Uravan

Utah & Colorado

Highlights

• The historic Uravan area of Colorado and Utah has provided uranium and vanadium for the Unites States for many decades.
• Fermi has located and staked unpatented mining claims in and around historic mines, as well as on extensions of known ore channels.
• Fermi has also acquired a mineral lease on the Pitchfork Mine, a past-producing mine in the Uravan Belt.

Location and Description

The Uravan Project consists of 12 widespread mining claim blocks over westernmost Montrose and San Miguel Counties in Colorado’s Uravan Mineral Belt and easternmost San Juan County in Utah’s Lisbon Valley Mineral Belt.  The project is spread throughout 40 miles north-south and  25 miles in an east-west orientation, approximately 220 miles southwest of Denver, Colorado, and 350 miles southeast of Salt Lake City Utah.

Radioactive mineralization contained in Uranium and Vanadium deposits, within the Uravan Mineral Belt, was discovered in the late 1800’s. In the early 1900’s, Madame Curie lived and worked for a time at a location within the eastern portion of Paradox Valley. Her experiments with radium and the development of her understanding of radioactivity were possible because of the available resources found in this area.

Sporadic mining continued during the early 1900’s. Vanadium ores were mined and processed in the 1930’s, used to form alloys of steel and iron. Union Carbide Nuclear Corporation explored and mined deposits in the Uravan Mineral Belt from the 1950’s to the 1980’s.

A report by William L. Chenoweth, “The Uranium-Vanadium Deposits of the Uravan Mineral Belt and Adjacent Area, Colorado and Utah,” published in the New Mexico Geological Society Guidebook, 32^nd Field Conference, 1981, describes the above in detail.  This report can be made available upon request.

Geology and Resource Potential

The Salt Wash members of the Morrison formation, Jurassic age, are the host-rocks of the uranium-vanadium mineralization in the Uravan Mineral Belt. The Salt Wash members are defined as fluvial paleo-channels derived from the erosion of highland areas in south-central Utah. Significant carbonaceous material was present within these units that allowed for the precipitation of uranium and vanadium minerals, in part, on coalified plant remains.

The Company has a compilation of numerous technical reports, data, and resource estimates. In addition, there is readily available published information such as data, reports and maps, including considerable compilation of mining, exploration and development by the Department of Energy (DOE) offices in Grand Junction, Colorado.

Claims

The Company maintains 177 unpatented mining claims for the Uravan Project:

1. Brush (14)
2. Dox (12)
3. Saw (8)
4. Fawn (10)
5. CM (10)
6. Gyp2 (23)
7. HRM (8)
8. Slick (20)
9. Thief (14)
10. La Sal (21)
11. Buck (37)

*See also the Uravan Pitchfork Mine.