Crosshair Energy Corporation
NYSE Amex: CXZ) (TSX: CXX) (“Crosshair”
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
), 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
About Juniper Ridge
- 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.
The Juniper Ridge Property is composed of 197 federal lode claims and one state mineral lease totaling 4,710 acres (1,906 Ha). Last year’s exploration activities succeeded in identifying 5.2 million pounds of uranium oxide (4.14 million tons at 0.063% eU
), using a grade-thickness (GT) cut-off of 0.1%-ft. The focus of the current exploration program is to verify more of the historic geological resources which range from 5.2 million tons grading 0.067% U
totaling 6.97 million pounds of uranium (AGIP Mining Company in 1986), to 8 million tons grading 0.056% U
totaling 9.9 million pounds (Urangesellschaft USA in 1978). These historical resource estimates were completed prior to the implementation of NI 43-101 and are not compliant with currently accepted reserve and resource classifications as set forth by the Canadian Institute of Mining and Metallurgy. Given the quality of the historic work completed on the Property, Crosshair believes the resource estimates are both relevant and reliable. However, a qualified person has not completed sufficient work to classify the historic mineral resources as current mineral resources or mineral reserves as defined in NI 43-101, and Crosshair is not treating the historic resources as current. Additional drilling is required to verify these historic results. Therefore, the historical resource estimates should not be relied upon. Additional information on the Juniper Ridge Project can be found at:
Stewart Wallis, P.Geo., a Director of Crosshair and a Qualified Person as defined by NI 43-101, has reviewed and is responsible for the technical information contained in this news release.