Urano Energy Corp. (CSE: UE) (OTCQB: UECXF) ("Urano Energy") announced that it has completed the acquisition of fifteen uranium properties (the "Properties") as previously announced (UE News Release dated Nov 27, 2024). The properties, with a total of 345 claims covering 8,200 acres, or 33 square kilometers, are situated within the Colorado Plateau geological region within the states of Utah and Colorado. Fourteen of these properties have a history of production, with over two dozen former mine portals and shafts among them. All properties have known mineralization that are located in three major mining districts, the Uravan Mineral Belt, La Sal and Lisbon Valley Districts.
The acquisition of the Properties adds significantly to the Company's growing uranium portfolio. Prior to the acquisition, the Company held three properties in Utah with a combined acreage of 8,240 or 33 square kilometers and five properties in the Colorado portion of the Uravan Mineral Belt comprising of 5,400 acres or 22.8 square kilometers, including the Company's flagship Melinda property. The transaction will give the Company a total of 21,840 acres or 88 square kilometers of property in one of the best regions to historically explore and mine uranium in the United States.
Jason Bagg, Chief Executive Officer of Urano Energy, stated, "The acquisition of these properties, most of which had historic production in leading uranium producing districts, is important to the development and growth of Urano Energy. These projects, featuring accessible, shallow, tabular-style deposits, provide the Company with a variety of development and strategic opportunities."
Utah/Colorado Property Highlights:
- Each of the fifteen Properties is recognized for containing sandstone-hosted uranium mineralization;
- The Green River Property, near Green River, Utah is a highly prospective uranium asset with an existing underground mining permit and surface use permit;
- Most project sites host previous underground uranium workings;
- A solid working relationship with the vendors provides the Company local expertise in permitting, drilling and underground mining;
- All properties are accessible year-round by road, and are in proximity to local communities and services;
- Exploration work is expected to commence with confirmatory drilling and the digitization of a comprehensive library of geological data, past production records, and mine plans.
Uranium Mining in Utah and Colorado
Uranium mining in Utah and Colorado has a significant history, closely tied to the discovery of rich mineral deposits in the state's southwestern region. The Uravan Mining District of Utah and Colorado hosts the Uravan Mineral Belt, a 70-mile (110km) zone of uranium-vanadium deposits in San Miguel, Montrose, and Mesa counties, Colorado, and Grand County, Utah with a history of 80 million pounds1 of uranium production and over 400 million pounds of vanadium production since 1945. The belt is known for its Colorado Plateau type uranium/vanadium deposits, which are found in sandstone formations and were ideal for extraction.
Today, the Uravan Mineral Belt remains a key area for uranium exploration, with modern mining techniques targeting its historical deposits and new opportunities for production as global demand for uranium continues to grow. The region's rich history of uranium mining has established Utah and Colorado as long-standing and significant players in the global nuclear energy sector.
