FinancialNewsMedia.com News Commentary - Uranium prices have spiked 50% this year and are set to climb further on stockpiling Bank of America (BofA) says, according to an recent article in Market Business Insider. Uranium prices have soared 50% this year and look set to climb even more, Bank of America said last week. The investment bank raised its uranium price estimates for 2022 through 2027 by 20% on average. The article said that the uranium supply has contributed to this year's surge in prices for the nuclear-energy element and Bank of America in adjusting its price outlooks foresees further gains. It continued saying that: "Uranium spot prices have climbed 50% year-to-date in hitting $63.60 a pound, with most of that gain -- 47% -- taking place since... late February, the investment bank said in a last week's research note. At present there is no disruption of shipments worldwide but Rather, the price increase has been driven by ... a desire by market participants to lock in supplies... analyst Lawson Winder wrote. Active companies in the markets today include: BASIN URANIUM CORP. (OTCPK: BURCF) (CSE: NCLR), IsoEnergy Ltd. (OTCQX: ISENF) (TSXV: ISO), FISSION URANIUM CORP. (OTCQX: FCUUF) (TSX: FCU), Baselode Energy Corp. (OTCQB: BSENF) (TSXV: FIND), Cameco (NYSE: CCJ) (TSX: CCO).
BofA said based on reporting by industry consultancy UxC, much of the activity driving up prices has come from the Sprott Physical Uranium Trust as opposed to utilities or producers. However, utilities have reportedly been active in the contracting market," leading to a push higher in the monthly UxC term price indicator. The Sprott Physical Uranium Trust is the world's largest fund holding the actual commodity rather than futures contracts. With minimal direct impacts, we see upward price pressure to date as driven (stockpiling)... We expect this to continue and then accelerate..." it said. It raised its uranium price estimates for 2022 through 2027 by 20% on average, and its 2027 long-term price estimate by 4% to $50 a pound on its view of cost curve inflation. For 2022, it raised its uranium price estimate 13.5% to $60.70 a pound.
BASIN URANIUM CORP. (CSE: NCLR.CN) (OTCPK: BURCF) BREAKING NEWS: BASIN URANIUM ANNOUNCES CAMP COMPLETION AND MOBILIZATION OF EXPLORATION CREWS TO MANN LAKE - BASIN URANIUM CORP. ("Basin Uranium" or the "Company") is pleased to announce its exploration plan for its Phase 1 program at its Mann Lake uranium project in Saskatchewan's prolific Athabasca Basin. The Mann Lake project is located 25km southwest of the McArthur River Mine, the largest high-grade uranium deposit in the world, and 15 km to the northeast along strike of Cameco's Millennium uranium deposit.
-- Camp construction complete and mobilization underway
-- Minimum $3.5 million program for 2022 comprised of drilling and geophysics in multiple phases throughout 2022
-- Moving loop EM and gravity surveys will target fertile ground to the southwest of previous geophysics and will provide a more complete geophysical picture to guide exploration
-- Initial diamond drilling will focus on interpreted conductor corridors coinciding with gravity and mag lows
-- Maiden drill program comprised of 6,000 metres of diamond drilling in ten (10) holes
"Historic drilling in 2008 at Mann Lake focused on interpreted reactivated northeast- and east-trending fault structures delineated by gravity and VTEM surveys." commented Mike Blady, CEO of Basin Uranium. "Fifteen years later we are returning to Mann Lake with a superior geological understanding of deposits within the basin which allowed us to refine the geological model and has resulted in our focus being concentrated on the southern portion of the property where we believe the best potential resides."
The Phase I exploration program will build off work done by previous operators and will consist of a moving loop electromagnetic survey, gravity survey and diamond drilling. Geophysical surveys will be focused on the southern half of the property and will integrate previous and regional surveys to vector in on what the Company believes to be the most prospective area of the property for regional conductive corridors which can host unconformity style uranium deposits. To date the southern half of the property has seen little exploration and no diamond drilling. CONTINUED... Read the BASIN URANIUM full press release by going to: https://basinuranium.ca/news/
In other news and developments of note in the markets this week:
IsoEnergy Ltd. (OTCQX: ISENF) (TSXV: ISO) recently announced the final assay results from its successful summer 2021 drilling at the Hurricane zone. Hurricane is a high-grade uranium zone located on the Company's 100% owned Larocque East property (the "Property") in the Eastern Athabasca Basin of Saskatchewan.
Tim Gabruch, President and Chief Executive Officer commented: "Following the completion of our 2021 drilling program this past November we are pleased to release these final assay results. These high-grade results have supported the further growth of the Hurricane zone, and hole LE21-101 has highlighted the continued prospectivity of Hurricane. Our winter drilling program is now underway, and we will focus our expansion drilling on the corridor highlighted by this hole. We are looking forward to 2022 being an exciting year for IsoEnergy as we aim to continue to expand the Hurricane zone and also direct increasing attention to exploration drilling to the eastern end of the Larocque East property.
FISSION URANIUM CORP. (OTCQX: FCUUF) (TSX: FCU) recently announced results from its resource upgrade drill program on the R840W zone of the high-grade Triple R deposit at its' PLS project, in the AthabascaBasin region of Saskatchewan, Canada. A total of 25 holes were completed. All 25 holes hit mineralization, with nineteen intercepting significant intervals of high-grade mineralization. The goal of the resource drilling is to upgrade the majority of the R840W zone to Indicated classification, for potential inclusion in the resource used for the Feasibility Study.
The holes include PLS21-624 (line 630W), which intersected a continuous interval measuring 46.0m @ 8.01% U3O8, incl 19.0m @ 18.27% U3O8, and total composite grade x thickness "GT" value of 368.8 and PLS21-635 (line 750W) with a continuous interval measuring 51.5m @ 2.71% U3O8, incl 8.0m @ 14.58% U3O8, and a total composite GT value of 139.6. Ross McElroy, President and CEO for Fission, commented, "We are extremely pleased with the mineralized results of the R840W resource upgrade program. We hit mineralization with every hole we drilled at R840W and the assays confirm some of the best holes we've drilled on the R840W zone to date. Excellent results were seen along the entire strike length of the R840W zone. We are now in the process of incorporating these new results into the R840W zone model. If the new resource model confirms sufficient drill hole density to allow conversion of the zone to Indicated category, then we will have the potential to include this large, high-grade zone in the upgraded resource estimate and mine plan."
Baselode Energy Corp. (OTCQB: BSENF) (TSXV: FIND) recently provided an update to the ongoing 20,000 metre diamond drilling program (the "Program") on the ACKIO high-grade uranium discovery ("ACKIO"), Hook project ("Hook"), Athabasca Basin area, northern Saskatchewan.
"ACKIO continues to grow in size and impress us with results. Both AK22-18 and AK22-19 demonstrate the robust size of the uranium-fertile fluid pathways that have penetrated the ACKIO area. We are convinced that our drill holes to date have intersected the distal damage zone along the edges of a major mineralized structure and that a larger deposition point exists along the trend. Our recent structural analysis of ACKIO is very compelling as it confirms numerous features previously identified with our geophysical surveys which could lead to the discovery of zones with higher levels of radioactivity and point us to targets for unconformity mineralization. We are excited to continue drilling the ACKIO mineralized trend and to test other prospective targets on the Hook Project," said James Sykes, CEO, President and Director of Baselode.
Cameco (NYSE: CCJ) (TSX: CCO) recently reported that it filed its annual report on Form 40-F with the US Securities and Exchange Commission. The document includes Cameco's audited annual financial statements for the year ended December 31, 2021, its management's discussion and analysis (MD&A), and its Canadian annual information form (AIF).
In addition, Cameco filed its AIF with Canadian securities regulatory authorities. Its audited annual financial statements for the year ended December 31, 2021, and its MD&A were filed with Canadian securities regulatory authorities in February 2022.
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