The Anderson Property covers 5,785 acres, and has already had almost 1,400 exploration drill holes, 1,300 downhole gamma surveys and nearly 6,000 chemical assays completed over the central portion of the property in the 1970’s.
Today Global Uranium released an independent measured and indicated resource estimate for the property based on the historical data. The estimate drew upon radiometric data, and as a result, grades in the estimate are express as a percent eU308 or %eU308 where “e” signifies the equivalent percentage of uranium by weight. Chemical assay data was not included directly in the calculation of tons or grade, but were used to corroborate radiometric data and compute disequilibrium factors that were used in the estimate, Global Uranium noted.
Based on the data compiled, the combined measured and indicated resource is 11.1 million pounds eU308, or 9.9 million tons at an average grade of 0.056% eU308 over 387 acres with an average thickness of 12 feet. (See Table 1.1 below). There is a further 5.6 million tons @ 0.051% eU308 (5.7 million pounds eU308) in the inferred category.
“The Mineral Resource estimates for the Anderson Property used a range of cut-off grades from 1.6 to 4.5 million pounds of measured eU3O8, 2.3 to 6.6 million pounds of indicated eU3O8 and 5.9 to 23.4 million pounds of inferred (MinEx and Urangesellschaft) eU3O8,” the company further added. “These estimates include total in-place, composite mineralization accumulated in all radiometric beds with a cutoff thickness of 0.5 feet (ft).”
The technical report also went on to discuss possible mining solutions for the property, noting that in the 1970’s MinEx and then Urangesellschaft believed the project was feasible as an open pit mine using low cost heap leach processing.
Beyond uranium, the project also hosts vanadium, which is associated with the uranium mineralization. An inferred vanadium resource has been estimated based on the ratio of vanadium to uranium of 1.05 as evident in 453 assayed samples from 14 cored holes and 850 samples from the confirmation drilling performed in 2006. (see table 2.1 below).
What next?
The report recommends a ‘concept-specific’ mineral resource estimate, i.e, one where the cut-off grade is certain and can be used to model the most optimal portion(s) of the mineralization for development. In order to complete the new estimate, a number of tasks are to be completed, including geological modeling, geostatistical drilling, metallurgical studies, conceptual mine plan and a uranium price study. Phase II of the work plan will involve adding drilling to both expand and upgrade the resource, and the completion of a pre-feasibility study.
http://www.proactiveinvestors.com/companies/news/5789/global-uranium-rises-after-technical-report-outlines-potential-of-anderson-uranium-property-5789.html
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