Atomic Minerals Corporation (“ATOMIC MINERALS” or the “Company”) (TSXV:ATOM) is pleased to announce it has initiated the drill permitting process with the Bureau of Land Management (“BLM”) at its 6,500-acre Harts Point Uranium Project (“Harts Point”) in San Juan County, Utah.
Clive Massey, Atomic Minerals CEO and President commented, “Permitting Harts Point is our number one priority for the Company. Application will be made to drill up to 25 holes, and we have engaged a local permitting service provider familiar with BLM permitting specifically in Utah to facilitate the process. We eagerly await receipt of our first drilling permit as we advance this project toward the discovery stage.”
Atomic plans to drill along the entire length of the Harts Point property, targeting hypothesized uranium mineralization associated with the Moss Back Member of the Triassic Chinle Formation. Atomic’s technical team believes the geological setting at Harts Point is identical to Lisbon Valley with uranium mineralization associated with the flank of a northwest-southeast trending anticline, 19 miles to the northeast.
Harts Point has remained unexplored due to the previous lack of geological data and technical understanding of the Chinle Formation in this area. Our interpretation of anomalies within previously unknown data from Gamma Ray logs indicate the presence of uranium within the base of the Chinle in historic oil and gas holes spaced 2.8 miles apart, supporting the technical team’s hypothesis.
Lisbon Valley encompasses the Big Indian mining district, which produced 77.9 million pounds of uranium oxide (U3O8) and 19 million pounds of vanadium from 16 large mines between 1952 and 1988 from the Triassic Chinle and Permian Cutler Formations from relatively shallow depths to more than 2,550 feet. This production represents more than 80 percent of the uranium ore mined in Utah during this time period. Ore grades averaged 0.34 percent U3O8, making these the highest grade and thickest mineable widths of all the large uranium mining districts discovered in the United States. Source Chenoweth, W.L. (1990). Lisbon Valley, Utah’s Premier Uranium Area, a Summary of Exploration and Ore Production. Utah Geological Survey Open File Report 188, July 1990.
Atomic cautions investors the presence of uranium mineralization at Lisbon Valley is not necessarily indicative of similar mineralization at Harts Point.
The Harts Point Project consists of 324 unpatented lode claims totaling more than 6,500 acres, in San Juan County, Utah through its wholly owned American Subsidiary, Recoupment Exploration Company LLC. Atomic Minerals Harts Point lies approximately 40 miles by road west of Energy Fuel’s White Mesa uranium mill.
About the Company
Atomic Minerals is a Vancouver based publicly listed uranium exploration company trading on the TSX Venture Exchange, with current assets in Saskatchewan’s Athabasca Basin and the Four Corners region of the southwest United States. The Company is led by a highly skilled management and technical team with numerous previous successes in the junior mining sector.
www.ferroalloynet.com
