Business
NI 43-101 resource statement
NI 43-101 resource statement.
About this update from Zephyr Energy Plc
[{"type":"text","content":"\n RNS Number : 2118V Vane Minerals PLC 29 October 2010 \n \n\n29 October 2010 \nVANE Minerals plc (AIM:VML)\nIncrease in NI 43-101 compliant resource statement at WATE Pipe, Arizona, USA,\n \nHIGHLIGHTS\n \n· 27% increase in NI 43-101 uranium resource at Wate Pipe project\n· Mineral Lease application continues \n \nVANE Minerals Plc (the \"Company\") today provides an update on the NI 43-101 resource statement on the Wate breccia pipe located in northern Arizona. The project is held jointly by the Company's wholly-owned subsidiary, VANE Minerals (US) LLC (\"VANE\") and its joint venture (\"JV\") partner Uranium One Exploration U.S.A. Inc (\"U1\"). SRK Consulting (U.S.) Inc. (\"SRK\") has completed an updated resource estimate for the Wate breccia pipe, and is completing the updated NI 43-101 technical report.\n \nSRK is reporting a CIM compliant resource estimate sufficient for NI 43-101 reporting as an Inferred resource for the Wate project that has been increased by 27% to 886,000 lbs eU3O8 at an average grade of 0.76% eU3O8. The resource increase is based on positive recent drilling by VANE and some newly obtained historic drilling data. The new data consists of annual progress reports of the previous property holder Rocky Mountain Energy (\"RME\") that include the drill intercepts (depth, length, and average grade of mineralization). The Inferred resource has been estimated using solely eU3O8 intercepts from the VANE drilling campaign while the shapes of mineralization have been constructed using both VANE and historic drilling intercepts. \n \nThe JV's plan to verify the historic resource on the project that was developed by RME continues to be successful. The historic resource was calculated using 22 drill holes and is reported as:\n \n Case Tons Grade Pounds (U3O8)\nConservative 70,250 &n...