Rose Petroleum plc

NI 43-101 Report


VANE announces the publication of a NI 43-101 technical report on its Northern Arizona Uranium Breccia Pipe Exploration Project, which was compiled by SRK Consulting (U.S.) Inc., Tucson, Arizona; SRK reviewed the breccia pipe targets, VANE's exploration and evaluation strategy and the company's quality control and assurance practices.

Highlights from the report include:

  • VANE's uranium breccia pipes offer an excellent suite of exploration targets worthy of continued exploration drilling.
  • Several of the breccia pipes claimed by VANE were drilled in the early 1980's, with promising results.
  • The evidence for the presence of uranium breccia pipes is apparent in the field and defines valid uranium exploration targets.
  • The VANE program is one of identification of prospective pipe targets, followed by shallow drilling to define a pipe geometry, and deep drilling to test favorable stratigraphy in the pipes for uranium mineralization - a well planned and focused exploration program.
  • Of the 38 breccia pipe properties held by VANE, five are confirmed pipes.
  • One of the breccia pipes contains a historical intercept with up to 1.78% equivalent U3 O8.
  • A program of drilling and gamma logging is justified to test the VANE exploration targets and it is possible to complete the steps suggested in the report in a 12 to 18 month time frame at a cost estimate of approximately US$2.85 million.

Alan V. Moran, a registered Geologist and certified professional geologist, of SRK Consulting (U.S.) Inc. is the Qualified Person who meets the criteria of a qualified person as set out in the National Instrument 43-101 ("NI43-101").

Kristopher K. Hefton, Chief Operating Officer VANE Minerals (US) LLC, BSc Geology, who meets the criteria of a qualified person under the AIM Rules - Guidance for Mining, Oil and Gas Companies, has reviewed and approved the technical information contained within this announcement.

The full report is available to download from the Company's website - Click here