Vancouver, British Columbia – May 16, 2019 – Alba Minerals Ltd. (“Alba”) (TSX - Venture: AA / Frankfurt: A117RU / OTC: AXVEF is pleased to highlight the La Sal West Property which is adjacent to several historic discoveries and mines, namely the Rattlesnake Mine which is 3.5 km southeast of the La Sal West Property. The Property is approximately 5 km from the La Sal Complex operated by Energy Fuels Inc. where they are currently running a test mining program targeting vanadium production.
The La Sal West Property is located in San Juan County, Utah. It consists of 176 vanadium and uranium lode claims with an approximate area of 3,625.6 acres (1,467 hectares) and about 20 miles (32km) southeast of Moab, Utah. The property is near the junction of US Highway 191 and Utah Highway 46 and can be easily accessed via dirt roads and 4-wheel drive trails leading off the highways.
The Property occurs on the La Sal Trend and is in close proximity to numerous mines in the area which have been past producers as shown on the image in Figure 1. Energy Fuels Inc. (“EFR”) owns and operates the nearby La Sal Complex which is comprised of a series or uranium and vanadium mines including the Beaver, Pandora, La Sal, Energy Queen and Redd Block Projects. The Beaver and Pandora mines are fully permitted and developed and were in production as recent as 2012. A technical report dated March 25, 2014
(http://www.energyfuels.com/wpcontent/uploads/2016/04/La_Sal_Technical_Report_March_25_2014.pdf) estimates a measured and indicated mineral resource of 21,500,000 pounds of vanadium at and average grade of 0.94% V2O5 and 4,500,000 pounds of uranium at an average grade of 0.18%.
According to a release dated April 1, 2019, EFR is currently producing high-purity vanadium product at commercial rates from the pond solutions at the White Mesa Mill, which is the only conventional vanadium processing facility in the United States. Additionally, EFR has continued their conventional vanadium test-mining program at the La Sal and Pandora mines and has announced their expectation to deploy these new mining techniques at full production rates once EFR decides to go back into full production at the La Sal Complex.
“The proximity of the La Sal West Property to the operations of EFR at the La Sal Complex provides a unique opportunity for Alba. EFR, while not currently active in uranium production, has focused considerable effort in the development and refinement of their vanadium production techniques. With the recent refurbishing of the Pandora and La Sal mines, full production at these facilities is a near term reality. The La Sal West is ideally situated to complement these existing mines in the area.
While global prices for vanadium have been highly volatile, the Company is well poised with these 6 acquisitions to be a competitive force in both the uranium and vanadium markets. “stated Sandy MacDougall, Chairman and Director.
Mineralization hosted on the EFR properties is not necessarily indicative of the mineralization that may be hosted by the Company’s La Sal West Property. However, areas of extensive drill road development, drill pads and small mine dumps are noted in several areas of the La Sal West Property. Since the work was done by private entities, very little of the information is in the public record. Numerous historic reports and records refer to drilling and small amounts of production from the area. One such Engineering and Geologic report by Frank M. Byers, Geologist dated February 15, 1957 and written on behalf of Gramlich Exploration Co. presents the following summary based upon historic production in the area:
The transaction with Journey Exploration Inc. remains subject to TSX Venture Exchange approval.
The technical information contained in this news release has been reviewed and approved by Bradley C. Peek, MSc and Certified Professional Geologist, who is a Qualified Person with respect to the Torado Vanadium & Uranium Project as defined under National Instrument 43-101.
About Alba Minerals Ltd.
Alba Minerals Ltd. is a Vancouver-based junior resource company with a diverse portfolio of projects and investments in North and South America. Alba is focused on the development of the following interests:
- 3,800,000 common share ownership interest in Noram Ventures Inc., a lithium exploration and development Company whose principal property hosts a 146,000,000 ton inferred resource in Clayton Valley Nevada.
- The Quiron II Lithium Property consists of 2,421 hectares of prospective lithium exploration in the Pocitos Salar, Province of Salta, Argentina. The Property is located approximately 12 km northeast from the Liberty One Lithium Corp and 19 km from Pure Energy Minerals Ltd.’s Pocitos prospects.
- The Chascha Norte property consists of 2,843 hectares of prospective lithium exploration in the Southeastern part of the Salar de Arizaro, Salta, Argentina in closest vicinity to Argentina Lithium & Energy Corporation’s and Lithium X’s Arizaro lithium brine projects.
- The Rainbow Canyon Gold Property consists of 417 hectares of prospective gold exploration in the Olinghouse mining district, in the Washoe County Nevada.
- The Muddy Mountain property consists of 450.41 hectares of prospective lithium exploration in Muddy Mountains of Clark County, Nevada.
Please visit our web site for further information: www.albamineralsltd.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Chairman & Director
Phone: (778) 999-2159
This news release contains projections and forward - looking information that involve various risks and uncertainties regarding future events. Such forward - looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. The following are important factors that could cause the Company’s actual results to differ materially from those expressed or implied by such forward looking statements; the uncertainty of future profitability; and the uncertainty of access to additional capital. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from anticipated in such information. These and all subsequent written and oral forward- looking information are based on estimates and opinions of management on the dates they are made and expressed qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking information should circumstance or management's estimates or opinions change.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.