UVRE see promising signs of uranium-vanadium mineralisation at None Such
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UVRE says drilling to test extensions of mineralisation at the None Such prospect within its East Canyon uranium-vanadium project is on point.
Five of the 11 holes drilled at the prospect intersected visible mineralisation which corresponded with elevated gamma radiation as measured with a handheld scintillometer of up to 1,342 counts per second (CPS).
While visual observations and handheld scintillometer readings are no replacement for laboratory assays, which are expected in about four weeks, the results are nonetheless a promising indicator of uranium and vanadium mineralisation.
UVRE (ASX:UVA) adds that all intersections are within 40m of surface, which lends itself to easier mining, while the zone of mineralisation remains open.
It will now move the rig to the Bonanza prospect where it is permitted to drill up to 25 holes.
“Encouragingly, early indications from core inspection and scintillometer readings from the initial holes drilled to date suggest mineralisation does extend beyond the historical workings at the None Such Prospect,” managing director Peter Woods said.
“These holes have offered important insights already and we look forward to receiving further data as it becomes available.”
East Canyon comprises 231 contiguous claims covering 18.7km2 in the Dry Valley/East Canyon mining district of southeastern Utah.
This area has been an important source of uranium and vanadium in the US for more than 100 years, with historical 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.
It also hosts several significant uranium-vanadium operations such as Energy Fuels’ La Sal Complex mines, development projects and White Mesa Mill, the only conventional fully operational and licensed uranium/vanadium mill in the US that is just 50km away and has historically accepted third party ore.
UVRE’s current drill program is designed to test extensions and the nature of the high-grade uranium and vanadium mineralisation observed and sampled within and around historical workings at the None Such and Bonanza prospects.
These had returned uranium and vanadium grades of up to 1.27% U3O8 and 9.21% V2O5.
Drilling, which could total up to 50 holes, will also test interpreted mineralised trends at both prospects.
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.