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 which has seen extensive prospecting, exploration, drilling for and production of vanadium, uranium and radium since 1881.
The following is an overview of the assets that will be acquired by Alba upon completion of the transaction with Journey.
La Sal West Property
The La Sal West Property is comprised of 176 vanadium and uranium claims (3636.16 acres or 1472 hectares) located in the La Sal District of San Juan County, Utah approximately 20 miles (32km) southeast of Moab, Utah. The property is near the junction of US Highway 191 and Utah Highway 46 and can be easily accessed via dirt roads and 4-wheel drive trails leading off the highways. The La Sal West Property has seen considerable exploration and development over the years.
The Lyons Property is comprised of 144 vanadium and uranium claims (2975.04 acres or (1204 hectares) located in the La Sal Creek Mining District of Montrose County, Colorado and abuts the Utah-Colorado border. The claims are adjacent to Colorado Highway 90, which is an extension of Utah Highway 46. The property is accessible by 4-wheel drives off the highway. Nine mines are shown within the Lyons claim block on the geologic map of the La Sal Quadrangle*.
Polar Mesa Property
The Polar Mesa Property is comprised of 181 vanadium and uranium claims (3,739.46 acres or 1513 hectares) located in the Gateway West Mining District of Grand County, Utah which lie north of the La Sal mountains. The Polar Mesa Property has seen extensive exploration and development over the years, of which, the estimated production from the Polar Mesa Camp to 1945 was reported to be 10,060 tons of ore at an estimated grade of 3.24% V2O5 and 0.46% U3O8 for a ratio of 1:7 of U3O8 to V2O5**.
Slick Rock Property
The Slick Rock Property is comprised of 158 vanadium and uranium claims (2604.28 acres or 1054 hectares) located in the Slick Rock Mining District of San Miguel County, Colorado. The claims occupy an area of undulating topography on a mesa that is covered in the most part by open grassy areas and scattered short scrubby trees. Elevation ranges from 7,000ft in the north to 8,080ft (2,130m – 2,460m) in the south eastern corner of the claim group. The area is readily accessible by roads, tracks and drill trails established by previous miners and explorers of the Spud Patch Group of Mines. Production from the Spud Patch area between 1940 and 1951 is reported to have been 24,000 tons at a grade of 2.2% V2O5 and 0.21% U3O8.
Yellow Circle Property
The Yellow Circle Property is comprised of 96 vanadium and uranium claims (2045.34 acres or 828 hectares) located in the Yellow Circle Mining District of San Juan County, Utah. Total production from the Yellow Circle Property is unknown, but in 1943 the mines were credited with 1,624 tons of ore averaging 1.65% V2O5***. During the Atomic Energy Commission’s purchase program, 1948-70 inclusive, the Yellow Circle Mines produced 43,070 tons of ore that averaged 0.28% U3O8 and 1.52% V2O5****.
Together, the properties total 762 mining claims covering approximately 15,697 acres (6352 hectares). All five of the properties have undergone historical exploration, development and/or production of vanadium and uranium.
These five properties are collectively referred to as the Torado Vanadium & Uranium Project. which are located in the vicinity of Energy Fuels Inc. Energy Fuels is currently producing a high-purity vanadium product at commercial rates from the tailings pond solutions at its 100%-owned White Mesa Mill (the “Mill”). The Mill is located within trucking distance of the Properties. Furthermore, Energy Fuels is currently considering going back into full production at the La Sal Complex where they are undergoing a test-mining program to recover vanadium, as further detailed in their release dated April 1, 2019 and available through SEDAR.
“Alba’s mission to become a global player in the Green Energy revolution has been significantly advanced by this acquisition. The procurement of this high-profile portfolio of properties, all with historical workings, mines, excellent infrastructure and significant data is exceedingly rare and makes Alba a major force in the vanadium/uranium exploration, development and production space in Utah and Colorado. This acquisition complements Alba’s existing portfolio of lithium properties as well as our significant investment in Noram’s 143 million ton lithium resource in Clayton Valley, Nevada” stated Sandy MacDougall, Chairman and Director.
Journey is presently comprised of 32,000,000 shares issued and outstanding. Pursuant to the share exchange agreement dated May 6, 2019, Alba will acquire all of the issued and outstanding shares of Journey, thereby making Journey its wholly owned subsidiary, in consideration for which, Alba will issue the equivalent number of shares of Alba to the shareholders of Journey, subject to TSX Venture Exchange approval
This transaction remains subject to TSX Venture Exchange approval.
*Carter and Gualtieri, 1965 ** Atomic Energy Commission, 1951 *** Huleatt, et al. 1946 **** Chenowith 1983
Figure 4.- example of historic cart tracks inside mines.
Figure 5 – example of infrastructure & workings inside mines
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