Monday, October 24, 2011

Black Range Minerals Limited (ASX:BLR) Completes Drilling Program At The Hansen Uranium Deposit

Published on Monday October 24 2011

ASX Listed Black Range Minerals is pleased to advise that it has completed its inaugural drilling program at the Hansen and Picnic Tree Uranium Deposits in Colorado, USA.

A total of eight diamond core holes were drilled at the Hansen Deposit for 1,741 metres and a further three diamond core holes for 170 metres were completed at the Picnic Tree Deposit. These holes were drilled to obtain additional geological, geotechnical, metallurgical and hydrological data.

Data acquired will be used to update the previous feasibility studies that were undertaken into the development of the Hansen Deposit during the early 1980s.

Analytical results from recent drilling at the Hansen Deposit have been reported previously. These included:

- 11.1 metres at 0.111% eU3O8, including
4.1 metres at 0.165% eU3O8,
1.8 metres at 0.200% eU3O8
- 1.7 metres at 0.138% eU3O8
- 24.8 metres at 0.070% eU3O8
- 13.4 metres at 0.063% eU3O8

- 33.5 metres at 0.061% eU3O8, including
10.1 metres at 0.093% eU3O8,
4.3 metres at 0.100% eU3O8, and
1.5 metres at 0.171% eU3O8

Drilling at the Picnic Tree deposit confirmed the presence of shallow, high-grade mineralisation.
Results in HNDD0011 included:

- 6.1 metres at 0.203% eU3O8, from 40.5 metres, including 4.3 metres at 0.277% eU3O8, from 41.2 metres

It is noted that numerous holes drilled during the recently completed program were located primarily to evaluate geotechnical conditions, rather than to evaluate resource grade, thickness and continuity, which has been well defined with the abundance of previous drilling data.

Representative ore samples from both the Hansen and Picnic Tree Deposits are now being collected.

These will be sent to suitable laboratories for metallurgical test work.

Mine design work for both deposits has also commenced. This work is an integral part of updating the historic feasibility study and determining the optimal development path for the Project. Results of this ongoing work will be reported as they come to hand.

Background - Hansen/Taylor Ranch Uranium Project

The Hansen Uranium Deposit was discovered in 1977 and fully permitted for mining in 1981. The global uranium market subsequently collapsed and mining never eventuated.

More than 1,000 holes were drilled and three feasibility studies completed to evaluate the Hansen Deposit previously.

The Company now holds a direct 24.5% equity interest in the Hansen Uranium Project that covers approximately 3,500 acres and includes the Hansen and Picnic Tree Uranium Deposits. It also holds the exclusive right to secure the remaining 75.5% interest in this Project area, together with the exclusive right to acquire a 100% interest in a further 9,500 acres at the Taylor Ranch Uranium Project, which is located immediately adjacent to, and north of, the Hansen Project.

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

The high-grade and robust nature of the mineralisation at the Hansen/Taylor Ranch Project is demonstrated when applying a 0.075% cut-off grade to the resource calculation. The JORC Code compliant Indicated and Inferred resource for the combined Hansen/Taylor Ranch Uranium Project then comprises:

16.6 Mt at 0.120% U3O8 for 43.8 million pounds of U3O8

The combined Hansen/Taylor Ranch Uranium Project is one of the largest uranium projects within the USA - which as a nation 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 feasibility and environmental studies at the Hansen/Taylor Ranch Uranium Project as quickly as possible.

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