Resource World Magazine

50 www.resourceworld.com A P R I L / M A Y 2 0 1 4 NAUTILUS MINERALS TERMINATES PAPUA NEW GUINEA AGREEMENT Nautilus Minerals Inc. [NUS-TSX; NUSMF-OTCQX] announces that contrary to the arbitrator's award of 2 October 2013, the Independent State of Papua New Guinea has not completed the purchase of its 30% interest in the Solwara 1 Project. In accordance with the State Equity Option Agreement signed by the parties in March 2011, Nautilus has terminated the Agreement and will now claim damages. Nautilus continues to seek an amicable resolution of the dispute with the State. The Solwara 1 Project envisages mining polymetallic massive sulphide deposits in the Bismark Sea territorial waters of Papua New Guinea where the company has delineated significant resources. FISSION URANIUM REPORTS ATHABASCA HIGH-GRADE Fission Uranium Corp. [FCU-TSXV; FCUUF-OTCQX; 2FU-FSE] released results from eight new holes at its PLS property in Saskatchewan's Athabasca basin. Of key importance is the intersection of mineral - ization in hole PLS14-177 on line 525E. This closed the gap between the R390E and R585E high-grade zones to create one much larger zone, now referred to as the R390E Zone. This success is an important milestone toward meeting a key objective of the winter 2014 program: to prove, through drilling, that the zones identified along the 1.78-km strike length are con - nected. It follows the merging of zones R780E and R945E. Five of the holes returned consider- able off-scale (greater than 9,999 counts per second) mineralization. Of particular note is hole PLS14-171 (line 690), which intersected 15.25 metres of total compos- ite off-scale (greater than 9,999 counts per second) mineralization in 97.5 metres total composite mineralization at shallow depth. NEXGEN ENERGY DISCOVERS NEW URANIUM ZONE NexGen Energy Ltd. [NXE-TSXV] reported the discovery of further new zones of uranium mineralisation within the first hole in the Arrow prospect, Rook 1 project in the SW Athabasca Basin. The first hole at Arrow, RK-14-21, was completed at 663.0 m on Fri 21 February 2014. In addition to the 26.2-metre upper sheared breccia zone from 204.8-231.0 metres downhole containing visible pitchblende reported previously, further mineralised zones have been observed at 318.5-319.1 metres, 517.9-544.5 metres, and 580.0-584.0 metres. Andrew Browne, NexGen's Vice- President, Exploration and Development, said, "This first hole at the Arrow prospect is very encouraging. The dominant min - eralization control appears to be entirely structural, as targeted. The number and widths of structural zones, the depth of mineralization intersected, and the mul- tiple occurrence of apparently high-grade off-scale zones are all highly encouraging features for future drilling." Leigh Curyer, NexGen's CEO, said, "RK- 14-21 just kept getting better. It is highly encouraging. Andrew and the techni - cal team deserve credit for this result on the first hole. Both rigs are now focused purely on Arrow until additional rigs can be sought to drill the other 11 western located Rook I target areas. We have a lot more drilling to do. As recently stated, this result indicates the potential of this south-western section of the Athabasca Basin in becoming a new prolific uranium district." The hole has been probed radio - metrically. The intensity of the uranium-mineralized zones at 519 m and 544 m is much higher than that of the ini- tial zone reported at 204.8-231.0m (Figs 2 and 3). All mineralized zones have been sampled for chemical analysis. The host lithology throughout most of the hole comprises variably chloritised medium/coarse-grained quartz-garnet- feldspar gneiss, with localized graphitic zones, shearing, brecciation, minor silici - fication, local dravite veins, and clay alteration. Hole RK-14-25 is drilling from the same collar as hole -21, but at a shallower angle. Hole RK-14-24 is under way, located 30 metres along strike from hole -21 to the NE. FORUM URANIUM STARTS DRILLING Forum Uranium Corp. [FDC-TSXV] has begun a drill program at its 100%-owned Clearwater Project, immediately adjacent to the southwest of Fission Uranium Patterson Lake South discovery. The pro- gram will consist of approximately 11 targets defined by a combination of ground gravity, airborne EM and radon anomalies with a total of 12 to 15 planned holes to a target depth of 100 to 200 metres. ATHABASCA DRILLING UNDER WAY The Western Athabasca syndicate (Noka Resources Inc. [NX-TSXV], Skyharbour Resources Ltd. [SYH-TSXV], Athabasca Nuclear Corp. [ASC-TSXV] and Lucky Strike Resources Ltd. [LKY-TSXV]) has received drill permits for its flagship Preston Lake uranium property. The dia - mond drill program began the second week of March to test several targets identified by the extensive 2013-2014 fieldwork. The 246,643-hectare Preston Lake prop- erty is the largest land package proximal to Fission Uranium's Patterson Lake South uranium discovery and the recent Arrow discovery of NexGen Energy on the Rook 1 Project. n

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