Atomic Minerals Corporation announce it has acquired by staking, the Harts Point Project, consisting of 324 unpatented lode claims totaling more than 6,500 acres, in San Juan County, Utah through its wholly owned American Subsidiary, Recoupment Exploration Company LLC.
Clive Massey, Atomic Minerals CEO and President commented, “We are extremely excited to announce the second of our US uranium acquisitions. The Harts Point area is an excellent exploration target. We staked the ground based on historical drill data indicating Chinle Formation sandstones with significant gamma ray kicks in three holes, I am very pleased to add the Harts Point to our project portfolio as Atomic continues to acquire superior uranium assets.”
Atomic Minerals’ Harts Point lies on the eastern flank of the southern extension of Gibson Dome, a non-diapiric salt anticline, in San Juan County, Utah near the northeastern limits of the White Canyon Mining District. Four mines located about seven miles west of the Harts Point, the Jean, Moki, Lavender, and Conglomerate, in upper Indian Creek shipped a total of 42,000 tons of material hosted by Chinle Formation sandstones during the 1950’s uranium boom. Average uranium grades were 0.30% U308 and vanadium values were also present. Source: Chenoweth, W.L. (1993): The geology and Production History of the Uranium deposits in the White Canyon Mining District, San Juan County, Utah, Utah Geological Survey Miscellaneous Publication 93-3.
Atomic’s management team believe the Harts Point anticline lies in an identical geological setting to the Lisbon Valley anticline, 19 miles to the northeast of the Harts Point claims. Lisbon Valley encompasses the Big Indian mining district, which produced approximately 80 million pounds of uranium oxide and 19 million pounds of vanadium from 16 large mines between 1952 and 1988 from the Triassic Chinle and Permian Cutler Formations from relatively shallow depths to in excess of 2,550 feet. This production represents more than 66 percent of the uranium ore mined out of the 122 million pounds produced in Utah during this period. Ore grades averaged 0.34 percent uranium oxide, making it the highest grade of all the large uranium mining districts discovered in the United States. Source: Chenoweth, W.L. (1990). Lisbon Valley, Utah’s Premier Uranium Area, a Summary of Exploration and Ore Production. Utah Geological Survey Open File Report 188, July 1990.
Historic oil and gas drilling throughout the Colorado Plateau included three holes within the HP claims. Diligent review of the drill logs by Atomic’s geological consultant showed the prospective Chinle Formation lies between 1,200 feet to 1,400 feet below surface and correlates well between the three holes roughly 2.8 miles apart. Gamma ray logs from each of the three holes showed spikes within the basal section of the Chinle, the primary location for uranium mineralization in the Formation throughout the area. The Hart Point claim block was staked based on their review of the Harts Point historic oil and gas gamma ray logs.
Atomic Minerals Harts Point lies approximately 40 miles by road west of Energy Fuel’s White Mesa uranium mill.
About the Company
Atomic Minerals is a Vancouver based publicly listed uranium exploration company trading on the TSX Venture Exchange, with current assets in Saskatchewan’s Athabasca Basin and the Four Corners region of the southwest United States. The Company is led by a highly skilled management and technical team with numerous previous successes in the junior mining sector.
For additional information, please visit the Company’s website at www.atomicminerals.ca
Mr. R. Tim Henneberry, P.Geo. (BC), is the “Qualified Person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and is responsible for the technical contents of this news release and has approved the disclosure of the technical information contained herein.
ON BEHALF OF THE BOARD OF DIRECTORS
Clive H. Massey
President & CEO