Business
Crosshair Maps Out Its Return to Labrador
Crosshair Maps Out Its Return to Labrador Vancouver, British Columbia CANADA, May 16, 2012 /...
About this update from Global Crossing Airlines Group, Inc.
[{"type":"text","content":"\nCrosshair Maps Out Its Return to Labrador\n\nCrosshair Maps Out Its Return to Labrador\nVancouver, British Columbia CANADA, May 16, 2012 /FSC/ - Crosshair Energy Corporation  (CXX - TSX, CXZ NYSE-Amex),is pleased to announce that its 2012 exploration program for the newly consolidated CMB uranium/vanadium project in central Labrador has received its exploration permits from both the Nunatsiavut and Newfoundland and Labrador governments and is scheduled to begin July 1, 2012. The $2.2 million program of up to 3,500 metres (11,480 feet) of drilling will focus on the Two Time, Firestone, Blue Star and C zones. The goal of this year's program is to expand the existing uranium and vanadium resources as well as test new uranium targets within the main property.\nThe CMB project consists of a total of 2,607 claims in 26 licences as the Company now owns a 100% interest in the Two Time Property, subject to a 2% Net Smelter Return Royalty payable to Silver Spruce Resources Inc. on their original 800 claim area. The Two Time mineralized zone currently contains an Indicated uranium resource estimate of 2.33 M pounds (1.82 M tonnes grading 0.058% U3O8) and an Inferred resource estimate of 3.73 M pounds of uranium (3.16 M tonnes grading 0.053% U3O8).\n\"We are pleased to be continuing our resource expansion program in Labrador this year, particularly in light of our now 100% interest in the Two Time property,\" stated Mark Ludwig, Crosshair Energy's President & CEO. \"Last year's program confirmed uranium mineralization at depth and along strike outside of the known mineral envelope. Our aim this year is to extend that mineralized envelope even further.\"\nIn addition to the Two Time mineral resource estimates noted above, the C Zone corridor, which encompasses the C Zone, Area 1 and Armstrong prospects, has a current Indicated mineral resource estimate of 5.19 million pounds of uranium (6.92 million tonnes at 0.034% U3O8) and an additional Inferred mineral resource estimate of 5.82 million pounds of uranium (8.17 million tonnes at 0.032% U3O8).  It also contains an Indicated mineral resource estimate of 42.8 million pounds of vanadium (14.7 million tonnes at 0.15% V2O5) and an additional Inferred resource estimate of 93.6 million pounds of vanadium (28.3 million tonnes at 0.16% V2O5). All the resources remain open b...