Uranium Resources, Inc. (Nasdaq:URRE) (ASX:URI),
an energy metals development company, is pleased to announce the
commencement of exploration drilling activities at its Columbus
Basin lithium brine project. The planned Phase I drilling program
at the project will consist of five (5) core holes, and a total of
8,000 feet (2,440 meters) of drilling. Drill targets for this
program are based on completed surface sediment sampling (see news
releases dated February 22, 2017 and July 12, 2017), and
interpretation and analysis of multiple geophysical data sets
covering the project area (see news release dated April 5,
2017).
“We are excited about the potential that our
Columbus Basin Project presents and this first round of drilling
and evaluation of those results will provide a path forward for
further work,” said Chris Jones, President and CEO of URI.
“Development of our lithium exploration and development business is
a high priority for the Company.”
Phase I Drilling Program
The Phase I drilling program at the Columbus
Basin Project consists of five (5) core holes drilled to depths
ranging from 1,500 feet to 2,000 feet to test the local brine
aquifer system for lithium content. Brine samples will be collected
as the core holes are advanced, and if the screening samples
indicate favorable lithium concentrations the core holes will be
reamed to a larger diameter and groundwater wells will be
completed. Completed groundwater wells will be sampled, and dynamic
testing completed to determine the hydraulic properties of the
aquifer. The planned exploration operations have been permitted
through the Bureau of Land Management and the Nevada Division of
Water Resources.
The drilling contractor, Harris Exploration
Drilling & Associates Inc., has mobilized to the project site
and commenced drilling operations at the first drill site. Geology,
hydrogeology and brine sampling activities will be directly managed
in the field by Matt Hartmann, M.Sc., P.G., and Director of
Technical Services for URI. All brine samples will be collected in
duplicate for analysis at the Company’s laboratory at the
Kingsville Dome facility and a qualified independent analytical
laboratory. Results of this drilling program are expected to be
available in the 4th quarter of this year.
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 in 2016, and is 100% owned by
URI through its subsidiaries. Acquisition of additional federal
mineral claims covering 3,040 acres in March 2017 was completed
through an option agreement with a private party. URI controls over
14,200 acres in total at the Columbus Basin Project. The Company 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 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 of drilling
activities at 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
the Republic of 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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