Crosshair Energy Corporation ( NYSE Amex: CXZ) (TSX: CXX) (“Crosshair” or the “Company”) is pleased to announce that its 2012 exploration program for the Juniper Ridge Uranium Project, located in south-central Wyoming, is scheduled to begin June 1, 2012.
The program of approximately 60,000 ft (18,290 metres) of drilling will build on the strong results from last year’s program which culminated in an initial mineral resource estimate of 5.2 million pounds of uranium oxide (4.14 million tons at 0.063% eU 3O 8), using a grade-thickness (GT) cut-off of 0.1%-ft.
“We are excited to be continuing our resource expansion efforts in Wyoming this year,” stated Mark Ludwig, Crosshair Energy’s President & CEO. “Last year’s successful program confirmed an Indicated Resource of more than 5 million pounds of uranium oxide and we expect the 2012 program to capture more of the historic resource.”
Mr. Ludwig went on to say, “As the percentage of the world’s nuclear generated electricity continues to grow, the uranium needed to fuel those generating stations will pressure existing supply. To meet the increasing need for uranium, I expect to see higher levels of exploration, development and production from Wyoming’s uranium deposits during the next decade.”2012 Juniper Ridge Program Details
- The 2012 program is planned to employ three drill rigs, four geologists, and two geophysicists.
- Drilling will be focused in areas where significant resource drilling was done in the 1970s and 1980s.
- 88% of the resource is shallow, lying within 150 ft. of surface.
- Metallurgical testing is underway to confirm the favorable recoveries recorded in the historic reports.
- Environmental monitoring infrastructure is scheduled to be installed once the drilling begins, for the collection of baseline environmental conditions in preparation for permitting.
- The Juniper Ridge exploration program is being supervised by Tom Bell, Ph.D., Vice President & Chief Geologist of Crosshair Energy.
- The goal of the 2012 program is to verify more of the historic geological resources estimated at 7 to 10 million pounds at a grade between 0.056% and 0.067% U 3O 8. These potential tonnages and grades are conceptual in nature, there has been insufficient exploration to define an increased mineral resource and it is uncertain if further exploration will increase the mineral resources. These figures are reported as exploration targets based on reasonable assumptions made from historical data by the Company.