Business
New joint venture and option agreement
New joint venture and option agreement.
About this update from Zephyr Energy Plc
[{"type":"text","content":"\n \nRNS Number : 1039L Vane Minerals PLC 27 July 2011 \n \n\nPress Release\n \n27 July-2011\n \nVANE Minerals plc (AIM:VML)(\"VANE\" or the \"Company\")\n \nNorthern Arizona - Rose Uranium Breccia Pipe Project Agreement\n \nVANE Minerals plc is pleased to announce that is has signed a joint venture and option agreement with Uranium One Americas Inc. (\"U1\") (the \"Agreement\") in relation to the Rose uranium breccia pipe project (the \"Rose Project\") under which the exploration of the Rose Project will be carried out by its wholly-owned subsidiary, VANE Minerals (US) LLC (\"VANE Minerals\").\n \nHighlights\n· Expansion of VANE's uranium portfolio\n· Encouraging historic drilling results as each of first three deep holes encountered grade results in excess of +1% eU3O8\n· 620 feet of vertical extent of known mineralization \n· Rose Project already permitted to enable drilling to commence \n \nAbout the Rose Project\nThe Rose Project is located on state lands in northern Arizona. Energy Fuels Nuclear held the property during the 1980s and conducted exploration drilling of two deep holes that resulted in the discovery of a mineralized breccia pipe. Both deep holes encountered +1% eU3O8 grade. During 2005, subsequent owners, Quincy Energy, completed a third deep hole which also encountered +1% eU3O8 grade. Significant mineralization was also encountered over a vertical extent of 620 feet between the three holes. The main mineralized intercepts are listed as follows: \n \nHistoric Drill Hole Mineralized Intercepts * \n2255ROS-1 (EFNI) 1299.5ft - 18.0ft - 0.88% eU3O8 (max. 4.15% eU3O8)\n1341.5ft - 34.0ft - 0.09% eU3O8\n1440.5ft - 5.5ft - 0.11% eU3O8\n1803.0ft - 13.5ft - 0.14% eU3O8\n \n2255ROS-2 (EFNI) 1191.5ft - 8.5ft - 0.57% eU3O8 (max. 1.29% eU3O8)\n &nb...