Fair enough.
Was a holder of USA many years ago and yes I'm a geo.
Carbonaceous material and lignite are a problem because these are the depositional sites for the U and are simply too fine grained with a lack of permeability for ISR to be used. An inherent problem at Blackbush is the lignites in the eastern parts of the paleo channel, confining roll fronts and locking up the U. A lot of the U shows up in the lignites which is a red flag. A study was done and reported on this many moons ago.
Salinity is also the other problem. The groundwater is hyper saline and typically acids don't work in hyper saline water to bring the U to surface. There has been research into this since the early USA days but I'm just not convinced this is viable.
The reason ISR will not work has to do with the roll fronts. They are too small and too low grade. You want to sink 7 wells or so around a narrow low grade roll front to extract a minute amount of U? I just can't see it economic. Open pit may work but then you have a huge groundwater issue.
My interest in the project was to answer the question where did this uranium come from? I always believed Blackbush to be the geochemical anomaly overlying the real source. A high grade epithermal U source brought to surface via epithermal veining, which an incised valley just happened to cross cut. That was the model I invested in, not trying to mine a crappy lignite riddled, low grade paleochannel. Unfortunately market cycles prevented USA from exploring this hypothesis. For the projects sake, I hope AGE treat this more as an exploration play, not a development play.
Disclaimer: I have no interest in buying, selling, trading or investing in this stock. Just a geo with an interest in uranium.
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