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Universal Uranium Ltd. has negotiated an agreement to explore and develop the Lisbon Valley Property. The Lisbon Valley was home to 16 previous producing uranium mines. Most of these previous mines lie southwest of the Lisbon Valley Fault with the exception of one, the Lisbon Mine.
In 1972, Rio Algom discovered a mineralized zone and subsequently developed the Lisbon Mine on the northeast side of the Lisbon Fault. The discovery of this zone demonstrated the presence of uranium mineralization on the east side of the Fault. This side of the Fault is virtually unexplored and is the target of Universal's exploration program.
Universal's property extends from the southern edge of the Lisbon Mine for a distance greater than six miles to the southeast. The potential to discover a large deposit similar to those discovered since 1952, with its proximity to the Mi Vida Mine and in the heart of the prolific uranium mining district of Lisbon Valley, is considered excellent.
Universal has recently completed 20 reverse circulation holes of a 30 hole-drill program. Of the 20 holes that have been drilled thus far 11 have intersected uranium mineralization and have encountered the same sandstone units that hosted the past producing Mi Vida deposit and several other comparable deposits. As a result of these holes it has been determined that there is the potential for an ore belt of great magnitude to underlie the property.
The Lisbon Valley Property is located in San Juan County, southeastern Utah. This area, known as the Four Corners, was the center of the uranium mining industry in the United States and the home of the famed Mi Vida Mine. The Mi Vida Mine was discovered by "Uranium King", Charles A. Steen, in 1952. The discovery of the Mi Vida sparked an exploration boom, which led to the discovery and subsequent development of a number of other mines producing a total of 103,223,000 lbs of uranium. This figure represents more than 80 per cent of the uranium produced in the State of Utah.
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Lisbon Valley Property |
| COMPARISON BETWEEN-IKE NIXON AND UNIVERSAL DRILLING |
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