Mineral exploration company C2C Metals has acquired five uranium-vanadium (U-V) properties totalling around 5,400 acres in the Uravan Mining District of Colorado, US.
The Uravan Mining District, spanning Utah and Colorado, is known for the Uravan Mineral Belt, a 110km zone rich in U-V deposits.
Since 1945, this region has produced 80mlb of uranium and more than 400mlb of vanadium, indicating its substantial mining heritage.
As compensation for the acquisition, the vendors received $66,760 and shares of C2C Metals valued at $90,000, calculated on a ten-day volume-weighted average price.
Additionally, a 1% net smelter return production royalty is included in the agreement.
The properties involved in the transaction are Eula Belle, Mum-Whitney Extension, Norther, Spud Patch and Dulaney Extension.
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By GlobalData
Eula Belle consists of 31 claims in Montrose County, encompassing the historical Eula Belle mine, while the Mum-Whitney Extension has five claims in Montrose County, adjacent to or near Department of Energy (DOE) Tracts C-SR-21 and C-SR-23, as well as the former Mum-Whitney operation and other historical mines.
The Norther property comprises ten claims in San Miguel County, adjacent to DOE Tract C-SR-15-A, and includes areas identified as favourable by Union Carbide. The Spud Patch property consists of 80 claims across four separate areas in San Miguel County.
The Dulaney Extension includes 73 claims in San Miguel County, adjacent to C2C’s existing Dulaney Project.
C2C Metals said these properties were chosen based on historical exploration data, which pointed to either drill-defined historical estimated resources or specific drilling targets identified by past operators.
C2C Metals noted that it will continue to explore and assess other historic projects within the Colorado Plateau and Utah, indicating an ongoing commitment to expanding its presence in the region.
In April this year, C2C Metals acquired Blue Jay Mine Uranium Project in Utah, the second addition to its US uranium portfolio.
