The property consists of 1,777 acres of Federal land and is located 112 miles Northeast of Phoenix, Arizona.
The company said that the exploration work has been completed on the property, including over 400 holes drilled by Jacquays Mining, Homestake Mining, Hecla Mining, Getty Oil, Public Service Company of Oklahoma, and Santa Fe Mining between the 1950s-1970s.
A 1979 report by Central and South West Fuels found that the northern portion of the property contains a resource of 1.7 million pounds U3O8 with an average grade of 0.113%. In 2007/2008, new exploration was conducted which included 34 additional drill holes to verify historic drilling and further delineate mineralization.
In 1979, the Department of Energy (DOE) conducted an evaluation of the Date Creek Basin and the Artillery Mountains where they estimated that the area could contain as much as 1,260,000,000 pounds of U3O8.
The company will begin a preliminary exploration program to verify the historic data reported by Central and South West Fuels.
Joshua Bleak, president and CEO, said: “The Artillery Peak project is our first acquisition in uranium rich Arizona where we expect to build a strong uranium property portfolio. With our historic data stating the Artillery Peak project contains 1.7 million pounds of uranium, we are excited about verifying and developing this potential. We also believe we can expand this potential through continued exploration efforts.”
