Crosshair Energy, well-known for their work developing uranium/vanadium throughout North America via the company’s three divisions (each focused on a distinct resource area in the U.S. and Canada), was excited to report today that a new mineralized zone has been discovered during the 2012 drilling program at one of the USA division’s sites in Wyoming. This, the 4,170-acre Juniper Ridge project (NI 43-101 Indicated Resource base estimate of 5.2M lbs uranium), is just a stretch southwest over in neighboring Carbon county from the company’s other flagship domestic project, the Bootheel/Buck Point properties in Albany county.
Great news for the company’s uranium activity in the mining-friendly state of Wyoming, as this new zone on the northwest edge of the Juniper Ridge East resource area offers promising expansion potential. With initial data showing as much as a 3.65% grade (eU3O8xft) in a nice, 50.9-foot thick slice (as thick as 57.7 feet in one hole), lying just 50-150 feet below surface. The data looks good in context with earlier drilling by the company at Juniper Ridge and, with the clear northwesterly trend open along the strike, it will become the primary subject for follow-up drilling.
VP and Chief Geologist for CXZ, Tom Bell PhD, P.G., pointed directly to the new uranium mineralization trend, which beelines straight over to the company’s Juniper Ridge West site across 4,500 feet of untested land, reminding investors that infill and delineation drilling has here validated the resource model developed from previous and historical drilling. The trend and mineralization zone data is clear, so CXZ has initiated a radiometric soil survey to help map out drill targets in the trend as the company advances towards further exploration.
Delineation and infill drilling has sharpened the resolution of the overall resource model considerably, with highlights of the 2012 drilling program results roundly confirming identified areas and allowing CXZ greater concentration of future efforts. Thus the combined gamma/radon soil survey planned as a component of the drill program will be able to offer more accurate feed data for the identification of new mineralized zones, resulting in optimal CAPEX consumption with a solid back-end quantification of low mineral probability acreage better suited to tasks like storage of tailings and removed topsoil, or for construction of the 40-acre leach pad.
The awesome results from Juniper have produced a decision by CXZ to curtail 2012 exploration at Bootheel somewhat in favor of Juniper and the exceptional grades determined by traditional downhole radiometric wireline logging (done by GAA Wireline), as well as PFN logging for greater fidelity, have bolstered confidence at Crosshair ahead of the Juniper push. PFN (prompt fission neutron, which looks at the resource itself via a pulsed neutron source that triggers and records low level fission of the actual resource) is an alternative to the uranium spectrographic analysis also used in the drill program and yielding comparable results.
The extensive historical work done at Juniper is another great reason for Crosshair’s enthusiasm (6.97M lbs and 9.9M lbs previously estimated prior to NI 43-101), which – while not taken as current – does offer a firm echo to the empirical data generated from extant drilling by the company in 2012 and prior, especially because of the quality of the work that was done. President and CEO of CXZ, Mark Ludwig, P.E., Qualified Person for the report, has checked the report’s summary against original radiometric logs, confirming that today’s release is accurate.
For more information on the growing success story that is Crosshair Energy Corp., head on over to the company’s website at: www.CrosshairEnergy.com
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