Fischer-Watt Presentation, April 2010
Wyoming, South Dakota & Arizona
U.S. uranium exploration properties - 100% interest
Fischer-Watt has recently acquired a package of uranium exploration properties, covering over 55,000 acres, located in Wyoming, South Dakota and Arizona from Tournigan Energy Ltd [TSX-V:TVC].
The South Dakota and Wyoming properties are situated in close proximity to each other along the border between the states.
Basic surveys have been completed on much of the ground and drilling has been carried out in selected areas of the Wyoming and Arizona claims bringing these areas to a more advanced stage of exploration. Over the past two years more than $7 million has been spent on the properties.
Wyoming
Fischer-Watt’s uranium claim groups are located in the Shirley Basin, Great Divide Basin and Green River Basin Uranium Districts of Wyoming where mines have historically produced approximately 200 million lbs of uranium oxide [U3O8].
The area most advanced to date is in the Cyclone Rim of the Great Divide Basin of south-central Wyoming where a uranium bearing roll-front has been identified over a distance of about 25 miles. This style of deposit is often amenable to low-cost and environmentally friendly in-situ recovery methods where the uranium is dissolved out of the rock with leachwater being injected into the formation through a series of wells. Fischer-Watt’s properties consist of 1,571 claims on 32,457 acres and 879 acres on three leases that are close to former producing mines or in-situ recovery (ISR) uranium operations with similar roll-front type deposits.
Between August 2007 and October 2007 Tournigan completed its first phase uranium exploration program consisting of 49 drill holes totaling 6,692 metres on the UT claims in the Cyclone Rim area of the Western Great Divide Basin. In January 2008, the company announced that uranium mineralization had been encountered in 15 of the 49 rotary holes.
Highlights from the gamma log radiometric readings of these 15 holes include:
- UT-008 with 0.076% eU308* over 3.1 metres (10 ft)
- UT-020 with 0.050% eU308 over 3.4 metres (11 ft)
- UT-044 with 0.067% eU308 over 3.1 metres (10 ft)
(*eU308: radiometric equivalent of uranium content)
Tournigan drilled the 49 holes on 122 metre (400 foot) centers. Management believes the mineralized intercepts represent portions of at least two shallow roll fronts which may be extractable by surface mining or by in-situ recovery (ISR) methods. Additionally, Tournigan drilled seven core holes in order to twin holes containing the most significant mineralization in the UT claims for analysis.
On another group of claims in the Cyclone Rim, known as the CR Trend, Tournigan began in late 2007 an 8,000 metre drill hole program. The company has targeted its drilling along nine fences of holes on the CR Trend claims to test for additional uranium mineralization along a 40 kilometre roll front trend contained in these claims.
Each fence is approximately 4,500 metres apart with vertical drill holes spaced approximately 122 metres apart along each fence. On February 8, 2008 Tournigan released radiometric data from the first phase 6,605 metres of drilling in 34 drill holes. The company was highly encouraged by results from two of the holes along the second fence and from two holes along the ninth fence, which is located approximately 32 kilometres further east.
Highlights included:
- CR-14 with 0.059 % eU3O8 over 8 metres (26 ft)
- CR-10 with 0.016 % eU3O8 over 5.5 metres (18 ft)
Arizona
Over 16,000 acres of ground are held by Fischer-Watt in federal claims and State leases in Northern Arizona. The majority of these are in the historic “Arizona Strip” uranium district in an area extending up to 40 miles south and southeast of St. George, Utah. The remainder of the leases are located in north-central Arizona, south of the Grand Canyon. In these areas, uranium mineralization is hosted in breccia pipes that were formed by the collapse of overlying strata into cavities dissolved out of the underlying limestone. These created roughly cylindrical, near vertical columns of broken rock where uranium was deposited at certain horizons by the action of percolating ground waters through the rock. About 15 of these pipes have been mined since 1980 and over 20 million pounds of uranium oxide have been produced. The ores in these pipes have historically averaged about 0.66% U3O8 [approximately 13 pounds of uranium oxide per ton of rock] making them the highest-grade ores in the United States. From geological, geochemical and geophysical surveys, Fischer-Watt has already identified about 80 collapse features of which over 20 have been given a high priority.
