Business
North Alice Extension update
North Alice Extension update.
About this update from Zephyr Energy Plc
[{"type":"text","content":"\n Vane Minerals PLC\n16 November 2007\n\n\n\n16 November 2007\n\n\n VANE Minerals Plc (AIM:VML)\n\n North Alice Extension drilling update\n\n\nVANE Minerals (US) LLC, the wholly-owned uranium subsidiary of VANE Minerals Plc\n('VANE' or 'the Company'), is pleased to announce an update on its North Alice\nExtension drilling campaign in Lisbon Valley, Utah.\n\n\nThe North Alice Extension is located on and adjacent to the North Alice Mine,\nformerly held and operated by Homestake Mining Company ('Homestake'), which\nproduced about 2.5 million pounds of uranium oxide ('U3O8') before closing in\nthe early 1980s due to the falling price of uranium. Homestake carried out\nextensive drilling in the area, a large number of these holes have been\nidentified by VANE on its property, and the drilling program is designed to test\nthe extent of mineralization identified by Homestake during its drilling.\n\n\nSignificant mineralization was encountered by VANE in 8 of the 17 holes drilled\nin three separate areas. Of the remaining 9 holes, 8 were mineralized and only\none hole was barren.\n\n\nTwo of the three areas tested so far showed significant mineralization. The\nmineralization encountered in the current round of drilling shows continuity on\n100-foot drill hole spacing and further drilling on these areas is planned for\nthe next round along with drilling in at least 2 other areas. The following\ntable lists the results of the holes drilled to date:\n\n\n Probe Results\n Hole Depth Depth to Thickness Grade\n Number Drilled (ft) Bottom (ft) (ft) % eU3O8\nNAE07-81-114 720 651.5 6.5 0.22\nNAE07-81-116 780 680.5 16.5 0.14\nNAE07-1 800 682.5 13.5 0.16\nNAE07-2 720 649.0 1.5 0.13\nNAE07-3 700 652.5 5.0 0.13\nNAE07-4 760 705.5 5.0 0.04\nNAE07-5 700 Mineralized\nNAE07-6 700 642.0 5.0 0.02\nNAE07-7 760 661.3 2.8 0.27\nNAE07-8 900 662.8 2.0 0.09\nNAE07-9 760 654.8 1.5 0.27\nNAE07-10 740 Barren\nNAE07-11 740 657.8 0.5 0.05\nNAE07-12 780 Mineralized\nNAE07-13 1100 594.8 0.3 0.08\nNAE07-14 702 Mineralized\nNAE07-15 760 720.0 9.8 0.09\n\n\n\nIn light of the results, the original exploration Notice of Intent to drill, on\nfile with the State of Utah and Bureau of Land Management (BLM), is being\nmodified to add additional holes and to expand the drilling into new areas.\nDrilling is temporarily suspended while awaiting final approval of the\nmodificatio...