Feb 8 2011
American Energy Fields, Inc. (OTCBB:AEFI) has announced that it has located 35 lode mining claims in the Aquarius Mountains Mining District in Mohave County, Arizona, a region noted for uranium and rare earth metals.
Additionally, the property lies within the Date Creek Basin, a region that reportedly contains an estimated 1.2 billion tons of U3O8, also home to the Company's Artillery Peak project. The region, including and surrounding the Waldren Mine was targeted by the USGS NURE program as being an area of uranium and thorium mineral occurrence.
The claims include the site of the past-producing Catherine and Michael claims, from which uranium was shipped. The claims also include the past-producing Waldren Mining Co. Rare Earth Metals Mine. Mineralization at the Waldren Mine occurs in pegmatite dikes yielding uranium, beryllium, rare earth metals, bismuth, niobium, tantalum, garnet, feldspar, and mica. The USGS reports that 7-8 tons of yttrotantallite ore were produced from the mine, in addition to small amounts of monazite and gadolinite.
The Company plans to conduct an initial phase of exploration within the next thirty days, including geologic mapping, a grid radon survey, and surface sampling.
Company President and CEO Joshua Bleak stated, "This uranium and rare earth deposit is a significant acquisition in building a significant uranium property portfolio, especially considering its proximity to our Artillery Peak project. Additionally, the rare earth metals in the deposit have the potential to add significant value to this property. We look forward to implement our exploration program to identify and define a uranium and rare earth resource on this property."
Source: American Energy Fields, Inc.