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American Uranium Ltd. (ASX: AMU,OTC:AMUIF; OTCQB: AMUIF) announced it has secured approximately 1,040 acres of new mineral rights at the company's Lo Herma ISR Uranium Project located in Wyoming's Powder River Basin. The company expanded its land position at the project with additional uranium mineral rights and the staking of 29 new Bureau of Land Management (BLM) lode mining claims, covering approximately 490 acres.
The Company's new uranium mineral rights are located to the north and immediately south abutting the company's current operations, thus extending control over highly prospective portions of the Lo Herma project. Mineral Rights have been secured under a private lease agreement granting uranium mineral rights, on industry standard terms for Wyoming uranium projects.
"The additional mineral rights and claims consolidate our position immediately adjoining Mine Units 2 and 3 and remove land tenure constraints adjacent to existing resources," said Bruce Lane, Executive Director of American Uranium. "Identified during earlier resource modeling and based on existing data these parcels are expected to contribute to the next Mineral Resource update and support further resource growth as drilling commences in May."
Additional information can be found here: https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-03079821-6A1320855&v=undefined.
The Company recently completed a placement to institutional and sophisticated investors and has announced an entitlement offer for eligible shareholders, providing funding to advance drilling and technical studies at Lo Herma following the resource upgrade.
Lo Herma is American Uranium's flagship asset, located in Wyoming, the most established ISR uranium jurisdiction in the U.S. On a contained-resource and development-readiness basis, the Project is increasingly comparable to ISR satellite projects in the area such as Ur-Energy's Shirley Basin and Uranium Energy Corp.'s Ludeman, which have been advanced within hub-and-spoke ISR frameworks. The company also holds additional highly prospective ISR assets in Wyoming's Great Divide Basin and brownfields conventional uranium/vanadium assets in Utah's Henry Mountains.
SOURCE American Uranium Ltd.
