AIM miner acquires US uranium property
AIM-listed Vane Minerals has announced that its wholly-owned subsidiary, Vane Minerals (US), has acquired the North Wash Uranium Property located along the east flank of the Henry Mountains in Southeastern Utah, US, in the Colorado Plateau Uranium District.
The North Wash Project, at present, contains an inferred geologic resource of 150 000 pounds of uranium based on data from more than 100 rotary and core holes drilled between 1977 and 1979.
The resource is contained in 35 000 short tons in a tabular deposit grading 0,22% U3O8 with an average thickness of 5,5 feet.
The North Wash Project consists of four unpatented Federal lode claims, which cover the known mineralisation, and an additional 62 claims along trend located during the due diligence period.
The total land position covers about 551 ha. The property carries a production royalty of 6% on the four original claims and 1,2% on the additional claims.
The resource is hosted in the Salt Wash Member of the Jurassic Morrison Formation, which is one of the two major host rocks for the tabular uranium deposits on the Colorado Plateau.
There are several holes not included in the resource that contain ore-grade mineralisation that have not been offset. Vane is in the due diligence period on a further two properties in Southeastern Utah and is actively pursuing additional breccia pipe uranium properties in Northern Arizona; details will be announced when they become available.
Chairperson Michael Spriggs: "This acquisition is another important step in Vane's growth, further strengthening our position within the uranium sector.
"Our projects are still in the exploratory stages, but all have significant upside.
"We will continue to seek additional holdings as we believe this is a market which will deliver substantial added value for our shareholders."