Makena Resources Inc. (TSXV:MKN) is one of the key players in the prolific Athabasca Basin in Saskatchewan, Alberta, Canada. Makena recently acquired the Patterson group of uranium claims consisting of three claim blocks totalling 6,687 hectares. On the west block is the Patterson Lake South (PLS) Prospect of Fission Energy Corp. The other two blocks are in the direct vicinity of the discovery.
Among other players in the area, Makena has the smallest current market cap bordering the PLS discovery. The Company also has only approximately 24 million shares outstanding.
The Patterson Lake region is an emerging uranium district located in Saskatchewan’s Athabasca Basin. The Athabasca Basin in Northern Saskatchewan and Alberta, Canada is host to high-grade uranium, supplying about 20% of the world’s demand.
In November 2012, then joint venture partners Fission Uranium and Alpha Minerals made a major uranium discovery at their Patterson Lake South (PLS) property. A series of excellent drill results revealed a high-grade, shallow-depth deposit, igniting a competitive staking rush.
The district has two significant structures: the Patterson Lake Conductor Corridor and the Dirksen Corridor. Many companies have properties or stakes in properties in the region, including Cameco Forum Uranium and NexGen Energy.
As of December 2013, exploration work has identified an estimated 30 million pounds of contained uranium (at a grade of 2.2%) at PLS and analysts anticipate that estimate may rise by as much as five to 10 million pounds by the end of 2013.
STRATEGIC URANIUM CLAIMS
Makena Resources’ Patterson Uranium Prospect consists of three claim blocks totaling 6,687 hectares (16,524 acres), all strategically located either adjacent to or in the direct vicinity of the PLS discovery.
The west block directly borders the recent discovery at PLS and lies within 4 km of the nearest road. A VTEM geophysical survey has been conducted over 80% of the claims and results indicate the Patterson West claim block straddles a major structural boundary; the area is characterized by distinct breaks and basement conductors under a shallow ground cover (154m).
The north block is located in the direct vicinity of the PLS discovery within 4 km of the nearest road. Existing VTEM coverage indicates the claim block hosts relatively thin sandstone (200m-300m), is near a major structural boundary and is charactized by distinct breaks in the geological picture.
The east block is located in the direct vicinity of the PLS discovery. MEGATEM airborne geophysics survey coverage shows moderately thin sandstone (300m-400m) over magnetic low (aphebian sedimentary basin) indicating a generally favourable environment for uranium.
Makena Resources has retained Aeroquest Airborne to conduct a VTEM max program over the three prospective uranium blocks to help locate basement indicators. The Company anticipates the work to commence in January 2013.
Negar Adam – President and Director
Mrs. Adam has worked in the investment industry for over ten years with junior companies from inception and incorporation to final listing. Having worked with several brokerage houses, acted as CFO and director of several public companies, and as the head of her own consulting firm, Mrs. Adam specializes in the assistance of initial public offerings as well as all regulatory filings. Mrs. Adam graduated from the University of British Columbia in 1995 with a Bachelor of Commerce in Finance.
Greg Thomson – Director
Mr. Thomson has over 30 years of mineral exploration experience, mainly as a mineral exploration project geologist, working as an employee and consultant to both junior and senior mineral exploration/ mining companies. The majority of Mr. Thomson’s career has been directed towards the exploration for gold.
Mr. Thomson has overseen numerous minor to advanced level mineral exploration programs and mineral property evaluations throughout most of the mineral regions of British Columbia. Mr. Thomson has also managed and participated in international exploration programs in Alaska, Mexico and Mongolia.
Mr. Thomson holds a Bachelor of Science degree in Geology from the University of British Columbia and also has previous experience as a secondary science teacher in Delta, BC. Mr. Thomson is a registered member of the Association of Professional Engineers and Geoscientists of British Columbia.
Dr. Karl Schimann – Advisory Committee
Dr. Schimann possesses extensive experience in mineral exploration, spanning a career in exploration geology of over 40 years and across three continents. He has participated in significant discoveries for uranium and base metals and has also led various exploration and mining initiatives for gold and diamonds. Between 1977 to 1997, Dr. Schimann was employed by French uranium giant AREVA (previously COGEMA) as a Senior Geologist and Project Manager, where he was a key member of the team that undertook the discovery and development of the massive Cigar Lake uranium mine. In total, he spent twenty years with AREVA, ten of which were in uranium exploration and mine development, mainly in the Athabasca Basin.