Crosshair Exploration & Mining has started a drilling program at both the CMB Joint Venture (CMB JV) uranium project and CMB uranium-vanadium project, which is situated in Canada.
This CMB joint venture is formed with Silver Spruce Resources in which Crosshair has 63% ownership interest and Silver Spruce has 37%.
Besides 8,500 m of drilling, this 2011 program will include sampling, trenching and prospecting. The program’s objective is to increase the present vanadium and uranium resources and to examine new uranium targets defined during the exploration programs conducted in 2009 and 2010. Crosshair expects that the completion of the program will take three months and cost around $3.8 M.
The CEO and President of the company, has stated that the work has described some encouraging targets in the past years for drilling.
The CMB Project includes a NI 43-101 uranium resource estimate having indicated resource as 6.92 MT that grades 0.034% U3O8 and a further uranium resource of inferred resource as 8.17 MT that grades 0.032% U3O8. Moreover, it has NI 43-101 indicated vanadium resource measuring 42.8 M lbs and an additional inferred vanadium resource which measuring 93.6 M lbs.
The CMB JV Project contains an indicated NI 43-101 uranium resource of 2.33 M lbs and a further inferred uranium resource of 3.73 M lbs. Both the zones stay open to depth and along the strike.
Source: http://www.crosshairexploration.com/