CENTENNIAL, Colo., Aug. 23, 2016 (GLOBE NEWSWIRE) — Uranium Resources, Inc. (URI) (URRE) (ASX:URI), introduced as we speak that it has staked roughly four,600 acres (1,860 hectares) of placer mining claims masking a potential goal for lithium-enriched brines in the Columbus Salt Marsh space of west-central Nevada. The goal space, referred to as the Nina Project, is located inside a area of recognized lithium mineralization and is roughly 27 miles (43 kilometers) northwest of the Clayton Valley/Silver Peak lithium brine mine of Albemarle Corporation, the one working lithium brine restoration operation in the United States.
The acquisition of the Nina Project alerts URI’s intent to increase and broaden our company efforts into different power metallic commodities, synergistic with the Company’s present enterprise operations and technical capabilities, in order to create elevated shareholder worth via publicity to quickly increasing international power demand. URI has superior its inner program of goal identification, exploration and analysis quickly, and is now actively buying lithium prospects to construct a strong and potential lithium undertaking portfolio.
About the Nina Project:
The Nina Project is situated roughly 45 miles (72 kilometers) west of Tonopah, Nevada, is bordered by US highways 6 and 95, and is situated close to electrical energy. The goal was initially recognized by Company employees by means of literature evaluations of historic geological and geochemical knowledge from the US Geological Survey in addition to different info sources, adopted by area reconnaissance of the goal space. Geochemical sampling returned lithium assay values from close to-floor brines that ranged as much as 70 and 124 elements per million (ppm) lithium, as decided by the Company’s Kingsville, Texas analytical laboratory and by ALS Minerals in Reno, Nevada, USA. Sediment samples collected from the goal space ranged from 98 to 176 ppm lithium as decided via geochemical analyses carried out by ALS Minerals. These assay outcomes usually affirm a number of of the lithium values from samples collected by the US Geological Survey in 1976, and point out the goal space warrants further investigation to additional characterize the subsurface setting.
The Columbus Salt Marsh, website of the Nina challenge, is a closed drainage basin overlaying an space of roughly 370 sq. miles (960 sq. kilometers) and whose geology is dominated by lake and evaporite sediments which were sources of borate, potash and salt in the previous.
Near time period investigations on the Nina Project will give attention to the chemical characterization of the lithium bearing brine aquifers, in addition to the vertical and lateral extent of lithium-bearing brines.
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The close by Clayton Valley (27 miles southeast) is the location of Albemarle Corporation’s Silver Peak lithium-brine mine; the one lithium brine manufacturing facility in the United States, which produces roughly 6,000 tonnes of lithium carbonate yearly. The Columbus Salt Marsh is geologically just like the Clayton Valley, and offers URI with a cornerstone challenge from which an entire lithium useful resource portfolio may be constructed.
About the Lithium Market
Lithium is a essential element for the manufacture of batteries for electrical storage and used in a variety of units starting from cell telephones to cars. The battery market is predicted to develop 500% over the subsequent 10 years, with lithium batteries accounting for 35% of this progress. At the identical time, the transportation sub-market alone is predicted to expertise a 23% compounded annual progress fee throughout this similar interval.
With giant battery crops resembling Tesla’s “Gigafactory” close to Reno, Nevada and Faraday Motor Works’ proposed facility close to Las Vegas, Nevada – URI’s Nina Project is on the epicenter of lithium brine improvement, manufacturing and consumption in the United States.
Lithium enriched brines are confirmed to be inexpensive to probe for, develop and function than different sources of lithium, resembling lithium wealthy pegmatites and hectorite clays. This benefit of brines is coupled with a small environmental footprint and minimal carbon emissions, which makes ISR mining of brines a pretty technique for producing lithium.
For extra on the Lithium Market please go to a brand new web page on the Company’s web site at www.uraniumresources.com.
Taking benefit of URI’s Expertise
With almost forty years of company expertise in the event, operation and restoration of ISR uranium restoration operations, URI is uniquely certified to increase its enterprise ventures into the lithium brine enterprise. URI is positioned to benefit from its in depth experience in:
- Design, development, and operation of properly fields;
- The extraction and restoration (hydrometallurgy) of metals from groundwater;
- Exploration of mineral properties; and
- Permitting of latest tasks on privately-owned properties and lands administered by the US Bureau of Land Management and the US Forest Service.
The URI staff has efficiently explored for a variety of mineral commodities, from industrial and agricultural minerals, valuable metals, uranium and, now, lithium, in the United States and all through the world. Using a disciplined strategy, URI has centered its geological focus to locales, just like the Columbus Salt Marsh, that match a most popular geologic standards and have the potential to host financial assets of lithium. Furthermore, the Company’s many years of wellfield design, administration, and hydrometallurgical operations expertise is immediately transferrable to lithium brine extraction and processing. In addition, the Company’s present amenities additionally current worth in a diversification into lithium, as demonstrated in using the prevailing in-house analytical laboratory on the Kingsville Dome Mine to offer speedy evaluation of brine screening samples collected as a part of ongoing exploration and analysis actions.
Christopher M. Jones, President and Chief Executive Officer, stated, “Expanding our business into lithium brine exploration and development is a logical next step for URI and capitalizes on our wide range of experience. Diversifying our mineral portfolio while maintaining our uranium business portfolio in readiness for the predicted price rise allows investors increased exposure to the energy industry. We are excited about this new chapter for URI.”
This press launch shall not represent a suggestion to promote or the solicitation of a suggestion to purchase these securities, nor shall there be any sale of those securities in any jurisdiction in which such a suggestion, solicitation or sale can be illegal previous to registration or qualification underneath the securities legal guidelines of such jurisdiction.
About Uranium Resources (URI)
URI is concentrated on creating power-associated metals. In addition to the Nina Project, URI stays targeted on advancing the Temrezli in-situ restoration (ISR) uranium venture in Central Turkey. URI controls in depth exploration properties underneath 9 exploration and working licenses overlaying roughly 32,000 acres (over 13,000 ha) with quite a few exploration targets, together with the potential satellite tv for pc Sefaatli Project, which is 30 miles (48 km) southwest of the Temrezli Project. In Texas, the Company has two licensed and at present idled processing amenities and roughly 11,000 acres (four,400 ha) of potential ISR uranium tasks. In New Mexico, the Company controls mineral rights encompassing roughly 190,000 acres (76,900 ha) in the prolific Grants Mineral Belt, which is among the largest concentrations of sandstone-hosted uranium deposits in the world. Incorporated in 1977, URI additionally owns an in depth uranium info database of historic drill gap logs, assay certificates, maps and technical studies for the Western United States.
Cautionary Statement
This information launch incorporates ahead-wanting statements inside the which means of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are topic to dangers, uncertainties and assumptions and are recognized by phrases resembling “expects,” “estimates,” “projects,” “anticipates,” “believes,” “could,” and different comparable phrases. All statements addressing occasions or developments that the Company expects or anticipates will happen in the longer term, together with however not restricted to statements referring to mineralization and different developments on the Company’s lithium and uranium tasks, synergies between the Company’s uranium and lithium companies, and future costs and demand for lithium and uranium are ahead-wanting statements. Because they’re ahead-wanting, they need to be evaluated in mild of necessary danger elements and uncertainties. These danger elements and uncertainties embrace, however usually are not restricted to, (a) the Company’s potential to boost further capital in the longer term; (b) spot worth and lengthy-time period contract worth of uranium and lithium; (c) dangers related to our overseas operations; (d) dangers related to the Company increasing its enterprise into lithium; (e) competitors from extra skilled or higher capitalized corporations (f) working circumstances on the Company’s tasks; (g) authorities and tribal regulation of the uranium business and the nuclear energy business; (h) world-extensive lithium and uranium provide and demand; (i) sustaining adequate monetary assurance in the type of sufficiently collateralized surety devices; (j) unanticipated geological, processing, regulatory and legal or different issues the Company might encounter, together with in Turkey and in increasing into the lithium enterprise; (okay) the power of the Company to enter into and efficiently shut acquisitions or different materials transactions, together with the transaction with Laramide, and different elements that are extra absolutely described in the Company’s Annual Report on Form 10-Okay, Quarterly Reports on Form 10-Q, and different filings with the Securities and Exchange Commission. Should a number of of those dangers or uncertainties materialize, or ought to any of the Company’s underlying assumptions show incorrect, precise outcomes might range materially from these presently anticipated. In addition, undue reliance shouldn’t be positioned on the Company’s ahead-wanting statements. Except as required by law, the Company disclaims any obligation to replace or publicly announce any revisions to any of the ahead-wanting statements contained in this information launch.
Competent Person’s Statement
Technical info in this press launch is predicated on knowledge reviewed by Dean T. Wilton, who’s Chief Geologist and Vice President of Uranium Resources, Inc. Mr. Wilton is a “Qualified Person” as outlined by Canadian National Instrument 43-101, and a “Competent Person” as outlined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (JORC Code). He is a Certified Professional Geologist (CPG-7659), as designated by the American Institute of Professional Geologists, and is a Member of the Australian Institute of Geoscientists (MAIG #6384). Mr. Wilton has applicable expertise that’s related to the analysis of the fashion of mineral deposits referring to this doc. Mr. Wilton consents to the inclusion in this launch of the issues based mostly on their info in the shape and context in which they seem.
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