West Perth-based Black Range Minerals Ltd has secured a 100 per cent interest in two Colorado uranium deposits, giving mineral rights for approximately 7,680 acres, the company has announced.
West Perth-based Black Range Minerals Ltd has secured a 100 per cent interest in two Colorado uranium deposits, giving mineral rights for approximately 7,680 acres, the company has announced.
The full text of a company announcement is pasted below
Highlights
- Company secures a 100% interest in the North Hansen Uranium Deposit
- Initial exploration target of 5-7 million pounds of U3O8 for the new project area that covers the North HansenUranium Deposit
- Company also secures a 100% interest in the High Park Uranium Deposit
- Initial exploration target of 1-1.5 million pounds of U3O8 for the new project area that covers the High Park Uranium Deposit
- Company upgrades the exploration target estimate for its projects in the Canon City uranium mill area to 25-30 million pounds of U3O8
- Anticipates progressively converting this target estimate to JORC-compliant by end of 2007
Black Range Minerals Limited is very pleased to advise that it has secured a 100% interest in the mineral rights covering the highgrade North Hansen and High Park Uranium Deposits in Colorado, USA (see Figure 1). The Company now holds a 100% interest in the mineral rights for approximately 7,680 acres in the Canon City uranium mill project area.
Based on results from considerable historic drilling and previous mineral inventory calculations the Company has determined an initial exploration target of 5-7 million pounds of U3O8 for the North Hansen Uranium Deposit and an initial exploration target of a further 1-1.5 million pounds of U3O8 at the High Park Uranium Deposit.
These two deposits are both located within 20 kilometres of the Company's 100% owned Taylor Ranch Uranium Project. As a result of their acquisition the Company has increased its exploration target estimate for its projects in the Canon City uranium mill area to 25-30 million pounds of U3O8.
The Company anticipates finalising a JORC-compliant resource for the Taylor Ranch and Picnic Tree Project areas during the third quarter of 2007. It will then aim to convert the entire 25-30 million pound target estimate to a JORC-compliant resource by the end of 2007.
BLR - Acquisition of North Hansen and High Park Uranium Deposits
North Hansen Uranium Deposit
The North Hansen Uranium Deposit is located between the circa 30 million pound Hansen Uranium Deposit and the Company's Taylor Ranch Uranium Project (see Figure 1). The Company has secured a 100% interest in a 640-acre area. Approximately 20 holes have been drilled in this project area previously for approximately 5,000 metres.
Substantial thicknesses of high-grade mineralisation have been intersected over a widespread area. Cyprus Minerals Corporation calculated the most recent estimate of the mineral inventory of this area in 1980. Based on these results the Company has determined an initial exploration target estimate for this area of circa 5-7 million pounds of U3O8 at a grade of approximately 0.08% U3O8.
This estimate is presented here as a conceptual target that may result from the completion of a JORC-compliant resource calculation. It should not be understood as indicating the existence of resources in the sense implied by the JORC Code as a JORCcompliant resource is yet to be calculated. However it is presented because Black Range Minerals wants to inform shareholders of the basis for its assessment of the exploration potential of the North
Hansen Uranium Project, based on the data currently available to the Company.
There is considerable upside to increase the mineral inventory in this area with further exploration. Black Range Minerals intends conducting further drilling at this deposit during the third quarter of 2007, which will result in calculation of a JORC-compliant resource. The Company anticipates completing this resource calculation by the end of 2007.
High Park Uranium Deposit
The High Park Uranium Deposit is located approximately 20 kilometres northeast of the Company's Taylor Ranch Uranium Project (see Figure 1). The Company has secured a 100% interest in a 640 acre area. Approximately 250 holes have been drilled in this project area previously for approximately 20,000 metres. Previous holes were drilled on very close-spaced centres (15 to 30 metres).
Mineralisation at the High Park Deposit is shallow and comes to within 15 metres of surface. The average thickness of the mineralisation is approximately 2 metres. The ore is amenable to open-pit mining. Rampart Exploration calculated the most recent estimate of the mineral inventory of this area in 1978. Based on these results the Company has determined an initial exploration target estimate for this area of circa 1-1.5 million pounds of U3O8 at a grade of approximately 0.10% U3O8.
BLR - Acquisition of North Hansen and High Park Uranium Deposits
This estimate is presented here as a conceptual target that may result from the completion of a JORC-compliant resource calculation. It should not be understood as indicating the existence of resources in the sense implied by the JORC Code as a JORCcompliant resource is yet to be calculated. However it is presented because Black Range Minerals wants to inform shareholders of the basis for its assessment of the exploration potential of the High
Park Uranium Project, based on the data currently available to the Company.
Black Range Minerals intends calculating a JORC-compliant resource for this project by the end of 2007.
Progress at the Taylor Ranch Uranium Project
Aside from securing the North Hansen and High Park Uranium Projects, the Company is pleased to advise that its activities to fast track the development of the Taylor Ranch Uranium Project continue to progress well.
Two drilling rigs continue to operate at the Taylor Ranch Uranium Project. Drilling is progressing well with positive results returned.
Results from recently completed holes will be reported in the quarterly activities report, to be released later this month.
Calculation of the inaugural JORC-compliant resource for the Taylor Ranch and the Picnic Tree Uranium Projects is also progressing well. The independent consultants responsible remain on schedule to complete this work during the third quarter of 2007.
