The uranium investment sector has caught a tail wind. Japan's Prime
Minister Shinzo Abe recently announced plans to revive Japan's
nuclear energy program. China has 28 nuclear reactors under
construction. The US currently consumes over 50 million pounds of
uranium, and produces less than 5 million pounds.
The Athabasca Basin of Saskatchewan, Canada hosts the world's
richest uranium deposits. Fission Uranium recently reported a drill
interval of 38% U3O8 over 10.5 metres. That is approximately 380
times richer than the world average grade of 0.1% U3O8.
Fission Uranium's stock price has increased 178% in the last 12
months based on the results of a strategic drill program on the
Patterson Lake South uranium property.
Geology and timeline suggest that Aldrin Resources (TSX-V:ALN)
is poised for similar share price appreciation. Aldrin is
developing the Triple M Property adjacent to Fission's Patterson
Lake Property. Aldrin's drill targets were created and refined
using a helicopter VTEM survey, radio metrics, radon sampling, and
ground gravity.
"We will have drills turning on the property within the next few
days," stated Aldrin CEO Johnathan More in an exclusive interview
with Financial Press, "We have identified a North Easterly trend
and this is where we expect to see mineralization."
Aldrin's drill program has been increased up to 4,000 meters
from the previously announced 3,000 meters. The targets look
extremely similar to uranium deposits elsewhere in the Athabasca
Basin, including Fission's high-grade discovery at Patterson
Lake.
"We are about 400 meters from the highway. We don't need
helicopters, nor do we have to drill through frozen lakes," stated
More, "We are drilling two target areas. The first target is
along the Forest Lake Fault. The second is an Anticline
target. When we ran our VTEM survey we immediately saw these
beautiful conductive basement structures."
The "basement" is the old rock that has been metamorphosed,
heated and squeezed about 1.5 billion years ago. Within
these old rocks there are structures, faults and folds. Fluids
moving through the basement tend to go along faults.
"The fault structures are really good places for mineralised
fluids to gather," explains More, "A similar thing happens on
folds. You get a hill that stretches the rock creating space which
can gather minerals. That is exactly what we are seeing on the
anticline target."
Aldrin's geological potential and upcoming drill program are
attracting some heavy hitters. On March 19, 2014 Aldrin
announced that Mr. Stephen Stanley has become an equity stakeholder
- requesting $220,000 of ALN stock in lieu of a cash
payment. Mr. Stanley is the former CEO of Hathor Exploration,
an Athabasca basin uranium company purchased by Rio Tinto in 2012
for US$642 million.
"We are very pleased to have Mr. Stanley as a significant
shareholder," states More, "he is a legend in the Athabasca Basin,
and his desire to own part of Aldrin demonstrates his belief in our
project and our methods. Stanley's group is extremely active
in the basin. They are assessing projects, doing geological
due diligence, and taking equity positions in companies with big
potential upside."
Aldrin has taken the same development steps with Triple M that
Fission took to make its discovery. The dawn of a major drill
program in the Athabasca Basin has historically been an
advantageous time to invest.
"Fission drilled before anyone else," states More, "Then came
NexGen who had a discovery from its 2014 drill program. Aldrin
is next, with a drill program comparable to NexGen's. We
control 12,000 hectares on strike to Patterson Lake mineralized
trends."
The Forest Lake Fault is a conductive anomaly that extends more
than 3.5 kilometers striking east-northeast across the SE
block. The anticline target is a conductive anomaly that
extends 2.5 kilometers striking east-northeast.
Multiple drill holes will be used to test both targets. The
holes are expected to average about 200 m in depth, although they
may be deeper if mineralization is evident.
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).
"Based on all the surveying and geological work," states More,
"We believe the basement structures running parallel to the faults
will be mineralized in uranium, and the 2014 drill targets on the
SE block of the Triple M Property provide a strong possibility for
discovery."
On February 18, 2014 NexGen Energy was trading at .22. On
February 19, drill results were released from the Rook 1 project in
the SW Athabasca Basin. On February 22, the stock was trading at
.53. A 97% increase in 48 hours.
Aldrin management owns about 30% of the company and they
continue to add to their positions.
Aldrin is currently trading at .09 with a market cap of $10.3
million.
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CONTACT: Aldrin Resource Corp.
Suite 400, 570 Granville Street
Vancouver, BC
V6C 3P1
Tel: 604-687-7741
Fax: 604-681-0796
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