Uranium in the United States is used primarily for nuclear power; however, uranium mining originally had its roots in the production of uranium-bearing ore in 1898 with the mining of sandstone material on the Colorado Plateau in Colorado and Utah, for their vanadium content.

In the 1950s, the US permitted a great deal of uranium mining, promoted by federal subsidies and rising global demand largely driven by nuclear weapons procurement programs. This trend lasted until the early 1980s, when changing geopolitical circumstances as well as safety, environmental, and economic concerns over nuclear power plants reduced demand. Peak production levels reached a climax in 1980 with over 250 mines in operation producing 16,800 tonnes of uranium. Within four years this abruptly dropped to 50 mines producing 5,700 tonnes, leading to a steady decline.  By 2003 there were only two small operations producing a total of under 1,000 tonnes, or about 5 percent of the uranium consumed by US nuclear plants.

Mining operations are currently undertaken by few companies on a relatively small scale; however exploration is being conducted by many companies and joint venture projects, often going over areas that were mined in the 1950s-80s.

More Recent Developments

The US ranks ninth in the world for known uranium resources with 207,400 tonnes of uranium, behind Australia, Kazakhstan, Canada, Russia, South Africa, Namibia, Brazil and Niger.The global nuclear renaissance has prompted a revival in exploration and plans to reopen old mines. Exploration projects have increased in quantity and scope and there are now operating mines in Wyoming, New Mexico, Arizona, southern Utah, Colorado and Texas.

The US has been steadily increasing its domestic uranium output in recent years, coming in eighth place in the top uranium-producing countries in 2014, producing 1,919 tonnes of uranium. This increase in production makes sense considering the US is the world’s largest generator and consumer of nuclear power.

Most production in the United States has been from Wyoming and New Mexico with known resources estimated to total 167,000 tonnes in Wyoming and 155,000 tonnes in New Mexico. Arizona, Utah and Colorado each have around 50,000 tonnes and Texas has about 2,000 tonnes of uranium resources. With that in mind, the Investing News Network put together a list of the uranium companies working in the US.

Uranium mining operations in the US

Cameco‘s  (TSX:CCO) has two US uranium mines in operation, the Smith Ranch-Highland mine in Wyoming’s Powder River basin and the Crow Butte mine in Nebraska, both of which are in-situ recovery mines. In 2014, the annual production at the Smith Ranch-Highland mine, which is the largest US producer, was 2.1 million pounds of U3O8; during the same period, Crow Butte produced 600,000 pounds of U3O8. 

Uranium Resources Inc. (NASDAQ:URRE) controls about 212,000 acres of uranium mineral holdings in Texas and New Mexico. In Texas, there are the Kingsville Dome and Rosita projects; the company had a third mine called Vasquez, which produced 590,200 pounds of uranium from 2004 to 2008 until the deposit was depleted. Uranium Resources also has five exploration projects in South Texas – Alta Mesa Este, Sejita Dome, Butler Ranch, Jack Pump and Nell. In New Mexico, the company has multiple properties including Churchrock/Mancos, Crownpoint, Nose Rock, Roca Honda, West Largo/Ambrosia Lake, Cebolleta (Cibola project) and Juan Tafoya (Cibola project). The company’s two processing facilities at the Kingsville Dome and Rosita projects are on stand by for a restart of production when there is a sustained improvement in the uranium market; the two projects have combined reserves over 600,000 pounds within 400,000 tons at an average grade of approximately 0.08 percent.

In June, Uranium Resources announced that it will be merging  with Anatolia Energy Ltd. (ASX:AEK), which expands the company’s portfolio in Texas, including two 800,000 pounds per annum ISR uranium processing plants and associated infrastructure.

Also in Texas is Uranium Energy Corporation (NYSEMKT:UEC), with its Palangana mine operating since 2010, its Burke Hollow ISR project and its fully operational Hobson processing plant. In May, the company received permits for the planned expansion at Palangana and made further advancements in the development of Burke Hollow. The company also owns the right to quite a few other operations in Texas including the Goliad ISR project, the Salvo project, Nichols and Longhorn.

Energy Fuels (TSX:EFR,NYSEMKT:UUUU) is the largest supplier of uranium in the US and the owner of the White Mesa Mill, the only fully-licensed and operating conventional uranium mill located in the US. The company has various uranium properties in the US, including the Roca Honda project in New Mexico, Sheep Mountain in Wyoming, the Wate project in Arizona and Henry Mountains, La Sal and Daneros, all located in Utah. Energy Fuels also acquired Uranerz and all its assets in June, including the Nichols Ranch ISR mine and plant in Wyoming. The company increased output at Nichols Ranch in July, boosting total uranium production there by 25 percent after commencing production at the fifth header house at the facility.  In March 2016, the company acquired the Mesteña uranium project in Texas, adding to the company’s low-cost ISR production profile.

Also in Wyoming, Uranium One – acquired in 2013 by Russian state-owned enterprise Rosatom through its subsidary ARMZ Uranium Holding – has its Willow Creek ISR mine, which includes the licensed and permitted Irigaray ISR central processing plant, the Christensen Ranch satellite ISR facility and associated uranium ore bodies. Commercial production at Willow Creek began in 2012 and its current design capacity is 1.3 million pounds U3O8 per year.

Ur-Energy Inc. (TSX:URE,NYSEMKT:URG) also has two uranium projects in the Wyoming, Lost Creek and Shirley Basin. In May, the company announced a new and increased mineral estimate for Lost Creek, adding 2.308 million pounds of uranium, averaging 0.058 percent U3O8 which represented a 95 percent increase. The Lost Creek project, which has been producing since 2013, hit a major milestone recently when it shipped out its one millionth pound of uranium in the second quarter. In January, the company provided an update to their preliminary economic assessment, in which it highlighted that the mine life for the Lost Creek project has been extended to 2031. Ur-Energy also owns the rights to two other uranium projects in Wyoming, the Lost Soldier project and the Lucky Mc mine site.

One of the more recent uranium producers to the US uranium space is Peninsula Energy (ASX:PEN), an Australian-based company that owns the Lance projects in Wyoming. The Lance projects, which has a current resource of 53.7 million pounds of U3O8 with the potential for more, and started producing uranium in December 2015. Peninsula currently has five sales contracts set up, which were made for prices higher than the current uranium spot price.  The company has 7.9 million pounds of uranium slated for delivery to major utilities in the United States. According to a March 2016 press release, projected revenue for the long-term contracts now exceeds $440 million.

This article is an update to an article previously published September 7, 2015.

Securities Disclosure: I, Kristen Moran, hold no direct investment interest in any company mentioned in this article.

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Avarone Metals (CSE:AVM) plans to begin a sub-surface sampling program at its Moab lithium project in Nevada’s Big Smoky Valley. The program will consist of 20 short drill holes, to be drilled to a depth of up to four meters.

As quoted in the press release:

The drilling will be conducted utilizing Vibracore electric drills, pulling large diameter NQ2 core, which should provide a much better and accurate profile versus traditional hand augers. The Company is currently in the process of permitting the program and anticipates being on the ground at the end of April 2016. In December of 2015, Ultra Lithium completed surface sampling of its Big Smoky Project (which lies in the same enclosed basin and adjoins the Moab Project) confirming the presence of anomalous lithium, boron and potassium, as well the presence of lithium in the South Big Smoky hydrogeological system. Access to the Moab Lithium Project is excellent and lies adjacent to highway 95.

The primary target at Moab is a horseshoe shaped gravity low anomaly that has been interpreted as an in filled basin. Exploration of the Big Smoky Valley by the USGS in the 1970’s culminated in the drilling of two Reverse Circulation holes, both of which encountered anomalous concentrations of lithium that were highly similar to those encountered in the Clayton Valley, just to the south, and where the Silver Peak Mine is located. Hole BS-13, which is located just 2.4 kilometers east of the Moab project border was designed to test the same basin covered by the Moab Project and Ultra Lithium’s Big Smoky Valley Project. Hole BS-13 was terminated at 675 feet, and geochemical analysis revealed lithium in sediments ranging from 48ppm – 365ppm and averaging 160ppm. This is considered significant, as the cut-off grade used by Pure Energy for their resource calculation is only 20ppm.

Avarone CEO, Mike Levy, said:

We are excited to start our initial phase of exploration work on the Moab project. Based on the initial results of this program, we intend to further define our next phase of an aggressive deep hole drill program. Tesla has taken over 325,000 reservations for the Tesla Model 3, which corresponds to about $14 billion in implied future sales. This supports the growing need for increased lithium production. Avarone’s Moab brine project, located in Nevada near the Tesla Gigafactory, has the potential to deliver excellent returns for our stakeholders over the longer term.

Click here for the full press release.

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Nevada Sunrise Gold Corporation (TSXV:NEV) announced it has closed the second and final tranche of its non-brokered private placement of units at a price of 18 cents per unit, with each unit consisting of one common share of the company and one-half of one common share purchase warrant. Each whole common share purchase warrant will entitle the holder to purchase an additional common share at an exercise price of 30 cents per warrant share until Sept. 18, 2017, for warrants issued in the first tranche and until Oct. 20, 2017, for warrants issued in the second tranche.

Proceeds from the offering will be used to finance the exploration of the company’s Nevada lithium and precious metals properties, and as general working capital.

Connect with Nevada Sunrise Gold Corporation (TSXV:NEV) to receive an Investor Presentation.

 

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Diario Financiero reported (in Spanish) that SQM (NYSE:SQM) will seek to halt the expansion of Albemarle’s (NYSE:ALB) lithium operations in Chile’s Atacama region. Albemarle gained control of these assets when it acquired Rockwood Lithium in early 2015.

Albemarle recently secured the permits needed to nearly double its lithium carbonate production in the region, but SQM wants those permits invalidated.

Click here for the full article.

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International Lithium (TSXV:ILC) announced that its partner, Pioneer Resources (ASX:PIO), has advised that it wishes to advance an exploration program at International Lithium’s Mavis Lithium project in Ontario.

As quoted in the press release:

The program comes ahead of the final decision on an option and joint venture agreement announced by the companies on March 14, 2016 whereby Pioneer was granted an exclusive right to conduct due diligence over a three month period prior to finalizing an option agreement (see Company news release March 14, 2016).

The proposed work program will include 6 diamond drill holes to test key spodumene intersections made at the Fairservice and Pegmatite 18 prospects during 2011 and 2012. Ground magnetic surveys totalling approximately 170 line-kilometres are proposed to help define the pegmatite targets and will be followed up with soil geochemical surveys. Subject to drilling results, and to the outcomes of the ground magnetic and geochemistry programs, drilling is expected to continue.

Mr. Kirill Klip, President, International Lithium Corp. comments, “We are very pleased to see a rapid advancement on the Mavis Lithium project in Ontario with Pioneer Resources Limited. International Lithium is now fully active on 3 continents with high quality projects and strategic partners. This initial program at Mavis, scheduled for June 2016, will allow ILC to begin its multi-project “Upper Canada Lithium Pool” targeting raw materials for the lithium supply chain to North America”

Click here for the full press release.

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Critical Elements (TSXV:CRE,OTCQX:CRECF,FWB:F12) announced plans to to initiate environmental activities related to the Rose Lithium-Tantalum Mining project.

As quoted in the press release:

The following activities are scheduled to start in the next few weeks:

• Drafting of the project descriptions to be submitted to both the Canadian Environmental Assessment Agency (CEAA) and MDDELCC.
• Bird fauna inventories to complement the currently available information on migratory birds, especially shorebirds, raptors and waterfowl.
• Sampling of the herpetofauna by installing automatic recording stations to record frog calls to establish a list of species that use the site.

Others inventories and survey are plan to be completed during the summer period of 2016.

These works are part of the feasibility study and will be complete by WSP Canada Inc.

Connect with Critical Elements (TSXV:CRE,OTCQX:CRECF,FWB:F12) to receive an Investor Presentation.

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Nevada Energy Metals (TSXV:BFF) (OTC Pink:SSLMF) announced that the Company has expanded its Clayton Valley holdings by acquiring an additional 27 claims to its lithium brine exploration project at Silver Peak, Esmeralda County, Nevada.

As quoted in the press release:

The BFF-1 project now comprises 87 claims with an area encompassing 1,740 acres /704 hectares and directly abutting the region of brine production of Rockwood Lithium, a subsidiary of Albermare Resources NYSE: ALB in the northern portion of Clayton Valley.

The claims cover an area of playa, including the Goat Island graben (inferred from gravity inversion; Quantec, 2008; Petrick, 2008), that encompasses a portion of a deep-circulation geothermal system beneath basin-fill sediments locally blanketed with travertine in north-western Clayton Valley. The Goat Island graben segments Clayton Valley into a northerly-trending, 1-2 km-wide sub-basin with a distinct escarpment on each side. Geological modeling and assessment of historical drilling results by J.B. Hulen, PG, (July 31, 2008 report) concluded that both shallow thermal-gradient and lithium-exploration drilling demonstrates that the northern portion of Clayton Valley contains the valley’s highest subsurface temperatures and that these temperatures may be localized in the Goat Island graben and its structural projections to the northeast and south.

Significantly, within the graben and within the boundary of the claim block, a drill hole by Western Geothermal Partners 2007 logged as WGP#2 reported as follows:’ From 280 – to 305 ft., fine grained green sand and silt logged as volcanic ash was encountered. This unit may be correlative to the Main Ash Aquifer, which is a marker bed in other areas of the Clayton Valley Basin.” J.B. Hulen, PG, (July 31, 2008.)

Nevada Energy Metals is planning a detailed summer/fall exploration program on the BFF-1 project.  The property was acquired for cost of staking with no overriding royalties.

Connect with Nevada Energy Metals (TSXV:BFF) (OTC Pink:SSLMF) to receive an Investor Presentation.

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Nevada Sunrise Gold Corporation (TSXV:NEV) announced an update on its current drilling program at the Neptune Lithium Project located in the southern Clayton Valley of Nevada, USA.

As quoted in the press release:

Nevada Sunrise has completed two exploration holes at Neptune. Hole N-2016-1 was drilled to a total depth of 1,500 feet (457 metres) targeting a conductive horizon detected by a historical (2011) controlled source audio magneto telluric (“CSAMT”) survey carried out by a previous operator. A second hole, N-2016-6 was abandoned in poor ground conditions at a depth of approximately 500 feet, and a new hole, N-2016-6R was drilled approximately 50 feet from the original site to a total depth of 1,760 feet (537 metres). In each of the completed holes, permeable sedimentary, lacustrine strata interbedded with volcanic ash and ejecta was logged at various levels throughout the holes. A total of 45 water samples and 256 sediment cuttings samples were collected and sent for multi-element analysis. Analytical results will be released after their receipt, compilation and interpretation.

Nevada Sunrise has completed the construction of two additional drill pads and plans to resume drilling on other targets developed from gravity surveys and CSAMT data shortly at Neptune, following the completion of a proposed transaction with its new option partner for the Project, Resolve Ventures Inc. (“Resolve”) (TSXV: RSV). Resolve has the option to earn an initial 25% working interest in Neptune from Nevada Sunrise, and up to a 50% working interest, after completing certain cash and share payments to Nevada Sunrise, and by incurring up to CDN$1.0 million in exploration expenditures over a 3-year period.

Connect with Nevada Sunrise Gold Corporation (TSXV:NEV) to receive an Investor Presentation.

 

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Houston Lake Mining Inc. (TSXV:HLM) announced it has fulfilled its obligations under an asset purchase agreement, dated effective Dec. 8, 2010, with two arm’s-length parties, to acquire 100-per-cent ownership in certain mineral properties located in the Red Lake mining district of Northwestern Ontario.

The PAK lithium project consists of 33 adjoining mineral claims totalling 6,976 hectares (17,238 acres) that is owned 100 per cent by HLM and hosts the Pakeagama Lake pegmatite, one of the highest-grade lithium deposits in North America. Development work, including metallurgical and environmental baseline studies, has been under way for the preparation of a 2016 prefeasibility based on producing technical-grade lithium concentrates required in the glass-ceramic industry.

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Alix Resources Corp (TSXV:AIX) and Lithium Australia NL (ASX:LIT) announced a definitive agreement, work program commencing on the electra lithium project and alix interest in developing lithium extraction technology.

As quoted in the press release:

Alix Resources Corp. and Lithium Australia NL have made significant progress related to the joint exploration and development on the Electra project, Sonora, Mexico, including:

• Signing of a definitive agreement between AIX and LIT to explore and develop the Electra project whereby LIT will earn a 49% interest in the Electra project through the issuance to AIX of 1,000,000 fully paid ordinary LIT shares. 1,000,0000 partly paid LIT contributing shares paid to 0.001 Australian cent each (24.99 Australian cents unpaid), and expenditures of $400,000. LIT has a further option to increase its interest in the Electra project to 65% through the issuance to AIX of 1,500,000 fully paid ordinary LIT shares, expenditures of $1,500,000 and a cash payment of $250,000; -An exploration budget for the Electra project has been approved by LIT, securing the financing for the upcoming Phase 1 Electra work program, with work to begin in early May;
• Also included in the definitive agreement is the right for AIX to be granted a 10% interest in any novel lithium extraction technologies (“LET”) used or developed in relation to the Project properties (Tecolote and Tule Concessions) and/or the Sonora Project currently owned by Bacanora Minerals Ltd. and REM, whether patented or not patented..

The Electra Project consists of two exploration concession applications covering 22,625 hectares, with the Tecolote concession adjoining BCN-REM’s Sonora Lithium Project to the north, and the Tule concession being contiguous to the south. The Phase 1 program will follow-up on lithium anomalous clays discovered in December 2015 (see AIX PR January 6, 2016). Exploration on the large (18,125 hectares) Tule concession will focus on sedimentary beds discovered in December. These are similar to, on trend and correlate with geological units which host BCN-REM’s La Ventana lithium deposit.

Drilling and exploration work have established the BCN-REM Sonora Project NI43-101 Indicated Mineral Resource of 1.12 Mt LCE contained in 95 Mt of clay at a lithium grade of 2,200 ppm and an Inferred Mineral Resource of 6.3 Mt LCE contained in 500 Mt of clay at a lithium grade of 2,300 ppm.

Connect with Alix Resources Corp (TSXV:AIX) to receive an Investor Presentation.

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Denison Mines Corp. (“Denison” or the “Company”) (TSX:DML)(NYSE MKT:DNN) is pleased to report the expansion of the mineralized zone discovered immediately north of the Gryphon deposit, as well as the completion of a successful winter exploration drilling program, on the Company’s 60% owned Wheeler River property in northern Saskatchewan. A total of 21,800 metres of diamond drilling, in 32 drill holes, was completed at Wheeler River during the winter exploration program.

According to the news:

The final weeks of the winter exploration program were highlighted by positive results from the follow up of the high-grade basement hosted mineralization previously reported in drill holes WR-633D1 and WR-641, both of which tested the area immediately north and northwest of the Gryphon deposit on section 5200GP earlier in the winter program. Despite limited time for follow up this winter, Denison successfully identified additional mineralization on section 5200GP (drill holes WR-644 and WR-648) and encountered additional high-grade mineralization on section 5150GP (drill holes WR-646 and WR-651), representing a 50 metre step out to the southwest of section 5200GP. These results have added several new lenses of mineralization to the Company’s geological model for the area north of the Gryphon deposit and highlight the potential for the discovery of additional lenses with further follow up drilling.

Denison’s President and CEO, David Cates, commented:

The 2016 winter exploration program at Wheeler River has been a tremendous success. Following the April 4, 2016 release of the Company’s findings from the Preliminary Economic Assessment for the Wheeler River project, which returned a pre-tax IRR of 20.4% using the current long term price for uranium, we are very pleased to be drilling a new zone of high-grade mineralization in very close proximity to the Gryphon deposit. Gryphon is a key part of the strategic development plan for Wheeler, and the potential to add pounds near Gryphon is very exciting and potentially meaningful from an economic standpoint. Planning for a roughly25,000 metre 2016 summer drill program, at Wheeler River, is underway and is expected to focus on further expansion of the mineralization atGryphon as well as testing of other high priority target areas.

Click here to view the full press release. 

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Paladin Energy Ltd (Paladin or the Company) (ASX: PDN, TSX: PDN) notes media / blog reports indicating water from a tailings facility at Kayelekera Mine in Malawi has released into the environment. Such reports are untrue. The Company assures stakeholders that no tailings water has been released into the environment at Kayelekera Mine.

According to the news:

A series of major storm events over large areas of northern Malawi in early to mid-February and in early April delivered intense rainfall to the Kayelekera Mine and the region generally. Rainfall runoff from these rains resulted in overflow and environmental release of some clean water from a rainfall runoff water catchment pond at Kayelekera Mine site early last week in accordance with the Environmental Impact Assessment and Environmental Management Plan.

Click here to view the full press release. 

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Reuters reported that oil prices were under pressure on Monday after a meeting of the world’s top oil producers in Doha failed to produce an agreement for an output freeze. Prices stabilized after an initial dip.

As quoted in the publication:

Global benchmark Brent was up 4 cents at $43.15 by 1 p.m. ET (1700), having earlier touched a session bottom of $40.10.

U.S. crude futures were down 50 cents at $39.86 a barrel, after falling as low as $37.61 earlier in the day.

Traders said an oil worker strike in Kuwait that cut the country’s crude output by some 60 percent prevented Brent from tumbling below $40 per barrel. A cut in U.S. drilling down to 2009 levels had prevented steeper falls.

Click here for the full article.

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FISSION URANIUM CORP. (TSX:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU)(“Fission” or “the Company“) is pleased to announce it has hit new high grade mineralization at four zones (R840W, R600W, R780E and R1620E) at its PLS property, host to the Triple R deposit, in Canada’s Athabasca Basin region.

According to the news:

The assay results include hole PLS16-460 on zone R1620E (line 1500E) with 5.0m @ 10.95% U₃O₈ and 3.0m @ 7.56% U₃O₈within a larger interval of 40.0m @ 2.64% U₃O₈. The wide, high-grade mineralization encountered by this hole, located 385m east of the Triple R and as well as hole PLS16-465, located 135m west of the Triple R, highlights the rapidly-increasing exploration potential of PLS. In total, Fission has assay results from ten holes: two holes drilled on the newly-discovered R840W zone, one drilled on the R600W zone, two on the R780E zone and five on the rapidly-growing R1620E zone.

Ross McElroy, President, COO, and Chief Geologist for Fission, commented:

These results show it’s still very early days here at PLS. Fission’s exploration drilling has delivered high-grade, near-surface assays 2.34km apart on a 2.58km mineralized trend that is already the largest footprint in the Athabasca Basin region. In other words, exploration growth has been strong this winter and we have a number of exciting exploration targets on our hit list for this summer. The latest results highlight how we have driven the trend west towards the huge high-grade boulder field, and east towards the border with our neighbours and they reaffirm what we’ve been saying for some time – we have barely scratched the surface of PLS’ potential.

Click here to view the full press release. 

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NexGen Energy Ltd. (“NexGen” or the “Company“) (TSXV:NXE, OTCQX:NXGEF) is pleased to report that today it filed a technical report (the “Technical Report“) prepared in accordance with National Instrument 43-101 –Standards of Disclosure for Mineral Projects” (“NI 43-101“).  The Technical Report supports the disclosure made by the Company in itsMarch 3, 2016 news release announcing a maiden inferred mineral resource estimate for the Arrow Deposit of 201.9 M lbs at 2.63% U₃O₈.

According to the news:

There are no material differences in the mineral resource estimate contained in the Technical Report from that disclosed in the news release.

The Technical Report bearing an effective date of April 13, 2016 is entitled: “Technical Report on the Rook I Property, Saskatchewan, Canada“ and was prepared by Mr. Mark Mathisen, C.P.G., Senior Geologist at RPA and Mr. David Ross, P.Geo., Director of Resource Estimation and Principal Geologist at RPA. Both are independent of NexGen and “qualified persons” for the purposes of NI 43-101.

Click here to view the full press release. 

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CBC News reported on the continued buzz around Tesla Motors (NASDAQ:TSLA) and the potential for the excitement around the company to drive interest in lithium, graphite and cobalt projects. Specifically, the report looked at lithium and cobalt projects in Canada’s north.

As quoted in the publication:

As pre-orders for Tesla’s latest electric car surpass 300,000 in a week, owners of N.W.T. lithium and cobalt projects — two elements found in Tesla’s batteries — say their time has come.

Getting these projects off the drawing board would mark an increasingly rare mining good-news story for the territory. But there are unique challenges ahead.

Click here for the full article.

 

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Reuters reported that Chevron (NYSE:CVX) has put its gas stakes in Myanmar up for sale. This could represent the largest transaction involving Myanmar’s gas assets.

As quoted in the publication:

The sale is part of Chevron’s efforts to preserve cash and retreat from non-core assets in the wake of sliding oil prices. It is also seen as setting the tone for deals in a country that investors hope will see continued reforms after a historic election win by Aung San Suu Kyi’s National League for Democracy last year.

The sources said suitors could number about half a dozen and would likely include Thailand’s PTT Exploration, Australia’s Woodside Petroleum and Production, Japanese trading houses and Chinese companies.

Click here for the full article.

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Orocobre (TSX:ORL,ASX:ORE) provided an update on the ramp up of production at its Olaroz lithium facility in Argentina. The company produced 2,332 tonnes of lithium carbonate for Q1, in line with its ~2,400 tonne production target, and is now targeting 3,000 tonnes of production for Q2.

As quoted in the press release:

• Production ramp up continues with production of 2,332 tonnes of lithium carbonate during the quarter versus a target of ~2,400 tonnes (97% achieved). This is an increase of 1,224 tonnes over the previous quarter. Operating cash cost breakeven was achieved, and debottlenecking program completed, in January.
• Commercial dispatches of high purity, “battery grade” product made to first battery market customers in Q1 with additional customers scheduled for delivery in Q2. • Production forecast for Q2 is approximately 3000 tonnes.
• Q2 lithium carbonate price expected to be over US$7,500/tonne FOB1 with further increases expected as we move further into CY2016. ( 1 Net of agency fees, international freight and insurance)
• Studies for the expansion of Olaroz Stage 2 will commence in Q2 with a scope of 17,500 tpa additional LCE at an estimated CAPEX of ~US$140m.
• Draft report of the first stage of the evaluation of the Bateman Advanced Technologies (BAT) LiSXTM process is expected at the end of April.
• Competitiveness improved by devaluation of the AR$ and removal of export duties on lithium carbonate.

Click here for the full press release.

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Ashburton Ventures (TSXV:ABR) announced it has signed an agreement to acquire the Whabouchi South property bordering Nemaska Lithium Inc. (TSXV:NMX,OTCQX:NMKEF) Whabouchi project. The property is comprised of one block of eleven mineral licenses located to the south of Nemaska Lithium. The property is also on geological strike with Nemaska’s Whabouchi mine, the viability of which was supported in NMX’s feasibility report released April 4, 2016. The property is less than 1.2 km south of Nemaska’s planned mine site, shown to hold the world’s second largest and richest deposit of spodumene – the source of lithium – in the world, with 27,000,000 tonnes of proven and probable resources, with an estimated mine life span of 26 years.

Ashburton Ventures CEO, Michael England, stated:

We are excited to have come to terms with the vendors on this key ground staked in September 2015, especially given the intense staking now taking place in the vicinity of Nemaska’s Whabouchi deposit. There is very little bedrock exposure in the area, and we are along the mine’s geological structure, so the prospects of a lithium discovery on our new property, using modern exploration techniques, are excellent. We look forward to getting boots on the ground as soon as possible. We are now close to the beginning of the field season, so the timing of this acquisition is perfect.

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Macarthur Minerals (TSXV:MMS) announced the appointment of Emeritus Professor Ken Collerson PhD, FAusIMM to its newly formed Lithium Advisory Board to support development of the Company’s hard rock lithium projects in Australia. The Lithium Advisory Board will provide technical advice the Company’s board for the development of its lithium projects.

As quoted in the press release:

Ken has more than 40 years’ experience as a geoscientist and as a certified professional (QP). Ken will provide a significant depth of knowledge and breadth of lithium experience to the Company that is unsurpassed.

Ken is a world leading authority on the geology and geochemistry of strategic metal mineralization including lithium. He has significant experience with LCT (lithium-cesium-tantalum) spodumene-bearing pegmatites and has worked extensively in the Pilbara region where the Company’s acreage is located in Western Australia. Most recently Ken worked on a hard rock lithium project in the Jarkvissle area of Sweden. Ken believes that the Company’s acreage in the Pilbara region of Western Australia is highly prospective for lithium.

Ken has a PhD from the University of Adelaide and is an internationally recognized thought leader in the geosciences. He has published extensively and his work is highly cited.

His prestigious career as an academic was forged at Memorial University of Newfoundland, the Australian National University (Research School of Earth Sciences) and University of Regina in Saskatchewan. Ken was a Professor at the University of California, Santa Cruz and served as Head of Earth Sciences at the University of Queensland from 1992 to 1999. He was also the administrative and scientific Director of a world-class isotope and trace element analytical facility that he established until 2004.

As an Emeritus Professor at the University of Queensland, Ken maintains an active association with the University and has access to significant scientific literature and technical databases. His ability to “mine data” is invaluable for targeting exploration opportunities.

Upon “retirement” from his impressive academic career, Ken has transitioned seamlessly into the commercial world. As a Principal Consultant with Salva Resources, HDR Salva and as a private consultant he has provided high-level technical advice for explorers in Australia, Fiji, Sweden, Malaysia, Kenya and Brazil.

Connect with Macarthur Minerals (TSXV:MMS)  to receive an Investor Presentation.

The post Macarthur Minerals Appoints Emeritus Professor Ken Collerson PhD, FAusIMM to Lithium Advisory Board appeared first on Investing News Network.

MGX Minerals (CSE:XMG) announced that it intends to complete a non-brokered private placement for up to 5,000,000 Units at a price of CAD$0.10 per Unit for gross proceeds of CAD$500,000. Each Unit will be comprised of one common share and one common share purchase warrant. Each warrant is exercisable into one common share at a price of CAD$0.15 for a period of two years from the closing date of the Private Placement.

Proceeds from the Private Placement will be used for lithium exploration and development, Private Placement expenses, maintenance of MGX’s assets, payment of liabilities, and general working capital requirements.

Connect with MGX Minerals (CSE:XMG) to receive an Investor Presentation.

The post MGX Minerals Announces $500,000 Strategic Private Placement for Alberta Lithium Development Financing appeared first on Investing News Network.

It was another strong week for the S&P/TSX Venture Composite Index (INDEXTSI:JX) last week, with the exchange rising 4.95 percent to close at 633.84 points.

Several resource stocks were on the rise as well. This week’s top gainers included:

• Encanto Potash (TSXV:EPO)
• International Lithium (TSXV:ILC)
• Lithium X (TSXV:LIX)
• Renaissance Gold (TSXV:REN)
• Santacruz Silver (TSXV:SCZ)

Here’s a closer look at those companies:

[tex_ad]

Encanto Potash

Encanto Potash gained 100 percent to reach $0.13 last week following news that the company had signed an expanded memorandum of understanding (MOU) with Metals and Minerals Trading Company of India (MMTC) regarding a potash offtake agreement. Terms for the offtake have been expanded to 2 million tonnes of annual supply from Encanto’s Muskowekwan potash project in Saskatchewan.

Furthermore, under the terms of the MOU, MMTC would act as Encanto’s exclusive worldwide distributor of potash.

International Lithium

Shares of International Lithium rose 72.41 percent over the last week to hit $0.25. On Monday, the company announced that it had recently commenced a 1,750 meter diamond drill program at its Avalonia lithium project in Ireland. Development of the project is being fully funded by International Lithium’s partner, China based Ganfeng Lithium.

Lithium X

Headed by Paul Matysek and Brain Paes-Braga, Lithium X is focused on developing its Sal del los Angeles project in Argentina, and is also exploring a large land package in Clayton Valley, Nevada. The company received a permit for its drill program at Clayton Valley on March 23 and began trading on the OTCQB Venture in the US on March 29.

However, there was no other news from the company to explain last week’s price rise. Lithium X rose 66.45 percent last week to finish at $2.53 per share.

Renaissance Gold

Renaissance Gold is a gold and silver focused exploration company with properties in Nevada and Utah. On February 26, Renaissance provided an update on its exploration properties, announcing that it would sell the Trinity silver property to Liberty Silver for US$1 million. The company also released its second quarter results on February 29.

There has been no new news from the company to explain last week’s rise in share price. Shares of Renaissance Gold gained 53.33 percent last week to hit $0.345.

Santacruz Silver

Finally, Santacruz was up 58.93 percent last week to $0.445 per share. The company released its Q1 2016 production results last week, reporting that its Rosario mine had produced 290,569 silver equivalent ounces, up 8.3 percent from the fourth quarter of 2015. Santacruz also reported that commissioning of its Veta Grande mill is progressing well, with the mill finishing the first quarter at an average throughput of 330 tonnes per day.

“Management is pleased with the performance of both operations in the first quarter of 2016,” stated Arturo Préstamo, CEO of Santacruz, in last Thursday’s release. “The Rosario Mine has now reached Level 4 and we are confirming a strong vein system, which together with improved mining methods has resulted in less dilution yielding improved head-grades at Rosario. At the Veta Grande Mine we are seeing significant progress both in terms of the milled tonnes and mine development, which will set us up very well for the second quarter.”

 

Data for 5 Top TSXV Stocks articles is retrieved each Friday after market close using The Globe and Mail’s market data filter. Only companies with a market capitalization greater than $10 million prior to the week’s gains are included. Companies within the mining and precious metals sectors are considered.

Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article.

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The post 5 Top TSXV Stocks: Encanto Gains 100 Percent on Offtake MOU appeared first on Investing News Network.

Last Friday, the S&P/TSX Composite index (INDEXTSI:OSPTX) fell 0.23 percent, or 31.09 points, to close at 13,637.2 points.

For the week as a whole, the index gained 1.8 percent, and according to The Globe and Mail, it’s risen 15 percent since hitting a 2013 low in January. The index’s recovery has largely been driven by a Q1 rebound in commodities producers, and many resource-focused stocks continue to do well.

Last week’s top TSX-listed mining stocks were: 

• Golden Star Resources (TSX:GSC,NYSEMKT:GSS)
• International Tower Hill Mines (TSX:ITH,NYSEMKT:THM)
• UEX (TSX:UEX)
• Corvus Gold (TSX:KOR,OTCQX:CORVF)
• Mega Uranium (TSX:MGA)

Here’s a look at what moved the share prices of those companies last week.

Golden Star Resources

As mentioned, Golden Star Resources was the biggest gainer on TSX last week, rising 40.63 percent to end at $0.90. The company is an established gold miner with two mines in Ghana’s Ashanti gold belt; both mines are open-pit operations that are currently being expanded into underground mines.

Golden Star’s share price rise came after it released its Q1 2016 operational results last Wednesday. The company “exceeded expectations” with output of about 53,000 ounces of gold. That breaks down into 22,000 ounces from the Prestea mine and 31,000 ounces from the Wassa mine.

International Tower Hill Mines

International Tower Hill Mines is focused on the development of its Alaska-based Livengood gold project, which has a NI 43-101 compliant gold resource of 15.7 million ounces (807 MT at 0.61 g/t) measured and indicated, and 4.4 million ounces (266 MT at 0.52 g/t) inferred, all at a cut off of 0.3 g/t.

The company’s share price rose 39.78 percent last week to reach $0.65. During the period it filed its audited year-end financial statements and associated management discussion and analysis, but did not release any other news.

UEX

Last week, UEX rose 35 percent to close at $0.27 after it announced the results of the first three drill holes completed at the Christie Lake project. The company is currently completing a $2.75-million drill program at Christie Lake, and states that hole CB-92 was of particular interest — it intersected high-grade uranium mineralization averaging 4.27 percent eU3O8 over 10.2 meters.

UEX has a 10-percent stake in Christie Lake, as well as an option to earn up to a 70-percent stake in the project. In total, the company is involved in 16 uranium projects, including four that it wholly owns.

Corvus Gold

Corvus Gold’s share price rose 26.87 percent last week to end at $0.85.

The company’s main focus is its Nevada-based North Bullfrog project, and last week it began a Phase 1 drill program there. The 5,000-meter program will focus on expanding the high-grade NW Sierra Blanca target and on follow-up drilling at the Lower Savage target and the West Jolly Jane fault. A preliminary economic assessment was completed for North Bullfrog last year.

Mega Uranium

Finally, Mega Uranium’s share price rose 25 percent last week to finish at $0.18. The company is focused on uranium projects in Australia and Canada, and last week did not release any news. Most recently, on March 31, it released the results of its annual and special shareholder meeting.

 

Data for 5 Top TSX Stocks articles is retrieved each Friday after market close using The Globe and Mail’s market data filter. Only companies with a market capitalization greater than $50 million prior to the week’s gains are included. Companies within the mining and precious metals sectors are considered.

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: Corvus Gold is a client of the Investing News Network. This article is not paid-for content. 

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The post 5 Top TSX Stocks: Golden Star Up 40.63 Percent on Q1 Results appeared first on Investing News Network.

Gold prices broke their winning streak this week, dropping roughly 1.79 percent to hit $1,234.70 per ounce as of 12:39 p.m. EST. The yellow metal hit its best quarter in decades two weeks ago and performed well last week as well.

Despite an overall drop this week, gold prices took back some ground on Friday on the back of a weaker US dollar, according to the Wall Street Journal. Gold is priced in US dollars, and thus becomes cheaper for foreign buyers when the US dollar is lower.

Bargain hunting may have played a role as well, since, as Jim Wyckoff of Kitco Markets stated in a note to clients, gold prices saw their biggest two-day decline in two months. This is a “bargain-hunting bounce from the strong selling pressure seen the past two days,” he was quoted as stating in the Journal.

For its part, the silver price continued to rise last week, gaining 2.45 percent to trade around $16.45 per ounce by Friday. According to DailyFX, the fact that silver has started to outpace gold is good news for the precious metals complex, but could be bad news for the US dollar.

On the base metals side, copper prices saw a significant jump on news that China’s copper imports had hit a record high in March. Prices for the red metal rose 3.27 percent this week to $2.18 per pound.

According to Reuters, imports of copper into China rose to 570,000 tonnes in the month of March, up 35.7 percent over February and up 39 percent year-on-year. Still, traders within China warned that domestic demand growth is still slowing.

Zhou Jie, a trade manager at China International Futures in Shanghai, told the news agency that imports were boosted by favorable price differentials between Chinese prices and LME copper prices.

Finally, oil prices saw another slide this week on fresh doubts that the world’s major oil producers would work to put a damper on oversupply. As per Reuters, the world’s top oil exporters will meet in Doha this Sunday to look at freezing output levels.

“Unless there’s a total surprise, the likelihood is that the Doha meeting on Sunday between OPEC/non OPEC will produce something very wishy washy and will be nothing more than smoke and mirrors,” one trader told the news agency. “I therefore want to sell crude today.”

Brent crude futures were down $1.02 at $42.82 by 11:26 a.m. EST, while US crude was down $1.17, trading at $40.33.

Don’t forget to follow us @INN_Resource for real-time news updates.

 

Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article. 

Related reading: 

Weekly Round-Up: Copper Posts Worst Weekly Loss Since January

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The post Weekly Round-Up: Copper Rises on Record China Imports appeared first on Investing News Network.

Alix Resources Corp. (TSXV:AIX) announced it has acquired the Fish Lake lithium-brine property located about 250 kilometres south-southeast of Reno, Nev., from arm’s-length vendors.

As quoted in the press release:

The Fish Lake lithium property comprises 12 unpatented placer claims located south of, and adjacent to, Menika Mining Ltd.’s property in Fish Lake Valley, Esmeralda county, Nevada. The property has excellent access and logistics, with all-weather gravel roads from highways 264 and 265. The village of Dyer is approximately 20 km to the south and the town of Tonopah, the nearest full-service centre, is approximately 75 km to the east.

The Fish Lake property is located approximately 33 km northwest of the Silver Peak lithium mine in the Clayton Valley, owned and operated by Albemarle Corp., which has produced lithium minerals from brines continuously since 1966. The Fish Lake Valley has the potential to host lithium brines similar to Clayton Valley, sourced from lithium enriched Tertiary rhyolitic tuffs or ash flow tuffs accumulated in a basinal environment.

The Fish Lake Valley is a high-elevation basin with low precipitation, with elevations of 1,200 metres, compared with elevation of about 400 m for Clayton Valley. Other companies actively exploring in the Fish Valley include Menika Mining (in a joint venture with Lithium Corp.) and Nevada Sunrise Ltd., on its Atlantis lithium property.

Alix Resources President and CEO, Michael England, stated:

With the addition of two lithium projects recently, the Jackpot property in Ontario and the Fish Lake property in Nevada, Alix has taken great strides in expanding its lithium portfolio. We are pleased to be advised and assisted by Aurora Geosciences Ltd. in the advancement of the Fish Lake property. Alix now has lithium projects in Mexico, the United States and Canada, and will continue to seek and, if warranted, acquire quality lithium assets for its growing portfolio.

The post Alix Resources Acquires Fish Lake Lithium Property in Nevada appeared first on Investing News Network.

Eureka Resources (TSXV:EUK) announced today that it is extending the closing of its financing previously announced on March 7, 2016. The proceeds from private placement will be used for exploration of the Company’s properties and working capital.

Connect with Eureka Resources (TSXV:EUK) to receive an Investor Presentation.

The post Eureka Resources Extends Closing of $400,000 Financing appeared first on Investing News Network.

Energy Fuels Inc. (TSX:EFR,NYSEMKT:UUUU) announce the appointment of Mark Chalmers as Chief Operating Officer.  Mr. Chalmers will join the Energy Fuels management team in July 2016 and oversee all of the Company’s conventional and in situ (“ISR”) uranium production operations.

As quoted in the press release:

Mr. Chalmers brings an extensive background in both the U.S. and global uranium mining and processing industries to Energy Fuels.  From 2011 to 2015, Mr. Chalmers served as Executive General Manager of Production for Paladin Energy Ltd., a uranium producer with assets in Australia and Africa, including the Langer Heinrich and Kayelekera mines, where he oversaw sustained, significant increases in production while reducing operating costs.  He also possesses extensive experience in ISR uranium production, including management of the Beverley Uranium Mine owned by General Atomics (Australia), and the Highland mine owned by Cameco Corporation (USA).  Mr. Chalmers has also consulted to several of the largest players in the uranium supply sector, including BHP Billiton, Rio Tinto, and Marubeni, and currently serves as the Chair of the Australian Uranium Council, a position he has held since 2007.

Mr. Chalmers represents a valuable addition to the Company’s management team and an important element in the Company’s overall management continuity and succession planning strategy.

Energy Fuels President and CEO, Stephen P. Antony, stated:

As a recognized leader in the global uranium industry, Mark has played major roles in developing and operating several successful mining operations throughout his career He is a recognized spokesperson for the uranium and nuclear energy industries, who has created shareholder value in both the conventional and ISR uranium mining sectors, and he is one of the few individuals who has extensive experience in both extraction methods.  In today’s competitive uranium market, it is vitally important to lower costs of production, create synergies, and build new sources of revenue wherever possible.  We are very fortunate to add him to our already outstanding management team.

Connect with Energy Fuels Inc. (TSX:EFR,NYSEMKT:UUUU) to receive an Investor Presentation.

The post Energy Fuels Announces the Appointment of Mark Chalmers as Chief Operating Officer appeared first on Investing News Network.

Nevada Energy Metals (TSXV:BFF) (OTC Pink:SSLMF) announced the appointment of Mr. James Hellwarth to the Nevada Energy Metals Advisory Board.

As quoted in the press release:

Mr. Hellwarth of Orlando Florida is currently a managing partner a Xander Capital where he has been instrumental in establishing and developing relationships with high net worth individuals and organizations. Mr. Hellwarth has been involved in business development and strategy of small cap companies for over 11 years. He has helped raise capital and create new opportunities for his clients.

Through his extensive network of colleagues and individuals, Mr. Hellwarth will be able to assist in potential capital raises necessary for moving the company forward.

Connect with Nevada Energy Metals (TSXV:BFF) (OTC Pink:SSLMF) to receive an Investor Presentation.

The post Nevada Energy Metals Appoints James Hellwarth To Advisory Board appeared first on Investing News Network.

Sienna Resources Inc. (TSXV:SIE) announced that is has acquired the “Esmeralda Project” which is prospective for lithium.

As quoted in the press release:

This new prospect borders Lithium X Energy Corp. (TSXV: LIX). The Clayton Valley hosts Albemarle’s (ALB-NYSE) Silver Peak mine which is the only operating brine based lithium mine in North America. The Clayton Valley is one of the few locations on earth to contain commercial-grade lithium-enriched brine and recently Pure Energy Minerals Limited (TSXV: PE) signed a supply agreement with Tesla Motors Inc. (NASDAQ: TSLA) to potentially supply lithium hydroxide from its Clayton Valley deposit. Management is currently formulating plans to commence operations on this new prospect.

Sienna Resources President, Jason Gigliotti, stated:

Lithium is one of the most exciting arenas in mining today. It is a cross over element as it is not only understood by the established mining community, but also by millennials primarily due to the popularity of Tesla, therefore making lithium exploration appealing to a wide array of investors. This new prospect directly borders Lithium X Energy Corp and is in direct vicinity of Pure Energy Minerals Limited and Albemarle in the Clayton Valley which is the primary address for lithium brines in North America. We are planning to commence operations shortly and management has a renewed focus at a time we feel the junior market is in the early stages of significant recovery.

 

The post Sienna Resources Acquires “Esmeralda” Lithium Project in the Clayton Valley of Nevada appeared first on Investing News Network.

Motor Trend got car and tech enthusiasts excited on Wednesday when it started teasing that it had an exclusive story on Apple’s (NASDAQ:AAPL) mysterious car.

However, that excitement quickly turned to scorn when the story was released Thursday. Those expecting an interesting scoop on the project, which is code named “Project Titan,” were sorely disappointed when instead of actual news they got a thinkpiece on what a car from Apple might look like.

As Chris Ziegler of The Verge states in one of the kinder stories on the Motor Trends report, “there isn’t a modicum of actual information about Apple’s plans.”

The headlines surrounding the Apple car show exactly how unimpressed people are. For instance, Slate published an article titled “If the Apple Car Looks Anything Like This, Apple is in Trouble,” while automobile news and gossip site Jalopnik published one called “Motor Trend’s Fake Apple Car is Extraordinarily Dumb and Dishonest.” Meanwhile, over at Seeking Alpha, Mark Hibben titled his article “Apple Car: Let’s Hope Motor Trend is Wrong.”

Twitter (NASDAQ:TWTR) users been even more scathing about the piece:

$5 says Motor Trend’s visualizations of Apple’s car are on par w/pre-2007 iPhone renderings. https://t.co/4RcUn8C9fW pic.twitter.com/8x8hmimAVQ

— Harry McCracken (@harrymccracken) April 14, 2016

Motor Trend’s speculative Apple Car rendering is just embarrassing https://t.co/HaCvG5AFBW

— Christopher Mims (@mims) April 14, 2016

Motor Trend: We Gathered A Group Of Experts Together To Make The Worst Possible Apple Car: https://t.co/WKO6XhySPE pic.twitter.com/fF5TXfNO4f

— John Paczkowski (@JohnPaczkowski) April 14, 2016

Jokes aside, many people are now more curious than ever about the Apple car — in particular, some are wondering if it will require as much lithium, graphite and cobalt as Tesla Motors’ (NASDAQ:TSLA) cars will eventually need. To find out whether there’s anything that can be said for sure about the car, we scoured the internet to see what information is actually out there.

Unsurprisingly, there aren’t a lot of facts. With that in mind, here are a few interesting statements about the car that are probably true:

• The car might be autonomous and electric — Apple’s car may be able to drive itself, an anonymous source told Reuters last year. The source told the news outlet that Apple was in the process of “gathering advice on parts and production methods … adding that Apple appeared not to be interested in combustion engine technology or conventional manufacturing methods.”
• Apple has registered three car-related domains — The domains are are apple.car, apple.cars and apple.auto, states MacRumors. And while it’s uncertain as to whether they’re related to a car (the alternative is that they have something to do with CarPlay), they’ve definitely caused some excitement.
• Elon Musk believes in the Apple car — Despite all of the Apple car rumors, some people still don’t believe the company is actually making one. But would you believe it if Tesla’s Elon Musk said it was true? According to the BBC, he’s described Apple’s car as an “open secret,” and has quipped, “[i]t’s pretty hard to hide something if you hire over a thousand engineers to do it.”

For more speculation on the Apple car, check out this article from Tech Times, and be sure to check back here for updates.

Don’t forget to follow us @INN_Lithium for more updates!

 

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

Related reading: 

Tesla’s Model 3: What Does it Mean for Lithium Investors? 

The post The Apple Car: What We Know appeared first on Investing News Network.

NexGen Energy (TSXV:NXE) announced on Thursday that it had discovered a potential new zone of high-grade uranium mineralization at its Rook 1 property in Saskatchewan’s Athabasca Basin. 

The news is based on preliminary results from a single hole in an untested area of the property, but NexGen stated that the hole “represents the strongest uranium intercept in the A1 shear zone to date,” and analysts are already pegging the news as another game changer for the company.

Results from hole AR-16-84c1 included an intercept of 8.35 meters of off-scale mineralization within the A1 shear. NexGen also reported substantial intersections of off-scale radioactivity within the A2 high-grade domain, including 39.5 meters of total composite mineralization.

““The importance of this discovery of high grade mineralization within the A1 shear is clearly evident. Drill hole AR-16-84c1 has encountered the strongest and widest mineralization in the A1 shear to date,” said Garrett Ainsworth, vice president of exploration and development at NexGen, in a statement.

“The high grade intercept in hole -84c1 is within a large untested area of the A1 shear that now has potential to host another high grade sub-zone,” he explained. “Hole -84c1 has also infilled and confirmed the high grade, continuous and sub-vertical nature of the A2 high grade domain.”

To be sure, Rob Chang of Cantor Fitzgerald agreed that the results were significant. “Today’s new release from NexGen announces the discovery of a high grade intercept that could lead to the identification of a second high grade zone similar to the one at A2,” he said in an emailed statement. “If this turns out to be the case, Arrow will move that much closer to being at the same level as McArthur River and Cigar Lake.”

David Sadowski of Raymond James also sees further potential for the A1 shear zone to host A2-like high-grade mineralization, stating that the hole was “yet another game-changer for the company.”

“We believe this raises the target for total contained metal possibilities,” he added.

Analysts see further upside for NexGen

Certainly, uranium investors might be wondering whether now is the time to get into NexGen. Shares of the company have already gained an impressive 276 percent since the start of 2016 and are up 401 percent over the past year. However, both Chang and Sadowski believe the stock has further upside potential.

“We believe momentum is likely to continue on the stock as Arrow increasingly appears to be a one-in-a-cycle discovery,” Sadowski said, giving NexGen a ‘strong buy’ rating and a C$3.50 target price (NexGen is currently trading at C$2.71).

While admitted that it’s easy to be cautious on NexGen’s share price from a technical perspective given the price jump this year, he noted that NexGen is still sitting at roughly 25 percent of Hathor Exploration’s 2012 takeout value. Hathor, which discovered the Roughrider uranium deposit in Saskatchewan, was acquired by Rio Tinto (NYSE:RIO,LSE:RIO) in 2012 for US$642 million.

Furthermore, Raymond James’s analysis suggests that someone could acquire NexGen at a 265 percent premium to the company’s current share price, build the Arrow project, and still make for an accretive deal at a US$70 uranium price. At $44 per pound for uranium, the firm still believes a 44 percent premium is justified.

In another note released earlier this month, Sadowski made the case for NexGen as a possible acquisition target for Cameco (TSX:CCO,NYSE:CCJ) in order for the producer to reduce the technical risk of its production pipeline.

Rob Chang stated that NexGen remains Cantor’s top pick with a ‘buy’ rating and a C$4.30 target price.

What’s next?

Of course, NexGen still has plenty of work to do in terms of further exploring this new potential zone. The company will continue drilling northwest azimuth scissor holes into the A2 and A1 zone as part of its 7,500 meter spring break-up drilling program, and investors will no doubt be watching closely for further results.

Beyond that, NexGen also stated that it remains on track to release an updated resource estimate for the Arrow deposit in the second half of this year.

As mentioned, NexGen is currently trading at C$2.71. Shares of the company gained just under 12 percent on Thursday’s news.

Don’t forget to follow us @INN_Resource for real-time news updates.

 

Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article.

The post NexGen Energy Makes Another Game Changing Discovery appeared first on Investing News Network.

Ultra Lithium (TSXV:ULI) has received its notice-of-intent exploration work permit from the Bureau of Land Management (BLM) to conduct Phase 1 exploratory drilling at its South Big Smoky Valley project in Nevada.

As quoted in the press release:

The purpose of this drill program is to test two of the several potential brine lithium targets identified in the Controlled Source Audio-Frequency Magneto-telluric (CSAMT) ground geophysical survey data interpretation report received in December 2015 (see Company’s press release dated March 07, 2016). The Company’s 2015 shallow subsurface sampling program also confirmed presence of anomalous lithium values in sediments (see March 14, 2016 press release).

The drilling is anticipated to commence in the fourth week of April 2016.

Dr. Weiguo Lang, CEO of Ultra, stated that, “We are very pleased to contract the drilling work to Harris Exploration, who is an experienced driller for brine lithium exploration at the Clayton Valley. The Company plans to continue exploration work at the South Big Smoky Valley brine lithium project based on the progress of Phase 1 exploratory drilling, which will test only two of the several potential brine lithium targets. The recent boom in lithium prices has been driven by new upcoming lithium-ion battery plants in North America and around the world. Our Company is progressing well to potentially become part of the lithium supply chain and add shareholder value”.

The Company is also pleased to announce that it has staked and registered 115 new placer claims in the south Big Smoky area.

Click here for the full press release.

The post Ultra Lithium Gets Permit, Signs Contract for Drilling at South Big Smoky Valley appeared first on Investing News Network.

Pure Energy Minerals (TSXV:PE) has recommenced drilling at its Clayton Valley lithium brine project in Nevada. The company also provided an update on brine chemistry for its mini-pilot plant.

As quoted in the press release:

This will be the first core drilling conducted in the northern resource area; and CV-3 will serve dual purpose as a monitoring well for upcoming pump tests and as a deeper exploration well. In addition, the recovered drill core will provide geological and porosity information on the northern resource area. Once the new well is developed and drilling muds dispersed, geophysical logs will help characterize the aquifers for sampling. Field crews will generate analytical results using proprietary aquifer-specific sampling methods developed during two previous phases of drilling. The chemical data from the new well along with its hydrogeology will contribute to the upcoming resource updates and PEA planned for summer 2016.

Brine Chemistry for Mini-Pilot Plant
In preparation for the forthcoming Mini-Pilot Plant test work, the Company applied its new sampling techniques to previously drilled wells on the CVS Project. The success of the recent sampling program has resulted in higher sample density in the northern resource area. The technical team selected brine from two different aquifers in CV-1 as the initial brine chemistry for the process trials with Tenova Bateman Technologies (“Tenova”) in Katzrin, Israel. The Tenova team has begun ordering consumables and other supplies to support the work and expect to begin the test work on or about May 1^st.

The brine from the upper two aquifers in CV-1 averaged 209 mg/L lithium, the sixteen individual samples ranging between 120 and 230 mg/L lithium. The magnesium content in the northern resource area is also proving to be quite low. Low magnesium content is beneficial when processing brines for lithium recovery. The average magnesium to lithium ratio for these aquifers is 1.96 to 1, having a range between 1.85 and 2.05. The lithium grades encountered in recent sampling are consistent with sampling from the northern resource area cited in the CVS mineral resource estimate from July 2015. Furthermore, the magnesium to lithium ratio is among the lowest of any lithium brine deposit in the world.

Patrick Highsmith, Pure Energy Minerals CEO, commented “We are excited to be back in the field drilling and simultaneously ramping up the process engineering and test work. We have expanded the technical team to include chemical engineers and new hydrogeologists. The progress we are making now is a direct tribute to the persistence and creativity of the field crews and the engineers behind the scenes. We are focused on growing and improving our brine resource, while at the same time demonstrating the value of its favorable chemistry with the upcoming Mini-Pilot Plant work.”

The recent sampling work consisted of 16 separate brine samples recovered from a range of target depths in CV-1, plus quality control samples including: duplicates, blanks and spiked samples. The well was constructed to facilitate fluid flow from and sampling of an upper thinner aquifer and a deeper thicker fluid bearing sequence. The sampling crews collected 3 brine samples at depths between 168 and 178 metres below surface (550 to 585 ft) in an upper aquifer, interpreted to be the Main Ash Aquifer (MAA). The Company also collected 13 samples from a lower aquifer sequence between 189 and 244 metres below surface (620 to 800 ft). This lower unit is interpreted to be the Lower Aquifer System (LAS).

The brine chemistry is relatively consistent between the upper and lower aquifer systems. The upper aquifer appears to exhibit some mixing with brackish water but averages 163 mg/L lithium and has an average magnesium to lithium ratio of 2.0 to 1. The lower aquifer system is very consistent, averaging 219 mg/L lithium and a magnesium to lithium ratio of 1.95 to 1. Since future pumping is likely to produce a blended brine from both of these units, the average bulk chemistry has been transmitted to the Tenova facility in Israel. The engineers and technicians at Tenova will prepare a synthetic brine to match the Clayton Valley chemistry for the Mini-Pilot Plant test work.

The proposed lithium recovery process that will be tested in the Mini-Pilot Plant consists of three distinct phases:

LiP™ – Physical removal of alkaline earth elements using membranes;

LiSX™ – Recovery of lithium into concentrated high-purity lithium sulfate solution utilizing proven solvent extraction process; and,

LiEL™ – conversion of the lithium sulfate solution into a concentrated high-purity lithium hydroxide solution, using electrolysis, and subsequent crystallization into high-purity battery grade lithium hydroxide.

Click here for the full press release.

The post Pure Energy Minerals Begins Next Phase of Drilling at Clayton Valley appeared first on Investing News Network.

VANCOUVER, April 14, 2016 /CNW/ – NexGen Energy Ltd. (“NexGen” or the “Company“) (TSXV:NXE, OTCQX:NXGEF) is pleased to announce a new discovery of high grade mineralization at the Arrow deposit from our on-going winter-spring drilling program on our 100% owned Rook I Property, Athabasca Basin, Saskatchewan.

Drill hole AR-16-84c1 represents the strongest uranium intercept in the A1 shear zone to date in an area that is untested.  Hole -84c1 was angled as a scissor hole with an azimuth to the northwest which drilled through the A2 High Grade Domain, and into the A1 shear zone (Figures 1, 2, and 3).  This hole intersected substantial accumulations of semi-massive pitchblende including 8.35 m of off-scale mineralization (>10,000 to 48,000 cps) within the A1 shear.

Additionally, hole -84c1 also intersected substantial off-scale radioactivity (from >10,000 to >61,000 cps) within the A2 High Grade Domain (Figures 1 and 3).  Hole -84c1 intersected 6.45 m of off-scale mineralization within 39.5 m of total composite mineralization confirming the continuity and high grade nature of the A2 High Grade Domain.

One drill rig will continue to drill northwest azimuth scissor holes into the A2 and A1 high grade zones throughout the recently announced 7,500 m spring break-up drilling season (see news release dated April 4, 2016).

Highlights:

A1 Shear:

• AR-16-84c1 (65 m up-dip and southwest from AR-15-34b) intersected 55.0 m of total composite mineralization including 8.35 m of total composite off-scale radioactivity (>10,000 – 48,000 cps) within a 136.0 m section (602.5 to 738.5 m), which represents the strongest mineralization ever encountered within the A1 shear zone.

A2 Shear:

• AR-16-84c1 (scissor hole to AR-15-49c2) intersected 39.5 m of total composite mineralization including 6.45 m of total composite off-scale radioactivity (10,000 – >61,000 cps) within a 108.0 m section (472.5 to 580.5 m) in the A2 high grade domain.

Arrow, Activities & Financial

• The land-based and basement hosted Arrow zone currently covers an area of 865 m by 280 m with a vertical extent of mineralization commencing from 100 m to 920 m, and remains open in all directions and at depth.
• The winter 2016 six drill rig program comprising 30,000 m of drilling is currently transitioning to our spring 2016 three drill rig program comprising 7,500 m of drilling.
• The Company remains on track for release of an updated NI 43-101 resource estimate on the Arrow deposit due in the second half of 2016
• The Company has cash on hand of $33M.

A drill hole location map, a cross section of drill hole AR-16-84c1 and A1 long section are shown in Figures 1 to 3. Table 2 has a summary of the mineralized intervals.

Garrett Ainsworth, Vice-President, Exploration and Development, commented: “The importance of this discovery of high grade mineralization within the A1 shear is clearly evident.  Drill hole AR-16-84c1 has encountered the strongest and widest mineralization in the A1 shear to date.  This high grade mineralization is characterized by semi-massive pitchblende and redox fronts with abundant pitchblende, and is what we see associated with the most intense alteration observed out of any of the Arrow deposit shear zones (the A1 to A4 shears).  The high grade intercept in hole -84c1 is within a large untested area of the A1 shear that now has potential to host another high grade sub-zone.  Hole -84c1 has also infilled and confirmed the high grade, continuous and sub-vertical nature of the A2 high grade domain.

Leigh Curyer, Chief Executive Officer commented: “This winter program has been incredibly successful at Arrow.  Just as with past programs, Arrow keeps surprising.  Hitting 8.25 m of off-scale mineralization within the A1 shear 65 m from the nearest hole in that zone is an example that Arrow itself has a considerable amount of drilling to complete before fully understanding its ultimate size.  The spring break-up program will target this area and others that have been under tested as well as further defining the 180 m southwest extension and the A2 High Grade Domain.”

 

Parameters:

• Maximum internal dilution 2.00 m downhole
• All depths and intervals are meters downhole
• “Anomalous” means >500 cps (counts per second) total count gamma readings by gamma scintillometer type RS-120
• “Off-scale” means >10,000 cps (counts per second) total count gamma readings by gamma scintillometer type RS-120
• Where “Min cps” is <500 cps, this refers to local low radiometric zones within the overall radioactive interval

Natural gamma radiation in drill core reported in this news release was measured in counts per second (cps) using a Radiation Solutions Inc. RS-120 gamma-ray scintillometer. The reader is cautioned that total count gamma readings may not be directly or uniformly related to uranium grades of the rock sample measured; they should be used only as a preliminary indication of the presence of radioactive minerals. All intersections are downhole. True thicknesses are yet to be determined.

Split core samples will be taken systematically, and intervals will be submitted to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) of Saskatoon for analysis. All samples sent to SRC will be analyzed using ICP-MS for trace elements on partial and total digestions, ICP-OES for major and minor elements on a total digestion, and fusion solution of boron by ICP-OES. Mineralized samples are analyzed for U₃O₈ by ICP-OES and select samples for gold by fire assay. Assay results will be released when received and after stringent internal QA/QC protocols are passed.

The technical information in this news release has been approved by Garrett Ainsworth, P.Geo., Vice President – Exploration & Development, a qualified person for the purposes of National Instrument 43- 101 – Standards of Disclosure for Mineral Projects. Mr. Ainsworth reviewed the data disclosed in this news release, including the sampling, analytical and test data underlying the information contained in this news release.

The mineral resource at the Arrow Deposit was completed by RPA Inc. and has an effective date of January 14, 2016. The mineral resource is reported at a cut-off grade of 0.25% U3O8. The cut-off is based on a long-term uranium price of USD$65/lb U3O8. The mineral resource is classified into the inferred category based on the CIM Definition Standards. For details regarding the geology and mineralization of the Arrow Deposit, the drilling, sampling and analytical procedures followed and the estimation methodology used in the preparation of the mineral resources, please refer to the Company’s Amended and Restated News Release dated March 3, 2016, which is available under the Company’s profile on the SEDAR website at www.sedar.com.

ARROW DEPOSIT DRILLING

AR-16-84c1

Hole AR-16-84c1 was a directional hole collared from surface at an angled orientation (-70°) to the northwest (328° Azimuth). It was designed as a scissor hole to both verify the thickness of sub-vertically dipping mineralization in the A2 shear and to test the A1 shear at depth. Directional drilling was initiated at 204 m. The A1 and A2 shears were intersected at inclinations of -62° and -64°, respectively.

The hole intersected bleached and desilicified Athabasca Group sandstones between 120.2 m and the unconformity at 127.0 m. Basement lithologies consisted largely of semipelitic gneiss to granofel, and relatively narrow intervals of pelitic gneiss, pegmatite, orthogneiss and mylonite (the A1 through A3 shears). The hole successfully intersected widespread mineralization in the A1, A2, and A3 shears that was associated with semi-massive to massive veins, stringers, worm-rock style, chemical solution fronts, blebs and flecks of pitchblende. For the entire drill hole, a total composite mineralization of 107.0 m including 14.8 m of off-scale radioactivity (>10,000 ->61,000 cps) was intersected within a 328.5m section (410.5 to 739.0 m). In the A1 shear, 55.0 m of composite mineralization was intersected including 8.35 m of off-scale radioactivity, and in the A2 shear 39.5 m of composite mineralization was intersected including 6.45 m of off-scale radioactivity. While in the A3 shear, 12.5 m of composite mineralization was intersected. The hole was terminated at 846.0 m. This drill hole represents the discovery of a new zone of mineralization in the A1 shear.

About NexGen

NexGen is a British Columbia corporation with a focus on the acquisition, exploration and development of Canadian uranium projects. NexGen has a highly experienced team of uranium industry professionals with a successful track record in the discovery of uranium deposits and in developing projects through discovery to production.

NexGen owns a portfolio of highly prospective uranium exploration assets in the Athabasca Basin, Saskatchewan, Canada, including a 100% interest in Rook I, location of the Arrow Discovery in February 2014. The Arrow Deposit’s maiden Inferred mineral resource estimate is 201.9 M lbs U₃O₈ contained in 3.48 M tonnes grading 2.63% U₃O₈.  Rook I also hosts the Bow Discovery which is 3.7 km along trend and northeast of Arrow and was made in March 2015.

The TSXV has neither approved nor disapproved the contents of this press release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information

This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation.  “Forward-looking information” includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, the proposed use of proceeds and planned exploration activities. Generally, but not always, forward-looking information and statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connation thereof.

Such forward-looking information and statements are based on numerous assumptions, including among others, that the results of planned exploration activities are as anticipated, the price of uranium, the anticipated cost of planned exploration activities, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms, and that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Company’s planned exploration activities will be available on reasonable terms and in a timely manner. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.

Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual events or results in future periods to differ materially from any projections of future events or results expressed or implied by such forward-looking information or statements, including, among others: negative operating cash flow and dependence on third party financing, uncertainty of additional financing, no known mineral reserves or resources, pending assay results may not be consistent with preliminary results, discretion in the use of proceeds, alternative sources of energy, aboriginal title and consultation issues, reliance on key management and other personnel, potential downturns in economic conditions, actual results of exploration activities being different than anticipated, changes in exploration programs based upon results, availability of third party contractors, availability of equipment and supplies, failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry, environmental risks, changes in laws and regulations, community relations and delays in obtaining governmental or other approvals.

Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.  The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.

SOURCE NexGen Energy Ltd.

Image with caption: “Figure 1: Arrow Drill Hole Locations (CNW Group/NexGen Energy Ltd.)”. Image available at: http://photos.newswire.ca/images/download/20160414_C8873_PHOTO_EN_665559.jpg

Image with caption: “Figure 2: Cross Section of AR-16-84c1 and Arrow Deposit Grade Shell Facing Southwest (CNW Group/NexGen Energy Ltd.)”. Image available at: http://photos.newswire.ca/images/download/20160414_C8873_PHOTO_EN_665561.jpg

Image with caption: “Figure 3: A1 Mineralized Shear Long Section (CNW Group/NexGen Energy Ltd.)”. Image available at: http://photos.newswire.ca/images/download/20160414_C8873_PHOTO_EN_665563.jpg

For further information: Leigh Curyer, Chief Executive Officer, NexGen Energy Ltd., +1 604 428 4112, lcuryer@nexgenenergy.ca, www.nexgenenergy.ca; Travis McPherson, Corporate Development Manager, NexGen Energy Ltd., +1 604 428 4112, tmcpherson@nexgenenergy.ca, http://www.nexgenenergy.ca

RELATED LINKS
www.nexgenenergy.ca

The post NexGen Discovers New High Grade Zone in the A1 Shear with 8.35 m of Off-Scale Mineralization appeared first on Investing News Network.

A recent article in investorintel.com highlighted Nevada Energy Metals (TSXV:BFF) and their acquisition and exploration of lithium brine projects in the world-class mining jurisdiction of Nevada.

As quoted in the article:

Nevada Energy Metals (TSXV: BFF | OTC: SSMLF) website includes two questions: “Why Nevada?” is one. The second is “Why Lithium?”. Well, we know the answer to the second. The first also, probably, but just in case you need to know, the answer is that Nevada, according to the company, is the US state that is “becoming a hub for manufacturing for energy storage, clean energy and greener transportation that could one day be as important as silicon”.

This is background to the announcement this week by Nevada Energy Metals that it has acquired 60 claims (covering 484 hectares) in Clayton Valley, located in Esmeralda Country, Nevada. This acquisition, known as the Clayton Valley BFF-1 Lithium Project, lies just 250 metres from Albermarle Corporation’s Silver Peak lithium mine and brine processing operations. Nevada Energy Metal’s new ground is also near that area where Pure Energy Minerals (TSXV: PE) has a 816,000 tonnes inferred resource of lithium carbonate equivalent.

Clayton Valley is one of the few locations globally known to contain commercial grade lithium-enriched brine. The aquifer system is host to those brines which are contained by the surrounding rock. Exploration will begin in the autumn/fall.

The company, answering the question “Why Nevada?”, says the state (being home to North America’s only brine-based producing lithium operation) is now (along with the gigafactory) being seen as a “lithium hub”, and likens the land grab going on there as similar to California’s gold rush.

Connect with Nevada Energy Metals (TSXV:BFF) to receive an Investor Presentation.

The post Nevada Energy Metals Locks in Ground at World’s Lithium Hub appeared first on Investing News Network.