U308 Corp (TSX-V:UWE, StockForum), a Canadian-based company geared for exploration and resource expansion of uranium and associated commodities in South America, announced a discovery of new uranium-vanadium deposits at Laguna Salada district in Chubut province, Argentina.
According to the company's press release, “The La Rosada discovery has the highest grades encountered to date in the soft, free-digging gravels in the Laguna Salada district, and for the first time, U3O8 Corp. has identified uranium-vanadium mineralization in the adjacent basement rocks, which may be a source of the mineralization in the gravel.”
Dr. Richard Spencer, president and CEO of U308 Corp, emphasized the importance of the find, “This new discovery adds to our conviction that mineralization in the Laguna Salada Deposit1 and at La Rosada form part of a larger uranium district in which further exploration may lead to more discoveries and significant resource growth potential.”
Dr. Spencer, went on to explain, “Laguna Salada is advancing as a potential low-cost, near-term producer that could serve Argentina's growing nuclear reactor fleet that currently relies completely on imported uranium, as well as export opportunities to countries such as the UAE, Saudi Arabia, China, South Korea and Russia with which Argentina has nuclear co-operation agreements.
Finally summing up with this, “To this end, we are busy finalizing a definitive agreement to partner with Petrominera Chubut S.E., the provincial mining company, and completing a preliminary economic assessment ("PEA") - key milestones expected by the end of this year towards development of the Laguna Salada Project.”
However, share price dropped 5.26% on the news to $0.09 per share.
Currently there are 162,427,990 shares outstanding with a market cap of $14.62 million.