This initial phase of drilling comprises 10 holes which will concentrate on targets on the northern perimeter of the Company's claims adjacent to the largest mine in the Lisbon Valley Mining District, the Lisbon Mine, with past production of over 22 million pounds of uranium. Initial drilling results from this first phase of drilling are expected to be reported in the coming weeks. The south shaft of the Lisbon Mine is within 800 feet of the Company's property. The 2006 drilling plan consists of 35 holes for 25,000 meters of drilling.
Exploration Targets
The Lisbon Valley Mining District produced over 85 million pounds of uranium, 63 million pounds of which were produced from 15 mines that occur along a mineralized trend that is 1/2 mile wide and 16 miles long on the southwestern flank of a faulted anticline and is primarily hosted by the Moss Back member of the Triassic Chinle sandstone. During the 1960's, miners and geologists working in the District observed this trend and postulated a genetic relationship between the uranium deposits and the anticline and determined that more mines might occur on the northeastern side of the faulted anticline in a similar trend as the southwestern flank.
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