U3O8 Corp. Discovers Potentially Large Area of Shallow
Uranium-Vanadium Mineralization Adjacent to Its Laguna Salada
Deposit in Argentina
Second new discovery adds significant growth potential to
current resource
TORONTO, ONTARIO--(Marketwired - Dec 4, 2013) - U3O8 Corp.
(TSX:UWE) (OTCQX:UWEFF), a Canadian-based company focused on
exploration and development of uranium resources and associated
commodities in South America, has identified a mineralized area
located on the southern extension of its Laguna Salada Deposit in
Chubut Province, Argentina (Figure 1). The La Susana discovery
contains similar near-surface, free-digging mineralization to
Laguna Salada and has potential to add to the current
uranium-vanadium resource defined in accordance with National
Instrument 43-101 ("NI 43-101")1.
"The uranium-vanadium mineralization at La Susana is typical of
the Laguna Salada Deposit and has a footprint that is potentially
double the size of the current resource - suggesting considerable
resource growth potential and reaffirming the district-scale
prospects of the region," said Dr. Richard Spencer, U3O8 Corp's
President and CEO. "A larger resource could further enhance the
economics of the project which are being defined in a preliminary
economic assessment ("PEA") that is nearing completion on the
initial deposit at Laguna Salada. With an advanced uranium project
in a country committed to bringing more nuclear reactors online and
a joint venture currently being negotiated with Petrominera Chubut
S.E., the provincial mining company, U3O8 Corp. is positioning
Laguna Salada as a potential low-cost, near-term producer in
Argentina."
La Susana Discovery -
Southern Extension of the Laguna Salada Deposit
Mineralization at La Susana is typical of the Laguna Salada
style uranium-vanadium that is found at shallow depth in
free-digging gravels. Uranium and vanadium at Laguna Salada was
initially discovered along the edge of the gravel mesas where the
mineralized layer, which is capped by a layer of barren gravel on
the top of the mesas, comes to surface. It was only with trenching
and pitting in the interior of the mesas that the extent of the
mineralization became clear at Laguna Salada. A similar situation
extends to the La Susana area, where the uranium-vanadium bearing
layer has been traced along the western and eastern edges of the
mesa, some 10 kilometres ("km") to 15km apart (Figure 1). The
mineralized layer at La Susana lies at an average depth of 0.5
metres ("m") below surface. The next step in exploration of La
Susana is pitting and trenching to determine the extent of
mineralization beneath the barren cap in an area of about 100
square kilometres ("km2").
Vertical channel samples defined an average grade of 78ppm
uranium (U3O8) and 290ppm vanadium (V2O5) from a gravel layer
averaging 0.5m thick at La Susana (Table 1). Mineralization at La
Susana is hosted in the same unconsolidated gravel unit that hosts
the Guanaco sector of the Laguna Salada Deposit. Screening to
remove the pebbles and coarse sand from the mineralized fines at
Laguna Salada, concentrated over 90% of its uranium in about 10% of
the gravel's original mass, resulting in a 10-11 times increase of
uranium grades. The soft, unconsolidated gravel in the Laguna
Salada Deposit is amenable to low-cost continuous surface mining
that involves no blasting or crushing, and alkaline leaching to
extract the uranium and vanadium with a solution of baking soda
(sodium bicarbonate) and washing soda (sodium carbonate).
Table 1 - Assay Results
from Channel Sampling of Free-Digging Mineralization at La
Susana
|
|
|
Uranium |
|
Vanadium |
Sample Number |
Width |
|
U3O8 |
|
V2O5 |
|
|
|
ppm |
|
ppm |
8720 |
1.0 |
|
296 |
|
369 |
8721 |
0.8 |
|
13 |
|
156 |
8722 |
0.5 |
|
10 |
|
146 |
8789 |
0.7 |
|
213 |
|
360 |
20467 |
0.3 |
|
18 |
|
123 |
20468 |
0.3 |
|
43 |
|
260 |
20469 |
0.5 |
|
21 |
|
250 |
20471 |
0.5 |
|
100 |
|
288 |
20473 |
0.6 |
|
147 |
|
397 |
20474 |
0.2 |
|
39 |
|
364 |
20475 |
0.5 |
|
35 |
|
315 |
20478 |
0.3 |
|
69 |
|
155 |
20479 |
0.4 |
|
37 |
|
160 |
20480 |
0.5 |
|
20 |
|
229 |
20481 |
0.6 |
|
13 |
|
176 |
21251 |
0.5 |
|
121 |
|
222 |
21252 |
0.5 |
|
15 |
|
146 |
21254 |
0.3 |
|
76 |
|
823 |
21255 |
0.5 |
|
108 |
|
353 |
21256 |
0.6 |
|
27 |
|
185 |
21257 |
0.6 |
|
105 |
|
206 |
21258 |
0.5 |
|
87 |
|
213 |
21260 |
0.2 |
|
129 |
|
376 |
21261 |
0.3 |
|
79 |
|
218 |
21262 |
0.3 |
|
45 |
|
179 |
21263 |
0.5 |
|
27 |
|
195 |
21265 |
0.8 |
|
266 |
|
425 |
21266 |
0.5 |
|
27 |
|
206 |
Weighted Average |
0.5 |
|
78 |
|
268 |
To view Figure 1 -
Map of La Susana Discovery Relative to the Laguna Salada
Deposit, please visit the following link:
http://media3.marketwire.com/docs/915443_fig1.pdf
Quality Assurance &
Quality Control ("QAQC")
For a summary of the QAQC procedures used by U3O8 Corp. on its
Laguna Salada Project, refer to its May 20, 2011 technical report
entitled "Laguna Salada Project, Chubut Province, Argentina: NI
43-101 Technical Report: Initial Resource Estimate" (the "Technical
Report"), available on the company's web site at www.u3o8corp.com
and on SEDAR at www.sedar.com.
Dr. Richard Spencer, President & CEO of U3O8 Corp. and a
Qualified Person as defined by NI 43-101, has supervised the
preparation of, and verified the technical information contained in
this press release. Potential quantity and grade is conceptual in
nature. There has been insufficient exploration to define a mineral
resource at La Susana to date, and it is uncertain if further
exploration will result in such target being delineated as a
mineral resource.
About U3O8
Corp.
U3O8 Corp. is focused on exploration and development of uranium
resources and associated commodities in South America. The
company's uranium resources comprise three NI 43-101 deposits
defined in Colombia, Argentina and Guyana:
- Berlin Deposit, Colombia - a recent PEA shows that Berlin could
be a zero cash cost uranium producer thanks to revenue from
by-products of phosphate, vanadium, nickel, rare earths (yttrium
and neodymium) and other metals occurring in the same deposit;
- Laguna Salada Deposit, Argentina - a near surface, free-digging
uranium, vanadium deposit that is potentially amenable to low-cost
mining and processing methods; and
- Kurupung Deposit, Guyana - an initial uranium deposit in a
large emerging uranium district.
(1) NI 43-101 resource estimate on
Laguna Salada Deposit contained in the Technical Report: |
|
Project |
NI 43-101 Resource |
|
Tonnes (million |
) |
Grade U3O8 |
|
Grade V2O5 |
|
U3O8 lbs (million |
) |
V2O5 lbs (million |
) |
Laguna Salada |
Indicated |
|
47.3 |
|
60ppm |
|
550ppm |
|
6.3 |
|
57.1 |
|
|
Inferred |
|
20.8 |
|
85ppm |
|
590ppm |
|
3.8 |
|
26.9 |
|
Screening to remove the pebbles from the mineralized fines
resulted in uranium grades increasing to 620-670ppm comparable to
mill feed grades of similar deposits operating elsewhere in the
world. Based on the NI 43-101 resource, several projects of similar
size and grade near Laguna Salada have the potential to contain a
cumulative target of 9-11 million tonnes at a grade of 100ppm to
150ppm U3O8
(~20-25Mlb).
Additional information on U3O8 Corp., its mineral resources and
technical reports are available at www.u3o8corp.com. Follow U3O8
Corp. on Facebook: www.facebook.com/u3o8corp, Twitter:
www.twitter.com/u3o8corp and Youtube: www.youtube.com/u3o8corp.
Below
Forward-Looking Statements
Certain information in this release are forward-looking
statements with respect to the proposed joint venture and
development plans, economic potential and growth targets of U3O8
Corp's current projects. Forward-looking statements consist of
statements that are not purely historical, including statements
regarding beliefs, plans, expectations or intensions for the
future, and include, but not limited to, statements with respect
to: (a) a joint venture with the Chubut Government, (b) the
low-cost, near-term production goal of Laguna Salada, (c)
compliance with current Chubut mining law, (d) the Laguna Salada
and Berlin PEAs, (e) beneficiation test work on Laguna Salada, (f)
the La Susana discovery, including its potential size and resource
potential, (g) the market opportunities for uranium from Argentina,
and (h) the potential of the Kurupung district in Guyana. Basis for
such assumptions include that: (i) discussions with the Chubut
Government will be favourable, (ii) actual results of our
exploration, resource goals, metallurgical testing, economic
studies and development activities will continue to be positive and
proceed as planned, (iii) requisite regulatory and governmental
approvals will be received on a timely basis on terms acceptable to
U3O8 Corp., and (iv) economic, political and industry market
conditions will be favourable. However, such statements are subject
to risks and uncertainties that may cause actual results,
performance or developments to differ materially from those
contained in the statements, including, but not limited to: (1)
that a joint venture will not be formed with the Chubut Government,
(2) timing and outcome of the PEA or that a mine will be achieved
on the Laguna Salada Project in compliance with current Chubut
mining law, (3) exploration on the La Susana discovery will not
result in additional resources; (4) risks that a mine will not be
achieved on the Berlin Deposit and other exploration projects, (5)
that beneficiation test work will continue to be favourable and
results from small scale metallurgical testing can be duplicated on
a larger scale, (6) the inherent uncertainties and speculative
nature associated with exploration results, resource estimates,
potential resource growth, future metallurgical test results,
changes in project parameters as plans evolve, (7) volatility of
commodity prices, (8) dependence on regulatory approvals and
changes in legislation, environmental compliance, community support
and the political and economic climate, (9) availability of future
financing, and (10) exploration risk and other factors beyond the
control of U3O8 Corp. including those factors set out in the "Risk
Factors" in our Annual Information Form available on SEDAR at
www.sedar.com.
Readers are cautioned that the assumptions used in the
preparation of such information, although considered reasonable at
the time of preparation, may prove to be imprecise and, as such,
undue reliance should not be placed on forward-looking statements.
U3O8 Corp. assumes no obligation to update such information, except
as may be required by law.
U3O8 Corp.Richard SpencerPresident & CEO(416)
868-1491richard@u3o8corp.comU3O8 Corp.Nancy Chan-PalmateerVice
President, Investor Relations(416)
868-1491nancy@u3o8corp.comwww.u3o8corp.com
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