Athabasca Basin: Uranium Exploration Abounds
Located in Northern Saskatchewan, Canada, the Athabasca Basin is home to some of the largest uranium mines in the world. The ancient sedimentary basin produces nearly 30 percent of the world’s supply of uranium, according to Unity Energy (UTY-V). The region also hosts some of the highest-grade uranium deposits, with an average of more than 3-percent U3O8.
The first uranium deposits in Northern Saskatchewan were discovered in the early 1950s, and mining began in 1953, as per the Canadian Nuclear Association. Uranium production in the Athabasca Basin comes primarily from the McArthur River mine, the largest high-grade uranium mine in the world. The mine is operated by Cameco (CCO-T), one of the largest diversified global uranium producers; it produced 13.6 million pounds of U3O8 in 2012.
With notable players like Cameco successfully producing uranium from the Athabasca Basin and increasing conversation that a uranium renaissance is on the horizon, many junior exploration firms have made it a point to explore the area’s mineral wealth.
Here is a selection of some of the companies currently exploring for uranium in the region:
Aldrin Resource (ALN-V)
Aldrin Resource is concentrating on the emerging Patterson Lake uranium district in the Athabasca Basin. Aldrin has an option to earn up to a 70-percent interest in the Triple M uranium property, which is adjacent to and on strike with the recent high-grade discovery at the Patterson Lake South property, held jointly by Fission Uranium (FCU-V) and Alpha Minerals (AMW-V).
Aldrin is currently conducting airborne magnetic and electromagnetic surveys on the property, with early results indicating two basement conductive trends. The company is planning a winter program for January 2014.
Azincourt Uranium (AAZ-V)
Azincourt Uranium is an exploration company that is fully focused on uranium in the Athabasca Basin. Its main asset is a joint venture with Fission Uranium called Patterson Lake North. Azincourt has already created a $1.5 million budget for an exploration project on this site; it will involve roughly 8,202 feet of drilling. However, there are currently no reports on the property’s uranium reserves.
Fission Uranium (FCU-V_
Fission Uranium could be considered the first uranium exploration company to strike it big in the Athabasca Basin in recent history. The company is a spin out of Fission Energy, whose properties were acquired by Denison Mines (DML-T) in early 2013. This Canada-based uranium exploration company is targeting the Patterson Lake South deposit with joint venture partner Alpha Minerals. The project consists of 17 mineral claims spanning approximately 76.6 acres. Fission has a second joint venture partnership with Azincourt Uranium at the Patterson Lake North project.
Alpha Minerals (AMW-V) is Fission Uranium’s joint venture partner at the Patterson Lake South region. Alpha expects that the $6.95-million program will encompass 36,089 feet of drilling that will be used to test for continued expansive delineation of the site’s three high-grade uranium zones.
Forum Uranium (FDC-V)
Forum Uranium is a Canadian energy company focused on the acquisition, exploration and development of projects in Canada. Along with the Athabasca Basin, Forum Uranium also has assets in Nunavut’s Thelon Basin. Its projects in the Athabasca Basin are the Key Lake Road, Henday, Maurice Point and Clearwater projects, as well as the North West Athabasca option it shares with Cameco.
On July 17, Forum Uranium acquired a 100% interest in the Highrock South property, which is located just south of the Key Lake Uranium processing facility in the Athabasca Basin.
Unity Energy
Unity Energy is a tier-two listed issuer that focuses on uranium exploration in the Athabasca Basin. It has 10 different uranium exploration sites in the area. One of its primary assets is the McKenzie Lake property, which spans 22.2 acres on the southeastern side of the basin. The deposit is mostly pitchblende and coffinite uranium occurring as fracture and breccia fillings, Unity’s website states.
The company also has a non-uranium project, Bory’s Lake, with reserves of zinc and lead.
Zadar Ventures (ZAD-V)
Zadar Ventures is aggressively exploring the Athabasca Basin’s uranium deposits with well-located, strategic mineral property holdings. Zadar has acquired its exploration properties through a rigorous set of criteria, including pursuing locations close to well-known uranium discoveries that share similar geologic depositional environments. The company has also recently signed option agreements with both Canterra Minerals (CTM-V) and Triex Minerals (TXX-V) for five large and strategically located uranium projects. |
