These lands, comprised of State of Arizona Trust Lands, encompass 114 breccia pipe exploration targets. The lands were selected using in-house evaluation techniques using aerial photography and airborne geophysics to identify targets.
A total of 95 separate mineral exploration permits (MEP’s), covering approximately 60,000 acres were applied for that cover the 114 targets. The lands were confirmed as open and available by the Arizona State Land Department at the time of application and Vane anticipates receiving the applications within the next 60-90 days, which is consistent with the issuing guidelines from the State Land Department.
Currently, Vane is drilling at the Wate Pipe, its lead breccia pipe in Arizona, where the company has successfully delineated a high-grade uranium Inferred resource to NI 43-101 standard. Following completion of that program, which is designed to increase the resource and upgrade it to Indicated, a drilling campaign will commence at the Miller pipe to bring along the conveyor belt of projects.
The new targets will be prioritized with the company’s existing targets and exploration drilling programs will be planned and scheduled accordingly. It is also likely that additional targets will be identified during the continued evaluation of the new lands.
The new permits are subject to the terms of Vane’s joint venture agreement (JV) with Uranium One Exploration USA in which Vane holds a 50% interest.
