These days, investors are just mad about saffron to take a page from Donovan's hit song. What with U3O8 trading at around $90 or lb, yellow is definitely the color of money. V: ATL management has taken it upon itself to test this novel colour theory by kicking off the drill program at its Summit Spot and Crate Canyon uranium projects atom structure Anticline in Colorado. First hole, SP9, completed upon reaching the Chinle formation at 2100 ft. Hole SP1, on the opposite flank regarding the Anticline, the Chinle formation at 1560 ft.
Currently, the drill contractor was working its method return throughout the Anticline, with completion regarding the 1st phase of drilling program slated for December 21, 2007. The business expects conclusions to follow in early 2008. As per the company's November 15th news release, Atomic's vice-president of exploration, Richard Dorman, says, Our initial drill hole at Summit Spot should be seeing for the mineralized zone regarding the Moss Return member regarding the Chinle Formation. Upon completion of this hole, we should be working along the flank regarding the Anticline together with the next eight holes. This first phase regarding the drill program involves multiple stages: crews are preparing and clearing roads, building thirteen 100' x 100' drill pads, drilling up to thirteen 2,500-foot drill holes, then doing reclamation work that includes filling within the drill holes.
The business has planned a 30,000 foot drilling program based on recommendations contained within the property's 43-101 report. The property consists of 932 claims over 24,280 acres, located in most Dolores and San Miguel counties in southwestern Colorado, approximately 30 miles from Denison Mine Corp's Simple Mesa Mill. The 43-101 report describes the property as being associated together with the Dolores Anticline, a salt-cored fold structure within the Paradox Basin Province of Colorado and Utah. The Moss Return Member regarding the Chinle Formation Late Triassic and Pepper Wash Member regarding the Morrison Formation Late Jurassic are present within the stratigraphic section regarding the Dolores Anticline; these are the highest many favorable host rocks for uranium mineralization within the Paradox Basin region. Regarding to Atomic's website, the Dolores Anticline is one regarding the final pepper anticlines within the Paradox Basin which has not been extensively drilled to explore for mineralization within the Moss Return Member regarding the Chinle Formation.
The Dolores Anticline is located only 30 miles from Lisbon Valley and lies within the Uravan Mineral Belt. Lisbon Valley is the building regarding the legendary Mi Vida uranium mine near Moab, Utah, discovered by Charlie Steen in 1952. The entire Lisbon Valley produced 49 million lbs of U3O8 from 1948 through 1965. The Uravan mineral belt is the oldest uranium mining region within the US, and is historically the highest many productive uranium and vanadium region in Colorado. A 2007 circular released by the Division of Reclamation, Mining and Well-being for the State of Colorado documents 1,200 historic mines that produced over 63 million lbs of uranium and 330 million lbs of vanadium from 1948 to 1978.
This district contains the only currently producing uranium mine in Colorado the Sunday Mine owned by Denison Mines, near what is now the ghost village of Uravan, Colorado. This day the Uravan belt is experiencing a renaissance, as there exists 35 permitted projects for uranium mining in Colorado, and 28 uranium prospecting permits have been granted. Infrastructure within the region shall also be getting a boost, as Life Fuels has announced plans to build pending regulatory approval what should be first new uranium-vanadium mill built within the United States in 25 years west of Naturita, some 15 miles southeast of Uravan. The Colorado Plateau is known for hosting roll-front deposits, which are regarded the richest kind of uranium deposits. Roll-fronts are named for the crescent shape the uranium in solution creates at the interface between oxidizing and reduction conditions within the permeable sandstone or conglomerate host rock.
The 43-101 report draws a parallel between the regional geology and that regarding the property: [based] on the literature review, geologic evaluation regarding the Dolores Anticline, and a radon survey, it is simple that there is good potential for undiscovered uranium deposits to exist beneath the properties regarded here. Currently, the worlds 435 nuclear reactors make 18% regarding the world's power requiring 180 million lbs of uranium per year. However, only 110 million lbs are being produced annually worldwide. This shortage is highlighted by the fact that some regarding the world's emerging economies have shifted their focus from coal to nuclear life with China and India being prime examples. China is currently building 40 new nuclear reactors and India is building 31.
Sum to that increased compression on the supply from developed countries, and it's easy to look howcome uranium is trading within the $90 range. Despite possessing it created within the Colorado Plateau, management is nonetheless receiving a global view with its exploration approach. Atomic also has a letter of intent with Geo Can Resources to enter into an choice agreement to earn up to a 100% interest in a land product totalling approximately 3,600 km2 in southwestern Tanzania. This ground is regarded to be component regarding the Malawi Extension a location favourable for uranium enrichment, as it lies within the Karoo Supergroup formation. Other mining businesses active within the region with Paladin Resources, Mantra and Western Metals.
Provided the lag between world supply and demand, Atomic is well-positioned to step into the vacuum for multiple reasons: management is focused on uranium in regions well-known for wealthy mineralization; the business holds a balanced property portfolio in mining-friendly areas; and Atomic's flagship property, the Dolores Anticline project, was provided the lime light in its 43-101 report. These factors all sum up to release investors the chance to participate within the revival of one regarding the world's good uranium regions via a play that should well as the song goes be a sudden craze within the coming months. This post is intended for facts purposes only, and is not a recommendation to buy or sell the equities of any business mentioned herein. It is based on sources believed to be reliable, but no warranty as to accuracy is expressed or implied. The opinions expressed within the post are those regarding the author except where statements are attributed to individuals other than the author, in which case the opinions are those regarding the lone to whom they can be attributed.
No comments:
Post a Comment