Endeavor Explorations, Inc. is taking a new look at previously producing high-grade uranium mines, part of eight mineral rights claims in the Uranium City area of northern Saskatchewan in Canada. Taking a new look is what it’s all about these days as the uranium market heats up in ways not seen in half a century. The decline of the nuclear power industry, along with efforts to reduce nuclear weapons, almost destroyed the market for uranium in the 1960s and 1970s. But now, the accelerating move away from fossil fuels has brought nuclear power back from the grave. Over 140 new reactors are expected to be built over the next decade, every one of them a mini-market for uranium.
Endeavor Exploration isn’t waiting for uranium prices to skyrocket, and is going after areas that have already shown strong evidence of rich deposits, including previously producing mines. Its primary interest is in part of the Athabasca Basin of Northern Canada, generally viewed as one of the richest uranium regions in the world. Athabasca uranium ore is rich, with an ore grade far above average, and the basin accounts for nearly a third of global primary uranium production.
The Leonard Uranium Mine near Uranium City has a history of exploration and initial production before being shut down in 1960. Initial exploration of the area in 1950 produced 167 radioactive occurrences, 50 of which were considered worthy of further work. Of those, three were eventually explored underground, and the Leonard deposit was mined. During its brief two year production run, the Leonard Mine is believed to have produced some 50,000 tons of good quality ore.
Uranium mining is always a challenge, but Endeavor, by going after locations with an existing positive record, has positioned itself to take advantage of a rush that now seems inevitable.
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