Black Range increases uranium resource 51 per cent
THE BOURSE WHISPERER: Australian uranium play Black Range Minerals has completed a resource calculation for its combined Hansen/Taylor Ranch uranium project in Colorado, USA.
Earlier this year black Range executed agreements that provided it with the exclusive right to acquire 100% of the Hansen uranium deposit.
Hansen was discovered in 1977 and was fully permitted for mining in 1981, prior to the collapse of the global uranium market, which meant mining never eventuated.
More than 1,000 holes were drilled on the deposit however and three feasibility studies completed.
Black Range has used this information to calculate a JORC Code compliant resource estimate for the areas covered by recent agreements.
This company has integrated this resource estimate with previously calculated JORC compliant resources from the series of deposits on the immediately adjacent Taylor Ranch uranium project, in which it also holds a 100% interest in the mineral rights.
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 million tonnes at 0.060% uranium for 90.9 million pounds of uranium.
This represents a 51% increase in the number of pounds of uranium previously reported for the Taylor Ranch uranium project with 44% of this resource classified as “Indicated”.
When applying a 0.075% cut-off grade, the JORC Code compliant indicated and inferred resource for the combined project comprises:
– 16.6 Mt at 0.120% uranium for 43.8 million pounds of uranium
This represents a 58% increase in the number of pounds of uranium previously reported for the Taylor Ranch Uranium Project.
Black Range said this illustrates there to be a robust resource at the Hansen/Taylor Ranch uranium project with 46% of this resource, at a 0.075% cut-off grade, classified as “Indicated”.
“These statistics confirm that the combined Hansen/Taylor Ranch uranium project is one of the largest uranium projects within the USA – which is the largest consumer of uranium in the world,” Black Range Minerals said in its ASX announcement.
“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 is continuing to advance the Hansen/Taylor Ranch feasibility and environmental studies as quickly as possible.
The company is currently undertaking a 10-12 hole (approximately 3,000 metre) drilling program at the Hansen to acquire additional geological, geotechnical, metallurgical and hydrological data required to update the historic feasibility studies.