Vancouver, British Columbia – May 9, 2019 – Alba Minerals Ltd. (“Alba”) (TSX - Venture: AA / Frankfurt: A117RU / OTC: AXVEF is pleased to announce that it has entered into an agreement with Journey Exploration Inc. (“Journey”), a private arms’ length company, to acquire all of the issued and outstanding share capital of Journey. Journey holds a 100% interest in 5 prospective vanadium and uranium properties in Colorado and Utah. The properties are in and adjacent to the Uravan Mineral Belt in which extensive prospecting, exploration, drilling and ore production has occurred for vanadium, uranium and radium since 1881. All 5 of the properties involved in the agreement were significant producers of vanadium and uranium during the last century.
The Yellow Circle Property is comprised of 96 mineral claims in San Juan County, Utah, USA covering 2045.34acres (828 hectares) and located approximately 15 miles (24 km) southeast of Moab, Utah. The claims cover an area of previous mining where vanadium and uranium ores were produced from the Yellow Circle Group of Mines. The property is easily accessible from Moab by a 2-lane sealed highway and the area itself is readily accessible by roads, tracks and drill trails established by previous miners and explorers of the Yellow Circle Group of Mines. Many of the underground workings remain accessible as witnessed by the photographs (Figures 1 and 2), taken during a site visit to the property in April 2019.
Figures 1 and 2 – Typical Yellow Circle mine workings, many of which remain accessible.
Mineralization within the claims area has been known since 1917, and high-grade vanadium - uranium ore has been mined intermittently over several decades. The total production is unknown, however in 1943, mines within the claims area were credited with 1,624 tons (1,473 tonnes) of ore averaging 1.65% V2O5 (Huleatt and Hazen, 1946). Beginning in 1949, records of the U. S. Department of Energy indicate that the Yellow Circle area produced about 63,000 tons (57,000 tonnes) of vanadium-uranium ore.
Figures 3 and 4 – The Yellow Circle underground workings have many instances where vanadium mineralization is visible, denoted by the dark grey to black coloration.
In 1943 the U. S. Bureau of Mines drilled 51 diamond drill holes that covered an area of about 28 acres (11 hectares) within the Yellow Circle claims area in an effort to stimulate production from the mines. Three ore horizons were defined, with some of the better intercepts given in Table 1:
Table 1. Drill intercepts from U.S. Bureau of Mines 1943 drill program within the Yellow Circle claims area
|(ft)||(ft)||(ft)||Weighted Avg (%)||Weighted Avg (%)|
The values in Table 1 are historic in nature and have not been verified.
Three grab samples collected from accessible underground workings on April 1, 2019 yielded the results listed in Table 2. Samples were sent to ALS Laboratories in Reno, Nevada for analysis.
Table 2: Grab sample results from samples collected from Yellow Circle underground workings.
|Sample ID||V (ppm)||V (%)||U (ppm)||U (%)|
It is estimated that there are in the order of 20 or more historic mine adits that have accessed both vanadium and uranium mineralization.
Alba is moving forward rapidly to verify and expand on the historic data. Currently, the verification drill holes have been staked and the locations are in the process of being submitted to the U. S. Bureau of Land Management to obtain drilling permits.
This transaction has been filed with the TSX Venture Exchange and qualifies as an expedited acquisition under Policy 5.3. The acquisition of Journey remains subject to TSX Venture Exchange approval.
The technical information contained in this news release has been reviewed and approved by Bradley C. Peek, MSc and Certified Professional Geologist, who is a Qualified Person with respect to the Torado Vanadium & Uranium Project as defined under National Instrument 43-101.
Huleatt, W. P. and Hazen, Scott W. Jr., 1946, Exploration of Vanadium Region of Western Colorado and Eastern Utah: U. S. Bureau of Mines Report of Investigations 3930.
About Alba Minerals Ltd.
Alba Minerals Ltd. is a Vancouver-based junior resource company with projects in North and South America. Alba is focused on the development of the following portfolio of interests:
3,800,000 common share ownership interest in Noram Ventures Inc., a lithium exploration and development Company whose principal property hoests a 146,000,000 inferred resource in Clayton Valley Nevada.
The Quiron II Lithium Property consists of 2,421 hectares of prospective lithium exploration in the Pocitos Salar, Province of Salta, Argentina. The Property is located approximately 12 km northeast from the Liberty One Lithium Corp and 19 km from Pure Energy Minerals Ltd.’s Pocitos prospects.
The Chascha Norte property consists of 2,843 hectares of prospective lithium exploration in the Southeastern part of the Salar de Arizaro, Salta, Argentina in closest vicinity to Argentina Lithium & Energy Corporation’s and Lithium X’s Arizaro lithium brine projects.
The Rainbow Canyon Gold Property consists of 417 hectares of prospective gold exploration in the Olinghouse mining district, in the Washoe County Nevada.
The Muddy Mountain property consists of 450.41 hectares of prospective lithium exploration in Muddy Mountains of Clark County, Nevada.
Please visit our web site for further information:www.albamineralsltd.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Chairman & Director
Phone: (604) 662-7902
This news release contains projections and forward - looking information that involve various risks and uncertainties regarding future events. Such forward - looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. The following are important factors that could cause the Company’s actual results to differ materially from those expressed or implied by such forward looking statements; the uncertainty of future profitability; and the uncertainty of access to additional capital. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from anticipated in such information. These and all subsequent written and oral forward- looking information are based on estimates and opinions of management on the dates they are made and expressed qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking information should circumstance or management's estimates or opinions change.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.