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Palangana Mine

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Palangana Mine

Snapshot

NI 43-101 Technical Report
  • Production at the Palangana Mine began with Production Area-1 commencing operations in November 2010, Production Area-2 in March 2012, and Production Area-3 in December 2012;
  • Development and permitting activities continue on future Production Areas 4, 5 and the newly developed PA- 6;
  • Measured and Indicated Resource Estimate for the Company's Palangana Mine of 393,000 tons grading .135% U3O8 containing 1,057,000 pounds and an Inferred Resource of 328,000 tons grading .176% U3O8 containing 1,154,000 pounds U3O8.

Project Overview

The Palangana Mine is located in the South Texas uranium belt.  The 8,796-acre property is located approximately 100 miles south of the Hobson facility.  Over 4,000 historic exploration, development and production holes were drilled at the mine by Union Carbide Corp ("UCC"), Chevron, and Everest Exploration Inc.  UCC produced uranium at the mine in the mid to late 1970's with ISR technology.

Harry Anthony, Senior Advisor to the Company, was a member of UCC's ISR mining team and oversaw the development and production of this mine.

Resource Estimates:

The latest 43-101 for Palangana was filed on Feb 23rd 2010.  The Technical Report provides for a Measured and Indicated Resource Estimate for the Company's Palangana Mine of 1,057,000 pounds at an average grade of 0.135% U3O8. This resource is located in two zones referred to as Production Area #1 ("PA-1") and Production Area #2 ("PA-2"). An additional 1,154,000 pounds of U3O8 at an average grade of 0.176% is classified as an Inferred Resource Estimate, and is located in six new exploration zones. 

The Resource Estimates completed by SRK Consulting U.S. Inc are based on the results from 2,694 drill holes at the Palangana Mine completed by previous operators including Uranium One, Chevron Corporation and Union Carbide Corp ("UCC").  The Resource Estimates are primarily located east of the Palangana Dome.

Resource Estimates - Palangana Mine
Resource Category
Cutoff GT
Tons
Grade % U3O8
Pounds U3O8*
M&I Resource
0.5
393,000
0.135
1,057,000
Inferred Resource
0.5
328,000
0.176
1,154,000
* Disequilibrium Factors Applied
GT - is grade-thickness determined by multiplying the grade of mineralization expressed in percentage terms by mineralized thickness measured in feet.
Resource Estimates - Palangana Mine
Resource Category M&I Resource
Cutoff GT
0.5
Tons
393,000
Grade % U3O8
0.135
Pounds U3O8*
1,057,000
Resource Category Inferred Resource
Cutoff GT
0.5
Tons
328,000
Grade % U3O8
0.176
Pounds U3O8*
1,154,000
* Disequilibrium Factors Applied
GT - is grade-thickness determined by multiplying the grade of mineralization expressed in percentage terms by mineralized thickness measured in feet.