High Grade Uranium & Copper Intercepts at the Canyon Mine , Coconino County, Arizona
Energy Fuels Inc. Canyon Mine property, 9 miles south of the South Rim of Grand Canyon, Arizona, is reporting high-grade uranium and copper intercepts. Uranium markets are floundering at about $20/pound, so the discovery of high-grade copper intercepts is an unlooked for economic boon. Copper grade in 5 holes approaches 9%, and one intercept found copper grades over 31%.
According to a recent report by Energy Fuels Inc., 13 holes have been drilled and most have intercepted uranium mineralization at multiple levels. One section, 8.5-feet long, yielded an average grade of 6.88% eU3O8*, and another 48-feet section averaged 1.02% eU3O8. Energy Fuels Inc. plans to drill a total of 15 core holes.
*eU3O8' refers to an equivalent uranium oxide grade that is based on the conversion of a radiometric gamma log determination of radioactive mineral abundance to calculated uranium content.
BACKGROUND “According to a June 27, 2012 technical report (“Technical Report”) prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), the Canyon deposit contains 83,000 tons of Inferred Mineral Resources with an average grade of 0.98% eU3O8, containing 1.63 million pounds of uranium. The existing Technical Report was based on the results of surface drilling. The current underground drilling program is intended to further define and delineate the uranium resources in the Canyon deposit – and to potentially expand and upgrade the resources – above what are described in the Technical Report. If required, the Company expects to have an updated Technical Report prepared for the Canyon deposit, in accordance with NI 43-101.”