Todays uranium price is in the US$135/lb neighbourhood, and that has investors wanting to find the next big deposit. Where better to drill than in the worlds largest uranium producer? That honour falls to Canada, which produced 9,862 t of elemental uranium in 2006.
So here is a cross-country look at some uranium exploration projects that might make someone rich. News of these all came to light since the first of this month.
NEWFOUNDLAND & LABRADOR
COMMANDER RESOURCES of Vancouver has drilled off its latest discovery at the Hermitage project in southern Newfoundland. Two zones, the He2 and Doucette, were tested. The best value reported was 0.11% U3O8 over 0.4 m. (www.CommanderResources.com).
Vancouver-based SANTOY RESOURCES says it has confirmed the presence of uranium mineralization at its Fish Hawk Lake South zone in the Central Mineral Belt. Diamond drill holes returned 0.18% U3O8 over 4.5 m and 0.11% U3O8 over 9.9 m, both within a thicker zone of 0.06% U3O8 over 27.9 m in Hole No.3. In Hole No.9, 0.42% U3O8 was drilled over 3.3 m, including 1.15% U3O8, 0.790 oz/tonne Ag and 0.5% Cu over 0.9 m. Hole No.13 returned 0.07% U3O8 over 17.5 m, including 0.10% U3O8 over 5.2 m. The South Zone mineralization was tested to a vertical depth of 120.0 m. (www.Santoy.com)
GEODEX MINERALS of Vancouver has recently picked up four new properties in New Brunswick, two of which have uranium potential. Both the Tamarack and Cranberry lakes claims recently staked have highly anomalous stream sediment values of uranium, which were reported 30 years ago. (www.GeodexMinerals.org)
MELKIOR RESOURCES of Ottawa and partner SANTOY RESOURCES of Vancouver have resumed exploration of their Otish Mountain property following a tragic helicopter accident on May 26 in which the pilot was killed. Current drilling is focused on the Marc-Andr uranium occurrence. (www.Melkior.com or www.Santoy.com)
Not every drill program is an immediate success. Just ask Toronto-based URANIUM STAR. The company conducted a winter program at its Sagar property in the Labrador Trough but has not been able to track down the source of the Mistamisk boulder field. Of the 70 boulders tested, historical assays indicated an average of 1.3% U and 64.9 g/t Au. The company has mobilized a full-scale exploration program for this summer. (www.UraniumStar.com)
WASECO RESOURCES of Toronto plans to drill its Labrador Trough uranium property this year. The company noted that the property contains 15 zones of uranium enrichment and 157 discrete uranium anomalies. Perhaps the initial 1,500 m of drilling will turn up something promising. (www.WasecoResources.com)
NOVA URANIUM of Vancouver has drilled 42.96 m of 0.51 lb/short ton U3O8 in Zone 1 at its Mont Laurier project. In the Tom Dick North zone on the same property, intersections ranged from 11.06-52.95 m with grades of 0.23-0.38 lb/short ton. (www.NovaUranium.com)
An airborne radiometric survey is underway at the Bear Head uranium project belonging to GOLD CANYON RESOURCES of Vancouver. The survey will cover a 100-km strike length where the exploration team recently discovered uranium mineralization. The property in located near Red Lake. (www.GoldCanyon.com)
ATHABASCA BASIN, SASKATCHEWAN
ESO URANIUM of Vancouver has completed airborne geophysical work and data compilation from its Cree uranium claims on the eastern edge of the basin. The company says a strong EM anomaly has been identified. (www.ESOuranium.com)
Another Vancouver company, FORUM URANIUM, has intersected widespread uranium mineralization in the DD zone, part of its Key Lake Road program. One hole drilled last fall encountered sporadic mineralization from 50.0 to 193.6 m deep. (www.ForumUranium.com)
Vancouvers PITCHSTONE EXPLORATION is encouraged by preliminary indications at its Darby-Candle project in the eastern part of the basin near the Cigar Lake mine. Drill holes at the Candle zone intersected pathfinder elements. An additional 4,900 m of drilling is planned this year. The Darby-Candle project is a joint venture of Pitchstone, SXR URANIUM ONE and JCU (CANADA) EXPLORATION. (www.Pitchstone.net)
KAMINAK GOLD and PACIFIC RIDGE EXPLORATION, both of Vancouver, have begun their $3-million, 2007 drill program at the Baker Lake project. Work will focus on the Lucky-7 zone, which assayed up to 0.32% U3O8 over 3.4 m. (www.Kaminak.com or www.PacificRidgeExploration.com)
Vancouver-based URANIUM NORTH RESOURCES has drilled 1.0 m of 0.23% U3O8, 1.0 m of 0.05% U308, 3.0 m of 0.13% U308 and 2.0 m of 0.17% U308 in one hole, and 3.0 m of 0.17% U3O8 including 1.0 m of 0.44% U3O8 in another. These results came from the Kam South uranium showing at the companys South Baker property in Nunavut. (www.UraniumNorthResources.com)
ALBERTA STAR DEVELOPMENT of Vancouver has received the necessary permit to conduct an additional 100,000 m of drilling at its Eldorado IOCG and uranium project and 100,000 m at its Contact Lake project. (www.Alberta-Star.com)
Vancouver-based NORTH AMERICAN GEM is making plans to drill its Mosquito Gulch property 300 km southeast of Yellowknife. The property has a pitchblende showing and it lies at the head of a boulder train that assayed as high as 0.886% U3O8. (www.NorthAmericanGem.com)
Two Vancouver-based partners, FJORDLAND EXPLORATION and SERENGETI RESOURCES, have mobilized drilling crews to their Olympic-Rob IOCG and uranium project in the Wernecke Terrane. They have budgeted $600,000 for 2,000 m of drilling. (www.FjordlandEx.com or www.SerengetiResources.com)
The foregoing are some of the many, busy uranium exploration projects across Canada. Will they all be profitable mines? Certainly not, but the prospect of getting US$132/lb for uranium is keeping a lot of crews looking.