Alliance Mining Corp. Announces Drill Log Analysis Reveals Vanadium in Clastic Sediments from Tonopah Uranium Project, Nevada
VANCOUVER,BC / ACCESSWIRE / November 1, 2018 / Alliance Mining Corp. (TSX.V: ALM) ("Alliance"or the "Company") is pleased toreport that recent analysis of the 2006 drill logs from its Tonopah uraniumproject in Esmerelda/Nye counties, Nevada, reveal vanadium in both oxidized andnon-oxidized clastic sediments.
Alliance Mining has recently signed aletter of intent with Jadestone Energy LLC to acquire a 100-per-cent interestin Jadestone's Tonopah uranium project. Alliance and Jadestone are working tofinalize a definitive agreement.
Based on the ICP multi-elementanalyses from the 2006 drill logs: The Seibert formation host section in thenorthern and southern claims appears to contain very high background levels ofvanadium in both oxidized and non-oxidized clastic sediments. In the unoxidizedSeibert host in both areas, uranium and vanadium occur, and appear to vary moreor less in direct proportion to each other.
Under the influence of oxidizingground waters, uranium has been mobilized out of the oxidized rock and to alesser extent so too has the vanadium. Most of the vanadium appears to haveremained behind in the oxidized rock, but there is evidence of mobilization ofsome vanadium with uranium demonstrated by the fact that some drill-hole intervalsshowing strong uranium anomalies also show but to a lesser degree, strongvanadium anomalies.
One of the major objectives of ourproposed drilling programme will be to establish the location and viability ofany vanadium deposits, particularly in the southern and northern systems. Atpresent there are several advanced Vanadium projects underway in the state ofNevada most notably First Vanadium Corp. (FVAN: TSXV) and Prophecy DevelopmentCorp (PCY: TSXV).
Vanadium is growing in importance forkey industrial manufacturing sectors, most notably steel and renewable energy.Today, more than 85 percent of the world's vanadium is used in steelmanufacturing applications. Its importance to the energy sector is also growingrapidly with more than 10 percent of vanadium production used in energy storagewhere its substantial cost and performance benefits make it an alternativechoice to lithium ion in several areas.
Vanadium prices for 98% flake V2O5have steadily risen from under US$3.00/lb less than 3 years ago, to its currentapproximate price of US$27.45/lb.
The Tonopah project consists of 160contiguous Bureau of Land Management claims covering an area of 3,200 acres.Access to the property is by Highway 95, which runs through the southernportion of the claims. Numerous trails and four-wheel-drive roads afford accesswithin the claims. The initial claims in the Tonopah project were staked in the1950s by Paul Burkett, the founder of Uranium Exploration Corp., JadestoneEnergy's predecessor. Since the 1950s, exploratory work consisted of drillingand field mapping. It is important to note, this exploration only focussed onUranium, not Vanadium, Gold or Silver. Prior to 2006, 25 reverse circulationdrill holes were drilled on the property. Of these 25 drill holes, 14 holesexhibited uranium mineralization. In 2006, the company undertook furthergeological mapping, scintillometer prospecting and drilling, with 10 holesexhibiting uranium mineralization. These results are summarized in a NationalInstrument 43-101-compliant technical report completed in 2011.
In addition, an independent thirdparty geological review of the project was undertaken by one of the major NorthAmerican uranium mining companies that supports that there is confirmed uraniummineralization, much of which is near surface (60 to 350 feet) with potentiallyeconomic grades, probably lending itself to high-volume, low-grade, low-costopen-pit mining, which could potentially utilize a low-cost heap leachingrecovery process.
Christopher Cherrywell is a certifiedprofessional geologist (CPG) with the American Institute of ProfessionalGeologists. He is a qualified person as defined by NI 43-101. Mr. Cherrywell isresponsible for the technical information contained in this news release.
ON BEHALF OF THE BOARD
Christopher Anderson,CEO
and Director
FOR FURTHER INFORMATION PLEASE CONTACT:
Alliance Mining Corp.
(604) 488-3900