The portfolio consists of 61 unpatented lode mining claims on land administered by the Bureau of Land Management (BLM), having a total 29 identified targets with the possibility of identifying additional targets.
The company has locked in an option to purchase the property by making an initial non-refundable payment.
These breccia pipes are vertical pipe-like columns of broken rock (breccia) that formed when layers of sandstone, shale and limestone collapsed downward into underlying caverns.
The uranium-bearing breccia pipes of the northern Arizona breccia pipe district are among the highest grade uranium deposits in the US.
In addition to uranium, the breccia pipes are also known to contain rare earth metals, including neodymium, and a variety of other valuable metals, including zinc, vanadium, cadmium, copper, silver, molybdenum, cobalt, nickel, gallium, and germanium.
Previous and current mining within the northwestern Arizona, Breccia Pipe District has yielded more than 23.5 million pounds of U3O8 with average grades of 0.65%.
The Arizona 1 mine is currently (since December 2009) producing uranium ore through conventional underground mining.
