C2C Metals adds second U.S. uranium project to portfolio
C2C Metals Corp [CTOC-CSE] has reported the acquisition of a second U.S. uranium project, which it acquired through staking. It said the Blue Jay Mine project lies in San Juan County, Utah, and is located in the La Sal Uranium District, a region that is recognized as the second most significant uranium producer in the Utah-Colorado region.
The project was identified and drilled by URADCO (a subsidiary of Pennsylvania Power and Light Corp.) in 1981, establishing a historic mine resource of about 110,000 pounds of U308, at an average grade of about 0.25% U308, at depths of up to 360 feet. The project consists of 28 mineral claims covering about 226 hectares, located approximately 45 kilometres south of Moab, San Juan County, Utah.
C2C says the resource was classified as “economically viable reserves.” It said historic records suggests there may be additional lower grade mineralization, including 140,000 pounds of U308 on property covered by C2C’s claims.
The company said additional work, including drilling, will be required to confirm the presence of uranium, and if present, to establish the amount and grade of any mineralization that is found. C2C is not treating the historic information as reliable.
In a January 25, 2024 news release, C2C reported the acquisition of its first U.S. uranium project, through staking of the Melinda project in the San Rafael Uranium District. The project covers 240 claims or 20 square kilometres.
The company said the Melinda Uranium Project, with historic workings, was one of the later areas explored in the late 1970s prior to the slowdown in uranium exploration and production in the U.S. due to global market changes in sourcing uranium production. Of the 375 wide-spaced drill holes completed by URADCO, over 25% had significantly anomalous uranium intercepts greater than 0.01% U308 with six intercepts in excess of 0.1% U308. “These historical exploration results are highly encouraging for detailed follow up drilling which the company will begin in 2024,’’ the company said.
“Staking the Melinda Uranium project, with hundreds of holes completed, provides C2C with a launching point into the U.S. uranium exploration sector,’’ said C2C CEO Chris Huggins. “Our focus will be on conventional uranium assets, identified from historical data reports, in jurisdictions with established conventional uranium mining and progressive permitting regimes,’’ he said. “We also continue our on-going evaluation of additional projects in the southwest U.S. with identified uranium mineralization.’’
On Tuesday, C2C shares were priced at 17 cents. That compares to a recent high of 26 cents in early February, 2024.
C2C, which recently changed its name from C2C Gold, is a mineral exploration company, which was previously focused on the acquisition and development of mineral projects in Newfoundland. The company also holds one of the largest land packages, with several prominent projects, within the prolific White Gold and Klondike districts of the Canadian Yukon