American Uranium (AUUM-O) and Strathmore Resources (STM-V) are looking to set up the third in a string of in-situ-leach recovery (ISR)mines in northeastern Wyoming with their joint ventures Reno Creek project.
On Apr. 3 the companies announced they were applying to the US Nuclear Regulatory Commission (NRC) for a license for a mine and processing plant.
The Reno Creek deposit is in Wyoming’s historic Pumpkin Buttes uranium district of the Powder River Basin, and sits between AREVA‘s Christensen Ranch and Cameco‘s (CCO-T, CCJ-N) Smith Ranch both of which are ISR facilities.
The two companies have also begun the preliminary work to prepare for the projects environmental assessment with initial drilling, coring and baseline groundwater characterization programs planned for the summer and fall of 2008. The work will take roughly a year, meaning that by the fall of 2009 the joint venture could be ready to submit for Federal and State mining licences.
The Pinetree-Reno Creek property covers 41,000 sq. km and American Uranium must spend US$12.375 million to earn an initial 22.5% in the project and US$33 million over 6 years to earn a 60% interest.
Back in January of this year, when American Uranium announced an updated resource estimate for the property, chief executive Bob Rich, said the company was surprised to find the actual Reno Creek resource was double its previous estimate at 10.8 million lbs U3O8.
American had previously reported 4 million lbs of U3O8 but only as a historical resource.
Back in 1999, the property was held by International Uranium, and it reported a resource of 3.8 million lbs U3O8.
The National Instrument 43-101 compliant measured and indicated mineral resource from this year came in at 5.7 million tonnes with an average grade of 0.065% for 7.4 million lbs of U3O8, and an inferred resource of 2.6 million tonnes grading 0.065% for 3.4 million lbs U3O8.
At press time American Uranium shares were trading for 35, and have traded between 25 and US$1.75 over the last 52 weeks.
Strathmore shares were trading for $1.41 at press time, and have moved between $1.33 and $5.50 over the last 52 weeks.
Be the first to comment on "American Uranium sees another mine in Wyoming"