Black Range Minerals has executed a letter of intent (LOI) with STB Minerals, providing the company the right to acquire STB's interest in the approximately 30 million pound Hansen uranium deposit in Colorado, US.
The company now holds rights to secure the entire stake in the deposit, which is located adjacent to the company’s Taylor Ranch Uranium Project.
Approximately 1,000 holes have been drilled to define the Hansen uranium deposit, which hosts approximately 30 million pounds of U3O8. Mineralisation at the Hansen deposit is hosted by a flatlying sandstone sequence, with the high grade portion of the deposit being up to 45mt in thickness.
The deposit was permitted for mining in the early 1980s, however mining never eventuated because the global uranium price collapsed shortly after permits were awarded, the company said.
The company’s adjacent Taylor Ranch Uranium Project contains JORC code compliant indicated and inferred resources of more than 60 million pounds of U3O8. The combined Taylor Ranch/Hansen Uranium Project comprises more than 90 million pounds of U3O8.
The company intends finalizing definitive agreements as soon as practicable. Pre-feasibility studies into the development of the combined Taylor Ranch/Hansen Uranium Project will commence shortly
Black Range expects that the consensus reached with STB Minerals will allow it to advance Taylor Ranch and Hansen Uranium Projects towards production.