21st Nov 2006 09:05
Vane Minerals PLC21 November 2006 The following announcement replaces RNS 4001M. The link to the Company's websiteis now live. 21st November 2006 VANE Minerals Plc (AIM: VML) Guadalcazar and Uranium Portfolio Update VANE Minerals Plc ("VANE" or "the Company") today announces that the analyticalresults for the recent seven-hole programme, GZR 06-13 to 06-19, at Guadalcazar,Mexico, have been received and interpreted. These results reconfirm the highlyanomalous concentrations of gold and silver throughout the hydrothermal systemthat occupies an area 6km by 2km in the Guadalcazar Basin. Tabulation of theresults can be viewed on the VANE website: http://www.vaneminerals.com/?page=PressSingle&itemId=161 The results of recent drilling represent a measurable improvement from thosepreviously reported following the 2005 drill programme. However, furtherdrilling is required in order to define economically viable mineralisation. It is the opinion of the VANE Board that the system constitutes an explorationtarget worthy of considerable additional explorative drilling. However, theexact genesis of the gold and silver found at the deposit remains only partiallyunderstood. In view of the commitment necessary to test thoroughly the extensivetarget, the VANE Board believes that this additional exploration should beundertaken via a joint venture with another precious metals exploration company.VANE is currently approaching several companies in this regard. VANE has agreed with the Guadalcazar property owner that all property paymentswill be temporarily suspended during the time required to set in place asuitable joint venture arrangement. This strategy will ensure that VANE's resources can be focused towards fundingthe drilling on the Company's portfolio of uranium projects in the south-westernregion of the United States. Following the recently announced receipt ofdrilling permits, drilling at the Miller and Red Dike breccia pipes in Arizonais expected to commence, weather-permitting, in early December, with a furtherprogramme to commence on the North Wash project in south-eastern Utah in midDecember. VANE has deep hole drill data on the five deep holes drilled on the Miller pipeby Energy Fuels Nuclear Inc. in 1986, before drilling ceased due to thedeteriorating uranium market. Four of the five holes intersected uraniummineralization at depth. Key intercepts included: - Hole Number 1640-5 contained a mineralized zone of 26.5 feet averaging 0.51%U3O8 starting at a depth of 1,269 feet, with grades up to 1.47% U3O8. - Hole Number 1640-3 contains a mineralized zone of 25 feet averaging 0.34%U3O8, starting at 1,260.5 feet, with grades up to 1.78% U3O8. Within thisinterval is a 10-foot zone that averages 0.57% U3O8. The Red Dike project has had historic shallow drilling which has confirmed the 'breccia pipe' status and VANE is planning to deep drill this pipe to test formineralisation. Michael Spriggs, Chairman of VANE Minerals, said: "It is our intention to carryout further exploration of Guadalcazar with a joint venture partner as we feelthis is this is the best way to optimise VANE's resources. Guadalcazar is amajor project in terms of its size and potential and we believe that workingwith a joint venture partner is prudent and appropriate at this time. Oururanium portfolio has grown dramatically over the last 12 months at a time whenthe uranium market has continued to go from strength to strength. Our strategyfor the development of Guadalcazar will therefore enable management andfinancial resources to focus on the fast track of our uranium assets and ourfirst drilling programmes begin imminently." Clark Arnold, PhD Geology, who is Director of Geology for VANE Minerals and whomeets the criteria of a qualified person under the AIM Guidance Note for Mining,Oil and Gas Companies, March 2006 has reviewed and approved the technicalinformation contained within this announcement. About VANE Minerals: VANE Minerals was founded by the former international exploration team ofFreeport McMoRan Copper & Gold Inc., one of the world's largest producers ofcopper and gold. The team negotiated exclusive access to Freeport-McMoRan'sglobal exploration database, made up of 7,000 plus files generated over nearly100 years of exploration and, following the review of these files, VANE isideally placed to capitalise on project acquisition opportunities. The Companyhas assembled a highly qualified and experienced management team with a proventrack record in exploration and development, who have spent their entire careerssearching for and defining large scale mineral deposits. The Company is using the revenue generated by the Diablito mine to help fundexploration work across its attractive portfolio of uranium, gold, silver, andcopper projects in the US, Mexico and Paraguay . For further information, please review: www.vaneminerals.com. Enquiries: VANE Minerals Plc Ambrian Partners LimitedMatthew Idiens Richard Brown+44 (0) 20 7667 6322 +44 (0) 20 7776 6417 Parkgreen Communications Daniel Stewart & CoCathy Malins / Annabel Leather Dan Willmott+44 (0) 20 7493 3713 +44 (0)20 7776 6550 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Rosebank