Uranium Resources (URRE) Stakes Placer Mining Claims in Columbus Salt Marsh Area; Acquires Nina Project

August 23, 2016 4:17 PM EDT
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Uranium Resources, Inc. (URI) (Nasdaq: URRE) announced that it has staked approximately 4,600 acres (1,860 hectares) of placer mining claims covering a prospective target for lithium-enriched brines in the Columbus Salt Marsh area of west-central Nevada. The target area, known as the Nina Project, is situated within a region of known lithium mineralization and is approximately 27 miles (43 kilometers) northwest of the Clayton Valley/Silver Peak lithium brine mine of Albemarle Corporation, the only operating lithium brine recovery operation in the United States.

he acquisition of the Nina Project signals URI’s intent to expand and broaden our corporate efforts into other energy metal commodities, synergistic with the Company’s existing business operations and technical capabilities, in order to create increased shareholder value through exposure to rapidly expanding global energy demand. URI has advanced its internal program of target identification, exploration and evaluation rapidly, and is now actively acquiring lithium prospects to build a robust and prospective lithium project portfolio.

About the Nina Project:

The Nina Project is located approximately 45 miles (72 kilometers) west of Tonopah, Nevada, is bordered by US highways 6 and 95, and is located near electrical power. The target was initially identified by Company staff through literature reviews of historical geological and geochemical data from the US Geological Survey as well as other information sources, followed by field reconnaissance of the target area. Geochemical sampling returned lithium assay values from near-surface brines that ranged up to 70 and 124 parts per million (ppm) lithium, as determined by the Company’s Kingsville, Texas analytical laboratory and by ALS Minerals in Reno, Nevada, USA. Sediment samples collected from the target area ranged from 98 to 176 ppm lithium as determined through geochemical analyses carried out by ALS Minerals. These assay results generally confirm several of the lithium values from samples collected by the US Geological Survey in 1976, and indicate the target area warrants additional investigation to further characterize the subsurface environment.

The Columbus Salt Marsh, site of the Nina project, is a closed drainage basin covering an area of approximately 370 square miles (960 square kilometers) and whose geology is dominated by lake and evaporite sediments that have been sources of borate, potash and salt in the past.

Near term investigations at the Nina Project will focus on the chemical characterization of the lithium bearing brine aquifers, as well as the vertical and lateral extent of lithium-bearing brines.

The nearby Clayton Valley (27 miles southeast) is the site of Albemarle Corporation’s Silver Peak lithium-brine mine; the only lithium brine production facility in the United States, which produces approximately 6,000 tonnes of lithium carbonate annually. The Columbus Salt Marsh is geologically similar to the Clayton Valley, and provides URI with a cornerstone project from which a complete lithium resource portfolio can be built.

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