The company already holds an exclusive option to acquire NZ Minerals’ 49% interest in the Hansen deposit.
Hence, the company now holds exclusive rights to acquire 100% of the Hansen uranium deposit.
The Hansen uranium deposit is located immediately adjacent to the company’s 100% owned Taylor Ranch Uranium Project.
Approximately 1,000 holes have been drilled previously to define the Hansen uranium deposit.
Mineralization is hosted by a flat-lying sandstone sequence, with the high grade portion of the deposit being up to 45m in thickness.
The company intends acquiring additional metallurgical, geotechnical and hydrological data at the Hansen deposit in order to update previous feasibility studies.
Permits have been secured to acquire this additional data while the field work is expected to commence during the second quarter of 2011, as soon as a suitable diamond-core drilling rig becomes available.
Once conditions precedent are satisfied, which is expected to occur within the next three months, Black Range shall pay STB $1m and issue STB $2.5m worth of shares in Black Range.
