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Vior Prepares To Drill Prospective Belleterre Gold Project; Samples Return Strong Results Up to 274.9g/t Au

Source: The Critical Investor for Streetwise Reports   09/20/2021

The Critical Investor explains why he thinks Vior (TSXV:VIO) has a good risk/reward…

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This article was originally published by Streetwise Reports

Source: The Critical Investor for Streetwise Reports   09/20/2021

The Critical Investor explains why he thinks Vior (TSXV:VIO) has a good risk/reward investment profile, with its flagship Belleterre in Quebec, which contains the historic Belleterre Mine (produced 750koz Au @ 10.7g/t Au between 1936 and 1959), and very recently provided excellent sampling results, with results up to 274.9g/t Au.

Vior Inc. (TSXV:VIO; FRA:VL51) currently has an attractive project portfolio, a prospective flagship gold project, capital structure and high-quality core investor base for its market capitalization. The stock has consolidated on improving trading volume since February 2021 and is at an attractive entry point for new investors. Based on its current market capitalization, Vior seems to be one of the better risk/reward exploration plays in the sector. Cash and investments at A4M, its outstanding portfolio of projects, the flagship project Belleterre which contains the historic Belleterre Mine (produced 750koz Au @10.7g/t and 95koz Ag between 1936 and 1959) with recent and excellent sampling results (up to 274.9g/t Au), safe jurisdiction (Quebec), strong management team and cornerstone investor base including Osisko Mining Inc. (OSK:TSX) are all arguments that support the investment thesis. It is anticipated that strong drill results, positive gold price movements and potential asset sales/spin-off are potential catalysts which could drive the price higher throughout the balance of 2021.

Investors are encouraged to review the Key Points at the end of this article for a quick snapshot of the company.

Introduction

Not often do you see a junior explorer consolidating prospective grounds in the backyard of Osisko companies the way Vior Inc. (TSXV:VIO)(FRA:VL51) has. This Montreal based explorer has assembled some impressive property packages, most notably their flagship Belleterre gold project and Skyfall project (on trend with Osisko’s Windfall gold project), both in Quebec. Belleterre has been consolidated into an impressive 291 sq km land package (531 claims), as the company recently negotiated an Option agreement to acquire up to 75% ownership from Osisko Mining Inc. for the last significant piece of the historic Belleterre mining camp.  Vior raised CA$2.4M on March 31, 2021, and recently announced strong gold. sampling results at Belleterre. All but one sample contained gold, and 20 out of 38 samples returned gold values above 10g/t Au, with the three highest grade samples coming in at 274.9g/t Au, 121.3g/t Au and 77.4g/t Au. These impressive results validate 10 historic gold showings, and confirm the high exploration potential at Belleterre.

All pictures are company material, unless stated otherwise.

 After a month of field exploration at Skyfall, which included till and grab samples, the company is expecting results this Fall. The success of the results will dictate the next steps in the exploration process. Management’s expectations are high and the next phase could include the generation of drill targets. Vior also has an equity investment in Ridgeline Minerals Corp (TSXV:RDG) valued at CA$1.82 million. Ridgeline is exploring 4 highly prospective gold projects in Nevada and plans to spend over CA$5M on exploration in 2021.  

There are 72.94M shares outstanding (fully diluted 92.79M), 14.87M warrants (@CA$.15 to CA$0.30 and expiring in July/2022 and March/2023) and several option series to the tune of 4.98M options in total, the majority priced at CA0.10 and CA$0.13 and expiring in 2024 and 2027.  Vior has a current market capitalization of CA$15.32M based on the September 17, 2021 share price of CA$0.21. 

The current cash position of Vior is approx. CA$2.2M, and the company is looking to raise more soon. The all-in cost of diamond drilling in the lower Abitibi region of Quebec is extremely cheap at approx.  CA$160/m. In addition, there are significant tax incentives for Flow Through capital raises dedicated to exploration in Quebec. Vior is looking to raise another CA$1M+ sometime this Fall, as it prepares to commence drilling on their Belleterre project in early November, 2021. Management holds no less than 16% of the current shares outstanding (CEO Fedosiewich holds approx. 10.5%), close strategic holders own approx. 30%, and the company also enjoys approx. 16% institutional ownership (including SIDEX, a Quebec sponsored junior exploration fund, FTQ, the labour sponsored pension fund and 2 other regional Quebec based funds). Osisko Mining owns a 6.7% non-diluted position.

Management

President and CEO Mark Fedosiewich: 35 years of experience in investments and mining. Former First Vice President of CIBC, very extensive business network.

Chairman Claude St-Jaques: Founder of Vior, Mazarin and Virginia Gold Mines, also has a strong network. Very close to the Osisko team.

Executive VP : Laurent Eustache: Professional geologist with 15 years of progressive experience including Agnico-Eagle Mines , Aurizon Gold Mines and as former Portfolio Manager at SIDEX ($100M + AUM)

Projects

Vior owns a portfolio of ten projects, however, it’s exploration focus is clearly on the Belleterre and Skyfall projects as mentioned. The Company also views the Ligneris project as a strategic asset in the portfolio as it comprises a near district scale gold rich VMS target and is located near Amex’ Perron project. A disciplined approach and strategy has been deployed to acquire their recent projects, and these need to comply with the following strict criteria:

  • Safe and mining-friendly mining jurisdictions
  • In close proximity to an existing mine, historic mine or an advanced project
  • Good infrastructure nearby and easy accessibility
  • Project potential to go from an early to a more advance exploration stage

Nine out of Vior’s 10 projects are located in Quebec, one of the most mining friendly jurisdictions worldwide. Vior also has their early stage Tonya project in Nevada, USA,  which is the top ranked jurisdiction according to the Fraser Institute Survey.

Belleterre Project

The current focus for Vior is clearly locked on their flagship Belleterre property. After consolidating the last and central piece of the puzzle, the company has assembled a district-scale land package with a strike length of 37km:

3

This land package has never been consolidated on this scale before, is located on a Greenstone Belt with favorable mafic volcanics, includes the historic high grade Belleterre Gold Mine (produced 750koz Au @10.7g/t and 95koz Ag between 1936 and 1959), has good infrastructure and has several gold milling facilities with available capacity nearby, and the entire area is very underexplored ever since. Adding to this, previous drilling did not exceed 250 meters. Notwithstanding this, numerous gold showings have been detected in limited sampling in the recent past (2019). Vior has completed several reconnaissance exploration programs this year, among those an airborne magnetic survey in May, and field work in July and August with the aforementioned, impressive sampling results.

The company has also recently completed a validation of the historical data at and around the former Belleterre Gold Mine which will help in completing their new 3D Model. This compilation and validation work will assist in better defining priority targets for an upcoming 4,000m drill program that will commence in November 2021.

The Belleterre project is, aside from the majority of the claims already 100% owned by Vior, largely subject to 3 Option agreements: with JAG Mines Ltd, 9293-0122 Quebec Inc. and Osisko Mining Inc. The Option with JAG allows Vior to acquire 100% of this specific land package for CA$2.3M in cash and/or shares, and CA$2M in exploration expenditures, over the course of 4 years, with CA$2M of the CA$2.3M in cash or shares scheduled for the last year, representing very little payment obligations until June 31, 2025. JAG holds the equivalent of a 1% NSR over the property.

The purchase option with 9293-0122 Quebec Inc, which covers the Belleterre Gold Mine and its direct surroundings, allows Vior to purchase a 100% interest, by paying CA$2.1M in cash and/or shares before 2023 year end or thereabouts, and with no exploration expenditures. There will be no royalty involved on these claims. This purchase option was arranged during the main consolidation acquisition phase for the Belleterre project, when numerous other claims were acquired from other parties. Most of these parties were granted a 1% NSR, and Globex was granted a 2% gross metal royalty.

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The option agreement with Osisko Mining allows Vior to acquire up to 75% of Osisko’s current interest in their Belleterre properties (see above at the map claims Osisko in black). 51% can be acquired by issuing CA$225k in shares over 3 years and by incurring CA$1.25M in exploration expenditures before August 2024. Vior has the right to acquire another 24% by incurring another CA$1.75M in exploration expenditures within 3 years after exercising the 51% option. No royalty is part of this deal, unless the interest of one of the JV partners drops below 10%.

The most impressive feat for me is that Vior managed to consolidate this entire district play right under the nose of Osisko Mining, as Osisko was obviously interested. Maybe Osisko didn’t have the best negotiation position with all the vendors, as a rising gold price and a big name probably drives up prices to the point that Osisko decided to wait, and focus on other projects. A small stake in the project, and an equity stake in Vior might prove to be an interesting alternative for Osisko.

Skyfall Project

The second most important project for Vior is the Skyfall project, also located in Quebec. This is an equally large land package of 26,758 ha (260.6 sq km), and 100% owned by Vior. It is located adjacent to the East of the Windfall deposit (6M+ oz Au resource, owned by Osisko Mining), and the Gladiator and Barry deposits (combined 2Moz Au resource, owned by Bonterra). Management could consider doing a JV with players in the area which include Osisko and Bonterra.  The interesting thing is that this package covers the eastern extension of the Urban-Barry Greenstone Belt, and is very under-explored, due to limited land access until a few years ago. As can be seen, it isn’t directly next door to Windfall but the geologic makeup of the property (Greenstone) combined with the inclusion of a major fault zone and gold showings makes this land package at the very least reasonably prospective for gold exploration.

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A till sampling program from March of this year provided lots of gold samples, and on top of this 7 clusters were identified which created lots of enthusiasm with company geologists and management, but unfortunately this type of sampling cannot be translated or extrapolated into g/t Au samples, so there is gold, but how much exactly will have to be verified by standard sampling first. The till sampling results can be seen on the map.

6

Vior commenced field exploration in May of this year on Skyfall, and completed this program in August. It consisted of prospection, mapping, stripping, channel sampling and more till sampling. The company expects to release results from their Skyfall field program when received this Fall. These results will determine the next phase of exploration which may include drill target generation.

Other Projects

Vior sees their Ligneris project in Quebec as their third priority, and has budgeted CA$250k for exploration expenditures. It was optioned out to Ethos Gold Corp, but they decided to return it to Vior for a compensation of 1M Vior shares (plus 1M full 3 year CA$0.30 warrants, for exploration expenditures incurred) in April of this year, as 2020 drill results did not generate sufficient economic grades, after historic drilling returned impressive results like 13.5g /t Au over 10.5m, 62.1 g/t Au over 2.9m and 5.1g/t Au over 5.9m.

Other projects which will see limited exploration (sampling) this year are Mosseau and Mirabelli (both in Quebec) and Tonya (Nevada, US), of which Mosseau has already seen some drilling in 2017 by Vior, intercepting 2.93g/t Au over 4.5m from 40m and hosting an approx. 40,000 oz Au non-compliant resource.

Key Points

  • Vior seems to be making a fresh start, after advancing several lower-profile projects in the last 5 years. It is now focusing all of its new energy on two impressive district-scale land packages, being Belleterre which surrounds a historic former high grade mine, and Skyfall, which is on trend with a large fault that hosts the Windfall, Gladiator and Barry deposits.
  • The company has just recently completed the consolidation of the Belleterre Mine region, by arranging an option agreement with Osisko.
  • The region has been very underexplored even though it hosts a historic gold mine and many gold showings. Management believes that there is significant exploration potential at Belleterre. Skyfall is even less explored, but the geological conditions are favorable.
  • Vior just announced stellar gold sampling results at Belleterre, with results up to 274.9g/t Au.
  • Drilling at Belleterre is about to commence in November 2021, the first results will come out in January 2022. An initial drilling program at Skyfall is likely sometime in 2022.
  • Vior is backed by Osisko Mining, and a few powerful Quebec institutions. Adding to this are the CEO and Chairman with their large networks in mining finance, so money will likely not be a problem.
  • Vior management is very much aligned with shareholders, as CEO Mark Fedosiewich owns approximately 10.5% of outstanding shares.
  • A wildcard for Vior is their early investment in Ridgeline Minerals, which could provide lots of cash in case of a re-rating, potentially caused by exploration success in Nevada.

As with all early stage explorers, chances of success are almost binary. In the case of Vior there are several chances for a discovery, and with Belleterre lots of brownfield exploration could lower the risks considerably. And I wouldn’t underestimate Skyfall or their investment in Ridgeline either.  Stay tuned!

Follow progress of Vior here on social media:

Twitter: twitter.com/semVior

Linkedin: linkedin.com/company/Vior-inc

This article is also published on www.criticalinvestor.eu. To never miss a thing, please subscribe to my free newsletter, in order to get an email notice of my new articles soon after they are published.

Sign up for our FREE newsletter at: www.streetwisereports.com/get-news

Disclaimer:

The author is not a registered investment advisor, currently has a long position in Vior and Osisko stock, and Vior Inc. is a sponsoring company through a third party. All facts are to be checked by the reader. For more information go to https://www.vior.ca/ and read the company’s profile and official documents on www.sedar.com, also for important risk disclosures. This article is provided for information purposes only, and is not intended to be investment advice of any kind, and all readers are encouraged to do their own due diligence, and talk to their own licensed investment advisors prior to making any investment decisions.

Timeframe advanced chart, Vior Inc, 5 year timeframe (Source: tmxmoney.com).

Disclosure:
1) The Critical Investor’s disclosures are listed above.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Company None. Click here for important disclosures about sponsor fees.  
3) Statements and opinions expressed are the opinions of the author and not of Streetwise Reports or its officers. The author is wholly responsible for the validity of the statements. The author was not paid by Streetwise Reports for this article. Streetwise Reports was not paid by the author to publish or syndicate this article. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.
4) This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.  

( Companies Mentioned: OSK:TSX,
VIO:TSXV; VL51:FRA,
)









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Energy & Critical Metals

Critical Resources nabs Mavis Lake project and foothold in established Canadian lithium province

Special Report: Critical minerals explorer Critical Resources has notched another arrow to its bow, signing a binding terms sheet with … Read More
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Critical minerals explorer Critical Resources has notched another arrow to its bow, signing a binding terms sheet with Essential Metals (ASX:ESS) and International Lithium Corporation (TSVX:ILC) for a 100% interest in the Mavis Lake lithium project in Canada.

The proposed acquisition is a big opportunity for Critical Resources (ASX:CRR) to add a high-quality critical minerals project with excellent further exploration potential to its portfolio.

Especially considering the strong outlook for the lithium market.

The price for lithium carbonate, 99.5% Li2CO3 min, battery grade, spot price CIF China, Japan, and Korea is sitting around US$26/kg.

Not to mention, Canada is a first-class low-risk mining jurisdiction which is strategically located for lithium offtake into the North American manufacturing markets – with the project close to the Trans-Canada highway and railway arteries.

Pic: Location of the Mavis Lake lithium project.

Excellent opportunity to enter the lithium market

Previous drill programs in 2018 returned high-grade lithium oxide intercepts including 55.25m at 1.04% from 82.75m, and 26.30m at 1.70% from 111.9m including 7.70m at 2.97% from 130.5m – which the company says presents significant exploration potential.

“The Mavis Lake terms sheet presents an excellent opportunity for the company to add a high-quality project to our portfolio that further increases our exposure to critical minerals,” Critical Resources (ASX:CRR) CEO Alex Biggs said.

“The company is on a trajectory to become a high growth business focused on building a project pipeline based on asset quality and exposure to in-demand minerals.

“Our focus for this year remains on the upcoming exploration of our Halls Peak base metals asset in New South Wales, Australia which we are very excited about.

“The Mavis Lake project fits all these requirements and provides an excellent entry to the lithium market with an asset that offers excellent prospectivity in a tier 1 jurisdiction.

“Due diligence is ongoing, and we will update the market in due course.”

Exclusivity fee allows due diligence 

As part of the terms of the agreement, the company will pay a total non-refundable exclusivity fee of $200,000, which provides exclusivity until 4 January 2022 – during which Critical Resources will undertake due diligence on the project.

Subject to the satisfaction of the conditions precedent, at completion the company will be required to:

  • Pay $1.5 million cash payment to the sellers;
  • Issue 68,000,000 shares in Critical Resources to the sellers (or their nominees) at an issue price of $0.022 per share (a deemed value of $1.496 million); and
  • Issue 8,000,000 fully paid ordinary shares to the deal facilitator who is a non-related party.

Milestone 1 payment and deferred consideration includes:

  • Payment of $1.50 million cash to the sellers; and
  • $100,000 of fully paid ordinary shares in Critical Resources (up to a maximum of 4,000,000 shares) to the facilitator upon definition of JORC compliant resource of not less than 5.00 million tonnes containing not less than 50,000t of Li2

Milestone 2 payment and deferred consideration includes:

  • Payment of $1.50 million cash to the sellers; and
  • $100,000 of fully paid ordinary shares (up to a maximum of 4,000,000 shares) in Critical Resources to the facilitator upon definition of JORC compliant resource of not less than 10.0 million tonnes containing not less than 100,000t of Li2

$4 million placement planned

As a condition to completion of the acquisition, Critical Resources will conduct a capital raising via a placement to professional and sophisticated investors at $0.029 per share to raise around $4 million. The company confirmed all directors will be participating in the raise.

Participants will receive one free attaching option for every three shares with an exercise price of $0.04 and expiring 3 December 2024.

The proceeds will fund

  • Halls Peak drilling: $1.5 million;
  • Mavis Lake Lithium acquisition, preliminary drilling, and associated costs: $2.15 million; and
  • Corporate and working capital: $0.350 million.

Sixty Two Capital Pty Ltd is the lead manager and on completion will be entitled to a capital raising fee of 6% of the total amount – and subject to shareholder approval, will be entitled to be granted 15,000,000 unlisted lead manager options with an exercise price of $0.04 and expiring 3 December 2024.

 


 

 

This article was developed in collaboration with Critical Resources Limited, a Stockhead advertiser at the time of publishing.

 

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

The post Critical Resources nabs Mavis Lake project and foothold in established Canadian lithium province appeared first on Stockhead.



Author: Special Report

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Precious Metals

Current Bitcoin Fear & Greed Index

Each day, we analyze emotions and sentiments from different sources and crunch them into one simple number: The Fear & Greed Index for Bitcoin and…

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Each day, we analyze emotions and sentiments from different sources and crunch them into one simple number: The Fear & Greed Index for Bitcoin and other large cryptocurrencies.
This post by Lorimer Wilson, Managing Editor of munKNEE.com is an edited ([ ]) and abridged (…) version of an article by Alternative.me for the sake of clarity and length to ensure a fast and easy read.
<img src=”https://alternative.me/crypto/fear-and-greed-index.png” alt=”Latest Crypto Fear & Greed Index” />

Why Measure Fear and Greed?

The crypto market behaviour is very emotional. People tend to get greedy when the market is rising which results in FOMO (Fear Of Missing Out). Also, people often sell their coins in irrational reaction of seeing red numbers. With our Fear and Greed Index, we try to save you from your own emotional overreactions. There are two simple assumptions:

  • Extreme fear can be a sign that investors are too worried. That could be a buying opportunity.
  • When Investors are getting too greedy, that means the market is due for a correction.

Therefore, we analyze the current sentiment of the Bitcoin market and crunch the numbers into a simple meter from 0 to 100. Zero means “Extreme Fear”, while 100 means “Extreme Greed”. See below for further information on our data sources.

Data Sources

We are gathering data from the five following sources. Each data point is valued the same as the day before in order to visualize a meaningful progress in sentiment change of the crypto market…

1. Volatility (25 %)

We’re measuring the current volatility and max. drawdowns of bitcoin and compare it with the corresponding average values of the last 30 days and 90 days. We argue that an unusual rise in volatility is a sign of a fearful market.

2. Market Momentum/Volume (25%)

Also, we’re measuring the current volume and market momentum (again in comparison with the last 30/90 day average values) and put those two values together. Generally, when we see high buying volumes in a positive market on a daily basis, we conclude that the market acts overly greedy / too bullish.

3. Social Media (15%)

While our reddit sentiment analysis is still not in the live index (we’re still experimenting some market-related key words in the text processing algorithm), our twitter analysis is running. There, we gather and count posts on various hashtags for each coin (publicly, we show only those for Bitcoin) and check how fast and how many interactions they receive in certain time frames). A unusual high interaction rate results in a grown public interest in the coin and in our eyes, corresponds to a greedy market behaviour.

4. Dominance (10%)

The dominance of a coin resembles the market cap share of the whole crypto market. Especially for Bitcoin, we think that a rise in Bitcoin dominance is caused by a fear of (and thus a reduction of) too speculative alt-coin investments, since Bitcoin is becoming more and more the safe haven of crypto. On the other side, when Bitcoin dominance shrinks, people are getting more greedy by investing in more risky alt-coins, dreaming of their chance in the next big bull run. By analyzing the dominance for a coin other than Bitcoin, you could argue the other way round, since more interest in an alt-coin may conclude a bullish/greedy behaviour for that specific coin.

5. Trends (10%)

We pull Google Trends data for various Bitcoin related search queries and crunch those numbers, especially the change of search volumes as well as recommended other currently popular searches. For example, if you check Google Trends for “Bitcoin”, you can’t get much information from the search volume. Currently, you can see that there is a +1,550% rise of the query “bitcoin price manipulation“ in the box of related search queries (as of 05/29/2018). This is clearly a sign of fear in the market, and we use that for our index.

 

Surveys (15%) currently paused

Together with strawpoll.com (disclaimer: we own this site, too), quite a large public polling platform, we’re conducting weekly crypto polls and ask people how they see the market. Usually, we’re seeing 2,000 – 3,000 votes on each poll, so we do get a picture of the sentiment of a group of crypto investors. We don’t give those results too much attention, but it was quite useful in the beginning of our studies. You can see some recent results here.

Editor’s Note:  The author’s views and conclusions are unaltered and no personal comments have been included to maintain the integrity of the original article.  Furthermore, the views, conclusions and any recommendations offered in this article are not to be construed as an endorsement of such by the editor.

Related Articles from the munKNEE Vault:

1. Bitcoin Surges; Dollar Dives; U.S. Economic Outlook Plummets

Tuesday was all about two things – what went up and what went down – and below is a look at what happened in chart form.

2. New ETF Will Make It Easier, Safer & More Convenient To Invest In Bitcoin

A futures-based exchange-traded funds based on Bitcoin called the ProShares Bitcoin Strategy ETF (BITO) started yesterday and I believe it will be a major factor in making the process to invest in Bitcoins considerably easier, safer, and more convenient. Here are 5 reasons why:

3. Average of 50 Bitcoin Price Predictions: End of 2021 ($71,445); By 2025 ($249,578) and $5,237,082 By 2030

Find out why 50 industry experts think Bitcoin will be worth US$71,415 by the end of 2021, before rising to US$249,578 by 2025 and why holding till 2030 will be the real payoff.

4. Bitcoin Is Going To $500,000 and the Rationale Is Simple

While there are risks, cryptocurrencies can reap huge rewards for those who make the right investment decisions. In this blog post, we discuss how to invest in cryptocurrency and what you need to know if you want to get involved!

8. Bitcoin vs. Gold: Which Is the Better Asset To Own?

Gold and Crypto are both expected to embark on their next bull run and, a disadvantage to owning one asset is often an advantage of owning the other. Therefore, we believe both deserve a place in your portfolio for at least insurance purposes.

9. Bitcoin vs Gold: A Surprising Price Correlation

It would be wise for bitcoin traders to use any kind of hedge that they can find and over the past few months, one such hedge has been, ironically, gold.

A Few Last Words: 

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Author: Lorimer Wilson

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Energy & Critical Metals

Pegasus Resources Expands Its Uranium Assets In Saskatchewan

Pegasus Resources Inc. (TSXV:PEGA) continues to make its presence in the prolific Athabasca Basin uranium camp with the recently announced
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Pegasus Resources Inc. (TSXV:PEGA) continues to make its presence in the prolific Athabasca Basin uranium camp with the recently announced acquisition of three uranium properties at the northwest edge of the Basin. The 54,026 hectare properties comprising 13 mineral claims contain a cumulative total of 535,718 lbs of uranium, and significantly, includes a historic resource estimate of 202,200 tons at 0.119% U308 at an average width of 4.8 metres.

These new properties add to the previously announced Pine Channel uranium property which consists of six mineral claims covering 6,028 hectares and is located at the northern edge of the Athabasca basin, roughly 40 km west of the town of Stony Rapids. The Athabasca Basin in Northern Saskatchewan is host to several of the world’s largest and highest-grade uranium mines, including Cameco’s (TSX: CCO) McArthur River Mine and Cigar Lake Mine.

The Wollaston Northeast property is located in the 20A zone within the prolific Wollaston Domain, 45 kilometres northeast of the Eagle Point Uranium Mine. The property has at least eight known base metals showings and five previously documented uranium occurrences, and is considered highly prospective for basement hosted uranium mineralization.

Much of the recent renewed interest in uranium in the region is due to recent discoveries within the Wollaston Domain where the Eagle Point deposits are hosted within its basement rocks. In addition to the Eagle Point Mine, the area also hosts the historic Rabbit Lake Mine and Cameco/Orano Key Lake Mine, the world’s largest high-grade uranium mine.

The 12,397 hectare Bentley Lake Uranium Property consisting of three mineral claims, and is located 35 kilometres northeast of the edge of the Athabasca Basin, within a transition zone between the Wollaston and Mudjatic Domains. This trend is host to several major uranium deposits, including Cigar Lake, Roughrider, McArthur River and Midwest. It is located at the transition zone between the Wollaston and Mudjatik geological domains.

The third property is located approximately 40 kilometres northeast of the edge of the Athabasca Basin and within the Charlebois-Higginson Lake Uranium District. The 6,908 hectare Mozzie Lake Uranium Property consists of three mineral claims and has a historical resource estimate of 204,200 tons at 0.119% U308, with an average width of 4.8 metres, and containing 535,718 lbs of uranium. What makes the Mozzie Lake Property particularly compelling, aside from the historical resource estimate that Pegasus’s exploration efforts may be able to increase significantly, are the pegmatite deposits of the Charlebois-Higginson Lake Uranium District.

Since being initially explored from the 1940’s through to the 1960’s, there has been virtually no exploration on the property. Previous work in the region, as well as on the Pinkham Lake property at Mozzie Lake, indicated that the pegmatite deposits may also host mineralization which contains rare-earth-element bearing minerals. Rare earth minerals are in high demand today due to the needs of the various technology, consumer electronics, and electric vehicle manufacturing industries. PEGA plans to examine the property’s rare earth potential as part of its uranium exploration program at Mozzie Lake.

Pegasus will next review the historical data on the properties to determine an exploration strategy and work programs, and will provide shareholders with updates in the near future. The company’s recent announcements of the uranium assets have certainly rekindled interest in PEGA shares, and its market capitalization has increased by almost 50% to $7.98 million in recent weeks, signifying that investors are enthused about the direction management has taken.

PEGA last traded at $0.095 on the TSX Venture exchange.


FULL DISCLOSURE: Pegasus Resources is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover Pegasus Resources on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.

The post Pegasus Resources Expands Its Uranium Assets In Saskatchewan appeared first on the deep dive.

Author: Phil Gracin

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