Aldershot files NI 43-101 Wray Mesa technical report
Aldershot files NI 43-101 Wray Mesa technical report
2013-08-01 21:21 ET - News Release
Mr. Michael Leidich reports
ALDERSHOT SUBMITS 43-101 REPORT FOR THE WRAY MESA PROJECT
Aldershot Resources Ltd. through Royal USA Inc., a wholly owned subsidiary of Aldershot, has submitted an NI 43-101-compliant technical report for the company's Wray Mesa project located in Montrose county, Colorado. As has been previously reported in several press releases over the past several years, Aldershot, through Royal USA, has assembled a significant, contiguous land package in the project area. The Wray Mesa project is an exploration-stage uranium project consisting of 37 contiguous unpatented mining claims for a total size of about 760 acres (309 hectares). The claims are located on land where both the surface and mineral ownership is held by the Bureau of Land Management, part of the U.S. Department of Interior. Resource estimation software was used to model the mineralization intersected in 715 historical and 24 recent drill holes within the project area. The calculation of the model run minus the estimated depletion of historical mining results has been estimated in the attached table.
RESOURCES Resource category Short tons eU3O8 Contained eU3O8 (lb) V2O5 Assumed V2O5 (lb) (1) Indicated 85,500 0.16% 271,000 0.95% 1,626,000 Inferred 57,400 0.15% 169,000 0.88% 1,014,000 Total resource 142,9001 0.156% 445,800* 0.92% 2,640,000 Resource numbers have been rounded to the most significant figure and may not add up to the total. (1) A conservative vanadium to uranium ratio of 6 to 1, based on the mining camp average, has been assumed. The vanadium resource is a list for interest only and must be confirmed through further assaying.
The project area, considered part of the La Sal Creek district, has a history of exploration and production efforts. Records are incomplete, but it appears drilling exploration started in the late 1940s with the U.S. Geological Survey, then continued from the 1960s through the 1980s within the private sector. Records extant indicate that, from the mid-1970s to the late 1980s, the mine, which was named the Geo mine, was intermittently active within the project, with an unknown production. The mine portal has been reclaimed, and the condition of the mine working is unknown. The project is on trend with the recently active Pandora and Beaver mines operated by Energy Fuels Inc. Other historically significant mines in the La Sal Creek district area are the Firefly-Pygmy, Vanadium Queen and the Black Hat mines.
Michael G. Leidich, Aldershot president and chief executive officer, said, "Based on the results of the report, coupled with discussions with the past operators of the Geo mine, we believe there is an excellent potential to expand upon this resource and put the mine back into production."
About Royal USA
Royal is a mineral exploration and development company focused on mineral resources in the United States of America. Royal utilizes an acquisition selection process that ensures each property takes advantage of Aldershot's skilled analytics, jurisdictional awareness and close industry relationships to shorten the path to production.
Royal recently completed a very successful project at its Sage Plain project. Royal initiated an exploration project in the Sage Plain area located approximately 15 miles east of Monticello, Utah. Royal then entered into a 50/50 partnereship with Energy Fuels Resources to form the Colorado Plateau Partners LLC. Royal was the manager of the Sage Plain project through the exploration portion of development. As was previously reported, the Sage Plain project is in the mine-permitting phase and was recently sold to Energy Fuels.
Qualified person statement
Mr. Leidich, PEng, a qualified person as defined in NI 43-101, has reviewed and approved this news release but has not verified the data disclosed herein, nor done any sampling, analytical or test data underlying the information or opinions contained in the disclosures included in this press release.