May 9, 2019, Alba acquires Yellow Circle Property historic vanadium/uranium producer in Utah & Colorado
Alba Minerals Ltd. (“Alba”) (TSX - Venture: AA / Frankfurt: A117RU / OTC: AXVEF is pleased to announce that it has entered into an agreement with Journey Exploration Inc. (“Journey”), a private arms’ length company, to acquire all of the issued and outstanding share capital of Journey. Journey holds a 100% interest in 5 prospective vanadium and uranium properties in Colorado and Utah. The properties are in and adjacent to the Uravan Mineral Belt in which extensive prospecting, exploration, drilling and ore production has occurred for vanadium, uranium and radium since 1881. All 5 of the properties involved in the agreement were significant producers of vanadium and uranium during the last century.
The Yellow Circle Property is comprised of 96 mineral claims in San Juan County, Utah, USA covering 2045.34acres (828 hectares) and located approximately 15 miles (24 km) southeast of Moab, Utah. The claims cover an area of previous mining where vanadium and uranium ores were produced from the Yellow Circle Group of Mines. The property is easily accessible from Moab by a 2-lane sealed highway and the area itself is readily accessible by roads, tracks and drill trails established by previous miners and explorers of the Yellow Circle Group of Mines. Many of the underground workings remain accessible as witnessed by the photographs (Figures 1 and 2), taken during a site visit to the property in April 2019.
Figures 1 and 2 – Typical Yellow Circle mine workings, many of which remain accessible.
Mineralization within the claims area has been known since 1917, and high-grade vanadium - uranium ore has been mined intermittently over several decades. The total production is unknown, however in 1943, mines within the claims area were credited with 1,624 tons (1,473 tonnes) of ore averaging 1.65% V2O5 (Huleatt and Hazen, 1946). Beginning in 1949, records of the U. S. Department of Energy indicate that the Yellow Circle area produced about 63,000 tons (57,000 tonnes) of vanadium-uranium ore.
Figures 3 and 4 – The Yellow Circle underground workings have many instances where vanadium mineralization is visible, denoted by the dark grey to black coloration.
In 1943 the U. S. Bureau of Mines drilled 51 diamond drill holes that covered an area of about 28 acres (11 hectares) within the Yellow Circle claims area in an effort to stimulate production from the mines. Three ore horizons were defined, with some of the better intercepts given in Table 1:
Table 1. Drill intercepts from U.S. Bureau of Mines 1943 drill program within the Yellow Circle claims area
V2O5 Weighted Avg (%)
U3O8 Weighted Avg (%)
The values in Table 1 are historic in nature and have not been verified.
Three grab samples collected from accessible underground workings on April 1, 2019 yielded the results listed in Table 2. Samples were sent to ALS Laboratories in Reno, Nevada for analysis.
Table 2: Grab sample results from samples collected from Yellow Circle underground workings.
It is estimated that there are in the order of 20 or more historic mine adits that have accessed both vanadium and uranium mineralization.
Alba is moving forward rapidly to verify and expand on the historic data. Currently, the verification drill holes have been staked and the locations are in the process of being submitted to the U. S. Bureau of Land Management to obtain drilling permits.
This transaction has been filed with the TSX Venture Exchange and qualifies as an expedited acquisition under Policy 5.3. The acquisition of Journey 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.
Huleatt, W. P. and Hazen, Scott W. Jr., 1946, Exploration of Vanadium Region of Western Colorado and Eastern Utah: U. S. Bureau of Mines Report of Investigations 3930.
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