Business
Further Uranium Acquisition
Further Uranium Acquisition.
About this update from Zephyr Energy Plc
[{"type":"text","content":"\n Vane Minerals PLC\n19 February 2007\n\n19th February 2007\n\n\n\n VANE Minerals Plc (AIM: VML)\n\n\n\n Acquisition of the North Alice Extension Project, Lisbon Valley, Utah\n\n\n\nVANE Minerals Plc is pleased to announce that its wholly-owned uranium\nsubsidiary, VANE Minerals (US) LLC ('VANE (US)' or 'the Company'), has signed a\n5 year renewable lease agreement on 18 lode claims (approximately 350 acres) in\nthe Lisbon Valley Uranium District of south-eastern Utah. The claims, which\nmake up the North Alice Extension Project, are located on and adjacent to the\nNorth Alice Mine, formerly held and operated by Homestake Mining Company \n('Homestake'), which produced about 2.5 million pounds of uranium oxide ('U3O8')\nbefore closing in the early 1980's due to the falling price of uranium.\n\nThe south-eastern part of the claim group covers the northwest portion of the\nNorth Alice Mine workings (including a sealed vent shaft) where the limited data\navailable at this stage indicates that resources appear to be in place. In\naddition, the property covers an area which has had substantial drilling,\nincluding delineation drilling, completed by Homestake during the early 1980's.\n\nThe Lisbon Valley has historically produced in excess of 78 million pounds U3O8\nand includes the Rio Algom Lisbon Mine/Mill complex which is located one mile to\nthe northeast of the North Alice Extension Project on the down-thrown side of\nthe Lisbon Fault. The Lisbon Mine itself produced in excess of 18 million\npounds of U3O8 until being mined out and currently is in reclamation.\n\nMineralisation in the North Alice Extension Project occurs in stratabound units\non the up-thrown side of the Lisbon Fault at depths of 700-800 feet. The Company\nis presently attempting to acquire additional data on the areas of\nmineralisation that were drilled late in the exploration history of Lisbon\nValley, circa early 1980's. At the same time, the Company is drafting a Notice\nof Intent to Drill to submit to the Bureau of Land Management to initially drill\n25 confirmation holes. Drilling is expected to start in the second quarter of\n2007 depending on approval. A drilling contractor has already been identified\nfor this drilling campaign.\n\nMatthew Idiens, Director of Corporate Developments commented, 'The Company's\ngeologists believe the North Alice Extension...