Energy Fuels and Royal Resources Announce Uranium Property Acquisition and Arizona Strip Exploration Activities
04 Março 2010 - 12:00PM
Marketwired
Energy Fuels Inc. (TSX: EFR) and Royal Resources Limited (ASX: ROY)
Key Points
-- Joint Venture acquires known mineralized breccia pipe, and second
breccia pipe target, both outside Department of Interior withdrawal area
boundary
-- No up-front cost
-- VTEM geophysical exploration techniques applied and verified for breccia
pipe exploration
-- Three new breccia pipe targets located with further exploration planned
Energy Fuels Inc. (TSX: EFR) ("Energy Fuels" or the "Company"),
and Royal Resources Limited (ASX: ROY) ("Royal"), its joint venture
partner, are pleased to announce that Arizona Strip Partners LLC
("ASP") joint venture, formed in May of 2008 by the companies, has
succeeded in acquiring two breccia pipe properties in Coconino
County, Arizona from Neutron Energy, Inc. ("Neutron"). Historical
uranium production from the Arizona Strip was at an average grade
of 0.65% U3O8 or 13 lbs. per ton, which is the motivation for ASP's
interest in the region.
This property acquisition includes all available data including
geophysical logs and lithologs, from Neutron. These two properties
are both in near proximity to drilled out ore bearing pipes, and
one of these properties is a geologically confirmed mineralized
breccia pipe. ASP acquired the properties with no up-front costs.
Neutron will retain a 2% NSR royalty on any production. If an ore
body is drilled out, and upon completion of a feasibility study
conducted by ASP, Neutron has a one time option to elect to
participate in that project at a 30% working interest, by
surrendering its royalty and paying to ASP a 150% reimbursement of
30% of ASP's costs, incurred to the point of completion of the
feasibility study.
The two properties, known as the "Cyclone Target" and the
"Horsey Target" are Mineral Exploration Permits acquired by Neutron
through the Arizona State Lands Department and not regulated by
either the Bureau of Land Management or the US Forest Service. The
properties are located south of the Grand Canyon and both are
outside the boundary of the US Department of Interior's withdrawal
area, currently undergoing a two year environmental impact study.
Each Mineral Exploration Permit is good for 5 years and, should a
minable discovery be made, can be converted to an Arizona State
Mining Lease, subject to a production royalty.
Cyclone Target-
This is a confirmed mineralized breccia pipe. Rocky Mountain
Energy drilled two shallow holes and seven deep holes in 1990 that
confirmed mineralization. Neutron drilled four deep holes in 2008
and mineralization from 0.01% U3O8e up to 0.076% U3O8e was
encountered in each of the Neutron drill holes. Further exploration
will be needed to fully develop this target, and because of the
target being State of Arizona lands, and outside of the withdrawal
area, ASP is confident that this exploration can be successfully
undertaken.
Horsey Target-
This target consists of 87.67 acres. There has been no drilling
done however a track-etch survey was completed on the target. The
Horsey target exhibits good surficial characteristics of a
potential pipe and a good surface collapse structure was observed
by ASP field examination.
Additionally, ASP reports exploration success applying Versatile
Time Domain Electromagnetic ("VTEM") geophysical survey techniques
to search for breccia pipes on the Arizona Strip. VTEM is a
geophysical technique that provides the depth and resolution
believed necessary to conduct breccia pipe exploration. During
November 2008, GeoTech Ltd. of Ontario, Canada flew a
helicopter-borne VTEM survey for ASP covering 15 survey blocks on
the Arizona Strip, for a total of 538 line-kilometers. Data was
processed and modeled by Australian firm Montana GIS. Several major
findings from the VTEM work include:
-- A strong anomalous VTEM signature exhibited over five known undeveloped
breccia pipes, both horizontally and vertically, proves to ASP that VTEM
geophysical surveys can be used successfully to discover new breccia
pipes.
-- The anomalous signature exhibited over five known breccia pipes varies
dramatically from pipe to pipe due to variation in geological settings
and in the size and extent of the collapse.
-- High resolution data analysis has been completed on seven of the 15
blocks surveyed. Processing and modeling of the eight remaining survey
blocks is progressing.
-- Based on the interpretation of those seven blocks, ASP has successfully
identified three new breccia pipe targets on properties controlled by
ASP, all of which are located outside of the DOI withdrawal area.
-- ASP intends to conduct additional exploration on the three targets
identified. The more detailed data collected from those exploration
efforts will be analyzed to further understand and better apply the
application of VTEM geophysical survey data regionally.
Stephen P. Antony, P.E., a Qualified Person as defined by
National Instrument 43-101, has reviewed and approved the content
of this press release.
Energy Fuels Inc. is a uranium and vanadium mineral development
company actively rehabilitating and developing formerly producing
mines. With more than 44,000 acres of highly prospective uranium
and vanadium property located in the states of Colorado, Utah,
Arizona, Wyoming, and New Mexico, and exploration properties in
Saskatchewan's Athabasca Basin totaling approximately 40,000
additional acres, the Company has a full pipeline of additional
development prospects. Energy Fuels, through its wholly-owned
Colorado subsidiary, Energy Fuels Resources Corporation and its
British Columbia subsidiary, Magnum Uranium Corp., has assembled
this property portfolio along with a first class management team,
including highly skilled technical mining and milling professionals
based in Lakewood and Nucla, Colorado and Kanab, Utah.
This news release contains certain "Forward-Looking Statements"
within the meaning of Section 21E of the United States Securities
Exchange Act of 1934, as amended and "Forward Looking Information"
within the meaning of applicable Canadian securities legislation.
All statements, other than statements of historical fact, included
herein are forward-looking statements and forward-looking
information that involve various risks and uncertainties. There can
be no assurance that such statements will prove to be accurate, and
actual results and future events could differ materially from those
anticipated in such statements. Important factors that could cause
actual results to differ materially from the Company's expectations
are disclosed in the Company's documents filed from time-to-time
with the British Columbia, Alberta and Ontario Securities
Commissions.
Contacts: Energy Fuels Inc. Gary Steele Investor Relations (303)
974-2147 or Toll free: 1-888-864-2125 investorinfo@energyfuels.com
www.energyfuels.com
Energy Fuels (TSX:EFR)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Energy Fuels (TSX:EFR)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024