Delecta’s Rex uranium samples exceed lab threshold
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The company now expects a short delay in the reporting of assay results from last month’s fieldwork program.
Delecta Ltd’s uranium samples from the REX Project in Colorado, USA have exceeded the lab threshold due to radiation limits, after ALS Global reported high levels of naturally occurring radioactive minerals (NORM) from three samples from last month’s field work program.
All samples are now required to be sent to ALS Global Vancouver, where they retain the processing capability to measure elevated levels of NORM uranium samples.
Sampling programs were predominantly focused on old mine dumps and exposed mineralisation guided by a handheld scintillometer.
Due to the transfer of samples, Delecta (ASX:DLC) expects a short delay in the reporting of assay results from last month’s fieldwork program.
“Visible uranium and vanadium mineralisation has been observed throughout the REX Project,” Delecta managing director Malcolm Day said, “confirming the potential for high-grade uranium and vanadium within the project area.”
Day said it was encouraging that interim tests returned elevated levels of uranium mineralisation from three of the samples from the recent sampling program and considered the small delay in lab samples to be a net positive in the context of expected higher-grade assays.
“Our initial exploration has confirmed the company’s view that the REX Project is prospective for higher-grade uranium mineralisation in what is an extremely buoyant uranium market.”
On June 24, 2020 Delecta acquired 60% of shares in Sunrise Minerals Inc, a Colorado-based company that holds the Rex Uranium Project.
The project is within the Uravan Mineral Belt, which has reported historical production totalling 86m lb at 0.24% uranium oxide and 441m lb at 1.25% vanadium.
REX consists of 256 contiguous BLM mining claims covering 2,072ha with four historic uranium mines within the project area, which are readily accessible via surfaced and county-maintained gravel roads from either Moab or Monticello.
It is within trucking distance of the White Mesa Mill, the only operating conventional uranium-vanadium mill in the US that has 90% spare capacity available to toll-treat mined ore.
This article was developed in collaboration with Delecta, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.