Uran takes option to buy Victor tungsten project 10:55, Friday, 16 January 2009
Sydney - Friday - January 16: (RWE Aust Business News) - Uran (ASX:URA) has entered into an option to purchase the Victor tungsten project located in Inyo County. California, USA. The project consists of 13 granted patented lode mining claims covering a small high-grade historic tungsten mine. Under the terms of the agreement Uran, through its wholly owned tungsten subsidiary Juno Minerals Ltd, has paid an option fee of $US50,000 to the current owner and can exercise the option to acquire he property by payment of $US150,000 at any time within two years. Assay results have been received for 19 rock chip samples taken in October from the old adits, of which seven have returned results of 0.14-0.38 tungsten. Most samples which have elevated tungsten values also have significant copper values, up to 5.48pc, with elevated uranium and molybdenum values and anomalous gold and silver. Mineralisation is located in a prominent ridge of dolomitic marble in a region of granodiorite intrusion. Both tungsten and copper were mined from at least six adits within the leases prior to the 1950s. Ore from Victor was processed at the nearby Bishop tungsten mill. The company considers that the mineralised skarns at Victor, which were not exploited by historical mining, have significant potential to host economic tungsten and copper. However because there are no expenditure conditions on the Victor leases, which are granted in perpetuity, exploration on the project will be deferred until work at Finley Basin is underway and economic conditions improve.
URA Price at posting:
3.2¢ Sentiment: None Disclosure: Not Held
