Alliance Mining Corp. Announces Drill Log Analysis Reveals Vanadium in Clastic Sediments from Tonopah Uranium Project, Nevada
Thursday, November 1, 2018 9:00 AM
VANCOUVER, BC / ACCESSWIRE / November 1, 2018 / Alliance Mining Corp. (TSX.V: ALM) ("Alliance" or the "Company") is pleased to report that recent analysis of the 2006 drill logs from its Tonopah uranium project in Esmerelda/Nye counties, Nevada, reveal vanadium in both oxidized and non-oxidized clastic sediments.
Alliance Mining has recently signed a letter of intent with Jadestone Energy LLC to acquire a 100-per-cent interest in Jadestone's Tonopah uranium project. Alliance and Jadestone are working to finalize a definitive agreement.
Based on the ICP multi-element analyses from the 2006 drill logs: The Seibert formation host section in the northern and southern claims appears to contain very high background levels of vanadium in both oxidized and non-oxidized clastic sediments. In the unoxidized Seibert host in both areas, uranium and vanadium occur, and appear to vary more or less in direct proportion to each other.
Under the influence of oxidizing ground waters, uranium has been mobilized out of the oxidized rock and to a lesser extent so too has the vanadium. Most of the vanadium appears to have remained behind in the oxidized rock, but there is evidence of mobilization of some vanadium with uranium demonstrated by the fact that some drill-hole intervals showing strong uranium anomalies also show but to a lesser degree, strong vanadium anomalies.
One of the major objectives of our proposed drilling programme will be to establish the location and viability of any vanadium deposits, particularly in the southern and northern systems. At present there are several advanced Vanadium projects underway in the state of Nevada most notably First Vanadium Corp. (FVAN: TSXV) and Prophecy Development Corp (PCY: TSXV).
Vanadium is growing in importance for key industrial manufacturing sectors, most notably steel and renewable energy. Today, more than 85 percent of the world's vanadium is used in steel manufacturing applications. Its importance to the energy sector is also growing rapidly with more than 10 percent of vanadium production used in energy storage where its substantial cost and performance benefits make it an alternative choice to lithium ion in several areas.
Vanadium prices for 98% flake V2O5 have steadily risen from under US$3.00/lb less than 3 years ago, to its current approximate price of US$27.45/lb.
The Tonopah project consists of 160 contiguous Bureau of Land Management claims covering an area of 3,200 acres. Access to the property is by Highway 95, which runs through the southern portion of the claims. Numerous trails and four-wheel-drive roads afford access within the claims. The initial claims in the Tonopah project were staked in the 1950s by Paul Burkett, the founder of Uranium Exploration Corp., Jadestone Energy's predecessor. Since the 1950s, exploratory work consisted of drilling and field mapping. It is important to note, this exploration only focussed on Uranium, not Vanadium, Gold or Silver. Prior to 2006, 25 reverse circulation drill holes were drilled on the property. Of these 25 drill holes, 14 holes exhibited uranium mineralization. In 2006, the company undertook further geological mapping, scintillometer prospecting and drilling, with 10 holes exhibiting uranium mineralization. These results are summarized in a National Instrument 43-101-compliant technical report completed in 2011.
In addition, an independent third party geological review of the project was undertaken by one of the major North American uranium mining companies that supports that there is confirmed uranium mineralization, much of which is near surface (60 to 350 feet) with potentially economic grades, probably lending itself to high-volume, low-grade, low-cost open-pit mining, which could potentially utilize a low-cost heap leaching recovery process.
Christopher Cherrywell is a certified professional geologist (CPG) with the American Institute of Professional Geologists. He is a qualified person as defined by NI 43-101. Mr. Cherrywell is responsible for the technical information contained in this news release.
ON BEHALF OF THE BOARD
Christopher Anderson, CEO
FOR FURTHER INFORMATION PLEASE CONTACT:
Alliance Mining Corp.
Antony Claydon: 604-488-3900
E-mail: [email protected]
This press release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include exploitation and exploration successes, continued availability of financing, and general economic, market or business conditions.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Alliance Mining Corp.
888 Dunsmuir Street - Suite 888, Vancouver, B.C., V6C 3K4
SOURCE: Alliance Mining Corp.