- Labrador Uranium (LUR) has begun a minimum 4,000 metre summer drill program at the Moran Lake Deposit
- The company has also commenced a reconnaissance-style exploration and follow-up for priority areas within its larger Central Mineral Belt (CMB) Project
- Drilling will commence initially at the Moran Lake Deposit to delineate a current mineral resource estimate based on historical data
- Additional exploration work including bedrock mapping, sampling, ground radiometric surveying, and trenching as required, will be conducted on three additional CMB Project target areas
- Labrador Uranium (LUR) is engaged in the exploration and development of uranium projects in Labrador
- Labrador Uranium Inc. (LUR) is up 6 per cent trading at $0.50 per share as of 11:10 am ET
Labrador Uranium (LUR) has begun a minimum 4,000 metre summer drill program at the Moran Lake Deposit.
The company has also commenced a reconnaissance-style exploration and follow-up for priority areas within its larger Central Mineral Belt (CMB) Project, which holds 1,390 sq. km. (139,000 ha) of mineral rights.
Camp construction is nearly complete, and the field crew is preparing for mobilization. Phase 1 exploration includes an inaugural exploration budget of $5.5 million.
Drilling will commence initially at the Moran Lake Deposit to delineate a current mineral resource estimate based on historical data and to extend the mineralization downdip to the southern extent of the current mineralized zone that remains open.
Additional exploration work including bedrock mapping, sampling, ground radiometric surveying, and trenching as required, will be conducted on three additional CMB Project target areas.
Labrador Uranium CEO, Stephen Keith called the Moran Lake Deposit the most advanced target in the company’s portfolio.
“Our initial $5.5 million spend is designed to test several high priority targets including, work to confirm the historical mineral resource, testing possible extensions and ground truthing to support our Machine Learning efforts to generate and advance additional targets across the CMB Project area. We have a lot of ground to cover but we are exercising prudence during current volatile markets to maintain our strong treasury and support the second phase of exploration next year.”
The most recent historical indicated mineral resource estimate at the Moran Lake Deposit was 6.92 million lbs at 0.034 per cent U3O8 for the Upper C Zone, with total historical inferred mineral resource for Moran Lake Upper and Lower C Zone, Trout Pond, and Armstrong at 8.17 million tonnes at 0.032 per cent U3O8.
Labrador Uranium (LUR) is engaged in the exploration and development of uranium projects in Labrador. The company has acquired the Moran Lake and CMB Projects in the prolific Central Mineral Belt (CMB) in central Labrador and the Notakwanon Project in northern Labrador.
Labrador Uranium Inc. (LUR) is up 6 per cent trading at $0.50 per share as of 11:10 am ET.
