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, /PRNewswire/ -- FinancialNewsMedia.com News Commentary - Canada is an important player in the world's production of uranium. Uranium mining in Canada for the domestic industry is also extremely important in the coming years as green solutions will be growing. Canada is the world's second largest producer of uranium, with approximately 13% of global production. Canada has the world's largest deposits of high-grade uranium with grades of up to 20% uranium, which is 100 times greater than the world average. The nuclear power industry in Canada is regulated by the Canadian Nuclear Safety Commission (CNSC). The CNSC regulates uranium mines and mills, as well as all the stages of the nuclear fuel cycle. Nuclear power supplies 15 percent of Canada's energy needs. Refining and fuel fabrication takes place in Saskatchewan and Ontario. The country's nuclear power industry is comprised of 18 CANDU reactors in Ontario and one in New Brunswick. These reactors consume about 25 percent of Canada's domestic uranium production. The other three-quarters of Canada's uranium is sent to global nuclear power markets. Uranium mining in Canada accounts for 13 percent of global output, making the Great White North the second largest producer of uranium in the world, behind only Kazakhstan. Active mining companies in the markets this week include Traction Uranium Corp. (OTCQB: TRCTF) (CSE: TRAC), Platinum Group Metals Ltd. (NYSE: PLG) (TSX: PTM), NexGen Energy Ltd. (NYSE: NXE) (TSX: NXE), Valaris Limited (NYSE: VAL), Baselode Energy Corp. (OTCQB: BSENF) (TSX-V: FIND).
Canada hosts 9 percent of the world's uranium resources, and is home to the biggest deposits of high-grade uranium. Their grades of up to 20 percent uranium are 100 times greater than the global average. Canada's uranium deposits are found mainly in the provinces of Saskatchewan, Labrador and Quebec, as well as the territory of Nunavut. Of these, Saskatchewan leads the country in uranium exploration and production. The majority of Saskatchewan's mining activity occurs in the uranium-dense Athabasca Basin, a mining-friendly region in the north of the province that's renowned for its high-quality uranium deposits. The area's long uranium-mining history has made Canada an international leader in the uranium sector.
Traction Uranium Corp. (OTCQB: TRCTF) (CSE: TRAC) BREAKING NEWS: Traction Uranium welcomes Dr. Yuanming Pan Esteemed Professor and Research Scientist at the University of Saskatchewan to their Technical Advisory Committee - Traction Uranium Corp. (the "Company" or "Traction"), a mineral exploration issuer focusing on the development of discovery prospects in Canada, including its two flagship uranium projects in the world-renowned Athabasca Region, is pleased to announce effective June 1st, 2022 esteemed University of Saskatchewan ("UofS") Professor and research scientist Dr. Yuanming Pan to their Technical Advisory Committee.
Dr. Yuanming Pan obtained his PhD degree from the University of Western Ontario in 1990 and has served on the faculty at the University of Saskatchewan since 1993. Pan's research spans from mineralogy to economic geology, environmental mineralogy, and geochemistry, with extensive experience in diverse mineral commodities from gold to graphite, lithium, rare earth elements, and uranium. Pan's research group developed the technique of using alpha-particles-induced defects in quartz for the exploration of uranium deposits.
Lester Esteban, Chief Executive Officer, stated "For almost 30 years, many geologists in the field today that graduated from the UofS have had to pass through Dr. Pan. I've been following Dr. Pan's research work for quite some time. His method started from research on the Key Lake and McArthur river mines and has been applied to the Maw Zone, the Phoenix Deposit and the Arrow Deposit. The novel uranium exploration technique he pioneered looking at radiation-induced defects in quartz as a new vector for uranium exploration will undoubtedly bolster our efforts in ground delivering on our properties. I'm excited to have Dr. Pan on our Technical Advisory Committee and having his research team collaborating with our exploration team in bringing us closer to making that next great uranium discovery." CONTINUED … Read this full press release and more news for Traction Uranium at: https://www.financialnewsmedia.com/news-trac/
Other recent developments in the mining industry of note include:
Platinum Group Metals Ltd. (NYSE American: PLG) (TSX: PTM) recently reported that the Company and Japan Oil, Gas and Metals National Corporation ("JOGMEC") have signed a formal Memorandum of Understanding ("MOU") acknowledging a consensus to accelerate financing opportunities for the Waterberg Project. Hanwa Co., Ltd. ("Hanwa") was a witness to the MOU.
During a meeting held on the sidelines of the African Mining Indaba in Cape Town on May 10, 2022, representatives of JOGMEC and Platinum Group discussed finance and development plans for the Waterberg Project. Following the meeting, both parties signed the MOU acknowledging their discussion. Furthermore, JOGMEC expressed its intention to maintain JOGMEC's interests in the Waterberg Project and to support funding contributions for project development to the extent possible.
NexGen Energy Ltd. (NYSE: NXE) (TSX: NXE) recently announced the signing of an Impact Benefit Agreement ("IBA") with the Clearwater River Dene Nation ("CRDN"), covering all phases of the Rook I Project ("Rook I" or the "Project"), which hosts the 100% owned Arrow uranium deposit.
NexGen signs a historic IBA with CRDN. The Rook I Project is located within the traditional territory of the CRDN. The IBA defines the environmental, cultural, economic, employment and other benefits to be provided to the CRDN by NexGen in respect of the Project, and to confirm the consent and support of CRDN for the Project throughout its complete lifecycle, including reclamation. The Agreement was negotiated and developed out of the Study Agreement that was signed in 2019 between NexGen and the CRDN. The Study Agreement formalized engagement with the CRDN to identify potential impacts to Aboriginal and treaty rights and socio-economic interests, and identify potential avoidance and accommodation measures in relation to the Project whilst acknowledging the duty to consult remains with the Crown. Further, the Study Agreements provided CRDN support to negotiate the IBA. Note, the IBA does not abrogate, extinguish, or constitute the abandonment of any existing Aboriginal, inherent, or treaty rights of the CRDN recognized and affirmed pursuant to Section 35 of the Constitution Act, 1982. Importantly, the Agreement is entered into in recognition of the Aboriginal and Treaty Rights of the CRDN.
Valaris Limited (NYSE: VAL) recently announced that Christophe Raimbault, Vice President and interim Head of Marketing will take on a new role as Vice President - Sustainability and New Energy. Christophe will continue to serve as Vice President and interim Head of Marketing until Matt Lyne joins Valaris as Senior Vice President and Chief Commercial Officer, which is expected to occur in the third quarter of 2022.
President and Chief Executive Officer, Anton Dibowitz said, "The creation of this new position highlights the Company's continued strategic focus on sustainable business practices that support our purpose of providing responsible solutions that deliver energy to the world. Christophe's appointment will drive further momentum behind our commitment to reduce emissions from our operations and partner with our customers to support their ESG efforts, as well as identify and progress opportunities within the new energy arena."
Baselode Energy Corp. (OTCQB: BSENF) (TSX-V: FIND) recently provided an update on the ongoing 20,000 metre diamond drilling program (the "Program") on the ACKIO high-grade uranium discovery ("ACKIO"), Hook project ("Hook"), Athabasca Basin area (the "Basin"), northern Saskatchewan.
"We continue to hit mineralization at the overburden contact; within 25 m from surface. The mineralization from AK22-051 is the shallowest being drilled in the Basin. This rarity of near-surface mineralization with high levels of radioactivity sets Baselode apart from our peers as there's no other recent discovery this close to surface. Near-surface mineralization has been a key characteristic required for numerous Basin deposits going into production as open pit mines. Holes AK22-051 and AK22-047 are substantially the two best drill holes on ACKIO to date in terms of continuously elevated radioactivity. They also have the highest average levels of radioactivity, and each includes multiple discrete intersections with greater than 10,000 cps. We're excited to see ACKIO grow with near-surface mineralization, including consistently higher levels of radioactivity. AK22-051 remains open in all directions and AK22-047 remains open to the east," said James Sykes, CEO, President and Director of Baselode.
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