Drilling will be targeted to a depth about 18,290 meters and build on the results from last year’s program which found a mineral resource estimate of 5.2 million pounds of uranium oxide using a grade-thickness cut-off of 0.1%-ft.
The Juniper Ridge Property has 197 federal lode claims and one state mineral lease for 4,710 acres and is considered to be 88% shallow, lying within 150 feet of surface.
Crosshair Energy president & CEO Mark Ludwig said as the percentage of the world’s nuclear generated electricity continues to grow, the uranium needed to fuel those generating stations will pressure existing supply.
"Last year’s successful program confirmed an Indicated Resource of more than 5 million pounds of uranium oxide and we expect the 2012 program to capture more of the historic resource," added Mark.
Current exploration program will determine more of the historic geological resources which range between 5.2 million tons at grade of 0.067% U3O8 totaling 6.97 million pounds of uranium and 8 million tons grading 0.056% U3O8 totaling 9.9 million pounds.
Drilling will be undertaken in areas where significant resource drilling was done in the 1970s and 1980s while the company is now undertaking metallurgical testing to determine the favorable recoveries recorded in the historic reports.
When drilling begins, environmental monitoring infrastructure will be deployed for the collection of baseline environmental conditions in preparation for permitting.
