Black Range to buy uranium mine
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West Perth-based Black Range Minerals has been given the exclusive right to acquire a 30 million pound uranium deposit from STB Minerals based in Colorado.
Black Range now holds exclusive rights to secure a 100 per cent interest in the Hansen uranium deposit, which is located immediately adjacent to the company's 100 per cent owned $60 million
pound Taylor Ranch Uranium Project.
Full announcement below:
Black Range Minerals Limited (ASX:BLR; "Black Range" and "the Company") is very pleased to advise that it has executed a Letter of Intent with STB Minerals LLC ("STB"), providing the Company the exclusive right to acquire STB's interest in the ~30 million pound Hansen Uranium Deposit1 in Colorado, USA.
Commercial terms for the acquisition are included in the Letter of Intent.
The Company now holds exclusive rights to secure a 100% interest in the Hansen Uranium Deposit, which is located immediately adjacent to the Company's 100% owned +60 million
pound Taylor Ranch Uranium Project (see Figure 1).
Approximately 1,000 holes have been drilled to define the Hansen Uranium Deposit, which hosts approximately 30 million pounds of U3O81.
Mineralisation at the Hansen Deposit is hosted by a flatlying sandstone sequence, with the high grade portion of the deposit being up to 45 metres in thickness (see Figure 2).
The deposit was fully permitted for mining in the early 1980s; however mining never eventuated because the global uranium price collapsed shortly after permits were awarded.
The Company's adjacent Taylor Ranch Uranium Project contains JORC Code compliant indicated and inferred resources of more than 60 million pounds of U3O8 (see Table 1).
The combined Taylor Ranch/Hansen Uranium Project comprises more than 90 million pounds of U3O8 1, making it one of the largest uranium projects within the USA - a country that annually
consumes around 50 million pounds of U3O8 per annum (or ~27% of the world's uranium consumption) yet produces less than 5 million pounds of U3O8 per year (or <2.5% of total annual global uranium consumption).