The project is a joint venture between the Formation Metals wholly owned Canadian subsidiary, Coronation Mines, Cameco Corporation and AREVA Resources Canada.
Cameco Corporation is the project operator drilled a total of 7,746.2ms in six pilot diamond drill holes and seven wedge off-cuts during the diamond drill program last year.
All drill holes displayed uranium enrichment throughout the basal sandstone in contact with the basement unconformity with elevated pathfinder elements such as lead, vanadium and nickel.
Significant high grade uranium intercepts were intersected in seven of the drill holes.
The joint venture has approved $2.15m for the 2012 diamond drilling and geophysical exploration program on the Virgin River Project expected to consist of 5 – 6 diamond drill holes and 2 – 3 wedge off-cut diamond drill holes.
