Metals One begins uranium exploration in US ahead of site acquisition
Metals One PLC on Wednesday updated on exploration at its North American uranium prospect.
The London-based mineral development firm is carrying out the first phase of field activity at the Uravan uranium and vanadium project in Colorado.
Metals One agreed to start exploration work before completing the acquisition of Uravan. The deal was announced back in April, and includes a ten-year lease for the site, though Metals One.
Initial activities have included geological mapping of the Morrison rock formation, which contains the Uravan’s uranium and vanadium deposits. Metals One said further mineral deposits may be present in the nearby Chinle formation, which is know for holding some of the Colorado plateau’s largest uranium reserves.
Samples will be sent to Nevada for analysis by American Assay ‘in due course’, Metals One said. The company is also considering expanding research outside the current claim block.
Historically, the Uravan Mineral Belt is the US’s ‘most productive’ uranium and vanadium district, the company reported, with previous sampling returning high-grade assays comprised of 2.2% uranium.
The company’s shares rose 24% to 30.25p each on Wednesday afternoon in London.
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