Highlights
- High grade uranium intercepts of up to 1.5 ft (0.46m) @ 0.345% eU3O8 drilled at Wray Mesa
- The location and trend of historical workings established for follow-up drilling
- Bordeaux Creek prospect tested by drilling
Aldershot Resources Ltd. (“Aldershot” or the "Company") is pleased to announce that Royal USA Inc., a wholly owned subsidiary of Aldershot, has completed its next phase of exploration drilling through its wholly owned subsidiary Lynx-Royal LLC. This project is located in the Wray Mesa area near the western border of Colorado. This project area contains the historic Geo Mine #1 which was operated until the late 1980’s and was shut down due to the depressed uranium pricing. 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.
The drill site locations were based on the results of the proceeding two drilling phases and the additional information furnished by the previous operators of the mine.
This phase of the drilling program for Wray Mesa was resumed in October 2012 and consisted of 11 drill holes. The drilling was contracted to Smith Drilling and drilling operations commenced November 7, 2012. All of the planned 11 drill holes were completed for a total of 3,440 feet (1,049 m) with intercepts ranging from insignificant to highly mineralized. One of the drill holes broke into the old mine workings which confirmed the location and direction of the historical mining. The drilling of this phase was completed November 18, 2012 with the following notable results:
WM-12-002
4.0ft (1.22m) @ 0.197% eU3O8
WM-12-006
1.5 ft (0.46m) @ 0.345% eU3O8
WM-12-003
Encountered Historical Workings
The previous operators had stated they had been following the paleo-channel and were producing ore at an average grade of approximately O.3% U308. Drill hole WM-12-003 confirmed the location of the historical workings and the direction that the underground workings were progressing. The two highest grades intercepted were in hole WM-12-002, and further confirmed the historical grades and location of the high grade paleo-channel that when followed along its trend should extend the known high grade mineralization area.
Drill hole WM-12-006 was located in an area that the previous operator had stated that their drilling program had located high mineralization. This drill hole substantiated their statement. Because most of the previous records for this area have been lost, additional drilling will be required to extend the mineralization area.
The grade of intersected uranium mineralization were estimated using downhole geophysical probes which measure natural gamma radiation, from which an indirect estimate of uranium content can be made. The result is referred to as “eU3O8” for “equivalent U3O8”. The downhole probe being used for this project was last calibrated June, 2012, in accordance with industry practices, at the test pits of the Field Calibration Facilities, US Department of Energy Grand Junction Colorado Office. The Wray Mesa area has not had issues with disequilibrium in the past. Five foot intervals of the drill hole cuttings have been sent to ALS Chemex for analysis and confirmation.
Mike Leidich, President and CEO said, “Our ongoing exploration efforts at the Wray Mesa Project continue to provide evidence that this project has the potential to be a strong uranium and vanadium producer in the near future. Even though our drilling campaign on this project was slowed due to a lack of funds, our activities have been reinvigorated with the excellent results to date and the influx of funds from the sale of several property interests to Energy Fuels Inc.”
Bordeaux Creek Project
The Bordeaux Creek Prospect was developed on the basis of its geologic criteria replicating the nearby Crow Butte Uranium deposit; a major (60mm lbs. U3O8) deposit, and the lowest cost U.S. uranium producer. The location of the prospect was of a “grass-roots” nature, with no known historical drilling and was determined based on extensive geological investigation. The selected sites for the drill holes was designed to obtain stratigraphic data on the extent and nature of the basin-fill sediments.
After acquiring the necessary drilling permits from the State of Nebraska’s Department of Environmental Quality, the initial drilling program was implemented in October 2012. The program was composed of seven holes arranged in a double fence across the basin, and a fence along the axis of the basin. A total of 4,725 ft (1,440 m) in the seven holes were drilled, logged and reclaimed. The results are as follows:
1. No porous or permeable basin-fill sediments were encountered. Coarse channel sediments were found in only one hole, but occurred in an impermeable clay matrix.
2. Anomalous radioactivity was found in only one hole, and that was in strongly reducing oil saturated chalk and shale of the underlying Niobrara formation.
Based on the drilling results and the geological conclusions, it does not appear that the project area is a replication of the Crow Butte deposit, and therefore, the Company no longer believes that this project will result in a viable uranium deposit. Consequently, current plans are to dissolve this joint venture after reclamation and permit requirements are competed.
Mike Leidich, President and CEO said, “Although the results of our efforts at Bordeaux Creed were disappointing, our team demonstrated their ability to efficiently and accurately evaluate a property at a minimal cost.”
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.