Energy Ventures' latest U3O8 intersections further support open pit potential at Aurora

Energy Ventures (ASX: EVE) has further boosted the potential for an open pit operation at the Aurora uranium project in southeast Oregon, U.S., after the latest positive round of drilling results.

An additional sixteen diamond holes for 2200 metres have now been assayed, with highlights from the higher grade parts of the resource including:

- 40.2 metres at 347 parts per million (ppm) U3O8 from 69 metres, including 18.3 metres at 516 ppm U3O8.
- 45.7 metres at 448 ppm U3O8 from 86 metres, including 29.3 metres at 545 ppm U3O8, and 6.4 metres at 712 ppm U3O8; and
- 22.0 metres at 513 ppm U3O8 from 39 metres, including 10.1 metres at 623 ppm U3O8, and 3.7 metres at 807 ppm U3O8.

Energy Ventures recently completed the drilling program which was designed to obtain further geological information, uranium grade data and representative sample material for metallurgical testing.

A multi-element assay using an ICP analysis technique was also completed on samples taken over 1 metre intervals.

The latest results can now be used to assist with sample selection for a metallurgical testing program that has already been initiated, and to undertake a review of the resource estimate for the deposit.


Metallurgical testing program

The testing program aims to refine the understanding of material handling, comminution processes and liberation of uranium.

The company said that it is also looking at potential opportunities for beneficiation of the mineralisation.

Testing is being conducted at the metallurgical facilities run by laboratory and testing firm Hazen Research Inc. in Golden, Colorado, with input into the testing being provided by the mineral process engineering design firm of Lyntek, Inc.

Both firms have extensive uranium experience, with results of the first phase of testwork are expected to be available later this month.


Energy Ventures positioned to benefit from U.S. U3O8 needs

With a significant 38 million pound U3O8 resource, which no doubt will increase after recent drilling campaigns, Energy Ventures is well positioned to potentially benefit from the U.S. need for uranium.

It must be remembered that the U.S. has over 100 operational nuclear reactors, with a capacity of 100 GWe, providing around a fifth of the country's energy supply.

This points to a re-emerging domestic support for nuclear power, with 9 new power plant permit applications in the past year, and 4 to 8 expected to be constructed by 2020.

Therefore domestic supplies of uranium in the near term and longer term appear to be on the rise - which has the potential to be a boon for Energy Ventures.


Energy Ventures operations - five U.S. based projects

Energy Ventures, through its wholly owned US subsidiary Oregon Energy LLC, owns five uranium exploration and development projects located in the western U.S., all of which have been subject to significant historical exploration and have historical resources.

Energy Ventures has cash reserves and liquid investments that will allow the company to continue with its strategy of advancing its technical projects toward development, increasing the overall resource base and demonstrating value.

The company's ultimate aim is to supply product to the domestic U.S. market, which is the largest consumer of uranium in the world and is expected to have consistent demand in the longer term.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/20440/energy-ventures-latest-u3o8-intersections-further-support-open-pit-potential-at-aurora--20440.html