The uranium-vanadium mineralization has been identified in the adjacent basement rocks, which may be a source of the mineralization in the gravel.

U3O8 president and CEO Dr. Richard Spencer said company is finalizing a definitive agreement with Petrominera Chubut as well as completing a preliminary economic assessment expected by the end of this year towards development of the Laguna Salada project.

"This new discovery adds to our conviction that mineralization in the Laguna Salada Deposit1 and at La Rosada form part of a larger uranium district in which further exploration may lead to more discoveries and significant resource growth potential," Spencer added.

"Laguna Salada is advancing as a potential low-cost, near-term producer that could serve Argentina’s growing nuclear reactor fleet that currently relies completely on imported uranium, as well as export opportunities to countries such as the UAE, Saudi Arabia, China, South Korea and Russia with which Argentina has nuclear co-operation agreements, he continued"