uranium

  • CEO Rick Mazur outlines Forum Energy's strategy of diversifying into battery metals space (FMC)

    Article published with kind permission from ValuetheMarkets - Originally published on ValueTheMarkets.com on 4th April 2019

    In today’s podcast ValueTheMarkets talks with President and CEO of Canadian-listed Forum Energy Metals (TSX-V:FMC), Rick Mazur. Historically the company has been focused on uranium assets which it still holds, but last year Forum made two acquisitions, one copper project and one cobalt. Rick Mazur explains more about the company’s strategy of diversifying into the battery metals space while sentiment in the uranium market is still low. Most of the company’s assets are located in Saskatchewan, Canada’s number one rated mining jurisdiction. Forum has a majority interest in seven drill ready uranium projects in the prolific Athabasca Basin and recently completed a successful first pass drill program at its Janice Lake district scale sedimentary copper project located 55km southeast of the Key Lake processing facility. In September, Forum gained a strategic foothold in Idaho’s cobalt belt with the acquisition of the Quartz Gulch exploration property.  

    All opinions expressed are those of ValueTheMarkets and the respective guests unless otherwise stated and should not be construed as investment advice or a recommendation to buy shares in any featured Company. Listeners are advised to do their own extensive research before buying shares which, as with all small-cap exploration stocks, should be viewed as high risk. Investors should also seek the advice of a qualified investment adviser or stockbroker as they deem appropriate.

    Author: Stuart Langelaan

    The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.

    The Author has been paid to produce this piece by the company or companies mentioned above.

    Catalyst Information Services Ltd, the owner of MiningMaven.com, owns a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

    Catalyst Information Services Ltd, the owner of MiningMaven.com, has been paid for the production of this piece by the company or companies mentioned above.

    MiningMaven.com and Catalyst Information Services Ltd are not responsible for its content or accuracy. News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance.

     

  • Forum Energy and Orano launch key Fir Island survey ahead of drilling programme (FMC)

    Forum Energy Metals (TSX.V-FMC) has launched a key survey on its Fir Island uranium project in Canada to generate targets for a drill programme early next year.

    The business has contracted Patterson Geophysics to complete a ground IP-resistivity survey at the asset, which is based on the north rim of Saskatchewan’s Athabasca Basin. This will consist of nine lines for approximately 32km targeting the East Channel structure- a major lineament parallel to and associated with the Snowbird Tectonic Zone. This area is a major structural corridor that hosts Cameco’s Centennial deposit near the Athabasca Basin’s southern rim.

    The latest survey is expected to complete by mid-December and aims to highlight areas of maximum alternation and tectonization associated with uranium mineralisation along the formation. It is expected to be followed by a diamond drill program next year and will be funded entirely by Orano Canada as part of its option agreement to earn up to a 70pc stake in Fir Island. As announced by Forum earlier this month, Orano can spend up to $6m in exploration by December 2023 to earn this position.

    The north end of the East Channel was previously investigation by Forum in 2015 when five holes provided several excellent indicators for the discovery of nearby uranium mineralisation. That year also saw Forum complete five holes on the Snowbird Tectonic Zone, with one returning up to 63.8m at 0.48pc cobalt.

    The image below shows the location of Forum’s claims, structural corridors and drill holes at Fir Island, as well as the area of its resistivity study.

    Forum’s deal with Orano – one of the world’s largest uranium miners – is its second with a major player in 2019. Earlier this year, the firm revealed that Rio Tinto Exploration had entered a seven-year, $30m option to earn 80pc of its Janice Lake project. 

    Janice Lake, which is based in Saskatchewan’s Wollaston Domain, boasts a 52km-strike length containing significant concentrations of sediment-hosted copper showings. Drill core logging and petrographic studies have suggested that copper is hosted by mafic-rich stratigraphy within more felsic units at the asset, suggesting multiple layers of copper mineralisation could be present.

    Rio Tinto Exploration is planning to spend $3m (CDN) on Janice Lake in 2019 and has already completed a 21-hole (5,209m) drill program as well as a detailed airborne magnetic survey. As well as developing targets for future drill programmes, the business hopes to determine the dip and attitude of copper mineralisation at Janice Lake while also locating its multiple strata-bound copper-bearing horizons.

    Rio Tinto has already delivered many highly promising assay results from its work, significantly building up the project’s strike length and width. A detailed description of the most up-to-date results from this work can be found here.

    To watch a recent video from Visual News Services, in which Forum’s director Burns Singh Tennent Bhohi discusses the Fir Island deal and providing an in-depth review of the project’s potential, please click here.

    Author: Daniel Flynn

    The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.

    MiningMaven Ltd, the owner of MiningMaven.com, does not own a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

    MiningMaven Ltd, the owner of MiningMaven.com, has been paid for the production of this piece by the company or companies mentioned above.

    MiningMaven.com and MiningMaven Ltd are not responsible for its content or accuracy and do not share the views of the author. News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance.

  • Forum Energy raises $554k to fund vital work at Janice Lake copper/silver project in Canada (FMC)

    Canadian resources business Forum Energy Metals (TSX-V:FMC) announced that it had successfully raised more than $550,000 to progress its flagship Janice Lake copper/silver project on Wednesday.

    The company revealed that it had closed its non-brokered private placement, first announced in February, after raising $554,000 by issuing c.11m shares at $0.05 per unit. Each unit comprises one common share and one warrant that entitles the holder to buy a Forum share at $10p by 1 April 2024.

    The money raised in the financing will be used to begin initial preparations for a Summer drilling programme at Janice Lake. The asset is located in north-central Saskatchewan within the Wollaston Domain, a belt of metamorphosed lower Proterozoic supracrustal rocks deposited upon Archean granitoid basement.

    Forum has the option to earn a 100pc interest in Janice Lake from Transition Metals by making further staged cash payments over the next three years. The firm believes that it is highly prospective, with more than 20 copper occurrences.

    Drill results by Noranda in 1993 include 0.77pc copper over 33m, including 1.6pc copper over 6m within 35m of surface. Meanwhile, Phelps Dodge completed six diamond drill holes in 2003, applying geophysical methods to target mineralisation under cover.  This resulted in the discovery of a new zone that returned values including 0.72pc copper over 26m and 1.33pc copper over 5.83m.

    Elsewhere, grab samples collected by Transition Metals have returned values ranging from 0.34pc to 9.35pc copper and 0.7 to 61.7g/t silver.  This has confirmed previous reports of high-grade mineralisation at surface and highlights the potential for the discovery of multiple near-surface, sediment-hosted copper deposits.

    According to Forum, the age and depositional environment at Janice Lake are similar to the giant Udokan Deposits of the Lake Baikal region in Siberia, and the Revette deposits of Montana USA. Baikal Mining has reported JORC-compliant measured and indicated resources of 1.822bn tonnes, grading 1.01pc copper, 14.3 g/t silver at the Udokan deposits.

    In Wednesday’s update, Forums said the proceeds from its placing would also be put towards a media relations program and general working capital.

    Forum primarily explores for energy metals, including copper and uranium in Saskatchewan, which is Canada’s most significant mining province.  It also has exposure to cobalt in Idaho and Oregon. The company says it is well positioned for a rebound in the uranium market, with interests in seven drill-ready projects in the Athabasca Basin. These have all been assembled by a highly experienced team of exploration professionals with a track record of uranium mine discoveries in Canada.

    To listen to an interview with Forum’s recently appointed director Burns Singh Tennent-Bhohi on MiningMaven’s sister site ValueTheMarkets.com, please click here.

    Author: Daniel Flynn

    The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.

    The Author has been paid to produce this piece by the company or companies mentioned above.

    Catalyst Information Services Ltd, the owner of MiningMaven.com, owns a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

    Catalyst Information Services Ltd, the owner of MiningMaven.com, has been paid for the production of this piece by the company or companies mentioned above.

    MiningMaven.com and Catalyst Information Services Ltd are not responsible for its content or accuracy. News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance.

     

  • MetalNRG to acquire up to 75pc of Mkango Resources’ Thambani uranium licence (MNRG, MKA)

    On Monday, MetalNRG (NEX:MNRG) and Mkango Resources (LSE:MKA) announced they have entered into a non-binding heads of terms agreement regarding the Thambani Exclusive Prospecting Licence in Malawi. The deal would give MetalNRG the chance to earn up to a 75pc interest in the Thambani uranium licence by spending up to $2m on exploration over a period of three years.

    The exploration campaign would be split into three tranches or ‘workplans’, each 12 months long. During the initial workplan, MetalNRG must spend $500k on exploration at Thambani which will include 1.500 metres of drilling. On completion, MetalNRG will earn a 25% interest in the uranium assets and operations. During the second workplan, MetalNRG could advance its interest in the project to 49pc following an additional investment of $700k on further development of the exploration area.  Finally, the third workplan would entitle MetalNRG to a 75pc economic interest in the project subject to a further spend of $800k.

    In the first half of 2017, Mkango carried out sampling at Thambani which is located in southern Malawi. Assay results returned high-grade uranium, tantalum and niobium values and new areas of mineralisation were identified. 

    Commenting on the news, Rolf Gerritsen CEO of MetalNRG said:

    "The Heads of Terms Agreement entered into with Mkango enables us to position the Company as a focused uranium play with an exciting exploration opportunity in Thambani. The combination of the Thambani project along with our, close to production, uranium project in the Kyrgyz Republic will put MetalNRG in a strong position in the London market."

    Alexander Lemon, President of Mkango Resources, said: "This transaction is another milestone for Mkango and for Malawi, and is further endorsement of the Company's strategy and potential. With MetalNRG funding the Thambani uranium project and the previously announced transaction with Talaxis funding Mkango's Songwe Hill rare earths project, Mkango shareholders can look forward to an exciting year of news flow and progress in two of the market's most strategic commodities at present. We are pleased to be working with MetalNRG, and look forward to a new drilling program being carried out at Thambani."

    Author: Stuart Langelaan

    The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.

    The Author has not been paid to produce this piece by the company or companies mentioned above

    Catalyst Information Services Ltd, the owner of MiningMaven.com, has not been paid for the production of this piece by the company or companies mentioned above.

    MiningMaven.com and Catalyst Information Services Ltd are not responsible for its content or accuracy and do not share the views of the author.  News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance

     

  • MetalNRG unveils mining licence at uranium option project in Kyrgyzstan (MNRG)

    Thursday saw MetalNRG (NEX:MNRG) reveal that its potential uranium project in Kyrgyzstan has been given the green light for mining. The State Reserve Committee of Kyrgyzstan has granted a mining licence covering 3,371.1ts of uranium reserves at the Kamushanovskoye deposit. This resource would have an in-situ value of c.$253.1m at current spot prices.

    MetalNRG paid $50,000 last August to enter an option to acquire an interest in Kamushanovskoye and carry out due diligence at the site. The project is currently 94.7pc owned by International Mining Company (IMC), with MetalNRG now holding the remaining 5.3pc through its stake in IMC.

    Under the terms of the option, IMC would transfer the project in a new holding company. MetalNRG would then inject a specified amount of project development funding in exchange for a 51pc stake in the new company and the project. Under an amendment to the option agreement made last month, the two firms agreed that MetalNRG would be granted an additional 2.5pc stake in the new company for every $50,000 payment made to IMC.

    In today’s announcement, the business said it has now decided to pursue the joint venture. It said it has supported IMC financially with the application for a mining licence and now plans to pay a further $45,000 over coming weeks before ultimately injecting $813,500 to attain its 51pc position.

    Kamushanovskoye is located 48km from Bishkek, the capital city of the Kyrgyz Republic, and within 550km of three uranium refineries. It includes a JORC-compliant measured and indicated resource totalling 3.604Mlb of U3O8, a compound of uranium, and an inferred resource of 1.939Mlb U3O8. It also offers a potential exploration upside of an additional 2.58Mlb of uranium from a partially explored zone

    Rolf Gerritsen, chief executive at MetalNRG said the business is interested in the project because market dynamics are currently making it an ‘extremely interesting’ time for uranium.

    ‘Our project is moving towards production and we are all extremely pleased with the progress. The financials around the project make it an outstanding opportunity and we look forward to the ongoing working relationship with IMC who are doing a great job,’ he added.

    Author: Daniel Flynn

    The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.
    The Author has not been paid to produce this piece by the company or companies mentioned above.
    Catalyst Information Services Ltd, the owner of MiningMaven.com, has not been paid for the production of this piece by the company or companies mentioned above.
    MiningMaven.com and Catalyst Information Services Ltd are not responsible for its content or accuracy and do not share the views of the author.  News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance

     

  • MiningMaven Podcast 105 - Forum Energy Metals secures earn-in agreement with Rio Tinto (FMC)

    Today’s guest on the MiningMaven podcast is Burns Singh Tennent-Bhohi, director of Forum Energy Metals (TSX-V:FMC). Traditionally a uranium play, Forum has added copper and cobalt interests to its portfolio of assets. Last Thursday, the company announced very exciting news regarding its Janice Lake Copper project. Forum has secured an earn-in agreement with one of the largest Tier 1 mining companies in the world, Rio Tint -  a deal potentially worth $30m.

    This interview was recorded on 14th May 2019.

    All opinions expressed are those of MiningMaven and the respective guests, unless otherwise stated and should not be construed as investment advice or a recommendation to buy shares in any featured Company. From time to time MiningMaven principals may take equity positions in companies featured. Listeners are advised to do their own extensive research before buying shares which, as with all small-cap exploration stocks, should be viewed as high risk. Investors should also seek the advice of a qualified investment adviser or stockbroker as they deem appropriate. MiningMaven.com is a trading division of Catalyst Information Services Limited. Registered in England no. 06537074 (Registered Office Address 3rd Floor Ivy Mill, Crown Street, Manchester, M35 9BG) #gold #mining #investing

    Author: Stuart Langelaan

    The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.

    The Author has been paid to produce this piece by the company or companies mentioned above.

    Catalyst Information Systems Ltd, the owner of MiningMaven.com, owns a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

    Catalyst Information Systems Ltd, the owner of MiningMaven.com, has been paid for the production of this piece by the company or companies mentioned above.

    MiningMaven.com and Catalyst Information Systems Ltd are not responsible for its content or accuracy. News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance.

     

  • MiningMaven Podcast 95 - Forum Energy Metals Burns Singh Tennent-Bhohi talks battery metals, uranium, and the TSX venture exchange (TSX-V:FMC)

    In today’s podcast we talk with Burns Singh Tennent-Bhohi who has just been appointed a director of Canadian-listed Forum Energy Metals (TSX-V:FMC). Historically the company has been focused on its Uranium assets but last year Forum made two acquisitions, one copper project, the other cobalt. Tennent-Bhohi explains the company’s strategy of diversifying into the battery metals space while sentiment in the uranium market gradually turns favourable. Tennent-Bhohi also discusses the increasing awareness of the Canadian TSX venture exchange by UK investors.

    This interview was recorded on 21st February 2019.

    All opinions expressed are those of MiningMaven and the respective guests, unless otherwise stated and should not be construed as investment advice or a recommendation to buy shares in any featured Company. From time to time MiningMaven principals may take equity positions in companies featured. Listeners are advised to do their own extensive research before buying shares which, as with all small cap exploration stocks, should be viewed as high risk. Investors should also seek the advice of a qualified investment adviser or stockbroker as they deem appropriate. MiningMaven.com is a trading division of Catalyst Information Services Limited. Registered in England no. 06537074 (Registered Office Address 3rd Floor Ivy Mill, Crown Street, Manchester, M35 9BG)

    Author: Stuart Langelaan

    The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.

    The Author has been paid to produce this piece by the company or companies mentioned above.

    Catalyst Information Services Ltd, the owner of MiningMaven.com, owns a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

    Catalyst Information Services Ltd, the owner of MiningMaven.com, has been paid for the production of this piece by the company or companies mentioned above.

    MiningMaven.com and Catalyst Information Services Ltd are not responsible for its content or accuracy. News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance.

     

  • Strong vanadium, uranium results boost Thor Mining (THR)

    A new set of field samples by Thor Mining(LSE:THR) at its US vanadium projects has revealed highly encouraging results, boding well for the next phase of its expansion.

    Thor discovered potentially rich vanadium and uranium samples at its Colorado mineral claims.

    Executive chairman Mick Billing said the company are “very pleased with the calibre of the vanadium samples collected, and in particular the uranium content.”

    Over half of the samples had radioactivity levels too high to be tested on site, and are now on their way to specialist laboratories to examine just how uranium-rich they are.

    The eagerly awaited assay results are expected by the end of July 2020.

    The uranium market surged 40% to four-year highs in April 2020 after Covid-19 disruption hammered global supplies. And prices are holding steady at elevated levels north of $33/lb.

    That puts smaller uranium producers in an extremely strong position to capitalise.

    Uranium ore, once mined and milled, is packaged as powder and shipped to refineries worldwide to prepare it for use as fuel in nuclear reactors.

    Eight initial tests on site also revealed a significant 1% vanadium pentoxide, while two outcrop samples were even higher at 1.8% and 2%. Vanadium pentoxide is the rare metal’s most important compound, the principal precursor to its alloys and is widely-used as an industrial catalyst, in gas processing and as a commercial colourant.

    Rare earth metals are vital for producing components for everyday technologies from smartphones and computers to medical equipment.

    Demand growth

    Chinese markets have shown the largest and most significant vanadium demand growth in the last six months, with markets willing to pay up to 9% more for both vanadium pentoxide and ferrovandium compared to previous half-year. 

    Most vanadium is used in Chinese steel mills, especially in high-strength, low-alloy steel tomke construction rebar.

    New standards introduced by the Chinese government in November 2018 set stricter strength criteria for this rebar and was expected to trigger a vast increase in vanadium demand. As industry analysts Roskill note in their market report to 2029, supply and demand developments “will continue to reshape the vanadium market over the next decade”. While vanadium demand growth in 2019 remained strong, the market looks to have returned to balance in 2020 so far.

    But as post-Covid construction in China ramps up, vanadium demand is expected to grow strongly across the rest of the year.

    Coming next

    Rare earth metals like vanadium appear in such extreme low concentrations worldwide that their mining is highly specialised.

    News of such high concentrations represent a big win for Thor, which on 1 June 2020 announced it had acquired an exclusive option to acquire 100% of the private Australian miner American Vanadium Pty Ltd (AVU), the company that holds significant vanadium and uranium interests across Colorado and Utah.

    AVU has a 100% stake in Colorado’s Standard Minerals Inc and Utah miner Cisco Minerals. Together the two companies hold nearly 300 claims in the Uravan Mineral Belt in Colorado, and the historic uranium mining area of Thompson Yellow Cat in Utah, which in particular is a likely focus of future work for Thor.

    Thor noted that a processing plant which has been used to take ore from the region within close proximity may represent a potential low cost entry into production.

    Over the last 100 years Uravan’s uranium-vanadium districts have produced 85 million lbs of U308 (uranium ore) at 0.25%, with 660 million lbs of vanadium at 1.29%.

    Author: Mark Sheridan

    The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.

    MiningMaven Ltd, the owner of MiningMaven.com, does not own a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

    MiningMaven Ltd, the owner of MiningMaven.com, has been paid for the production of this piece by the company or companies mentioned above.

    MiningMaven.com and MiningMaven Ltd are not responsible for the article's content or accuracy and do not share the views of the author. News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance

  • Yellow Cake NAV ramps to £2.53 as its uranium inventory gains 35% since IPO (YCA)

    Yellow Cake (LSE:YCA) was up nearly 3% on Wednesday morning after releasing a quarterly operating update indicating its Net Asset Value (NAV) had increased to £2.53 per share. The company purchases physical uranium with a view to holding long-term and today highlighted a steady improvement in market fundamentals. The spot price for uranium has increased by 25% to $28.50 /lb since Yellow Cake listed on the London Stock Exchange in July 2018.

    2018 was a very strong year for uranium with its rally from the US$18 / lb lows of 2017 picking up the pace. During the final quarter of 2018, India officially announced plans to expand its nuclear power use which would bring an additional 21 reactors into operation by 2031. The Department of Atomic Energy advised the National Parliament of its plans to implement a Strategic Uranium Reserve of 15,000 tonnes of uranium to underpin the security of the country's commercial nuclear power program. A number of other countries have made recent announcements that are supportive of the spot price including France which has delayed its target to decrease nuclear dependency from 75% to 50% from 2025 to 2035.

    Uranium Spot Price

    The value of the underlying physical uranium held by Yellow Cake has increased by 35% to $240.6m, and the organisation believes the long-term outlook for uranium remains positive. An option to purchase further uranium became available to Yellow Cake at the beginning of this year under its agreement with Kazatomprom. It’s not yet clear whether the company will take up the option with the board simply stating it will ‘continue to consider all options available to it and act in the best interests of its shareholders, with a view to narrowing the continued discount to Net Asset Value.’ 

    Andre Liebenberg, CEO of Yellow Cake, said:

    "It has been encouraging to see the uranium spot price continue to rise since our IPO, with the spot price hitting a three-year high in late November. Yellow Cake's performance has been solid, with NAV up 5.9% over the quarter. We look to the future with optimism as countries around the world implement new uranium programmes and extend the lifecycle of existing projects. Our investment thesis remains sound and we are confident in the long-term outlook for the uranium price."

    Author: Stuart Langelaan

    The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.
    The Author has not been paid to produce this piece by the company or companies mentioned above.
    Catalyst Information Services Ltd, the owner of MiningMaven.com, has not been paid for the production of this piece by the company or companies mentioned above.
    MiningMaven.com and Catalyst Information Services Ltd are not responsible for its content or accuracy and do not share the views of the author.  News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance