Will Immediately Commence Development of
Vanadium Exploration Plan
Westwater Resources, Inc. (“Westwater,” or the “Company”)
(Nasdaq: WWR), an energy materials development company, is
pleased to announce the receipt of positive analytical results
(assays) for vanadium mineralization (as V2O5 - vanadium pentoxide)
at our Coosa, Alabama Graphite Project. The recently received assay
data was derived from more than 1,900 samples selected from 35 core
drill holes and 16 trenches, which were previously sampled and
assayed for only graphite as a part of defining the graphite
resource in 2015 Preliminary Economic Assessment (PEA)
investigation. Sample locations were selected within the Coosa PEA
resource area as well as vanadium target areas identified by the
2018 sampling program as presented in our news release of November
29, 2018, in which the Company announced the identification of
appreciable levels of vanadium mineralization at Coosa. Positive
values for vanadium are widespread and extend considerably beyond
the graphite resource defined in the PEA from 2015. This sampling
program represents the next stage of exploration of the vanadium
mineralization at the Coosa Project.
Four-hundred-forty-one of the 1,923 samples collected for
geochemical analysis returned vanadium grades greater than 0.15
percent V2O5 (3 pounds of V2O5 per short ton). Several of the
assays exceeded 0.40% V2O5 (8 pounds of V2O5 per short ton).
Individual sample intervals ranged from 1.52 feet to 5.0 feet in
length each. Numerous continuously mineralized zones (at grades of
0.15% V2O5 or more) have apparent thicknesses in drill holes
ranging from 2 feet to 72 feet and apparent widths in trenches
ranging up to 50 feet. Limited QEMSCAN and EDX analysis by Actlabs
in Ontario, Canada indicated that the vanadium occurs in several
mineral phases including roscoelite, low V biotite and low V
Fe‐hydroxides. Roscoelite is recognized visually in the field by
the presence of some bright green minerals and has been a
historical source of vanadium from mines in western Colorado and
eastern Utah, as well as other localities from the early 1900s to
the early 1980s.
These analytical results demonstrate the wide-spread
distribution of vanadium mineralization throughout the central
portion of the Company’s mineral holdings within the Coosa Project.
Key target areas displaying strong and continuous vanadium
mineralization include the PEA graphite resource area, known as the
Grid deposit area, the eastern margin of the Grid deposit area, the
northeastern extension of the Grid deposit, and a parallel belt of
favorable quartz-graphite schist (QGS) and quartz-muscovite-biotite
graphite schist (QMBGS) that includes the former Fixico graphite
mine, the Roscoe Ridge prospect and the Holy Schist target. Data
indicates that zones of strong vanadium mineralization are clearly
accompanied by strong graphite mineralization.
The wide-spread distribution of highly anomalous vanadium
mineralization, commonly in association with strong graphite
mineralization, points to the need for comprehensive follow-up
drilling and trenching to more fully define the ultimate
distribution and intensity (grade) of the graphite and vanadium
resources of the Coosa Project. Planning is underway for additional
core drilling and surface trenching of individual target areas and
extensions of known mineralized zones. Additionally, Westwater will
initiate a program to evaluate and assess various processing
options to economically recover vanadium as a byproduct to
graphite.
Christopher M. Jones, President and Chief Executive Officer,
commented, “We are thrilled to have received laboratory
verification of the presence of wide-spread vanadium mineralization
at our Coosa property, with some positive values beyond the
original resource defined in the 2015 PEA. Vanadium is a highly
versatile mineral, with a strong demand profile throughout the
world – particularly in the steel industry where 80% of the supply
is used.
“As is the case with our graphite, lithium and uranium assets,
vanadium is also considered one of the critical resources listed by
the US Geological Survey. However, there is no significant
production of vanadium, or mining operations in the U.S., which is
why vanadium is generally imported. Approximately 85% of vanadium
production originates in South Africa, China and Russia – with
China being the leader at nearly 40% of world-wide production.
“We intend on immediately developing a vanadium exploration
program, with the goal of optimizing this high-quality opportunity
prudently and to our maximum benefit. We expect to have this plan
completed in coming weeks,” concluded Mr. Jones.
Quality Control/Quality Assurance and Analytical
Laboratory
Geochemical determinations of the vanadium content of the
samples were performed by American Assay Laboratories, of Sparks,
Nevada USA, a long-standing, independent, third-party commercial
assay laboratory, utilizing a five acid digestion and inductively
coupled plasma mass spectroscopy (ICP) as its analytical method.
American Assay holds an ISO/IEC 17025:2005 Accreditation. Quality
control and quality assurance included the inclusion of “blank”
samples (barren of vanadium) and duplicate samples into the sample
submissions by Westwater personnel. “Control samples”, comprised of
geochemical standards, “blanks”, and laboratory duplicates totaling
477 samples were employed by American Assay to ensure QA/QC.
Duplicate samples were submitted to an independent third-party
laboratory.
About Westwater Resources
Westwater is focused on developing energy-related materials. The
Company’s battery-materials projects include the Coosa Graphite
Project — the most advanced natural flake graphite project in the
contiguous United States — and the associated Coosa Graphite
deposit located across 41,900 acres (~17,000 hectares) in
east-central Alabama. In addition, the Company maintains lithium
mineral properties in three prospective lithium brine basins in
Nevada and Utah. Westwater’s uranium projects are located in Texas
and New Mexico. In Texas, the Company has two licensed and
currently idled uranium processing facilities and approximately
11,000 acres (~4,400 hectares) of prospective in-situ recovery
uranium projects. In New Mexico, the Company controls mineral
rights encompassing approximately 188,700 acres (~76,000 hectares)
in the prolific Grants Mineral Belt, which is one of the largest
concentrations of sandstone-hosted uranium deposits in the world.
Incorporated in 1977 as Uranium Resources, Inc., Westwater also
owns an extensive uranium information database of historic drill
hole logs, assay certificates, maps and technical reports for the
western United States. For more information, visit
www.westwaterresources.net.
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 Westwater expects or anticipates will occur in
the future, including but not limited to statements relating to
developments at the Company’s projects, the development of a
vanadium exploration program and the future production of vanadium,
future sales of vanadium, and the Company’s liquidity and cash
demands, including future capital markets financing and disposition
activities, 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 availability
of capital to the Company and the Company’s ability to continue as
a going concern; (b) the availability of the Company to continue to
satisfy the listing requirements of the Nasdaq Capital Market; (c)
the spot price and long-term contract price of graphite, vanadium,
lithium and uranium; (d) the ability of the Company to enter into
and successfully close acquisitions, dispositions or other material
transactions; (e) government regulation of the mining industry and
the nuclear power industry in the United States; (f) operating
conditions at our mining projects; (g) the world-wide supply and
demand of graphite, vanadium, lithium and uranium; (h) weather
conditions; (i) unanticipated geological, processing, regulatory
and legal or other problems the Company may encounter; (j) the
results of the Company’s exploration activities, and the
possibility that future exploration results may be materially less
promising than initial exploration result; (k) any graphite,
vanadium, lithium or uranium discoveries not being in high enough
concentration to make it economic to extract the metals; (l)
currently pending or new litigation or arbitration; (m) the
Company’s ability to maintain and timely receive mining and other
permits from regulatory agencies; and (n) 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. The
results of the initial optimization study are preliminary in nature
and subject to revision following WWR’s further analysis of the
Coosa Project.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190219005356/en/
Westwater Resources Contact:Christopher M. Jones,
President & CEOPhone: 303.531.0480Jeff Vigil, VP Finance &
CFOPhone: 303.531.0481Email:
Info@WestwaterResources.netorInvestor
Relations Contact:Michael PorterPorter, LeVay and RosePhone:
212.564.4700Email: Westwater@plrinvest.com
Westwater Resources (NASDAQ:WWR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Westwater Resources (NASDAQ:WWR)
Historical Stock Chart
From Apr 2023 to Apr 2024