Highlights
• The 3rd Phase of Drilling at the Wray Mesa uranium/vanadium property commenced 7 November, 2012
• Target selection has been greatly enhanced through information furnished by the previous operators and owners
Aldershot Resources Ltd. (“Aldershot” or the "Company"), is pleased to announce that Royal USA Inc., a wholly owned subsidiary of Aldershot, is commencing its next phase of exploration drilling through its wholly owned subsidiary Lynx-Royal LLC. This project will focus on the Wray Mesa Project near the western border of Colorado.
Drill Target Selection
The drill site locations for this 3rd phase of drilling were based on the results of the proceeding two drilling phases and the additional information furnished by the previous operators of the mine. This project area contains the historic Geo Mine #1 which was operated until the late 1980’s. The Geo #1 Mine is located approximately 34 road miles (54 km) from Energy Fuels Resources proposed Piñon Ridge Mill site and is approximately 85 miles from Energy Fuel’s White Mesa Mill.
Unfortunately there is minimal historical data for this property due to the original files being inadvertently destroyed. On the positive side, the previous operators and owners have been very helpful in determining the location of the previous workings and exploration activities. Field investigations which included the previous operator have positively located the old workings and the direction of advancement. The operator has also indicated possible locations where they encountered favorable drilling results. The relocated drill sites have been selected based on that information.
Permitting
The Colorado Department of Reclamation, Mining and Safety drilling permit for the Wray Mesa was amended and approved for 11 additional drill holes.
Mobilization and Start of Drilling
A truck-mounted air rotary drill from Smith Drilling has been contracted for the drilling of this phase of the Wray Mesa Project which started 7 November 2012. This phase of the drilling should be completed in 2-3 weeks and the analysis of the results is expected within the following 4-5 weeks.
Mike Leidich, President and CEO said, “The Wray Mesa Project continues to be a project that I believe will be a strong uranium and vanadium producer in the near future. Our conversations with the previous operators and owners indicate that this was a very prolific mine in the late 1900’s with better than average grades of uranium and an excellent uranium vanadium ratio. Our drilling campaign on this project was slowed due to a lack of funds, but have been reinvigorated with the sale of several property interests to Energy Fuels Inc. ”
Michael G. Leidich, P.E. President and CEO of Aldershot Resources, is a Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical disclosure contained in this document.
About Royal USA Inc.
Aldershot’s wholly owned US subsidiary, Royal USA Inc., is a mineral exploration and development company focused on mineral resources in the United States of America. Royal USA has a very active exploration program utilizing advanced geophysical methods followed by extensive drilling campaigns.
Royal recently completed a very successful project at its Sage Plain Project. Royal initiated an exploration projected in the Sage Plain area located approximately 15 miles east of Monticello, UT. Royal then partnered with Energy Fuels to form the Colorado Plateau Partners LLC. Royal was the manager of that project through the exploration portion of the development. As was previously reported, the Sage Plain Project as a whole contained 642,971 tons of measured and indicated resource at grades of 0.22% uranium (eU3O8) and 1.39% vanadium (V2O5), or 2,833,795 lbs. uranium and 17,829,289 lbs. vanadium. That property was recently sold to Energy Fuels.
About Aldershot Resources Ltd.
Aldershot Resources, based in Vancouver, Canada, is a mineral exploration company with a portfolio of uranium properties in the United States, and Australia. Shares of the Company are listed for trading on the TSX Venture Exchange and there are 159,492,975 shares outstanding.
FOR AND ON BEHALF OF THE BOARD
ALDERSHOT RESOURCES LTD.
Michael G. Leidich
President and Chief Executive Officer
FOR FURTHER INFORMATION PLEASE CONTACT:
Aldershot Resources Ltd
Michael G. Leidich
President and Chief Executive Officer
(303) 955-5820
Email: [email protected]
Website: www.aldershotresources.com
This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended and “Forward Looking Information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking statements and forward-looking information that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time-to-time with the British Columbia, Alberta and Ontario Securities Commissions.