Uranium Resources Announces Positive Geophysical Results at its Columbus Basin Lithium Project
April 05 2017 - 6:37PM
Uranium Resources, Inc. (URI) (Nasdaq:URRE)
(ASX:URI), an energy metals development company, announced today
that its independent geophysical consultant has completed the
review, integration and reinterpretation of historical geophysical
survey data recently acquired by the Company, that covers its
Columbus Basin lithium brine exploration project in Nevada.
The results of this work include:
- The indicated depth of the Columbus Salt Marsh basin is greater
than expected and in excess of 6500ft (2000m). This increases
the probability of intersecting favourable geology for lithium
brines at depth.
- The combined presence of hypersaline brines and shallow low
density geologic horizons, as indicated by resistivity modelling,
present excellent targets for lithium brine exploration.
“This is great news,” said Chris Jones,
President and Chief Executive Officer of URI. “We have
confirmation of our exploration model with the early acquisition
and analysis of this data. URI has, as a result, reduced its
planned exploration costs and we will target our drilling more
accurately and sooner than expected. We plan for drilling to
commence in July of this year.”
Geophysical Data
Over the past 6 months, URI has obtained
historical geophysical data from multiple sources covering the
Columbus Basin Project (refer to the News Release of March 6,
2017). This data included gravity survey data from 440
stations on variable 1,000ft to 2,600ft (300m to 800m) spacing, and
nearly 4 miles (6.4 kilometers) of magnetotelluric (MT) survey line
data. The data predominantly covered the southern half of the
Columbus Salt Marsh Basin, including the major gravity low within
the basin and a significant portion of the Company’s 14,200 acre
Columbus Basin Project. The acquired data was generated in
multiple field campaigns from 2006 to 2010.
Results of Geophysical Data Integration
and Reinterpretation
URI contracted with an independent geophysicist
to integrate the multiple historical data sets and to reinterpret
the merged data. As part of this integration of data, a new
3-D gravity model of the basin was completed, as well as 1-D
inversions of the MT data to generate a resistivity cross
section. The interpretation then leveraged both models to
provide characterization of both the geometry and depositional
patterns within the basin. The summary results of this
reinterpretation include:
- Determination of basin geometry and confirmation of basin fill
sediments to a depth in excess of 6,500ft (2,000m). This
depth is greater than previously reported for the Columbus Salt
Marsh, and demonstrates the maturity of the basin.
- Identification of additional basin constraining faults and
geologic structures, including those which may support migration of
geothermal fluids or inter-basin groundwater flow.
- Cross-section mapping of low density materials within the basin
fill sediments are indicative of ash beds or similar high porosity
stratigraphic horizons.
- Extremely low resistivities were encountered within the basin
fill sediments; this condition is attributed to the existence of
hyper-saline groundwater.
Overall the geologic information derived through
the integration and reinterpretation of the historical data sets
significantly exceeded the Company’s value expectations from the
acquired data. Due to the thoroughness of the work completed, no
additional geophysical surveys are planned for the project at this
time. The new geophysical data interpretation will be coupled
with the Company’s geochemical sampling results (refer to the News
Release of February 22, 2017), to finalize geologic targets and
drill hole locations for a 3rd Quarter drill campaign at the
Columbus Basin Project.
About Uranium Resources
URI is focused on expanding its energy metals
strategy, which includes developing its new lithium business while
maintaining optionality on the future rising uranium price.
The Company has developed a dominant land position in two
prospective lithium brine basins in Nevada and Utah for exploration
and potential development of any lithium resources that may be
discovered there. In addition, URI remains focused on
advancing the Temrezli in-situ recovery (ISR) uranium project in
Central Turkey when uranium prices permit economic development of
this project. URI controls extensive exploration properties in
Turkey under eight exploration and operating licenses covering
approximately 39,000 acres (over 16,000 ha) with numerous
exploration targets, including the potential satellite Sefaatli
Project, which is 30 miles (48 km) southwest of the Temrezli
Project. In Texas, the Company has two licensed and currently idled
uranium processing facilities and approximately 11,000 acres (4,400
ha) of prospective ISR uranium projects. In New Mexico, the Company
controls mineral rights encompassing approximately 186,000 acres
(75,300 ha) in the prolific Grants Mineral Belt, which is one of
the largest concentrations of sandstone-hosted uranium deposits in
the world. Incorporated in 1977, URI also owns an extensive
information database of historic drill hole logs, assay
certificates, maps and technical reports for uranium properties
located in the Western United States.
Cautionary Statement
This news release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements are subject to
risks, uncertainties and assumptions and are identified by words
such as “expects,” “estimates,” “projects,” “anticipates,”
“believes,” “could,” and other similar words. All statements
addressing events or developments that the Company expects or
anticipates will occur in the future, including but not limited to
statements relating to developments at the Company’s projects,
including future exploration costs and the anticipated benefits of
geophysical data on the Columbus Basin Project, are forward-looking
statements. Because they are forward-looking, they should be
evaluated in light of important risk factors and uncertainties.
These risk factors and uncertainties include, but are not
limited to, (a) the Company’s ability to raise additional capital
in the future; (b) spot price and long-term contract price of
uranium and lithium; (c) risks associated with our foreign
operations; (d) operating conditions at the Company’s projects; (e)
government and tribal regulation of the uranium industry, the
lithium industry, and the power industry; (f) world-wide uranium
and lithium supply and demand, including the supply and demand for
lithium-based batteries; (g) maintaining sufficient financial
assurance in the form of sufficiently collateralized surety
instruments; (h) unanticipated geological, processing, regulatory
and legal or other problems the Company may encounter in the
jurisdictions where the Company operates, including in Texas, New
Mexico, Utah, Nevada and Turkey; (i) the ability of the Company to
enter into and successfully close acquisitions or other material
transactions; (j) the results of the Company’s lithium brine
exploration activities at the Columbus Basin and Sal Rica Projects,
and (k) other factors which are more fully described in the
Company’s Annual Report on Form 10-K, Quarterly Reports on Form
10-Q, and other filings with the Securities and Exchange
Commission. Should one or more of these risks or uncertainties
materialize, or should any of the Company’s underlying assumptions
prove incorrect, actual results may vary materially from those
currently anticipated. In addition, undue reliance should not be
placed on the Company’s forward-looking statements. Except as
required by law, the Company disclaims any obligation to update or
publicly announce any revisions to any of the forward-looking
statements contained in this news release.
Competent Person’s
Statement
Technical information in this news release is
based on data reviewed by Matthew Hartmann, who is Director –
Technical Services of Uranium Resources, Inc. Mr. Hartmann is
a “Qualified Person” as defined by Canadian National Instrument
43-101, and a “Competent Person” as defined in the 2012 Edition of
the “Australasian Code for Reporting Exploration Results, Mineral
Resources and Ore Reserves” (JORC Code). He is a Licensed
Professional Geologist, and a Registered Member of the Society of
Mining, Metallurgy & Exploration (No. 4170350RM). Mr.
Hartmann has appropriate experience that is relevant to the
evaluation of the style and nature of mineral deposits relating to
this document. Mr. Hartmann consents to the inclusion in this
release of the matters based on their information in the form and
context in which they appear.
Uranium Resources Contact:
Christopher M. Jones, President and CEO
303.531.0472
Jeff Vigil, CFO and VP Finance
303.531.0473
info@uraniumresources.com
www.uraniumresources.com
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