Universal intersects uranium at Lisbon Valley

Universal Uranium (UUL-V) has intersected uranium in nine of the 12 holes drilled at its Lisbon Valley property in Utah.

Midday in Toronto, the Vancouver-based company’s shares were flat at 47 on roughly 26,000 shares.

Highlights include:

• Hole A5 — 0.054% U3O8 from 2,480 to 2,485 ft and 0.043% U308 from 2,530 to 2,540,
• Hole B3 — 0.041% U3O8 from 340 to 350 ft, and 0.054% U3O8 from 2,315 to 2,325 and 0.03%,
• Hole C4 — 0.03 % U3O8 2,580 to 2,615; 0.064% from 2,585 to 2,590 and 0.06% U3O8 2,605 to 2,610,
• Hole D1 — 0.043% U3O8 2,405 to 2,425.

In all Universal put twelve reverse circulation holes into the ground for the first phase of drilling at its wholly owned Lisbon Valley property. A total of 30,780 ft were drilled.

The holes were drilled to test the roughly 2,500 ft. down dropped northeastern side of the Lisbon Valley anticline — which is a large mound-like geological structure.

The eastern and western sides of the anticline are separated by a fault line and the western up- thrown side of the fault was the site of a uranium boom in the 50s and 60s.

Universal says drill results help confirm the hypothesis that the eastern side mirrors the western, as all holes intersected sequences of bedded rock similar to that which hosted deposits on the western side. Those historic deposits produced roughly 60 million lbs of U3O8 with an average grade roughly 0.4% U3O8.