Published on Thursday May 05 2011 (AEST)-Australia
Black Range Minerals Limited (ASX:BLR) is pleased to advise that it has commenced its inaugural drilling program at the ~30 million pound Hansen Uranium Deposit1 in Colorado, USA. The Company holds exclusive rights to acquire 100% of the Hansen Deposit.
The Hansen Uranium Deposit is located immediately adjacent to the Company's 100%-owned Taylor Ranch Uranium Project, which hosts JORC Code compliant indicated and inferred mineral resources of more than 60 million pounds of U3O8.A JORC-compliant resource is yet to be finalized for the Hansen Deposit. However, from the abundance of work undertaken at the Hansen Uranium Deposit previously, including approximately 1,000 drill holes and three mining feasibility studies, it was reported that the deposit hosts in the order of 15-20 Mt of mineralised material at a grade of 0.06-0.08% U3O8 for circa 30 million pounds of U3O8. As a mineral resource is yet to be calculated for the deposit under the JORC Code, this quantity and grade of mineralisation is conceptual in nature and is an exploration target, and it is uncertain if further exploration will result in the determination of a mineral resource of this size.
The combined Taylor Ranch/Hansen Uranium Project is one of the largest uranium projects within the USA.
Hansen Uranium Deposit - Background
The Hansen Uranium Deposit was discovered in 1977. Approximately 1,000 holes were drilled previously to define the deposit. Mineralisation is hosted by a flat-lying sandstone sequence, with the high-grade portion of the deposit being up to 45 metres in thickness.Three feasibility studies into the development of the Hansen Deposit were completed between 1979 and 1981. These studies concluded that the deposit could be viably developed by way of open pit mining. All permits necessary to mine the deposit were subsequently issued; however, mining never eventuated because the global uranium price collapsed shortly after permits were awarded.
Objectives of the Current Drilling Program
The Company and its consultants have undertaken an extensive review of the historic feasibility data acquired at the Hansen Deposit. In order to update these previous studies the Company has initiated this 10-12 hole diamond core drilling program (approximately 3,000 metres) to acquire additional metallurgical, geotechnical and hydrological data at the Hansen Deposit.The drilling program is expected to continue for approximately three months. Data acquired will then be analysed to update the previous feasibility studies to pre-feasibility accuracy. Further development plans will then be formulated.
Mine permitting activities will continue throughout this drilling program.Click Image To Access Uranium Stocks Australia
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