LITTLETON, Colo., Jan. 29, 2018 /PRNewswire/ -- Ur-Energy
Inc. (NYSE American:URG, TSX:URE)(the "Company" or "Ur-Energy")
is pleased to announce its acquisition of a promising gold
exploration project in west-central Nevada. To date, we have staked 102 federal
lode mining claims for a property position of approximately 2,100
acres. The Excel Project is located within the Excelsior Mountains,
in proximity to the Camp Douglas and Candelaria Mining
Districts.
The Company became aware of the mineral potential of this
project area from exploration data contained within the large
geologic database acquired as a part of its 2013 purchase of
Pathfinder Mines Corporation. Compiled over several decades of
exploration work by major mining companies, the database contains
valuable information on hundreds of mineral deposits and historical
exploration and development programs in more than 20 states in the
U.S. We continue to prioritize the review and analysis of the
materials in this database, as it provides abundant opportunity to
identify other exploration projects like the Excel Project for
acquisition or to monetize through sales of the data.
In this instance, our review revealed a 1991 exploration program
in the area of the Excel Project had encountered high-grade gold
and silver assays from trenching activities within Permian-age
metasediments. Company geologists conducted geologic literature
research and field examinations, resulting in the initiation of
land acquisition activities in March
2017. Once a land position was obtained, rock sampling and
geochemical soil sampling programs were conducted.
Approximately 60% of the Excel Project is covered with valley
fill material (alluvial fans) shed from the surrounding Excelsior
Mountains. In most of the project area not covered by valley fill,
there is sufficient exposure of bedrock to perform surface rock
sampling. We collected select rock samples adjacent to the areas of
earlier trenching activities; additionally, samples were collected
from many historic prospect pits located along apparent fault
structures and in areas of iron-oxidized (sulfide-rich)
metasediments. The area of rock sampling covered approximately 640
acres (one square mile).
Thirty-five select rock samples were collected and sent to an
accredited lab, ALS Minerals of Reno,
Nevada, for multi-element analyses. Twelve of these samples
(34%) had gold assays of greater than two grams per tonne (g/mt) (a
common cut-off grade for open pit gold mines is less than 1 g/mt)
and were considered to represent mineralized bedrock. Several of
these samples had much higher-grade gold assays – the highest being
160 g/mt (5.14 ounces per ton (opt)). All mineralized samples were
collected from brecciated and silicified metasediments.
The mineralized samples also exhibited consistently high assays
for silver, with the highest value of 1090 g/mt (34.9 opt). Average
silver (Ag) assays were greater than gold (Au) assays with a Ag:Au
ratio of approximately 12:1. In addition, most of these samples
contained high base metal values for copper, lead and zinc. The
following table provides the values for the eight highest gold and
silver assays, as well as assays for the associated base metals of
copper (Cu), lead (Pb) and zinc (Zn):
Sample
No.
|
Au
|
Ag
|
Cu
|
Pb
|
Zn
|
EX-17
|
13.1 g/mt (0.42
opt)
|
142 g/mt (4.5
opt)
|
0.66%
|
2.46%
|
0.21%
|
EX-18
|
14.3 g/mt (0.46
opt)
|
639 g/mt (20.4
opt)
|
3.12%
|
>20%
|
5.20%
|
EX-20
|
3.98 g/mt (0.13
opt)
|
1090 g/mt (34.9
opt)
|
1.66%
|
>20%
|
1.42%
|
EX-29
|
160 g/mt (5.14
opt)
|
53.8 g/mt (1.7
opt)
|
-
|
0.23%
|
-
|
EX-31
|
22.9 g/mt (0.73
opt)
|
142 g/mt (4.5
opt)
|
1.37%
|
0.77%
|
-
|
EX-32
|
64.5 g/mt (2.06
opt)
|
2.9 g/mt (0.1
opt)
|
-
|
-
|
-
|
EX-33
|
13.8 g/mt (0.44
opt)
|
109 g/mt (3.5
opt)
|
3.51%
|
0.47%
|
-
|
EX-34
|
31.9 g/mt (1.02
opt)
|
286 g/mt (9.2
opt)
|
5.10%
|
0.57%
|
-
|
Additionally, geochemical sampling of a consistent sandy clay
loam horizon was conducted. Samples were collected along twenty
profiles, designed to investigate mapped structures (faults)
underlying the valley fill. Multi-element analyses were conducted
on all assay results to determine background and anomalous values
for metals and other elements of interest. Results of this program
are extremely encouraging, with gold values in the soils found to
be continuously anomalous overlying more than 7,000 feet of a major
mapped structure. Such an anomaly may indicate the presence of a
mineralized zone associated with the structure. The geochemical
signature of this structure was further enhanced by continuously
anomalous values for silver, copper and lead found in the same zone
as the high gold values. This soil geochemistry program has been
very successful in developing high-quality targets for the next
phases of exploration on the Excel Project.
Because of the high-grade gold and silver assays contained in
the initial rock samples the Company continues to investigate the
relationship between this mineralization and the complex structural
and geologic setting of the area. As part of this investigation,
Ur-Energy completed the latest rock sampling program in early
January 2018. Results of this work
are pending.
Chairman and CEO of Ur-Energy, Jeff
Klenda, said, "Ur-Energy remains, first and foremost, a
low-cost uranium producer, with its focus on its flagship Lost
Creek Property, and the advancement of Shirley Basin toward full
permitting and licensure. The opportunities presented by the Excel
Project, however, were too attractive not to pursue. We are
currently considering all prospects to advance this new exploration
project, and to obtain value for our shareholders, whether drilling
the project ourselves, identifying a viable venture partner, or
through a sale process."
Mr. James Bonner, Ur-Energy
Vice President Geology, Certified Professional Geologist
(CPG-11608), American Institute of Professional Geologists, and a
Qualified Person as defined by NI 43-101, has reviewed and approved
the technical disclosure contained in this news release. Mr. Bonner
has verified the sampling, analytical and test data disclosed
here.
About Ur-Energy
Ur-Energy is a uranium mining company
operating the Lost Creek in-situ recovery uranium facility
in south-central Wyoming. We have
produced, packaged and shipped more than two million pounds from
Lost Creek since the commencement of operations. Applications are
under review by various agencies to incorporate our LC East project
area into the Lost Creek permits, and we have begun to submit
applications for permits and licenses to operate at our Shirley
Basin Project. Ur-Energy is engaged in uranium mining, recovery and
processing activities, including the acquisition, exploration,
development and operation of uranium mineral properties in
the United States. Shares of
Ur‑Energy trade on the NYSE American under the symbol "URG" and on
the Toronto Stock Exchange under the symbol "URE." Ur‑Energy's
corporate office is in Littleton,
Colorado; its registered office is in Ottawa, Ontario. Ur-Energy's website is
www.ur-energy.com.
FOR FURTHER INFORMATION, PLEASE CONTACT
Jeffrey Klenda, Chair and CEO
+1 720-981-4588
Jeff.Klenda@ur-energy.com
Cautionary Note Regarding Forward-Looking
Information
This release may contain "forward-looking
statements" within the meaning of applicable securities laws
regarding events or conditions that may occur in the future
(e.g., whether additional assays and exploration results
will continue to return high values; whether initial analyses and
interpretations of the project area will be established and
confirmed through future work; whether continued review of the
historical geologic database will continue to provide opportunities
to monetize the asset; what alternatives for further exploration
and development of the project may be adopted by the Company and
whether value will be obtained) and are based on current
expectations that, while considered reasonable by management at
this time, inherently involve a number of significant business,
economic and competitive risks, uncertainties and contingencies.
Factors that could cause actual results to differ materially from
any forward-looking statements include, but are not limited to,
fluctuations in commodity prices; capital and other costs varying
significantly from estimates; failure to establish estimated
resources and reserves; delays in obtaining or failures to obtain
required governmental, environmental or other project approvals;
inflation; delays in development and other factors described in the
public filings made by the Company at www.sedar.com and
www.sec.gov. Readers should not place undue reliance on
forward-looking statements. The forward-looking statements
contained herein are based on the beliefs, expectations and
opinions of management as of the date hereof and Ur-Energy
disclaims any intent or obligation to update them or revise them to
reflect any change in circumstances or in management's beliefs,
expectations or opinions that occur in the future.
View original content with
multimedia:http://www.prnewswire.com/news-releases/ur-energy-announces-new-gold-project-and-initial-sample-results-300589804.html
SOURCE Ur-Energy Inc.