Rio Tinto Canada Uranium Corporation, a development stage company, engages in the acquisition, exploration, and development of mineral properties in Canada. The company explores for uranium ores. It holds interests in eight projects in the Athabasca Basin region of Saskatchewan and Alberta. The company is based in Vancouver, Canada. Hathor Exploration Ltd. operates as a subsidiary of R.T. Engineering Service, Inc. Rio Tinto Canada Uranium Corporation operates as a subsidiary of Rio Tinto Group.
925 West Georgia Street
Vancouver, BC V6C 3L2
Founded in 1996
Rio Tinto Canada Uranium Corp. and Rio Tinto Exploration Canada Inc. Continues Exploration on Pistol Bay's C5 Uranium Property, Saskatchewan
Dec 2 15
Bay Mining Inc. reported that Rio Tinto Canada Uranium Corp./Rio Tinto Exploration Canada Inc. has informed Pistol that it is continuing with its planned 2015 exploration program on the 2,500-acre (1,016 hectares) C5 uranium property in the Athabasca Basin, northern Saskatchewan. The C5 property lies 5 kilometres north of the Phoenix uranium deposit controlled by Denison Mines Corp. The C5 property, together with the C4 and C6 claims, is under option to Rio Tinto, which has earned a 75% interest, and has previously announced its intention to exercise the further option to acquire 100% interest by paying Pistol Bay CAD 5,000,000 within 5 years of December 31st, 2014 and granting Pistol Bay a 5% net profits interest. Rio Tinto has, to date, completed 12 diamond drill holes totaling 6,104 metres on the C5 property and a gravity survey. The 2015 program commenced in mid-September and comprised a DC resistivity survey conducted by DIAS Geophysical of Saskatoon. Uranium mineralization in the Athabasca Basin is spatially associated with the unconformity where the Athabasca sandstones rest on top of older basement rocks. The unconformity is approximately 400 metres below surface in the area of the C4, C5, and C6 properties. The highlight of Rio Tinto's program on C5 so far was the intersection in diamond drill hole 14CBK003 of 1.5m @0.054% U3O8, including 0.5m @0.071% U3O8. Core recovery was approximately 50%, indicating that the assay does not accurately reflect the uranium content of the rock. In addition, diamond drill hole 14CBK0005, 50 metres to the northeast of 14CBK003, intersected 0.32m @0.041% U3O8 just below the unconformity, and 1.0m @ 0.022% U3O8, 5 metres below the unconformity. The C4, C5, and C6 properties adjoin the 11,720 hectare Wheeler River property of Denison Mines Corp. (60%), Cameco Corp. (30%) and JCU (Canada) Exploration Co. (10%). Wheeler River includes the newly (2008) discovered Phoenix Zone, with an indicated mineral resource of 70,200,000 pounds of U3O8 grading 19.13% plus an inferred mineral resource of 1,100,000 pounds of U3O8 at a grade of 5.80%. The Phoenix Zone is 5 kilometres south of the C5 claim and less than 3 kilometres from the boundary of C6 (Denison Mines Corp. annual report 2014). The C4, C5, and C6 properties are situated approximately mid-way between the former producing Key Lake mine and the currently producing McArthur River Mine of Cameco Corp. (70%) and AREVA (30%). McArthur River has produced, to the end of September 2015, a total of 283.3 million pounds of U3O8. It has reserves of 345.2 million pounds at 14.87% U3O8, measured plus indicated mineral resources of 10.6 million pounds at 4.24% U3O8 and an inferred mineral resource of 57.2 million pounds. With a total endowment of almost 700 million pounds, McArthur River is the high grade uranium mine in the world (Cameco Corp. annual and quarterly reports). The C4, C5, and C6 properties are road-accessible, an important feature that allows exploration funds to be used much more effectively than more remote, fly-in projects. The 75-kilometre all-weather haul road from the McArthur River mine to Cameco's Key Lake mine/mill passes approximately 5 kilometres from the properties, and there is a network of bush trails that can be used by 4-wheel drive vehicles.