TORONTO (miningweekly.com) – Canadian uranium explorer Fission Uranium and joint venture (JV) partner Alpha Minerals on Friday reminded their respective shareholders to vote in favour of the proposed friendly takeover offer to consolidate the Patterson Lake South (PLS) project, in the Athabasca basin of Saskatchewan.

Fission in August approached Alpha offering 5.3 of its own shares for each Alpha share, representing a price of $7.26 per Alpha share. It also proposed that Alpha appoint two members to its board of directors.

The two companies’ shareholder meetings were scheduled for November 28.

Meanwhile, Fission said the defendants named in the July 29, notice of civil claim, as amended on September 17, 2013, filed by Fission in the Supreme Court of British Columbia, had formally filed a counterclaim. Fission's Management Information Circular dated October 29, stated that the “claim related to allegations of breach of fiduciary duties and knowing assistance in breach of the same. The amount being claimed is unspecified.”

Fission said it believed the counterclaim to be without merit and that it intended to vigorously defend itself.

SIXTH ZONE DISCOVERED

Fission on Tuesday also announced that it had uncovered a sixth zone at the 31 039 ha PLS project, which up to now had been a 50:50 JV between the two companies.

The company announced another set of drill results adding to a burgeoning R600W zone in the PSL play.

Fission said the holes expanded the new zone by 10 m north and 15 m east. Of note was hole PLS13-121, which intersected 16.8 m total composite mineralisation, at a shallower depth than hole PLS13-118 and included a 0.05 m horizontal vein of semi-massive pitchblende with accompanying off-scale (>9999 cps) radioactivity.

"Having discovered the sixth zone at PLS just one week ago, we're delighted to see R600W already expanding. It is also very encouraging to find substantial mineralisation with stronger radioactivity, and at a more shallow depth, than the zone discovery hole for this zone,” Fission president, COO and chief geologist Ross McElroy said.

Other players in the Athabasca region include NexGen, Azincourt, Aldrin Resource and Makena Resources.