Progress continues at Canadian Venture listed Santoy Resources Ltd. (TSX.V: SAN). The company just entered into a series of transactions involving the acquisition of Virginia Uranium Ltd. which brings the Coles Hill uranium property into its fold. Santoy however has not lost focus on the development of its other properties and has allocated funds for exploration efforts on its 100% owned and Joint Venture properties in the Athabasca Basin of Saskatchewan and the Central Mineral Belt of Labrador.
Santoy and its 50-50 Joint Venture partner Denison Mines Corp. have approved a $300,000 budget for fieldwork on the Hatchet Lake and Murphy Lake properties for 2009. Ground electromagnetic surveys are currently underway on the Tuning Fork and Tuning Fork West grid on the Hatchet Lake property. In addition, Denison is completing a compilation of previous drilling results and subsurface geology on the properties. Core drilled in previous years, but never sampled, will be logged and sampled with a focus on semi-massive sulphide and weakly radioactive altered zones at or near the unconformity.
Confirming its expansion ambitions Santoy staked two new properties in the Moore Lake – Webb River area on the southeast margin of the basin in March 2009. Formerly held by Denison Mines Corp., Santoy’s new McGregor and Toews claims cover the shallow margin of the basin and have structural and geochemical indications favourable for uranium deposits. Compilation of previous work is planned prior to fieldwork.
Former JV partner Wescan Goldfields has now been reduced to a non-participating, non-voting, carried 0.5% NSR royalty interest in the remaining claims on the Dowler, Fir Island, Hozempa, and Richards properties. Audiomagnetotelluric (AMT) survey lines were conducted on the Fir Island property in 2008, and identified a resistive high or uplift in the basement. Portions of the former Pattyson Lake property were re-staked and are now held 100% by Santoy. These claims are in good standing until at least 2010 and no fieldwork is planned for 2009.
Santoy’s development strategy is characterised by joint ventures and the company has formed a 50-50 joint venture with Forum Uranium Corp. (TSX.V: FDC) to re-stake part of Santoy’s former Karpinka Lake property. Forum will serve as the operator on this project. The property hosts several airborne electromagnetic conductors with crosscutting N70 structures prospective for shallow basement-hosted uranium deposits similar to Cameco’s Millennium deposit. The property is serviced by the existing Key Lake mine road and is close to Cameco's Key Lake processing facility. The JV has approved a small budget for ground surveys in 2009, aimed at defining targets for later drilling.
Santoy holds a 34% joint venture interest in the Bruce River and Mustang Lake properties, operated by Mega Uranium Ltd. The JV will complete a limited program of prospecting on the Bruce River property in 2009 to follow-up on encouraging uranium results from 2008. A small field program is also planned for Santoy’s 100%-owned Anomaly 7 property and is designed to follow-up on targets identified by Santoy’s 2007 program and promising results announced by competitors near the northern property boundary.
The company’s development endeavours will be buoyed by the recently announced $5.0 million non-brokered private placement. A portion of this proposed financing will be applied to increasing the Company's equity position in VA Uranium Holdings, Inc wherein Santoy and Virginia Uranium Ltd., have agreed to a business combination. Virginia Uranium Ltd. currently owns a 13% interest in VA Uranium Holdings, Inc., which owns the Coles Hill uranium deposit.
Santoy is entering a new phase with its recent arrangement to acquire the Coles Hill uranium deposit. Despite that significant development, Santoy remains committed to its other projects. Development through joint ventures has enabled Santoy optimise its capital deployment. We have plans to meet the management in June and hope to provide an update at that time. (Emphasis mine...SB)
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