The company has also reported an updated, independent National Instrument 43-101 (NI 43-101) technical report on the project that is in the process of being completed.
The Salvo project consists of 4,238 acres of contiguous leases located about ten miles southwest of the town of Beeville, Texas.
In-situ recovery (ISR) is potentially the most suitable mining method for this project based on evaluation of grade and depth of the mineralized zones.
A preliminary core leach test indicated that the mineralization is amenable to leaching with an oxygenated agent.
The basis for the Inferred resource are two large-scale historical mineral investigations performed by Mobil Oil (1982) and Uranium Resources (URI) (1984), and the results from 105 drill holes from the company´s ongoing drilling program initiated in November 2010 to 31 March 2011.
Based on an evaluation of all current data, the technical report estimates an inferred mineral resource of approximately 1.2 million tons grading 0.08% U3O8 or 2.839 million pounds U3O8 after adjustment for a positive disequilibrium factor (DEF).
