www.vaneminerals.com
VANE Minerals is an explorer and developer of copper and uranium projects in North America. The Company is supported by revenues from its producing silver/gold operations in Mexico. Utilising a team made up of leading industry professionals the Company is targeting porphyry copper targets in Southwest USA in addition to expanding its gold/silver operations in Mexico and exploring high-grade breccia pipe targets in North America
VANE Minerals reports ‘very encouraging’ drill results from Rose uranium project
VANE Minerals (LON:VML) reported the results from two additional deep holes on the Rose Uranium breccia pipe project in Northern Arizona, saying the intercepts on the property continue to be very encouraging.
Mineralisation in excess of 1 percent equivalent Uranium (eU3O8) has now been encountered on the project over a horizontal distance of 145 feet and vertical extent of 260 feet.
It has now completed five deep holes on the project and, combined with historic drilling consisting of three deep holes, the results continue to be very encouraging, VANE said.
To date, six of the eight deep holes have encountered +1 percent grade Uranium mineralisation extending for over 260 feet vertically and horizontally, 145 feet in an east-west direction and 100 feet in a north-south direction.
However, within this drill area is a gap of about 100 x 60 feet which is untested and it now appears that the drilling has only tested a small portion of the east and north parts of the pipe leaving the west and south part of the pipe left to explore, the group said.
The mineralised intervals have been encountered over significant distances that, if continuous, would be sufficient to develop economic resources.
Additional drilling is required to prove the continuity of the ore-grade mineralisation to establish NI 43-101 compliant resources. The drilling programme has been suspended for the winter season and interpretive work continues with a view to planning the next phase of drilling subject to mutual agreement with partner Uranium One Exploration USA Inc.
VANE chief executive David Newton said : "These are promising drilling results, particularly when coupled with the results of the previous drilling on the project. Further drilling will continue at Rose with the aim of establishing an NI 43-101 compliant resource, which will add to our existing resource of 1.118 million pounds at our Wate project."
