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Wate Uranium Project-Inferred Resource Update
Wate Uranium Project-Inferred Resource Update.
About this update from Zephyr Energy Plc
[{"type":"text","content":"\n \nRNS Number : 8084G Vane Minerals PLC 18 May 2011 \n \n\n18 May 2011\nPress Release\n\nVANE Minerals PLC\nWate Uranium Project NI 43-101 Inferred Resource Update\nHighlights\n· SRK Consulting Inc- next stage data review for increased accuracy of resource delineation\n· Work undertaken on behalf of Wate Mining Company LLC - Development company established by VANE and JV partners, Uranium One Exploration U.S.A. Inc.\n· Grade increased from 0.70% eU3O8 to 0.79% eU3O8\n· Inferred resource delineated at 1.118m lbseU3O8 (reduction of 0.005m lbs eU3O8 from earlier work)\n· Wate pipe forms part of VANE's high grade breccias pipe uranium exploration program\n \nVANE Minerals plc (the \"Company\") today announces a revised inferred resource for the Wate breccia pipe project, held by its wholly-owned subsidiary, VANE Minerals (US) LLC in its joint venture with Uranium One Exploration U.S.A. Inc.\nThe inferred resource consists of 1.118M lbs eU3O8 contained in 71,000 tons averaging 0.79% eU3O8. This is based on a review of the data completed by SRK Consulting Inc. which included a check using the polygonal resource modeling method. This represents an insignificant difference of 0.44% of the contained pounds from the previous resource figure but an increase in grade of 12.86%.\nThe main operations within the uranium division are centered on the high-grade breccia pipe portfolio. Principle focus is on its projects located on Arizona state lands, which total 126 pipe targets. The Company has two drill rigs in operation at the moment testing 8 permitted targets, with a further 12 drill permits pending. The Company intends to test up to 20 pipe targets within the next 12 months.The updated NI 43-101 report can be found on the Company's website.\nMatthew Idiens, Commercial Director, of VANE Minerals said: \"Wate is the first breccia pipe we have moved into the development stage with partners Uranium One. The results are encouraging as economic extraction of breccia pipes is based on the mining of high grade deposits contained within a small area. This additional data processing work by independent consultants SRK has revealed that the Wate pipe is of a higher grade than last rep...