Business
Update on Uranium Activities
Update on Uranium Activities.
About this update from Zephyr Energy Plc
[{"type":"text","content":"\n Vane Minerals PLC\n03 March 2008\n\n\n\n3 March 2008 AIM:VML\n\n VANE Minerals Plc\n\n ('VANE' or 'the Company')\n\n\n\n\n\nVANE Minerals Plc announces an update on its uranium activities in Utah and\nNorthern Arizona conducted by VANE Minerals (US) LLC, its wholly-owned uranium\nsubsidiary.\n\n\n\nHighlights\n\n\n\n- 7,478 acres acquired on the Uravan Mineral Belt trend\n\n- Further progress on breccia pipe drilling program\n\n- Permit approved for further 75 drill holes on North Alice Extension ('\n NAE')\n\n- First resource calculation (not yet NI 43-101 compliant) on initial\n drilling at NAE\n\n- Permits approved for all five north rim breccia pipe projects\n\n\n\n\n\nAbajo Basin, Utah\n\nThe Company has successfully acquired a 100% interest in an area previously held\nand explored with limited drilling by Union Carbide at the end of the last\nuranium cycle. The property extends to over 7,400 acres of exploration ground on\nthe southwest trend of the Uravan Mineral Belt (uranium-vanadium) that extends\nfrom western Colorado into eastern Utah. The belt has historical production of\nover 63m lbs of uranium and 330m lbs of vanadium from 1948 to 1978.* The\nproperty consists of 3,678 acres of Utah Metalliferous Minerals Leases and 3,800\nacres in Federal lode claims.\n\n\n\n\n\nNorthern Arizona Breccia Pipe Drilling\n\nFurther to its announcements on 19 September 2007 and 15 January 2008, the\nCompany has completed additional drilling on the Miller Southwest Pipe as well\nas on its Eastern Star and Willaha targets and has received approval for\nadditional drilling permit applications. Approvals have been received on Notices\nof Intent to drill from the Bureau of Land Management (BLM) on all five targets\nheld by VANE on the north rim: NCP1, NCP3, NCP5, NCP7, and Cholla.\n\n\n\nA second drill hole on Miller Southwest was completed to 1,650 feet that\npenetrated more of the pipe than the initial hole and intersected several\nintervals of uranium mineralization in the bottom 400 feet of the hole. The\nstrongest mineralization consisted of intercepts of 7.5 feet at 0.04% eU3O8 from\n1,254.0 - 1,261.5 feet and 5.5 feet at 0.04% eU3O8 from 1,277.0 - 1,282.5 feet.\nVANE geologists are encouraged by these intervals, which are located at the top\nof the favorable horizon for the development of ore-grade mineralization. The\ndrill hol...