Uranium Price Surges 10% in One Month
March 02 2015 - 9:30AM
By Financial Press
Major accidents at Rio Tinto's Rössing uranium mine in Namibia
and BHP Billiton's Olympic Dam in Australia have removed 8% of the
global uranium supply. In the last 30 days, spot price of uranium
has increase 10% to $38.75.
Brades Resource Corp (TSX-V:BRA) has partnered with Fission 3.0
to drill the Clearwater West property in Saskatchewan's Athabasca
Basin – the world's largest source of high-grade uranium.
Fission 3.0 is the project operator, and it shares the same
technical team as Fission Uranium. This team has discovered two
major deposits in four years, using a proprietary model for finding
uranium through airborne radiometrics, radon gas surveys and
geophysics.
"Our main corporate focus is the joint venture with Fission
3.0," confirm Brades' CEO Peter Wilson, "Clearwater West is
adjacent to Fission Uranium's PLS property, and only 15 kilometers
away from the shallow high grade deposit. Fission 3.0 has the
same management team as Fission Uranium, and they are applying
similar exploration techniques on our J.V. property."
Brades recently announced the commencement of the winter
exploration program on the Clearwater West property. The
program involves ground geophysics and 10 proposed drill holes
costing about $1.04 million.
Fission 3.0's team is headed by legendary uranium explorer Ross
McElroy who led the technical team that made the discovery at
Waterbury Lake, SK and at Patterson Lake South (PLS).
Wilson states that McElroy and his team have already identified
the drill targets. The objective of the on-going geophysical work
is to focus the drill program. Fission 3.0 can pull a
drill rig from its inventory on short notice.
"One of Brades' advantages is that we are not required to make
property payments," states Wilson, "This maximises the amount of
money that we can put into the ground. In terms of protecting
shareholder value, it's a big plus. Some of our neighbours are
severely financially stressed by the obligation of these property
payments."
The PLS deposit contains an estimated 80 million pounds of
'indicated' uranium and about 25 million pounds of 'inferred'. More
than 50% of the resource sits in a high-grade zone that can be
mined at low cost.
Fission Uranium buy-out rumours involving Rio Tinto and Teck
Resources are growing. Dundee Capital Markets analyst David
Talbot called the Fission most recent resource numbers 'truly
phenomenal'.
"If Fission does get transacted, the market will then focus on
the strongest joint ventures," stated Wilson, "We have also picked
up 24,000 hectares of additional properties which are adjacent or
nearby to Fission 3.0's other projects in the basin."
There is a clean division of labour between Brades and the
Fission 3.0 technical team. Brades handles the financing and
Fission 3.0 designs and executes the exploration program.
"It is a good partnership because both teams are doing exactly
what they are trained to do," stated Wilson, "The upcoming drill
program is a massive milestone for Brades. At some point in the
near future I anticipate that there is going to be a wrap up of
assets in the Athabasca Basin, especially with properties close to
the PLS deposit."
Wilson believes that uranium prices will continue to trend
upward. According to the World Nuclear Association there are
currently 435 nuclear reactors connected into national grids, 67
under construction, 164 on order and 317 proposed.
"Exploration at Clearwater West has progressed rapidly," stated
Fission 3.0 Chief Geologist Ross McElroy, "Surveys and ground
prospecting, during Fall 2014 have helped us identify and
prioritize a number of high priority targets close to the border
with PLS and, just 330 meters away, Fission Uranium intersected
near-surface anomalous radioactivity. We've now reached the
stage at which drill testing these high profile targets is the
logical next step."
Fission 3.0 owns 9.9% of Brades and it increased its position on
Brades' last financing.
"You don't need to be a geologist to see the similarities
between our property the PLS discovery," stated Wilson, "The
collective understanding is that there are more big discoveries
still to be achieved in this basin."
Brades is currently trading at .06 with a market cap of $2.8
million.
Legal Disclaimer/Disclosure: This document is not and should not
be construed as an offer to sell or the solicitation of an offer to
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CONTACT: Brades Resource Corp.
Brian Biles
Director
604 687 7742
brian@bradesresource.com
www.bradesresource.com