Uranium Standard Resources will purchase Aurora Uranium Project, located in southeast Oregon, from Energy Ventures Ltd.
“The acquisition of Aurora represents another milestone in the company’s business strategy to acquire advanced uranium assets in favorable jurisdictions,” said Arni Johannson, president and CEO, Uranium Standard Resources.
Located approximately 15 km west of the small border town of McDermitt, Nevada, the Aurora uranium projects consists of 272 contiguous, unpatented lode claims covering an area of approximately 5,600 acres. The project also includes a state of Oregon Exploration Permit adjacent to the lode claims. The project sits in an active mining area that was the largest U.S. producer of mercury between 1933 and 1989. It was discovered in 1977 and was intensively explored by Placer Amex Corp. up to 1980. The work completed included a total of 537 rotary drill holes and 25 diamond drill holes, delineating the mineralization on a 200-ft by 100-ft grid spacing. All drill holes were radiometrically logged and a number of samples were chemically assayed.
Historically, the Aurora project is believed to have an indicated resource of 65.7 million metric tons (mt) at a grade of 253 parts per million (ppm) eU3O8 for a total of 36.7 million lb eU3O8, and an inferred resource of 3.6 million mt at a grade of 151 ppm eU3O8 for a total of 1.2 million lb eU3O8. The indicated resource includes a higher grade zone of mineralization that occurs in the upper part of the deposit. A qualified person has not done sufficient work to classify any of the historical estimates as current mineral resources or mineral reserves as defined by NI43-101.