Published on Wednesday July 20 2011
This resource calculation follows the execution, earlier this year, of agreements that provide the Company the exclusive right to acquire 100% of the Hansen Uranium Deposit, which was discovered in 1977 and fully permitted for mining in 1981, prior to the collapse of the global uranium market.
More than 1,000 holes were drilled and three feasibility studies completed to evaluate the Hansen Deposit previously. Information from these holes has been used to calculate a JORC Code compliant resource estimate for the areas covered by recent agreements.
This resource estimate has been integrated with previously calculated JORC compliant resources from the series of deposits on the immediately adjacent Taylor Ranch Uranium Project, in which the Company also holds a 100% interest in the mineral rights.
When applying a 0.025% cut-off grade, the JORC Code compliant indicated and inferred resource for the combined Hansen/Taylor Ranch Uranium Project comprises:
68.9 Mt at 0.060% U3O8 for 90.9 million pounds of U3O8
This represents a 51% increase in the number of pounds of U3O8 previously reported for the Taylor Ranch Uranium Project.
44% of this resource is classified "Indicated", as summarised in Table 2 below (see link at the bottom of the release).
When applying a 0.075% cut-off grade, the JORC Code compliant indicated and inferred resource for the combined Hansen/Taylor Ranch Uranium Project comprises:
16.6 Mt at 0.120% U3O8 for 43.8 million pounds of U3O8
46% of this resource, at a 0.075% cut-off grade, is classified "Indicated", as summarised in Table 3 below (see link at the bottom of the release).
These statistics confirm that the combined Hansen/Taylor Ranch Uranium Project is one of the largest uranium projects within the USA - which is the largest consumer of uranium in the world.
With domestic mines within the USA producing less than 10% of the uranium consumed in the country on an annual basis, the development of such a large and strategic asset should be regarded highly.
Black Range continues to advance the Hansen/Taylor Ranch Uranium Project feasibility and environmental studies as quickly as possible.
The Company is currently undertaking a 10-12 hole (approximately 3,000 metre) drilling program at the Hansen Uranium Deposit to acquire additional geological, geotechnical, metallurgical and hydrological data required to update the historic feasibility studies.
The Company is simultaneously acquiring base line environmental data in order to streamline the mine permitting process.
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