Vane Minerals PLC
30 January 2007
VANE Minerals Plc (AIM: VML)
Commencement of Breccia Pipe Drilling Programme, Northern Arizona
VANE Minerals Plc today announces that its uranium subsidiary, VANE Minerals
(US) LLC ('VANE (US)'), has commenced drilling at the Miller Pipe in the
Northern Arizona Breccia Pipe District. This district has historically produced
a total of 23m lbs of uranium oxide ('U3O8') from nine mines until the early
1990's when mining ceased due to falling uranium prices. VANE has acquired, and
presently controls, a 100% interest in 29 pipe targets in northern Arizona.
VANE commenced drilling at the Miller Pipe on 22nd January 2007 and at least 3
holes will be drilled to a depth of approximately 1,700 feet in order to further
explore and develop the mineralised area identified by previous owners Energy
Fuels Nuclear ('EFN') in 1986. Drill hole number 1640-5 from EFN's programme
penetrated a 26.5 foot zone that averaged 0.51% U3O8 from 1,269ft to 1,295.5ft
in which grades as high as 1.47% U3O8 were intersected. Hole 1640-3 intersected
a 25ft zone between 1,260.5ft and 1,285.5ft in which grades as high as 1.78%
U3O8 were intersected. One 10 foot zone from this hole also averaged 0.57% U3O8
and the entire interval was found to average 0.34% U3O8.
VANE plans to continue its breccia pipe drilling programme once the current
round of drilling is completed on the Miller Pipe. This will focus on the other
three permitted pipe targets; Big Red, Red Dike and Rabbit. Additional drilling
permits are pending and it is the intention to ramp up the drilling programme
once these permits are approved.
Matthew Idiens, Director of Corporate Development, commented, 'We are pleased to
announce the commencement of our breccia pipe drilling programme. This is the
first of 29 targets to be explored all of which we believe offer excellent
potential. Historically, the mineralised breccia pipes which were mined have
each contained between 1 million and 6 million pounds of uranium, with an
average of approximately 3 million pounds.
Production in this area ceased in the 1990's when the spot price of uranium went
below US$14 per pound U3O8. However with the current spot price of US$72 per
pound, we are well placed to capitalise on the buoyancy of the uranium market.'
Enquiries:
VANE Minerals Plc Ambrian Partners Limited
Matthew Idiens Richard Brown
+44 (0) 20 7667 6322 +44 (0) 20 7776 6417
Parkgreen Communications Daniel Stewart & Co
Cathy Malins/Annabel Leather Katie Shelton
+44 (0) 20 7851 7480 +44 (0)20 7776 6550
About VANE Minerals:
Since December 2004, VANE Minerals has built a substantial uranium portfolio of
properties in the US; initially targeting the Northern Arizona Breccia Pipe
District which holds the highest grade deposits in the US.
The Company is using the silver/gold production at the Diablito mine in Mexico
to help fund exploration work across its attractive portfolio of uranium as well
as base and precious metal prospects.
VANE was founded by the former international exploration team of
Freeport-McMoRan Copper & Gold Inc., one of the world's largest producers of
copper and gold. The Company has assembled a highly qualified and experienced
management team with a proven track record in exploration and development, who
have spent their entire careers searching for and defining large scale mineral
deposits.
For further information, please review: www.vaneminerals.com.
This information is provided by RNS
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