Western Uranium & Vanadium Corp. (CSE: WUC) (OTCQX: WSTRF) (“Western” or the ”Company”) is pleased to provide the following update.
Mining Operations at the Sunday Mine Complex (“SMC”) are proceeding and producing results far beyond expectations. The development of one of the multiple SMC ore bodies, the GMG Ore Body, required the drift (tunnel) to be extended 150 feet to reach the first surface exploration drill hole. Notably, only limited exploration drilling has been done in this area due to the mountainous terrain on the surface above.
In confirmation of the horizontal drilling results announced last month, very high-grade ore continues to be intersected through the drift path and on both sides of the drift. As a result, the team shifted from development to mining. In a matter of only three working days, over 300 tons of very high-grade uranium/vanadium ore was mined from the drift. Based upon on-site scintillometer readings, we estimate 1.5%+ uranium U3O8 content. At present market prices, this mined ore has a uranium/vanadium ore value of approximately one million dollars (USD$1,000,000).
Additional ore mined during development of the GMG Ore Body will be stockpiled. Following development of this ore body, it is anticipated that substantial amounts of ore can be produced. When full mining operations commence, the overall grade of the uranium/vanadium ore is now expected to be considerably higher than projected and a multiple of historical Uravan Mineral Belt ore grades.
Development of the GMG Ore Body will continue throughout the remaining part of this year and into early 2022.
www.ferroalloynet.com
