Published on Thursday June 02 2011 (AEST)-Australia
Australian ASX Listed Energy Ventures (EVE) has confirmed the Aurora Uranium deposit contains significant near-surface uranium mineralisation that may be amenable to exploitation through shallow open-pit mining.
The confirmation comes from results obtained from further chemical assays for six diamond drill holes at the Aurora uranium project in southeast Oregon, USA.Significant intersections from the higher grade parts of the resource include 40.2 metres at 672 parts per million (ppm) uranium (U3O8) from 57.6 metres and 19.2 metres at 1161 ppm U3O8 from 57.6 metres.
Drilling of the initial 16 hole program has been completed and further assay results are pending for six holes and will be available prior to the end of the second quarter of 2011.
The company said assay results confirm the general geological interpretation of the Aurora deposit "as a series of broad, flat-lying, tabular zones of mineralisation that locally contain higher grade lenses of uranium mineralisation controlled by lithological variations in the host volcanic rock package."Importantly, these near surface zones appear to be amenable to exploitation by shallow open pit mining.
Energy Ventures is currently undertaking feasibility studies to assess the economics of establishing a mine and process plant infrastructure at the site.
The results will be used by the company to assist with sample selection for a metallurgical testing program and to undertake a review of the resource estimate for the deposit.
The Aurora uranium deposit has a total resource base of 38 million pounds (Mlb) eU3O8 comprising an Indicated Resource of 36.7 Mlb eU3O8 at a grade of 253 ppm eU3O8, and an Inferred Resource of 1.2 Mlb eU3O8 at a grade of 151 ppm eU3O8 (grade cut-off 100 ppm eU3O8).Once all assays are received the company will be able to review the resource for the deposit and potentially upgrade some of the resource to the Measured category.
Progress on the Aurora project and the company’s other exploration projects in the western USA has not been significantly impacted by the Japan tsunami, though there has been a re-rating of uranium stocks by the market post the nuclear accident at Fukushima.
Energy Ventures has cash reserves and liquid investments that will allow the company to continue with its strategy of advancing its technical projects toward development, increasing the overall resource base and demonstrating value.
The comapany's ultimate aim is to supply product to the domestic US market, which is the largest consumer of uranium in the world and is expected to have consistent demand in the longer term.
Pound for pound, Energy Ventures' resource base is significantly undervalued in relation to peer companies in terms of market value.
significantly undervalued in relation to peer companies in terms of market value.Mineral Resource
The Resource estimate for the Aurora deposit has outlined an Indicated Resource of 65.7 Mt @ 253 ppm eU3O8 (36.7 Mlb eU3O8) and an Inferred Resource of 3.6 Mt @ 151 ppm eU3O8 (1.2 Mlb eU3O8). This resource represents a total of 38 Mlb eU3O8.
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