Resource World Magazine

66 www.resourceworld.com F E B R U A R Y / M A R C H 2 0 2 0 Loranger property 28 km southeast of Cameco's Rabbit Lake mill, Athabasca Basin. Cameco Corp. [CCO-TSX; CCJ-NYSE] has a 50% interest in the Cigar Lake ura- nium mine, the world's highest grade uranium mine at 14.48% U 3 O 8 (Orano 37.1% interest, Japanese partners 7.9% and 5%). Since commissioning in 2014, the mine has produced 64.9 million pounds (100% basis). Commercial operations began in May 2015. Ore is processed at the McLean Lake mill, operated by Orano. McArthur River/Key Lake and Rabbit Lake operations are suspended. Cameco also has a 70% interest in the Millennium Project. CanAlaska Uranium Ltd. [CVV-TSX; CVVUF-OTCQB; DH7N-FSE] has made high-grade drill discoveries at the West McArthur Joint Venture uranium project where Cameco can earn a 60% interest. The latest West McArthur high-grade drill results include 6.8% U 3 O 8 over 0.70 metres within a broad 650 by 400-metre geo- chemical halo extending from bedrock to near-surface that provides strong support for continued drilling of the Grid 5 target zone in 2020. CanAlaska has a 100% interest in the Cree East uranium project in the southeast part of the Athabasca basin. CanAlaska has drilled a total of 34,638 metres in 91 drill holes at the property. Denison Mines Corp. [DML-TSX; DNN-NYSE] completed a successful 2019 in-situ recovery (ISR) field test program within the high-grade Phoenix uranium deposit at its 90%-owned Wheeler River uranium project in the Athabasca basin. The company has begun the next phase of ISR metallurgical laboratory testing for uranium recovery utilizing mineralized drill core recovered through the installa- tion of various test wells during the ISR field test program Wheeler River is the largest unde- veloped uranium project in the eastern portion of the Athabasca basin region with combined Indicated Resources of 132.1 million lbs U 3 O 8 (1,809,000 tonnes averag- ing 3.3% U 3 O 8 ), plus combined Inferred Resources of 3.0 million lbs U 3 O 8 (82,000 tonnes averaging 1.7% U 3 O 8 ). A positive PFS was completed for Wheeler River in late 2018, considering the potential economic merit of developing the Phoenix deposit as an ISR operation and the Gryphon deposit as a conventional underground mining operation. Denison's interests in the Athabasca basin also include a 22.5% ownership interest in the McClean Lake joint venture (MLJV), which includes several uranium deposits and the McClean Lake uranium mill, which is currently processing ore from the Cigar Lake Mine, plus a 25.17% inter- est in the Midwest and Midwest A deposits, and a 66.51% interest in the J Zone and Huskie deposits on the Waterbury Lake property. Each of Midwest, Midwest A, J zone and Huskie are located within 20 km of the McClean Lake mill. Eagle Plains Resources Ltd. [EPL- TSXV] has added to its portfolio a number of new projects exceeding 130,000 hect- ares targeting mainly gold and base-metals in Saskatchewan. The company recently inked a formal agreement whereby MAS Gold has purchased a 100% undivided interest in the 1,472-hectare North Lake claims about 50 km north of La Ronge. Eagle Plains also executed an option agreement for Canex Energy Corp., which recently changed its name to SKRR Exploration Inc. [SKRR-TSXV], to earn up to a 75% interest in the Olson property 100 km east of La Ronge by making cash payments, issuing shares and exploration expenditures in stages. The Olson property is prospective for orogenic gold and VMS mineralization and is situated in the Glennie Domain, host to Saskatchewan's largest orogenic gold deposit at SSR Mining's Seabee Mine. There are multiple mineralized showings on the Olson prospect with both surface expressions drill intercepts. • Olson showing: tested over ~250 metres of strike length with drilling and channel samples • Drilling highlights include 7.5 metres grading 2.07 g/t gold • Channel sampling highlights include 6.4 metres of 1.727 g/t gold • Kaldo showing: 600 metres SE of Olson Lake, drilling traced mineralization over 475 metres of strike length • Drilling highlights include 18.3 metres include 1.11 g/t gold and 8.5 metres of 2.82 g/t gold • Coincident geophysics with mineraliza- tion should help guide exploration New drill targets were identified in 2018 Sherman Dahl, President, told Resource World that a field program will start in June that will include prospecting, map- ping and sampling. It is expected this work will generate drill targets in addition to those already identified by earlier geo- physical programs. The field program will be followed by a $700,000 diamond drilling comprising 2,000 metres in four – six holes. Regarding the NEX reactivation and concurrent application for graduation to Tier 2 of the TSXV, the company com- pleted a non-brokered private placement of 5,714,896 units of the company at a price of $0.17 per unit for gross proceeds of $971,532. Dahl said that the management team has named this region as the Trans-Hudson Corridor. Fission Uranium Corp.'s [FCU-TSX; FCUUF- OTCQX] Patterson Lake South (PLS) in the Athabasca Basin is host to the Triple R deposit. The company recently filed a NI 43-101 technical report on the Triple R deposit that summarizes the Pre-Feasibility Study which outlines an underground-only mining scenario for PLS. Highlights include a substantial reduc- tion in CAPEX and construction time requirements, a minimized footprint, strong economics with a projected OPEX of just US $7.18/lb, an IRR (pre-tax) of 34% and an NPV (pre-tax) at 8% of $1.33B. Foran Mining Corp. [FOM-TSXV] reported increased resources for its 100%-owned McIlvenna Bay deposit in east-central Saskatchewan. Indicated Resources increased 65%, from 13.9 mil- lion tonnes (Mt) to 22.95Mt (compared to previous 2013 resource) grading 1.17% SASKATCHEWAN

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