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Ur-Energy Announces Mineral Resource at Shirley Basin Project
LITTLETON, Colo. , July 22, 2014 /CNW/ -- Ur-Energy Inc. (TSX:URE, NYSE MKT:URG) (the "...
About this update from Ur-energy Inc.
[{"type":"text","content":"\n\nLITTLETON, Colo., July 22, 2014 /CNW/ -- Ur-Energy Inc. (TSX:URE, NYSE MKT:URG) (the \"Company\" or \"Ur-Energy\") is pleased to announce results of a recently completed uranium resource analysis for its Shirley Basin Project, in Carbon County, Wyoming. This analysis identified 8,816,000 pounds U3O8 of Measured and Indicated Resources, averaging 0.230% eU3O8. \n\n\nThe Company acquired the Shirley Basin Project and historic drilling data as part of the acquisition of Pathfinder Mines Corporation (\"Pathfinder\") from an AREVA affiliate.  Wayne Heili, Ur-Energy President and CEO, stated, \"Our efforts have demonstrated the presence of a well defined, high-grade uranium roll front deposit, at very favorable production depths on our Shirley Basin Project. Based on the strength of this maiden resource we feel that the project has the potential to be Ur-Energy's next production center in Wyoming.  The Company is currently moving at a rapid pace to advance the data collection programs necessary to support amendment applications to the existing mining permits and licenses.\"\n\nResources are classified as Measured and Indicated Mineral Resources as defined in Section 1.2 of Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101) and the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves (CIM Definition Standards).  An independent NI 43-101 Technical Report whose purpose is to disclose, for the first time, a mineral resource estimate for the Project, will be filed on SEDAR within 45 days of this press release.\n\nThe mineral resource has been estimated utilizing the grade-thickness (GT) contour method.  The GT contour method is well accepted within the uranium ISR industry and is suited to guide detailed mine planning and estimates of total resources for roll front type deposits like at Shirley Basin.  To be reported as Resources in the analysis and forthcoming Technical Report, uranium mineralization must be below the historic static water level and have a minimum grade of 0.020% eU3O8 and a minimum GT of 0.25.  \n\nThis uranium resource analysis is based upon approximately 3,200 historic delineation drill holes (1.2 million feet of drilling) completed by Pathfinder prior to its 1992 terminati...