U3O8 Stakes the Old La Niquelina Uranium-Cobalt-Nickel Mine

U3O8 (TSX:UWE) has announced that it has staked the old La Niquelina Mine, a past producer of uranium, cobalt, and nickel in Argentina.
As quoted in the press release:

“The staking of an area of known uranium mineralization represents a first step in expanding our portfolio of targets that we believe to have potential for mineralization that can be extracted at low cost,” said Dr Richard Spencer, President and CEO of U3O8 Corp. “The timing of the expansion of our project base underlines our confidence that the uranium market has bottomed.  While our focus remains on advancing our flagship Laguna Salada Project through the addition of higher-grade zones and carefully focused metallurgical test work that may result in lower operating cost estimates, La Niquelina Mine is a perfect fit for U3O8 Corp: it strengthens our uranium portfolio while adding a cobalt opportunity to our basket of battery commodities that already includes nickel, vanadium and phosphate.  We plan to undertake comprehensive exploration of the La Niquelina area using simple and low-cost field techniques.”
Mineralization and the La Niquelina Mine
Mineralization occurs in a system of six partially exposed veins that extend over a distance of approximately 800 metres (“m”) and cut a sequence of inter-layered shale and sandstone host rocks.  The veins consist of quartz and siderite, an iron carbonate mineral, and are between 1m and 1.5m thick.
Mineralization was discovered at La Niquelina in 1944, with modest production from a small underground mine in the early 1950’s.  Workings were concentrated in three areas:  underground development totaled 180m on Levels 8 and 9 in the central part of the vein system, 70m-90m on Levels 12, 13 and 14 in the northeastern area, and 45m on Level 1 in the southwestern area.  Cobalt values are reported to have ranged between 0.74% and 1.76%, and those of nickel between 0.45% and 1.65%. No assay data are available for uranium.

Click here to read the full press release.

Source: www.u3o8corp.com