Delecta Limited has confirmed the resumption of exploration programs at its REX Uranium-Vanadium Project, located in Colorado.
In June 2020, Delecta acquired 60 per cent of the shares in Sunrise Minerals Inc, a US-based company that holds 100 per cent of the REX Project, with the project consisting of 256 contiguous BLM claims covering an area of approximately 2,072 hectares.
The project lies within the Uravan Mineral Belt of Colorado, with reported historical production totalling 86m lbs at 0.24 per cent U3O8 and 441m lbs at 1.25 per cent V .
The project is also located within trucking distance of the White Mesa Mill, the only operating conventional uranium-vanadium mill in the US that has 90 per cent spare capacity available to toll treat mined ore.
Delecta announced on Monday that uranium focused exploration is underway, with sampling and mapping programs completed and ongoing.
Initial sampling programs returned high-grade uranium and vanadium results, 12 samples recorded an average grade of 2,246ppm U3O8 (0.22 per cent) with a peak value of 5,280ppm U3O8 (0.53 per cent) returned .
The sampling of surface outcrops and selected underground workings has also identified visible uranium mineralisation.
Delecta Limited’s Managing Director, Malcolm Day, shared that due to renewed optimism surrounding future uranium pricing, the company decided to ramp up exploration at REX.
“The project’s history of uranium mining, its proximity to operating infrastructure and the prevailing supportive government regime, bodes well for the development of the project. We look forward to continuing exploration at the REX project and evaluating other potential uranium-vanadium projects in the area,” Mr Day said.
The next steps for the company include:
- Continuing mapping and sampling along the sandstone mesa rims on the project, utilising a scintillometer and handheld XRF analyser;
- Geo-referencing of existing underground mines, with mapping and sampling to establish the presence of mineralisation and locate previous surface drill holes, to delineate further targets for drilling; and
- Engaging with the Bureau of Land Management (BLM) in relation to entering historical workings and drilling program.
 ASX Announcement – Initial results from REX project highlights high-grade uranium-vanadium potential (22 July 2020)