Business
Acquisition of New Uranium Pr
Acquisition of New Uranium Pr.
About this update from Zephyr Energy Plc
[{"type":"text","content":"\n RNS Number : 7467F Vane Minerals PLC 19 January 2010 \n \n19-January-2010\nVANE Minerals plc (AIM:VML)\n('VANE' or the 'Company')\nAcquisition of New Uranium Property, Colorado, USA\nProperty package acquired from Uranium One Americas Inc:\n\n\n4900 acres comprising 213 lode claims and one State lease\n\n\nLocated on trend of high-grade uranium hosted in lignite intersected in widely-spaced historic exploration drilling\n\n\nHole 101 contains 5.0ft of 0.82% U3O8 at depth of 90 feet \n\n\nVANE today announces that its wholly-owned subsidiary, VANE Minerals (US) LLC, has purchased the Coyote Basin project, located in Moffat and Rio Blanco Counties in northwest Colorado, USA, from Uranium One Americas, Inc. (\"U1\"), a wholly owned subsidiary of Uranium One Inc. \n\n Under the terms of the purchase agreement, U1 retains a 2% gross royalty on the federal lode claims and a 1% gross royalty on the State Lease. In addition, U1 may elect to convert the royalties to working interest of from 10%-35% prior to feasibility.\n\nThe Agreement, which covers approximately 4900 acres and is subject to terms, comprises 213 federal lode claims and one Colorado State Lease. The area has undergone widely-spaced exploration drilling in the 1970s that discovered high-grade uranium hosted in lignite.\n \nAvailable historical information includes historical drill intercepts, which show the mineralized zones in the region from which the following are listed:\n\nHole 101 - 5.0ft of 0.82% U3O8 at depth of 90 feet\nHole 113 - 14.5ft of 0.18 U3O8 at depth of 40 feet\nHole 150 - 10.0ft of 0.10% U3O8 at depth of 50 feet\nHole 104 - 10.0ft of 0.43% U3O8 at depth of 30 feet (off property 800ft from boundary)\n\nHoles 101 and 104, the two highest grade holes, are located 1 mile apart. Hole 150 is located 1200 feet north of 101 and Hole 113 is located 1200 feet southeast of Hole 104. The potential of the area of the high-grade intercepts is estimated at 50mm pounds of contained U3O8. VANE plans to conduct confirmation drilling of the mineralized holes and obtain core for metallu...