All the elements of a new area play are here:
1) A spectacular new discovery, with new geology or a twist on old geology.
2) A jurisdiction with safe and reasonable tenure.
3) An area amenable to mineral exploration and development.
The Patterson Lake South area play juniors (and a couple of majors – Cameco & Areva) are gathering for what could be one of Canada's most important uranium discoveries. There is huge upside potential in any of these juniors if they make another discovery. One drill hole could send their (and their neighbors) share price soaring.
In alphabetical order here are a few companies that are very interesting, (most are running drill/exploration programs right now), and have singled out.
Athabasca Uranium (UAX.V / ATURF) .05 past drill results show a deposit, currently sitting out this downturn with cash in the bank
Azincourt Uranium (AAZ) – On January 20 th Azincourt and JV partner Fission 3.0 FUU announced a $1mm 8-10 hole drill program including radon surveying and ground geo-physicals had commenced on their Patterson Lake North (PLN) property.
Aldrin Resource Corp. (ALN) - Plans a 3,000 m winter drilling program to test priority basement conductors on its 12,000 hectare Triple M Uranium Property. These basement conductor targets are located within the 1984 hectare southeast block of the Triple M Property. Aldrin's SE block is located adjacent to the south boundary of Fission Uranium's PLS discovery property at Patterson Lake.
Canadian International Minerals (CIN) - CIN has exposure to 59,987.177 hectares of mining claims proximate to PLS. On Monday, February 10, 2014, the Company’s common shares began trading on a consolidated basis - ten (10) old shares for one (1) new share. As a result of the consolidation, there will be approximately 8,313,350 common shares issued and outstanding.
Forum (FDC) – Forums Clearwater Project is located adjacent to Fissions Patterson Lake South discovery. Forum's northernmost claim, staked immediately southwest of Fissions ground is interpreted to be on strike with the conductive trend that hosts the high-grade uranium mineralization on the Patterson Lake South project. Forum is conducting a $900,000 winter drill and ground EM survey program with 3,000 meters (12 holes) of drilling planned. Drilling should start by mid-February.
NexGen Energy Ltd. (NXE) - Announced that it has commenced a two drill, 6,000 meter program on the Rook I project. On February 19 th NexGen announced it has discovered a new zone of uranium mineralization in the Rook 1 project. The Arrow prospect represents a totally new zone of uranium mineralization in the SW Athabasca basin and is completely unrelated to any other known occurrence in the region. The Rook I project is immediately adjacent to, and on trend, northeast from Fission Uranium’s high-grade uranium discovery, Patterson Lake South (“PLS”) project.
Purepoint Uranium Group (PTU) - Announced the commencement of its winter drill program at its Hook Lake Project. This project is a joint venture with AREVA Resources Canada Inc. and Cameco Corporation and is located immediately north of Patterson Lake. The 2014 diamond drill program will focus on the highly prospective “Patterson Lake Corridor”, the same electromagnetic conductive trend that hosts the Patterson Lake South uranium discovery.
Conclusion
As the story at Fission’s Patterson Lake South project unfolds (Fission is undertaking a $20mm 2014 work program) I believe we can expect exciting times for those investors who get involved with the various companies participating in, what still are, very early days of this developing area play.
Canada's Province of Saskatchewan has a stable geopolitical environment and a tremendous wealth of mineralization. History has proven time and time again that junior exploration stocks can write a very exciting discovery story and reward investors with multiple returns on their capital. It is still very early days in the Patterson Lake South area play and the greatest rewards lie ahead of us.
credit
By Richard Mills
