A takeover agreement between Maple Minerals (MPM-V) and private Uranium Minerals Ventures will bring an option on the Ben Lomond uranium deposit in Queensland, Australia into Maple’s fold.
Uranium Minerals holds an option to purchase the Ben Lomond mining leases from Afmeco Mining and Exploration for A$1 million. It has already advanced A$150,000 against the purchase price.
Ben Lomond, about 50 km from Townsville, has a 1982 reserve calculation of 1.9 million tonnes grading 0.25% U3O8 and 0.15% molybdenum, which Maple will have verified by an independent consultant to comply with new reserve definitions. Feasibility studies at the time envisioned about three-quarters of the reserve being mined from an open pit with a stripping ratio of 5:1, and the rest being mined from underground.
Queensland is among the Australian states whose current policy is not to approve new uranium mines.
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