First American Uranium receives NI 43-101 Report for Red Basin

• First American Uranium (CSE:URM) received the final draft of its NI 43-101 Report for its Red Basin Uranium / Vanadium Property in New Mexico
• Red Basin is an early stage exploration project in Catron County that consists of 26 optioned lode claims totalling 21.7 square kilometres
• According to the report, evaluations of the company’s property from several sources confirm the presence of uranium / vanadium deposits, indicating the potential to become an advanced stage project
• First American Uranium Inc. opened trading at $0.24 per share

First American Uranium (CSE:URM) received the final draft of its NI 43-101 Report for its Red Basin Uranium / Vanadium Property in New Mexico.

Red Basin is an early stage exploration project in Catron County that consists of 26 optioned lode claims totalling 21.7 square kilometres and is 402 km north of the only operating uranium mill in the United States. The project’s region produced 1,194 pounds of Triuranium Octoxide U3O8 in the 1950s from ore mined with an average grade of 0.17 per cent U3O8.

Previous historical studies have made non-43-101-compliant resource estimates for the property of between 1.6 and 6.5 million pounds of U3O8.

According to the report, evaluations of the company’s property from several sources confirm the presence of uranium / vanadium deposits, indicating the potential to become an advanced stage project. Extensive historic exploration on the property includes Gulf Oil Corp. drilling more than 1,000 shallow holes and delineating four potential ore zones.

The report’s recommendations to advance the project and support a resource calculation include:

• An airborne radiometric survey
• Drilling to confirm historic Gulf Oil data and to test new targets
• Environmental baseline studies and an Environmental Assessment or Environmental Impact Study

“Receiving this 43-101 report is an important milestone toward advancing our understanding of the Red Basin Uranium / Vanadium Project’s value and for planning our exploration program to help define the project’s resource potential,” First American Uranium’s CEO, Shawn Balaghi, said in a news release. “As the report indicates, the project’s location, combined with the extent of past exploration, suggests the Red Basin property is a very attractive project in the making. Timing is also an advantage due to rising demand for carbon-free sources of electricity, geopolitical tension with Russia, and uranium prices reaching 10-year highs.”

The company has acquired a 60 per cent interest in a company that indirectly holds a 100 per cent interest in the Red Basin mineral claims in Catron County, New Mexico.

First American Uranium Inc. is engaged in the business of mineral exploration and the acquisition of mineral property assets in North America. Its objective is to locate and develop economic precious and base metal properties of merit and to conduct its exploration programs on the Silver Lake and Red Basin properties.

First American Uranium Inc. opened trading at $0.24 per share and while its stock is down 2 per cent in early trading, it is up 19 per cent over the past month, and 600 per cent higher than this time last year.

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