Golden Independence plans name change to Nexus Uranium
Golden Independence Corp [CSE-IGLD, OTCQB-GIDMF, 6NN-FSE] said Friday it is proposing to change its name to Nexus Uranium Corp. It said the name change is meant to reflect the company’ broader focus on its uranium and precious metals portfolio, including the Wray Mesa uranium-vanadium project in Utah and potential future acquisitions in the uranium space.
“The strategic shift towards clean energy fuels, such as uranium, comes as a result of the extensive evaluation of opportunities to drive shareholder value,’’ said Golden Independence CEO Jeremy Poirier. “The current market fundamentals, highlighted by the multi-decades highs in spot uranium prices coupled with the systematic market supply shortage, highlights the prospectivity of uranium projects and reinforced the decision to gain exposure to this market,’’ he said.
“While we believe our gold assets hold significant value in the long-term, we feel the diversification of commodity exposure allows shareholders to capture near-term value.’’
Golden Independence is an exploration company that was previously focused on the advanced-stage Independence property, which is located on the Battle Mountain-Cortez Trend in Nevada and the Champ precious metal property near Castlegar, British Columbia.
The Independence project is adjacent to Nevada Gold Mines’ Pheonix Fortitude mining operations. Nevada Gold Mines is a joint venture between two of the world’s largest gold producers Barrick Gold Corp. [TSX-ABX, NYSE-GOLD] and Newmont Corp., [TSX-NGT, NYSE-NEM].
The company has said Independence hosts a near surface resource of 506,052 ounces of gold and 7.8 million ounces of silver in the measured and indicated category and 108,946 ounces of gold and 1.0 million ounces of silver in the inferred category.
The estimate also features and underground resource of 796,200 ounces of gold.
Prior to the updated estimate, the Independence property benefited from over US$25 million in past exploration, including 200 holes drilled.
The company has the option to acquire up to a 90% interest through staged cash and share payments in addition to exploration commitments in the Wray Mesa project. It covers 308 unpatented lode claims or 6,282 acres in San Juan County, Utah. The property is contiguous to and adjoins Energy Fuel Inc.’s [EFR-TSX, UUU NYSE American]  fully permitted and production ready La Sal project, which includes a number of past-producing uranium and vanadium mines (production 550,000 lbs U308 in 2012).
Golden Independence is reviewing allow the historical data to prioritize targets prior to finalizing an exploration program. It said Wray Mesa was the subject of extensive historical exploration, including the drilling of over 500 holes. Mineralization is typical sandstone-hosted tabular deposits wherein the uranium occurs in reduced and altered sandstones and sandstone-mudstones in major stream channels in the Upper Salt Wash Member of the Morrison Formation.
Golden Independence shares were unchanged Friday at 30 cents. The shares trade in a 52-week range of 82 cents and 16.5 cents.