Uvre’s wrapped up drilling at the Bonanza prospect at its East Canyon uranium-vanadium project in Utah, USA.

The company has completed five drill holes at Bonanza, and all recovered core that showed levels of elevated radioactivity to background measured with a handheld scintillometer.

And anomalous readings for uranium, vanadium and rare earths were recorded via pXRF in several zones of the recovered core.

Uvre (ASX:UVA) has sent samples for assay, and says the core from Bonanza will provide important data on the structures and controls of the uranium and vanadium mineralisation in the East Canyon district.

Prime uranium ground

Notably, the project is in the Colorado Plateau, which has been an important source of uranium and vanadium in the US for more than 100 years, with historic production of more than 85 million pounds of uranium at an average grade of more than 0.13% U3O8 and more than 440 million pounds of vanadium at an average grade of 1.25% V2O5.

The district also hosts several significant uranium-vanadium operations including TSX listed Energy Fuels’ La Sal Complex mines and development projects, International Consolidated Uranium’s Rim/Columbus and Sage Plains project which was subject to a recent acquisition and strategic alliance with Energy Fuels, and Velvet-Wood, owned by TSX-V-listed company Anfield Resources.

And The East Canyon Project is just 50km from Energy Fuels’ White Mesa Mill, the only fully licensed and operating conventional uranium-vanadium mill in the US.

Drilling will kick off again by Q2

Gathering samples of core for rare earths analysis from Bonanza has been paused due to the northern hemisphere winter and will recommence in the spring, however those for REE from previous holes drilled at the None Such prospect are due shortly.

Once all assay data has been received, the stratigraphic and geochemical information obtained from this initial drill program will be combined with regional mapping and surveys to identify structural controls of fluvial systems “to vector towards potentially larger uranium and vanadium mineralised traps sites within the system and identify other priority targets at East Canyon,” Uvre says.

Planning and preparation is now underway for the next phase of exploration and drilling, anticipated to restart late Q1/Q2 2023 after the winter months (northern hemisphere) have passed.

 

 

 

This article was developed in collaboration with Uvre, 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.