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LONDON - Metals One PLC (AIM:MET1), a company specializing in mineral exploration and development, has announced progress in its Phase 1 uranium exploration program at the Uravan Uranium-Vanadium Project in Colorado. The company is currently conducting fieldwork as part of its exploration strategy, following the digital data collection from the surrounding area.
The initial phase of fieldwork includes mapping the basal layer of the Salt Wash Member of the Morrison Formation, which hosts uranium and vanadium deposits in the region. The mapping process will take into account various geological features, including faults, joint-sets, and historic mining activity. There is also an exploration focus on the Chinle Formation, located approximately 1,200 feet below the Morrison Formation, which could potentially harbor additional uranium deposits.
A geophysical survey using a spectral scintillometer has commenced to measure radiation levels and guide the collection of grab samples. These samples, based on their mineralogy and scintillometer readings, are expected to be sent to American Assay in Nevada for analysis.
The Uravan project, which spans 59 claims (approximately 490 hectares) near the historic Buckhorn Mine, is situated in the Uravan Mineral Belt. This area has been identified as the most productive uranium-vanadium mining district in the United States. Previous surface sampling at Uravan has yielded high uranium grades, with assays up to 22,280 ppm uranium (2.23% U₃O₈) and notable vanadium values.
Plans for further exploration include extending geophysical surveys and researching potential expansion opportunities beyond the current claim block. The acquisition of the Uravan project is still subject to various conditions, and Metals One has stated that it will make further announcements upon completion.
The company has also shared a selection of images from the initial stages of the fieldwork, showcasing the ongoing exploration activities. This update is based on a press release statement from Metals One PLC.
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