465 to 469.5 m) in the A2 shear. Also 76% U308 over .5 m. AR-15-48c1 included 60 m at 0.91% U3O8 (409.5 to 469.5 m) including 12.5 m at 3.09% U3O8 (428.5 to 441.0 m) in the A2 shear and, 24 m at 5.43% U3O8 (595.5 to 619.5 m) including 10.5 m at 10.12% U3O8 (597.5 to 608 m) in the A3 shear.
NexGen has $23 million in cash to further delineate the Arrow deposit at the the company’s 100% owned Rook 1 property.
News release: NexGen Energy reports more high-grade uranium assays
Skeena Resources: Ron Netolitzky’s Golden Triangle play at the Spectrum property is out with drill results including some high-grade hits. The best of the bunch is S15-15, which intersected 26.15 m grading 8.21 g/t Au, including 2.0 m grading 74.5 g/t Au. Other intervals included 61m at 1.62 g/t in S15-016, 14.9m grading 8.97 g/t in S15-022 and 9.64m grading 6.81 Au, 20.7 Ag and .09% Cu in S15-024.
Skeena is cashed-up and the results have prompted the company to increase the drill program to 16,000 metres from the original plan of 10 – 12,000 metres, chairman Netolitzky says. Looks like the company has shifted the focus from expanding its land position in northwestern B.C. – overtures to area play Dolly Varden in recent weeks were rebuffed, Skeena said last week – to drilling out Spectrum.
North Arrow Minerals: Gren Thomas’s junior exploration play reported news out of Pikoo, the Saskatchewan diamond district it discovered; specifically, microdiamond results from PK150 and PK312 and a new kimberlite discovery, PK311.
- 487 diamonds larger than the .106 mm sieve class were recovered from PK150 through caustic fusion analyses of 323 kg of kimberlite, including 9 diamonds greater than .85mm. PK150 is the largest of the seven kimberlites in Pikoo and yielded high diamond counts and attractive stones when it was discovered in November 2013. Kimberlite detected at PK150’s eastern end has returned diamond counts consistent with the rest of the kimberlitic body, which bodes well.
- A 14.5 kg sample from PK312 returned 5 diamonds.
- A sample from the newest kimberlite, PK311, has returned significant kimberlite indicator minerals including pyrope and eclogitic garnet and ilmenite.
- Microdiamond results from PK314 are expected within the next four weeks. North Arrow CEO Ken Armstrong was quite optimistic about PK314’s prospects when I interviewed him given the nature of some of the kimberlite indicator minerals discovered.
The company plans a helicopter-borne mag survey over the up-ice terminations of KIM trains in the project area, with the purpose of testing new targets and delineating existing kimberlites.
Pikoo is an 80%/20% joint venture between North Arrow and Stornoway Diamonds.
For real-time analysis of these developing stories and others from across the junior resource and small-cap worlds, go to chat.ceo.ca