Monaro Mining (ASX: MRO) has been advised by Vale that field evaluation at the Apache Basin uranium project in Arizona has detected uranium values up to 0.20% U308.
Vale is funding exploration and has spent US$750,000 in the first year as per the agreement with Monaro.
Follow up rock chip sampling and assessment by spectrographic analysis demonstrated that a number of samples are highly anomalous for uranium. Rock chip sampling of several prospects and anomalies have yielded values of between 0.064 and 0.20% U3O8.
Interesingly, the style of mineralisation is quite comparable to the better known uranium deposits within the Apache basin such as Workman Creek (not owned by the Company), Jim and Red Bluff claims, Bull Claims and Sue mine.
Historic records indicate that between 1953 and 1955, 3009 tonnes grading 0.19% U3O8 were taken from the Red Bluff mine, and much of that material still remains in stockpiles controlled by UCA. Grades of up to 2.0% U3O8 have been reported at Red Bluff. The Sue mine was worked between 1954 and 1956 and reportedly shipped about 500 tons of ore containing an average 0.18% U3O8.
Vale has explored a number of survey blocks and several significant anomalies have been confirmed and new prospective areas have been delineated.
The permitting process on the Jim and Bull claims is continuing with the view to facilitate drilling operations as soon as possible. It is now anticipated that drilling will commence in February of next year.
Monaro believes the Apache project is highly attractive on a conceptual basis as it represents a significant regional “play” with the possibility of yielding multiple targets.
Field work by a combination of Vale personnel and UCA contractors is planned for late Third Quarter 2009. The intent of this work will be to continue field examination of high priority locations within the airborne survey area, obtain samples where required and recommend the acquisition of additional land as may be indicated by the results of the field work.
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