The approval from the Nunatsiavut and Newfoundland and Labrador governments clears the way for the companies to begin the work from July 1, 2012.
The $2.2m program involves drilling the company’s Two Time, Firestone, Blue Star and C zones for a targeted depth of 3,500 meters, with the objective of expanding the existing uranium and vanadium resources and test new uranium targets.
Crosshair Energy president and CEO Mark Ludwig said last year’s program confirmed uranium mineralization at depth and along strike outside of the known mineral envelope.
"Our aim this year is to extend that mineralized envelope even further," added Mark.
The CMB project covers 2,607 total claims in 26 licences as Crosshair now holds a 100% stake in the Two Time Property.
The Two Time mineralized zone currently contains an Indicated uranium resource estimate of 2.33 M pounds with grading at 0.058% U3O8 and an Inferred resource estimate of 3.73 M pounds with grading at 0.053% U3O8.
The C Zone corridor that includes the C Zone, Area 1 and Armstrong prospects, is confirmed to have 5.19 million pounds of uranium at 0.034% U3O8 and an additional 5.82 million pounds of uranium at 0.032% U3O8.
The prospect is also found to contain an indicated mineral resource estimate of 42.8 million pounds of vanadium at 0.15% V2O5 and an additional inferred resource estimate of 93.6 million pounds of vanadium at 0.16% V2O5, which remain open both along strike and at depth.
