On 24 June 2020, the Company announced it had acquired 60% of the shares in Sunrise Minerals Inc, a Colorado, US based company that holds the REX Uranium-Vanadium Project (Project).
- Located in Montrose County, Colorado, the Project consists of 256 contiguous BLM claims covering 2,072ha.
- Uranium mineralisation is confirmed, with four historic uranium mines within the Project area, with the project not been subject to any recent exploration.
- The claims are readily accessible via surfaced and county-maintained gravel roads from either Moab or Monticello.
- Assays from rock-chip sampling of outcrop and mine dumps returned extremely encouraging uranium values up to 5,280ppm U3O8 and vanadium to 13,600ppm V2O5.
- 12/17 samples returned an average grade of 2,246ppm U3O8 (0.22%) with a peak value of 5,280ppm U3O8 (0.53%) recorded.
- Historical grades from the Uravan Mineral Belt average 0.24% U3O8.
- All 17 samples contained vanadium, ranging from 1,950ppm V2O5 (0.195%) with a peak value of 13,600ppm V2O5 (1.36%) recorded.
- The REX claims lie within the Uravan Mineral Belt with reported production, totaling 86mlbs at 0.24% uranium and 441mlbs at 1.25% vanadium.
- The project is located within trucking distance of the White Mesa mill, the only operating conventional uranium-vanadium mill in the US that has 90% spare capacity available to toll treat mined ore.