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01-06-2009
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The Pine Tree-Reno Creek land package has combined several nearby properties and now comprises approximately 16,000 acres (6,475 hectares). The project is located in the Pumpkin Buttes Uranium District, within the Powder River Basin, northeastern Wyoming. The properties are in close proximity to AREVA's Christensen Ranch in-situ operation and Cameco's Smith Ranch in-situ facility. The project was extensively explored by a number of previous operators during the 1970s to early 1990s, including Rocky Mountain Energy and Energy Fuels Inc. During the early 1980s, Rocky Mountain Energy operated and successfully reclaimed a pilot in-situ recovery operation on the property. The Property was later readied for production by Energy Fuels during the late 1990s, but the continuing decline in the uranium price resulted in the cancellation of the project, despite having a WDEQ mine permit and a NRC source materials license. Reno Creek was subsequently acquired by Power Resources Inc (Cameco's US subsidiary) who later dropped the property in the early 2000s when prices of uranium fell to $7/pound. Strathmore staked the Reno Creek property in 2004 and joint ventured the project with American Uranium Corporation in 2007. American Uranium Corporation is committed to spending US $12.375 million to earn an initial 22.5 % in the Pine tree-Reno Creek project and US $33 million over the next 6 years to earn a 60% interest. (see press releases dated: May 17, 2007; Sept. 4, 2007; January 14, 2008).
Strathmore completed a NI 43-101 for the West Reno (Reno Creek) portion of the Pine Tree Reno Creek properties. The Reno Creek Property covers 2,400 acres (970 ha) and comprises approximately 15% of the total size if the project. The Reno Creek data obtained and analysed should enable Strathmore to expedite regulatory permitting requirements and advance the project's production timeline. Permitting activities are now underway. Work scheduled for 2008 includes the installation of groundwater monitor wells to obtain necessary geologic and hydrologic information, in addition to reserve analysis of the mineralized fronts, preliminary well field plans, and engineering designs of a centralized and/or satellite in-situ recovery facility.
| Location |
Reference |
Historic Classification |
Tonnage |
Grade % U3O8 |
Pounds U3O8
|
| West Reno (Reno Creek) Wyoming |
Rocky Mountain Energy |
NI 43-101 Measured and Indicated |
5,677,929 |
|
0.065 |
7,433,499 |
| NI 43-101 Inferred |
2,633,800 |
|
0.065 |
3,406,771 |
Pine Tree Claims,
Powder River Basin, Wyoming |
Pathfinder (1985) |
Historical Demonstrated |
1,947,000 |
|
0.07 |
2,646,000 |
| Historical Inferred |
625,000 |
|
0.06 |
750,000 |
| Sec. 36 (Reno Creek) Wyoming |
TVA |
Historical Demonstrated |
1,300,000 |
|
0.05 |
1,300,000 |
| SWD Claims Area, Wyoming |
Utah International / Pathfinder |
Historical Demonstrated |
497,000 |
|
0.09 |
944,000 |
| Historical Inferred |
271,000 |
|
0.08 |
400,000 |
| FMC Claim Area, Wyoming |
Rocky Mountain Energy |
Historical Demonstrated |
1,992,000 |
|
0.09 |
3,670,000 |
Technical Report on the Southwest Reno Creek Uranium Property, April 15, 2008
Technical Report on the Reno Creek Uranium Property, January 10, 2008
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