An NI 43-101 technical report was submitted August 1 which supports the presence of 142,900 tons of Indicated and Inferred Mineral Resource in the Wray Mesa Project area with an in-place grade of 0.16% U3O8 and 0.92% V2O5:
- 445,800 lbs. U3O8
- 2,640,000 lbs. V2O5
Aldershot Resources Ltd. (TSX.V-ALZ) ("Aldershot" or the "Company") through Royal USA Inc., a wholly owned subsidiary of Aldershot, today, submitted an NI 43-101 compliant technical report for the Company's Wray Mesa Project ("Project") located in Montrose County, Colorado. As has been previously reported in several press releases over the past several years, Aldershot, through Royal USA has assembled a significant, contiguous, land package in the Project area.
The Wray Mesa Project is an exploration-stage uranium project consisting of 37 contiguous unpatented mining claims for a total size of about 760 acres (309 ha). The claims are located on land where both the surface and mineral ownership is held by the Bureau of Land Management (BLM), part of the US Department of Interior.
Resource estimation software was used to model the mineralization intersected in 715 historical and 24 recent drill holes within the project area. The calculation of the model run minus the estimated depletion of historic mining results in the following resources being estimated:
(1) Resource numbers have been rounded to the most significant figure and may not add up to the total
(2) A conservative V:U ratio of 6:1, based on the mining camp average, has been assumed. The vanadium resource is list for interest only and must be confirmed through further assaying
The project area, considered part of the La Sal Creek District, has a history of exploration and production efforts. Records are incomplete, but it appears drilling exploration started in the late 1940's with the U.S. Geological Survey, then continued from the 1960's through the 1980's within the private sector. Records extant indicate that, from the mid-1970's to the late-1980's, the mine, which was named the Geo Mine, was intermittently active within the project, with an unknown production. The mine portal has been reclaimed and the condition of the mine working is unknown. The project is on trend with the recently active Pandora and Beaver Mines operated by Energy Fuels Inc. (TSX: EFR). Other historically significant mines in the La Sal Creek District area are the Firefly-Pygmy, Vanadium Queen, and the Black Hat mines.
Mike Leidich, Aldershot President and CEO said, "Based on the results of the report coupled with discussions with the past operators of the Geo Mine, we believe there is an excellent potential to expand upon this resource and put the mine back into production."
About Royal USA Inc.
Royal is a mineral exploration and development company focused on mineral resources in the United States of America. Royal utilizes an acquisition selection process that ensures each property takes advantage of Aldershot's skilled analytics, jurisdictional awareness, and close industry relationships to shorten the path to production.
Royal recently completed a very successful project at its Sage Plain Project. Royal initiated an exploration project in the Sage Plain area located approximately 15 miles east of Monticello, Utah. Royal then entered into a 50:50 partnereship with Energy Fuels Resources ("EFR") to form the Colorado Plateau Partners LLC. Royal was the manager of the Sage Plain Project through the exploration portion of development. As was previously reported, the Sage Plain Project is in the mine permitting phase and was recently sold to Energy Fuels Inc. (TSX-EFR).
About Aldershot Resources Ltd.
Aldershot Resources Ltd., based in Vancouver, Canada, is a mineral exploration company with a portfolio of uranium and vanadium properties in the United States and Australia. Shares of the Company are listed for trading on the TSX Venture Exchange and there are 159,742,975 shares outstanding.
Qualified Person Statement
Michael G. Leidich, P.Eng., a qualified person as defined in NI 43-101, has reviewed and approved this news release but has not verified the data disclosed above, nor done any sampling, analytical, or test data underlying the information or opinions contained in the disclosures included in this Press Release.
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: http://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 and Alberta Securities Commissions.