Azarga Uranium Corp. (AZZ:TSX; AZZUF:OTCQB) announced in a news release that it identified, through continued analysis of historical data, significant additional high-grade uranium mineralization at its Gas Hills project in Wyoming. This suggests potential for expanding the existing uranium resources there without further drilling.
The newly discovered uranium is within the area covered by the Colorado-based developer's existing Gas Hills mineral leases and permits. It also is within the existing Gas Hills exploration target of 1.4–2 million tons of U3O8 averaging 0.04–0.10%.
All of the newly identified uranium occurs in sandstone-hosted roll fronts below the water table, which suggests that in situ recovery may be possible, the company stated.
Azarga discovered this second area of uranium mineralization by interpreting gamma log readings of 82 mineralized drill holes at or exceeding a 0.2 grade thickness cutoff, using a 0.02% grade cutoff with a 0.205% average U3O8 grade and a 4-foot average thickness.
"We look forward to completing an updated resource estimate for the Gas Hills project, which has the potential to transform into a significant satellite deposit for the company's initial development priority, the Dewey Burdock project. Utilization of planned infrastructure for the Dewey Burdock Project has the potential to significantly reduce the cost profile of the Gas Hills Project," Chief Operating Officer John Mays said in the release.
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