An electromagnetic survey of the Spitfire and Dragon zones was conducted to follow up on last winter’s drilling.
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The program is intended to locate high-grade uranium hosted in faults along the C10 horizon, the major regional fault structure.
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The uranium producerlogged a C$18.3 million loss in the first quarter of 2019, compared with a profit of C$57.8 million a year ago. That’s equivalent to a decrease of five cents per share, versus a profit of 14 cents per share in the same quarter last year.
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Developing Yeelirrie, one of Australia’s biggest undeveloped uranium deposit, will depend on market conditions, said the company.
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Close Lake consists of 21 mineral claims totaling 38,679 hectares. It is located in the eastern Athabasca Basin area of northern Saskatchewan, Canada.
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The Vancouver-based miner has a chance to acquire a 51% participating interest in the uranium project.
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The company says it has seen a significant improvement over the past year, with prices up about 20%, but believes conditions are not where they need to be to restart idled capacity.
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