The report revealed that the property comprises an estimates a “measured and indicated” mineral resource of approximately 2,287,250 pounds of uranium (eU3O8) at an average grade of 0.121% and an “inferred” mineral resource of approximately 189,305 pounds at an average grade of 0.096%. This estimate was completed using accepted methods mandated by NI 43-101 and Canadian Institute of Mining, Metallurgy and Petroleum standards using a GT(i) cut-off of 0.20.
Within the Arkose Mining Venture, this is the first resource to be reported on a project. In February 2008 the company filed a technical report that presented an estimate of the potential uranium exploration target on the Arkose property pursuant to NI 43-101.
Based on a conceptual model developed by the authors of that technical report, the potential exploration target of uranium mineralized alteration-reduction fronts is approximately 105 miles and, in aggregate, has the potential to contain from 41 million to 79 million pounds of U308 at a potential grade ranging from 0.059% to 0.114%. Uranerz has previously reported that leach amenability studies performed on sample cores obtained from the South Doughstick property showed the uranium recovery percentage as 87.8%.
Bruce Larson, manager of the Arkose Mining Venture, said: “Considering that the proposed Nichols Ranch ISR uranium facility site is only 2 to 3 miles away, additional mineralization can only further enhance Uranerz’ position in this area of Wyoming.”
The South Doughstick property is located approximately 60 air miles northeast of Casper, in Campbell and Johnson Counties in the Pumpkin Buttes Uranium Mining District of the Powder River Basin, Wyoming. Arkose completed 331 exploratory drill holes on the South Doughstick property.
