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Additional High-grade Uranium
Additional High-grade Uranium.
About this update from Zephyr Energy Plc
[{"type":"text","content":"\n RNS Number : 5812O Vane Minerals PLC 01 July 2010 \n \n\n1st July 2010\nVANE Minerals plc (AIM:VML)\n(\"VANE\" or the \"Company\")\nAdditional High-grade Uranium Drilling Results, Wate Breccia Pipe \nArizona, USA\n \nHIGHLIGHTS\n· Hole WT-37; 18.5 feet @ 0.35% U3O8 from 1,299.5 - 1,318.0 feet \n 11.5 feet @ 1.25% U3O8 from 1,362.5 - 1,374.0 feet \n \nVANE Minerals today announces continued successful results from further delineation drilling at the Wate project. The Company's wholly-owned subsidiary, VANE Minerals (US) LLC, has encountered two significant ore-grade intercepts in Hole WT-37. On the 25th of May 2010, the Company announced the completion of an NI43-101 resource of 695,000 lbs U3O8 grading 0.80% U3O8 on the Wate Pipe which is located on state lands held in the joint venture (JV) with Uranium One Exploration U.S.A. Inc (U1). The JV intends to complete limited additional drilling in order to increase the resource to 1 million pounds U3O8 which is the resource needed, based on internal guidelines, to move the project to prefeasibility. \nThe collar of Hole WT-37 is located 30 feet west of previously identified mineralization. The hole encountered two main mineralized zones as follows using a cutoff grade of 0.20% U3O8:\n1,299.5 - 1,318.0 feet (18.5 feet) @ 0.35% U3O8 \n1,362.5 - 1,374.0 feet (11.5 feet) @ 1.25% U3O8 \n \n \nDue to hole deviation at depth, the mineralized intercepts are approximately 35 feet, S55°W from where the hole was collared. These new intercepts add significantly more dimension to the mineralization and pipe diameter in a southwest direction. The next hole is planned for a location designed to test for mineralization in the inferred location of the southeast part of the pipe. As new mineralized intercepts are encountered, the data will be provided to SRK to update the resource model until the 1mm lbs total is obtained. With this additional drilling, management anticipates converting the \"inferred resource\" into \"indicated resource\". The planned prefeasibility study could then convert the resources into reserves in l...