Crosshair Delivers Significant Growth to Upper C Zone Uranium Resource and Defines New Resources
Crosshair Exploration & Mining Corp. is pleased to announce the results of the updated independent NI 43-101 resource estimate on the C Zone and two new areas at its Central Mineral Belt (CMB) Uranium Project in Labrador.
The updated estimates include an indicated resource of 5.19 million pounds of uranium (U3O8) and additional inferred resources of 5.82 million pounds of U3O8 (see below for tonnage and grade details). The indicated resource is contained wholly within the Upper C Zone, while the inferred resource estimate includes resources from the Lower C Zone (1.60 million pounds), Area 1 (0.48 million pounds), and Armstrong (0.90 million pounds).
In addition to increasing the uranium resource, the vanadium resource has also been significantly increased to 11.75 million pounds of vanadium (V2O5) in the indicated category and an additional 15.81 million pounds of V2O5 in the inferred category. It should be noted that the vanadium resource estimate only includes vanadium mineralization contained within the limits of the currently defined uranium resource. Management believes the uranium resource sits within the boundaries of a much larger vanadium deposit. The Company will plan a drill program to test the outer boundaries of the vanadium deposit in 2009.
“Not only have we now shown continuity of the deposit by upgrading a substantial portion of the resource from inferred to indicated, but we have also increased the overall number of pounds and delineated resources in two new areas,” says Paul Hosford, President and COO of Crosshair. “With the added vanadium component of the deposit and the recent acquisition of the Two Time Zone, which also contains a NI 43-101 compliant uranium resource, we are well positioned to commence an expansion program on all four deposits.”
The C Zone is divided into two distinct mineralized systems, the Upper C Zone and the Lower C Zone. At this point, no economic evaluations have been done on the project and as a result, a wide variety of U3O8 cut-off grades are presented. For the Upper C Zone, Armstrong and Area 1 resource estimates, a 0.015% U3O8 cut-off is considered appropriate for the location and cost profile that can be expected for open pit mining in Labrador, while the 0.035% U3O8 cut-off used for the Lower C Zone estimate is considered appropriate for an underground operation. These cut-offs were used to report the mineral resources stated above.
For more information on the Company and its properties, please visit the website at www.crosshairexploration.com.
