Hathor Exploration

Last updated

Hathor Exploration Limited
TypeSubsidiary
Industry Uranium mining
Predecessor
  • Longview Minerals Ltd.
  • Sixgill Minerals Ltd.
FoundedJune 28, 1996 (1996-06-28) in Alberta
Headquarters
Vancouver
,
Canada
Parent Rio Tinto
Subsidiaries
  • Northern Continental Resources Inc.
  • Roughrider Uranium Corp.
  • Terra Ventures Inc.

Hathor Exploration Limited is a uranium exploration company based in Vancouver, British Columbia, Canada. Its exploration office is located in Saskatoon, Saskatchewan, Canada. Hathor's exploration projects concentrate on properties within the Athabasca Basin of Northern Saskatchewan, Canada. [1]

Contents

In 2009, Hathor Exploration was reported as having the sixth most significant exploration project in Saskatchewan (based on expenditures) and the 51st out of 100 in Canada at their Midwest NorthEast property in the Athabasca Basin, by Natural Resources Canada. [2]

The name Hathor was inspired by the ancient Egyptian goddess, who besides being one of the most important and popular deities throughout the history of Ancient Egypt, [3] was also the patron goddess of miners in ancient Egyptian culture. [4]

History

The company was founded on June 28, 1996, in Alberta as Longview Minerals Ltd. Following its inception, the company then moved out of Alberta and was renamed pursuant to the Canada Business Corporations Act under the name of Sixgill Minerals Ltd. on September 26, 1996. On May 28, 1997, the company changed its name to Hathor Exploration Limited. [5] [6]

In 2006 Hathor Exploration completed the acquisition of Roughrider Uranium Corp. which led to the discovery of the Roughrider Deposit of the Midwest NorthEast property, and then in 2009 and 2011 respectively acquired Northern Continental Resources Inc. [7] and Terra Ventures Inc. [8] giving the company full control of both the Russell Lake and Midwest NorthEast properties.

On August 26, 2011, Cameco announced its intention to acquire all of the outstanding shares of Hathor Exploration Limited, and made an all-cash offer to shareholders of $3.75 CAD per Hathor share. [9] This announcement initiated a bidding process between Cameco Corp. and Rio Tinto which came to an end on November 30, 2011. Rio Tinto succeeded in its bid to acquire Hathor Exploration by obtaining 70.21% of the outstanding Hathor common shares on a fully diluted basis through their all-cash offer of $4.70 CAD per Hathor share. [10]

On January 12, 2012, Rio Tinto announced that it had successfully acquired 135,290,661 Hathor common shares, representing 100% of the outstanding Hathor common shares on a fully diluted basis. As a result, Hathor de-listed from the Toronto Stock Exchange.

Roughrider deposit and discovery

The most significant assets attributed to Hathor Exploration is the Midwest NorthEast Project and the Roughrider Deposit's multiple zones of uranium mineralization.

The Roughrider Deposit's West Zone was discovered in February 2008 [1] with drill hole MWNE-08-12 which showed concentrations of up to 5.29% U3O8 over 3.3m. [11]

As of May 17, 2011, the Roughrider Deposit contained a NI 43–101 compliant combined resource (indicated and inferred) of 57.94 million pounds U3O8 (Resource estimates prepared by SRK Consulting (Canada) Inc., a division of SRK Consulting), [12] [13] where intercepts have shown grades of up to 81.9% U3O8. [1] The resource estimates to date have only included the West and East zones of the Roughrider Deposit and not the recently discovered Far East Zone. The West Zone of mineralization currently accounts for 27.81 million pounds U3O8 at an average grade of between 1.98% (indicated) & 11.03% (inferred) U3O8, [12] while the larger East Zone currently accounts for 30.13 million pounds U3O8 of the total estimated resource at 11.58% U3O8. [13]

With all current resource estimates taken into account, the Roughrider Deposit is currently the third-highest grade uranium deposit in the world, following Cameco's McArthur River and Cigar Lake Deposits. [14]

The (RRZ)[ expand acronym ] of mineralization is located in the same region which also accommodates several other significant uranium deposits. Roughly 4 km to the southwest is the Midwest uranium deposit owned by AREVA Resources Canada Inc, Denison Mines Corp. and OURD Canada Co., Ltd. which contains 41.7 million pounds of U3O8 at a grade of 5.47%, and only 900 meters to the southwest is the Midwest A discovery (formerly known as the Mae Zone) which contains an additional 19.5 million pounds of U3O8 at a grade of 1.57%, [15] and is also owned jointly owned by AREVA Resources Canada Inc, Denison Mines Corp. and OURD Canada Co., Ltd.

Corporate activities

As a result of negotiations regarding either the acquisition and/or management of various properties Hathor Exploration Limited had previously entered into joint venture agreements, with Forum Uranium Corp., Northern Continental Resources Inc., Triex Minerals Corporation, Terra Ventures Inc., [16] and ESO Uranium Corp. on various projects across Canada.

In March 2009, Hathor Exploration spun-out its Eskay Creek precious metals project to form the new company called Standard Exploration Ltd. (until October 7, 2010, known as MAX Minerals Ltd.) which now oversees all aspects of that project. [17]

In December, 2009 Hathor Exploration completed its acquisition of Northern Continental Resources Ltd. where through a financial agreement, Hathor became the owner of 100% of the interest in the Russell Lake property which is located 15 km northeast of the Key Lake mine/mill complex and 12 km southeast of the McArthur River uranium mine, which was previously divided between the two companies. [7]

On August 5, 2011, Hathor Exploration took full ownership and control of the issued and outstanding securities of Terra Ventures Incorporated. This arrangement consolidated a 100% interest in the Roughrider uranium deposit and 100% interest in the Russell Lake exploration project, located at either end, respectively, of the eastern corridor of the Athabasca Basin. [8]

Corporate governance

Corporate personnel at the time that the company was delisted from the Toronto Stock Exchange were:

See also

Related Research Articles

<span class="mw-page-title-main">Cameco</span> Canada uranium company

Cameco Corporation is the world's largest publicly traded uranium company, based in Saskatoon, Saskatchewan, Canada. In 2015, it was the world's second largest uranium producer, accounting for 18% of world production.

<span class="mw-page-title-main">Athabasca Basin</span> Region of the Canadian Shield in Saskatchewan and Alberta, Canada

The Athabasca Basin is a region in the Canadian Shield of northern Saskatchewan and Alberta, Canada. It is best known as the world's leading source of high-grade uranium and currently supplies about 20% of the world's uranium.

Gerald W. (Jerry) Grandey is a Canadian executive who was previously the President and Chief Executive Officer of Cameco Corporation, one of the world's largest uranium producers. He joined Cameco in 1993 as Senior Vice President, and was appointed President in 2000 and CEO in 2003. In 2010, The Harvard Business Review recognized him as being one of the top 100 CEOs in the world because of the value created for shareholders during his tenure. Grandey retired from Cameco in 2011.

The McArthur River Uranium Mine, in northern Saskatchewan, Canada, is the world's largest high-grade uranium deposit.

The Key Lake mine is a former uranium mine in Saskatchewan, Canada. It is 570 kilometres (350 mi) north of Saskatoon by air on the southern rim of the uranium-rich Athabasca Basin. Key Lake was initially developed to open-pit mine two nearby uranium ore deposits: the Gaertner deposit and the Deilmann deposit. Mining of this ore ceased in the late 1990s; the Key Lake mill now processes uranium ore from the McArthur River mine and from existing stockpiles on site. High-grade ore from McArthur river is blended with lower grade local rock before being passed through the mill. The mill has a permitted annual production capacity of 25 million pounds of U3O8. In addition, ammonium sulfate fertilizer is produced as a byproduct from used reagents. The pits of the mined out local deposits are being used as mill tailings management facilities.

Rabbit Lake is the second largest uranium milling facility in the western world, and is the longest operating uranium production facility in Saskatchewan. The facility is located approximately 800 km north of Saskatoon, Saskatchewan, on the northeast edge of the uranium rich Athabasca Basin. The closest community is Wollaston Lake, about 40 kilometers by lake or air. Rabbit Lake was the first Canadian mine to offer a seven-days-in/seven-days-out commuter system of staffing. Access is provided by Highway 905. Production at Rabbit Lake was suspended in April 2016.

<span class="mw-page-title-main">Denison Mines</span> Canadian mining company

Denison Mines Corp. is a Canadian uranium exploration, development, and production company. Founded by Stephen B. Roman, and best known for its uranium mining in Blind River and Elliot Lake, it later diversified into coal, potash, and other projects.

Paladin Energy Ltd is a Western Australian based uranium production company.

<span class="mw-page-title-main">Uranium mining in the United States</span> Uranium mining industry in U.S.

Uranium mining in the United States produced 173,875 pounds (78.9 tonnes) of U3O8 in 2019, 88% lower than the 2018 production of 1,447,945 pounds (656.8 tonnes) of U3O8 and the lowest US annual production since 1948. The 2019 production represents 0.3% of the anticipated uranium fuel requirements of the US's nuclear power reactors for the year.

<span class="mw-page-title-main">Uranium mining in Wyoming</span>

Uranium mining in Wyoming was formerly a much larger industry than it is today. Wyoming once had many operating uranium mines, and still has the largest known uranium ore reserves of any state in the U.S. At the end of 2008, the state had estimated reserves dependent on price: 539 million pounds of uranium oxide at $50 per pound, and 1,227 million pounds at $100 per pound.

<span class="mw-page-title-main">Uranium ore</span> Economically recoverable concentrations of uranium within the Earths crust

Uranium ore deposits are economically recoverable concentrations of uranium within the Earth's crust. Uranium is one of the most common elements in the Earth's crust, being 40 times more common than silver and 500 times more common than gold. It can be found almost everywhere in rock, soil, rivers, and oceans. The challenge for commercial uranium extraction is to find those areas where the concentrations are adequate to form an economically viable deposit. The primary use for uranium obtained from mining is in fuel for nuclear reactors.

<span class="mw-page-title-main">Cigar Lake Mine</span>

The Cigar Lake Mine is a large high-grade underground uranium mine, located in the uranium-rich Athabasca Basin of northern Saskatchewan, Canada, at the south-west corner of Waterbury Lake. The deposit, discovered in 1981, is second in size of high-grade deposits only to the nearby McArthur River mine. Other deposits, such as Olympic Dam in Australia, contain more uranium but at lower grades.

<span class="mw-page-title-main">Mining in Namibia</span> Overview of Namibias mining sector

Mining is the biggest contributor to Namibia's economy in terms of revenue. It accounts for 25% of the country's income. Its contribution to the gross domestic product is also very important and makes it one of the largest economic sectors of the country. Namibia produces diamonds, uranium, copper, magnesium, zinc, silver, gold, lead, semi-precious stones and industrial minerals. The majority of revenue comes from diamond mining. In 2014, Namibia was the fourth-largest exporter of non-fuel minerals in Africa.

The Kintyre uranium project is located 60 km south of the Telfer gold mine and 260 km northeast of Newman at the western edge of the Great Sandy Desert in the East Pilbara region of Western Australia.

Orano Canada is a uranium mining, milling, and exploration company headquartered in Saskatoon, Saskatchewan, Canada. Orano is a subsidiary of the Orano Group, an international nuclear energy company headquartered in Paris, France with 16,000 employees worldwide.

The Yeelirrie uranium project is a uranium deposit located approximately 70 km southwest of Wiluna, in the Mid West region of Western Australia. The name Yeelirrie is taken from the local sheep station.

<span class="mw-page-title-main">Uranium mining in Namibia</span>

Namibia has one of the richest uranium mineral reserves in the world. There are currently two large operating mines in the Erongo Region and various exploration projects planned to advance to production in the next few years.

The Central Mineral Belt is a geologically defined area of Labrador in northeastern Canada, forming a part of the Canadian Shield. It is important as a source of iron ore, uranium and other minerals.

Fission Uranium Corp. is a mineral exploration company. It is engaged in the exploration and development of uranium assets. Its sole project is the Patterson Lake South (PLS) Project located in Canada's Athabasca Basin District.

References

  1. 1 2 3 "Profiles of Companies with Saskatchewan Mineral Exploration and Development Projects" (PDF). Saskatchewan Ministry of Energy and Resources. 2010. Retrieved July 4, 2011.
  2. ↑ "Map of the Top 100 Exploration and Appraisal Projects of 2009" (PDF). Natural Resources Canada. 2009. Archived from the original (PDF) on February 15, 2010. Retrieved April 21, 2010.
  3. ↑ The Illustrated Encyclopedia of Ancient Egypt, Lorna Oakes, Southwater, p157-159, ISBN   1-84476-279-3
  4. ↑ "Spotlights on the Exploitation and Use of Minerals and Rocks through the Egyptian Civilization". Egypt State Information Service. 2005. Archived from the original on January 8, 2009. Retrieved April 20, 2010.
  5. ↑ "Hathor Exploration Limited Financial Statements March 31, 2001" (PDF). Davidson & Company, Chartered Accountants. 2001. Retrieved April 22, 2010.
  6. ↑ "Hathor Exploration Limited (A Development Stage Company) Interim Financial Statements December 31, 2001" (PDF). Staley, Okada, Chandler & Scott, Chartered Accountants. 2001. Retrieved April 22, 2010.
  7. 1 2 "Press Release". Hathor Exploration Limited (Press release). December 4, 2009.
  8. 1 2 "Press Release" (PDF). Hathor Exploration Limited (Press release). August 22, 2011.
  9. ↑ "Press Release". Cameco Corp. (Press release). August 26, 2011.
  10. ↑ "Press Release". Rio Tinto (Press release). December 1, 2011.
  11. ↑ "Saskatchewan Exploration and Development Highlights 2009" (PDF). Saskatchewan Ministry of Energy and Resources. 2009. Archived from the original (PDF) on February 25, 2012. Retrieved April 22, 2010.
  12. 1 2 "Technical Report for the Midwest NorthEast Project, Roughrider Zone, Saskatchewan". SRK Consulting (Canada) Inc. 2010. Retrieved February 11, 2011.
  13. 1 2 "Mineral Resource Statement ("MRS") for the East Zone at the Roughrider Uranium Deposit" (PDF). Hathor Exploration Ltd. 2011. Retrieved June 10, 2011.
  14. ↑ "Nuclear Market Review, July 1, 2011 (In Focus – Hathor Exploration Advances Roughrider Deposit in Athabasca Basin)". TradeTech. 2011. Archived from the original on June 18, 2011. Retrieved July 4, 2011.
  15. ↑ "Uranium in Canada, Future Mines: Midwest". World Nuclear Association. 2010. Archived from the original on August 24, 2010. Retrieved April 21, 2010.
  16. ↑ "Terra Ventures Inc.: Summer Exploration Gearing Up at Russell Lake". Marketwire. 2010. Retrieved April 20, 2010.
  17. ↑ "Press Release". Hathor Exploration Limited (Press release). March 12, 2009.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.