Business
Breccia Pipe Update
Breccia Pipe Update.
About this update from Zephyr Energy Plc
[{"type":"text","content":"\n Vane Minerals PLC\n30 January 2007\n\n\n\n VANE Minerals Plc (AIM: VML)\n\n Commencement of Breccia Pipe Drilling Programme, Northern Arizona\n\n\nVANE Minerals Plc today announces that its uranium subsidiary, VANE Minerals\n(US) LLC ('VANE (US)'), has commenced drilling at the Miller Pipe in the\nNorthern Arizona Breccia Pipe District. This district has historically produced\na total of 23m lbs of uranium oxide ('U3O8') from nine mines until the early\n1990's when mining ceased due to falling uranium prices. VANE has acquired, and\npresently controls, a 100% interest in 29 pipe targets in northern Arizona.\n\nVANE commenced drilling at the Miller Pipe on 22nd January 2007 and at least 3\nholes will be drilled to a depth of approximately 1,700 feet in order to further\nexplore and develop the mineralised area identified by previous owners Energy\nFuels Nuclear ('EFN') in 1986. Drill hole number 1640-5 from EFN's programme\npenetrated a 26.5 foot zone that averaged 0.51% U3O8 from 1,269ft to 1,295.5ft\nin which grades as high as 1.47% U3O8 were intersected. Hole 1640-3 intersected\na 25ft zone between 1,260.5ft and 1,285.5ft in which grades as high as 1.78%\nU3O8 were intersected. One 10 foot zone from this hole also averaged 0.57% U3O8\nand the entire interval was found to average 0.34% U3O8.\n\nVANE plans to continue its breccia pipe drilling programme once the current\nround of drilling is completed on the Miller Pipe. This will focus on the other\nthree permitted pipe targets; Big Red, Red Dike and Rabbit. Additional drilling\npermits are pending and it is the intention to ramp up the drilling programme\nonce these permits are approved.\n\nMatthew Idiens, Director of Corporate Development, commented, 'We are pleased to\nannounce the commencement of our breccia pipe drilling programme. This is the\nfirst of 29 targets to be explored all of which we believe offer excellent\npotential. Historically, the mineralised breccia pipes which were mined have\neach contained between 1 million and 6 million pounds of uranium, with an\naverage of approximately 3 million pounds.\n\nProduction in this area ceased in the 1990's when the spot price of uranium went\nbelow US$14 per pound U3O8. However with the current spot price of US$72 per\npound, we are well placed to capitalise on the buoyancy of the uranium market.'\n\n\nEnquiries:\n\n\...