Business
North Wash Update
North Wash Update.
About this update from Zephyr Energy Plc
[{"type":"text","content":"\n Vane Minerals PLC\n15 January 2007\n\n15 January 2007\n\n\n\n VANE Minerals Plc (AIM: VML)\n\n\n\n Commencement of Drilling at North Wash Uranium/Vanadium Project\n\n\n\n\n\nVANE Minerals Plc ('VANE' or 'the Company') is pleased to announce that drilling\nat the North Wash project in Utah commenced on 7th January 2007. The purpose of\nthe drilling programme, undertaken by the Company's uranium subsidiary, VANE\nMinerals (US) LLC, is to reassess the vanadium grade of the deposit, which was\nnot logged accurately at the time of previous drilling, as well as to confirm\nthe uranium grades that were previously reported.\n\n\n\nInitially, five existing holes will be twinned by rotary drilling at the top of\nthe mineralised zone and then cored through the zone. Historic drilling,\nundertaken by Cotter Corporation between 1977 and 1979, outlined approximately\n150,000 lbs of uranium oxide ('U3O8'), as previously announced. The resulting\ndata indicated an average grade of 0.22% eU3O8 (radiometric equivalent U3O8\nmeasured with a suitable calibrated instrument) over a thickness of 4.5 feet\n(0.17% eU3O8 over 5.5 feet after dilution) and also suggested a 5:1 or better\nvanadium to uranium ratio which, if confirmed would add significant value to the\nproject.\n\n\n\nThe mineralisation remains open in several directions and, should favourable\nvanadium data be obtained, the project will be considered for continued drilling\nto expand the deposit as well as moving towards mine feasibility.\n\n\n\nVANE geologists believe the North Wash project holds the potential for up to 1\nmillion pounds of U3O8 and 5 million pounds of vanadium oxide ('V2O5') (using\nbottom end historic indicated grades of V2O5).\n\n\n\nThe Company previously announced that drilling was anticipated to commence on\nits breccia pipe targets in northern Arizona. Mobilisation of the equipment to\nthe Miller pipe is underway and drilling is expected to commence soon.\n\n\n\nMatthew Idiens, Director of Corporate Development, commented, 'We are entering\nexciting times for VANE, with this drilling commencing at our uranium assets.\nThis gives the Company a fantastic opportunity to create substantial value for\nshareholders in this buoyant uranium market.'\n\n\n\nKristopher K. Hefton, Chief Operating Officer VANE Minerals (US) LLC, BSc\nGeology, who meets the criteria of a qua...