Max Resource Corp
A few weeks ago, Max Resource acquired a drill database comprising 40 years of uranium exploration in the United States. Among the data were reports thought to be lost, but which included original reports prepared by Occidental Minerals Corporation about the company's wholly owned C de Baca uranium project. Located about 100 miles south of Albuquerque, Max Resource announced it has begun the permitting process for a drill program later this year.
OxyMin, a subsidiary of Occidental Petroleum, drilled 216 holes on the property, during the 1980s, and stated in an historical report that they had identified 1.67 million tons, grading 0.18 percent U3O8. The estimate is not compliant with the National Instrument 43-101 for reporting a resource. Max Resource announced it plans to drill ten shallow holes on its property, spending about $100,000 during its first phase of exploration. OxyMin felt the property might be amenable to the In Situ Recovery process.
Powertech Uranium
Powertech Uranium is a recent arrival among the hundreds of new junior uranium companies. Had Craig Bartels not mentioned this company, it would not have been included in this article. Bartels had worked with Richard Clement, Powertech's Chief Executive, who previously worked with Uranium Resources. Both uranium miners live in a suburb of Albuquerque, New Mexico. At this time, Powertech has only announced its acquisition of the Dewey Burdock uranium resource in South Dakota. However, in a telephone interview with Mr. Clement, he led us to believe Powertech may be in the process of acquiring claims in New Mexico. While we have little to write about on this company, because it is fairly new, it may be one to watch for developments over the course of the summer and fourth quarter. The company is backed by Canada's Pacific International brokerage firm. Richard Clement told us the company now has more than $12 million in the bank for acquisition, exploration and development of uranium properties.
James Finch contributes to StockInterview.com and other publications. To read StockInterview's entire Uranium Series, visit http://www.stockinterview.com
