VANCOUVER, British Columbia, April 16, 2014 (GLOBE NEWSWIRE) -- China Resources Quarterly reported that China's uranium imports surged to historical levels in 2013. China purchased the nuclear fuel at fire-sale prices in anticipation of supply shortages later in the decade. Total 2013 uranium imports into China reached $2.39 billion.
Canada, the world's second largest natural uranium producer, commenced shipping natural uranium to China in 2012.
"In the future, the Athabasca Basin [in Saskatchewan, Canada] will be the biggest source of uranium for the whole world," stated Uranium Guru Thomas Drolet in a recent interview with Financial Press .
The Athabasca Basin hosts the world's richest uranium deposits. Fission Uranium (TSX-V: FCU ) recently reported a sequence of spectacular drill results at the Patterson Lake South property sending its stock price up 175% in 12 months.
Fission's industry-leading Technical Team is now developing Fission 3.0.'s (TSX-V: FUU ) Clearwater West property with Brades Resource Corp (TSX-V: BRA ) in the same uranium basin.
On April 15, 2014 the Fission 3.0 and Brades joint venture announced the results of a high resolution magnetic survey and Fission 3.0's patent-pending radiometric airborne survey. The property scale survey identified a clustering of radiometric anomalies which are now prioritized for ground prospecting follow up in the summer of 2014.
"The operators at Clearwater West are the most successful technical team in the Athabasca basin," stated Brian Biles, Director of Brades in an exclusive interview with Financial Press , "They have had two major discoveries in the last three years. It's a phenomenal deal for Brades shareholders. To earn a 50% interest, we are required to spend $700,000 in the first year, $2 million the second year, and $2.3 million in year three."
A property scale airborne VTEM survey, designed to identify basement EM conductors, has also been completed and analysis and interpretation is in progress.
"All the money we spend will go into the ground as there are no property payments. This makes it very attractive to investors," stated Biles, "As well as completing the radiometric and VTEM survey, ground work and sampling will follow to identify potential boulder fields and outcrops. The spring/summer program of prospecting and mapping is something we would all like to see completed."
Fission's Chief Geologist, Ross McElroy, has been instrumental in four of the last nine major uranium discoveries in the Athabasca Basin. He was also awarded the PDAC 2014 Bill Dennis Award for Exploration Success and was named "Mining Person of the Year 2013" by The Northern Miner, one of the industry's leading mining publications.
"These results represent a very promising start to the first year of exploration at Clearwater West," confirmed McElroy, "It's becoming increasing clear that this is a highly prospective project."
The airborne high resolution magnetic and radiometric survey was flown at 50m line spacing for a total of 5,447 line-km. It is the same technology used to find the Patterson Lake South discovery just 12 kilometers to the North. In that case, the survey identified clustered radiometric anomalies that led to the discovery of the high-grade boulder field through ground prospecting.
"The Fission 3.0 Technical team is very aggressive," explains Biles, "There's no doubt that we're excited to be working with them. Brades' responsibility is to finance the work program."
"Our property is right beside Fission Uranium's property which hosts a major shallow depth, high-grade uranium discovery. There is a lot of activity in the area. There is a big fold that runs through the middle of the Clearwater property. That is why it was staked. Historical work on the property has revealed conductors which often point to uranium mineralization."
The radiometric anomalies on the Clearwater West property are concentrated in the eastern 10km of the property. The clustering of anomalies could represent an expression of a boulder field of glacial origin, or an outcrop source. Follow-up prospecting and mapping of these anomalies are currently under review.
Major mines in the Athabasca Basin include McArthur River (16.5% U3O8), Maclean Lake (50 million lbs produced), Rabbit Lake (186 million lbs produced), Cigar Lake (22.3% U3O8), Cluff lake (60 million lbs produced).
Brades also has a large, strategically located property at Lorne Lake in the Athabasca Basin and a gold project in British Columbia.
"Brades Resources is not re-inventing the wheel here," stated Biles, "Fission Uranium has had a tremendous success to the north of us. It is significant that their team wants to explore for uranium on the Clearwater property."
Brades is currently trading at .15 with a market capitalization of $2.9 million.
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Brades Resource Corp Suite 202 837 West Hastings Vancouver, BC Canada V6C 3N6 For Investment or any other questions please call Brian at 604 687 7742
