C2C Metals acquires five uranium-vanadium properties, Colorado
C2C Metals Corp. [CSE: CTOC; OTCQB: CTCGF] has acquired five uranium-vanadium properties comprising approximately 5,400 acres (approximately 8.4 square miles), all located in the Colorado portion of the prolific Uravan mining district.
The Uravan mining district of Utah and Colorado hosts the Uravan mineral belt, a 70-mile (110-km) zone of uranium-vanadium deposits in Colorado and Utah with a history of 80 million pounds of uranium production and over 400 million pounds of vanadium production since 1945. The properties were selected based on historical information from previous exploration indicating that specific targets hosted either drill-defined historical estimated uranium and vanadium mineral resources or areas specifically targeted for drilling by historical operators.
The vendors were paid US$66,760, $90,000 in C2C shares based on a 10-day VWAP (volume-weighted average price) and a 1% net smelter return production royalty.
Eula Belle: 31 claims in the western portion of Montrose County, covering much of the historical Eula Belle mine: Union Carbide’s (UCC) 1989 reserve records for Eula Belle indicate historical estimated minable reserves of 43,900 tons containing 219,900 pounds U3O8 (triuranium octoxide) at an average grade of 0.25% and 790,200 pounds V2O5 (vanadium pentoxide) at 0.90%.
UCC estimated an additional potential resource for the Eula Belle of 37,000 tons, including 135,000 pounds U3O8 at 0.25% and 666,000 pounds V2O5 at 0.90%. UCC records indicate the Eula Belle was the leading uranium producer of the hundreds of Uravan mines with 1,598,000 pounds U3O8 at 0.248% recovered from 1962 to 1978.
Mum-Whitney extension: five claims in Montrose County adjoining to or in the vicinity of Department of Energy (DOE) tracts (U.S. Department of Energy uranium reserve blocks not held by C2C) C-SR-21 and C-SR-23 as well as the past-producing Mum-Whitney mine and other historical mines: The claims are located within areas identified as having high potential for additional discovery as shown by historical UCC favourability maps and are an expansion of the existing Mum-Whitney project held by C2C.
Norther: 10 claims in San Miguel County adjoining DOE tract C-SR-15-A, including adjacent areas of favourability defined by UCC: The east-west trend of estimated minable uranium-vanadium mineral resources, identified by DOE tracts C-SR-15 and C-SR-15A and held by C2C’s competitors, extends westward across the Norther property.
Spud Patch: 80 claims in San Miguel County that are distributed within four discrete areas located over UCC’s 1984 planned (but never drilled) targets and other zones of UCC-defined favourability: C2C’s claims are in part contiguous with DOE tract C-SR-12. When first leased, the DOE tract initially hosted uranium resources of 180,000 pounds U3O8.
Dulaney extension: 73 claims in San Miguel County and a prospective project adjacent to C2C’s Dulaney project: The Dulaney extension is strategically located: (a) contiguous with DOE tract C-SR-11; (b) in an area of past-producing mines; and (c) in part, overlying and surrounded areas of favourability as reported by the U.S. Geological Survey (Bell, 1953).
C2C is continuing the exploration for and evaluation of other historic projects on both the Colorado plateau and in Utah.