Part Four - New Mexico Uranium: Who Are the Serious Players?
By: James Finch | Posted: 30th June 2006
Laramide Resources
Laramide Resources has made a strong footprint in Australia, but it also moving forward with its New Mexico uranium property. The company's La Jara Mesa deposit is located about 12 miles outside Grants, within the San Mateo Mountains, near Mt. Taylor. Homestake had previously operated a mill in the district. Work was first commenced in the La Jara Mesa area in the 1950s. Homestake drilled 86 holes between 1967 and 1971 and abandoned the property after only a few high grade intersections. After the property changed hands in the 1970s and 1980s, a discovery hole was drilled in 1980. Power Resources (now a Cameco Corp subsidiary) drilled more than 500 holes. Homestake again re-entered the project in 1983 and completed metallurgical tests on the drill core. Homestake also completed a mining plan and feasibility study on the Dena Rich deposit, but stopped all work after the uranium price crashed.
In a conversation with Laramide Resources Chief Executive Marc Henderson, he told us, "The La Jara Mesa property may be the key piece of the puzzle," referring to the Ambrosia Lake district. "It has the easiest production scenario and the easiest access," Henderson said. The company's website reports the project has a resource of approximately 7 million pounds of U308 (not compliant with National Instrument 43-101). The U.S. Forest Service is now awaiting public comments on the proposal by Laramide to drill ten test holes, about 600 feet deep, to confirm exploration findings from the 1980s.
James Finch contributes to StockInterview.com and other publications. To read StockInterview's entire Uranium Series, visit http://www.stockinterview.com
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James Finch is a contributing editor for StockInterview.com and other publications. http://www.stockinterview.com
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Tags: piece of the puzzle, feasibility study