The company geologists, using Ur-Energy discoveries and historic data, have discovered a minimum of an additional 120 compiled linear miles (193 kilometers) of new redox fronts (reduction – oxidation fronts) stacked within multiple stratigraphic horizons with potential for resource development on these properties. This is in addition to the approximately 36 compiled linear miles of redox fronts containing the current Lost Creek deposit.
The Lost Creek Wyoming uranium deposit is within the 4,220 acre (1,708 hectares) Lost Creek Permit Area and has a NI 43-101 Compliant Resource of 9.8 million pounds of U3O8 with a grade of 0.058% as an “Indicated Resource” and an additional 1.1 million pounds of U3O8 at a grade of 0.076% as an “Inferred Resource”.
These resources are distributed along multiple sinuous redox fronts totaling around 36 miles in frontal length within the HJ horizon, which is the 150 foot-thick stratigraphic zone presently being permitted for in situ recovery (ISR) mining. In addition, within the Lost Creek Permit Area the company is discovering and exploring deeper mineralized horizons below the HJ horizon that are within depths that can presently be mined economically.
The new exploration targets that have been identified are on the company’s LC North and LC South properties that together contain 14,441 acres (5,844 hectares). These new exploration targets on the properties adjacent to the Lost Creek Permit Area consist of around 10 individual sinuous redox fronts within four major stratigraphic horizons identified by the company’s geologists using historic drill holes and new Ur-Energy drill holes. The Company is currently evaluating the exploration potential and is recommending future exploration programs for these areas.
Bill Boberg, president and chief executive officer of Ur-Energy, said: “A major exploration program, consisting of 2000 to 3000 drill holes, is needed to fully evaluate these new discoveries and a program of this size will take several years to complete. A major advantage to this exploration program will be cost savings that will be realized through using the same team and infrastructure that are currently developing the Lost Creek Project. Successful exploration in these new target areas could easily double the life of the Lost Creek Project.”
