VANE Minerals Plc
Friday, July 27th, 2007
VANE Minerals Plc announces an update on its uranium exploration activities conducted by VANE Minerals (US) LLC, its wholly-owned uranium subsidiary.
The Company has now received approval from government authorities, the Bureau of Land Management and the State of Utah, to commence drilling on its North Alice Extension project in Lisbon Valley, Utah. A drilling contract has been signed for an additional rig and drilling is expected to commence next week.
The initial programme will consist of up to 25 rotary holes to test the extent of mineralisation discovered by Homestake Mining Company (“Homestake”), which drilled a number of holes on trend northwest from the North Alice Mine to lead its development into that area, in the late 1970’s and early 1980’s. Homestake ceased drilling and mining in the early 1980’s due to the decline in the uranium market. VANE believes that this property area holds a significant resource and the Company is attempting to obtain historic data collected by Homestake as an addition to its own drilling results, in order to ascertain a clearer resource estimate.
The Company has exclusive use of the drill rig being used for its ongoing breccia pipe campaign. This assures availability and will allow the rig to be employed for longer periods, which will expedite drilling progress on the pipes and will give the Company full control over drilling schedules.
Exploration drilling continues on the Company’s breccia pipe properties in northern Arizona, where holes have recently been completed on the Red Dike pipe. Additional drilling is also in progress on the Miller pipe. Uranium mineralisation has been encountered in all holes completed and the Company is currently interpreting these results, with conclusions expected in September.
Geological mapping completed at the Eastern Star property has identified two additional pipe targets. An additional pipe target has also been identified at Miller, which has now been permitted and joins the queue for drilling along with the three Eastern Star targets.
The Company continues to work towards permitting its remaining properties for drilling and is in negotiations on several further uranium property acquisition opportunities. In addition, VANE has appointed a project geologist to the team, Matt Germansen, to assist with drilling programmes.