Uranium Resources, Inc. (Nasdaq:URRE)
(ASX:URI)
, an energy metals development company,
reported results from additional grid-based geochemical sampling of
surface sediments across its Columbus Basin Project. The
geochemical sampling program focused on the 3,040 acre land package
optioned by the Company in March of this year. (See News Release
dated March 27, 2017)
Selected highlights of these 54 geochemical
samples
include:
- Maximum lithium value in surface sediments was 348 parts per
million (ppm);
- Average lithium concentration across a total of 54 grid sample
locations was 144 ppm; and
- Lithium concentrations exceeded 200 ppm in 10 sample
locations.
These data support the previous grid-based
geochemical sampling of surface sediments that included a high
value of 392 ppm lithium, and 21 sample locations that exceeded 200
ppm lithium. (See News Release dated February 22, 2017)
The next stage in the exploration process at the
Columbus Basin Project will be to complete an initial exploration
core drill and hydrogeologic test program. URI has completed
the permitting process with the Bureau of Land Management (BLM) for
five exploration drill holes up to 2,000 feet in depth, and is on
schedule to initiate this work within the month. Results from
the first phase of drilling are expected in the fourth quarter of
2017.
“The results from this newest round of sampling
confirms and extends the area of anomalous levels of lithium in the
near-surface environment of the Columbus Basin Project area,” said
Chris Jones, President and Chief Executive Officer. “With our now
expanded property position and continued positive surface sampling
results, we are in position to put exploration drills to work and
test the subsurface brines for both quality and quantity of
lithium.”
Geochemical Sampling
Program
The grid-based sampling program was designed by
the Company to determine surface sediment geochemistry across 3,040
acres of newly optioned ground that expanded the Columbus Basin
Project to 14,200 acres. URI will merge this data with that
from the previous sampling programs at the project to further
identify spatial trends in the near surface lithium
mineralization. A total of 54 sample locations were evenly
spaced on a grid across the approximately 3,040 acre area of the
recently acquired claim block. Samples were obtained from the
uppermost 6 inches of surface sediment and were collected by URI
technical staff following Company sampling procedures, including
detailed location survey data, collection of field duplicates, and
appropriate sample security. Field work was completed on May
10, 2017.
All samples were submitted to the ALS Minerals
laboratory in Reno, Nevada for analysis by four-acid digestion and
inductively coupled plasma-atomic emission spectrometry (ICP-AES)
and inductively coupled plasma-mass spectrometry (ICP-MS)
multi-element analysis.
Quality Assurance / Quality
Control
ALS Minerals laboratory of Reno, Nevada
maintains ISO/IEC 17025:2005 accreditation and operates under a
mature Quality Management System. Internal laboratory quality
control includes both control standards and replicate sample
analysis.
Furthermore, URI submitted five (5) random field
duplicate samples each to American Assay Labs, Inc. of Reno, Nevada
(ISO/IEC 17025:2005 accredited) and Western Environmental Testing
Laboratory (WETLABB) of Reno, Nevada. The field duplicate
assays were analyzed with four-acid digestion and ICP-AES/ICP-MS at
both laboratories, matching the analytical methods utilized by
ALS. The analysis and comparison of data from the field
duplicates yielded no statistically significant variances with the
ALS Minerals analytical results.
About URI’s Columbus Basin
Project
The Columbus Basin Project is located within the
Columbus Salt Marsh basin of western Nevada, approximately 45 miles
(72 kilometers) west of the town of Tonopah, Nevada, 140 miles (227
kilometers) southeast of the city of Reno and 137 miles (221
kilometers) southeast of Tesla Motors’ “Gigafactory”. The
Columbus Basin Project is approximately 27 miles (43 kilometers)
northwest of the Clayton Valley/Silver Peak lithium brine operation
of Albemarle Corporation, the only lithium brine production
facility in the United States.
The Columbus Salt Marsh is a closed drainage
basin that covers an area of approximately 370 square miles (960
square kilometers) with a geologic setting that is dominated by
lake and basin-fill sediments that have been past sources of borate
and salt production. The basin is bounded on its south and east
sides by Tertiary-age volcanic rocks, including some that are
considered to be potential source rocks for lithium.
The initial 11,200 acres of the Columbus Basin
Project was acquired through staking by URI in 2016, and is 100%
owned by URI through its subsidiaries. Acquisition of the
additional federal mineral claims covering 3,040 acres in March
2017 was completed through an option agreement with a private
party. URI now controls over 14,200 acres in total at the
Columbus Basin Project. URI is presently advancing the
project through a series of exploration activities to determine the
potential for economic concentrations of lithium within the
subsurface brines of the basin.
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 three
prospective lithium brine basins in Nevada and Utah in preparation
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 13,000 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 results, 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, Railroad Valley 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, VP Finance and CFO
303.531.0473
Email: Info@uraniumresources.com
Website: www.uraniumresources.com
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