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Virginia Energy Resources Inc., a mineral exploration company, engages in the exploration and development of uranium deposits. Its principal property includes the
Coles Hill project comprising mineral rights of 2,960 hectares located in the northeast of Chatham, Virginia. The company is headquartered in Vancouver, Canada.



Virginia Energy Resources Inc.
675 West Hastings Street
Suite 611
Vancouver, BC V6B 1N2
Canada - Map
Phone: 604-669-4799
Fax: 604-669-2543
Website: http://www.virginiaenergyresources.com


VEGYF

Virginia Energy Resources Inc


PAL: Clarkson Capital Markets
 
  OTCQX International

Virginia Energy Resources Inc. (TSX.V: VUI; OTCQX: VEGYF)



 

Projects

Corporate Office
Virginia Energy Resources Inc owns 100% interest in the Coles Hill, Virginia uranium development project and the Otish Basin uranium exploration project in central Quebec.

Otish Coles Hill

The technical content of this website, www.virginiaenergyresources.com, has been approved by Michael S. Cathro, Virginia's Vice-President of Exploration and a Qualified Person under NI 43-101. 


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Coles Hill, Virginia (Uranium)




Coles Hill Site Map

Status: Development
Commodity: Uranium
Ownership: 100% ownership
Operator: Virginia Energy Resources Inc.
Location: 10 kilometres northeast of Chatham, Virginia, USA
Mineral Rights: 2960 hectares


Upcoming Investment Catalyst
Anticipate that the state of Virginia will consider lifting moratorium during winter 2013 legislative session.

Coles Hill Snapshot

  • World class uranium deposit
  • 133 million pounds contained uranium oxide(3) (119.6 million tons @ 0.056% eU3O8 , indicated resources)
  • Preliminary Economic Assessment (PEA) report(3) indicates attractive project economics:
    • Initial production of 2 million lbs per year
    • The PEA was based on a portion of the indicated resources of 32.9 million tons grading 0.098% eU3O8 (64.2 M lbs eU3O8 at a cutoff grade of 0.06%)
    • 30.4 m lbs inferred resource (36.3 million tons @ 0.042% eU3O8 at a 0.025% cutoff) -- Initial Cash Cost (years 1-10) $30.72/lb
    • NPV of US$427 M; IRR of 36.3% (at $64/lb)
    • An increase of US$5 per pound in uranium selling prices causes the project NPV to rise by US$110 M

Virginia Energy's most important asset is the 100% ownership in the Coles Hill uranium deposit(1) in southern Virginia, USA, which is the largest untapped uranium resource in the USA and one of the largest in the world. Virginia Energy's ownership in Coles Hill is held through its subsidiary, Virginia Uranium, Inc. VUI controls the mineral rights, surface rights, and leasehold development and operating rights on the Coles Hill property.

Coles Hill comprises two adjacent mineralized bodies with an NI 43-101 compliant, measured and indicated resource of 119.6 million tons grading 0.056% eU3O8 indicated resources, for a total of 133 million pounds eU3O8 according to a NI 43-101 Report of updated PEA and resource calculation by Lyntek Inc. and BRS Inc. filed September, 2012.

Coles Hill is located on gently rolling hills in Pittsylvania County, southern Virginia, in close proximity to roads, rail, gas pipeline, water, electricity, and skilled labor. Virginia is a leader in the nuclear industry, home to four high-performing nuclear power plants, commercial nuclear fuel production and engineering services, and significant naval nuclear infrastructure.

Between 1982-1983, a subsidiary of Union Carbide completed a feasibility study to put the deposit into production, but the project was shelved due to the drop in the price of uranium. At that time, a 5000 ton per day open pit mine and mill was envisioned. The project lay dormant until 2007 when Virginia Uranium, Inc. drilled 12 holes in 2007, to confirm the historic grades as part of the NI 43-101 technical report and resource calculation.The deposit was initially explored between 1980-1982, when Marline and Union Carbide drilled 210 holes (190,000 feet) to define the deposits. Norm Reynolds, past President and CEO of Virginia Energy Resources, was directly responsible for uranium exploration efforts in the Eastern United States which lead to the discovery of the Coles Hill Property in Virginia.

The potential for resource expansion exists along strike and at depth. Higher-grade zones near surface provide for many development options.

Coles Hill Long Section

Deposit Characteristics

Coles Hill Potential
  • Uranium discovered on fault line between Triassic basin and hard rock
  • Similar to Athabasca unconformity style deposits
  • Potential for resource expansion along strike, laterally and at depth
  • Consider adding open pits to enhance project economics

Opportunities highlighted by the PEA

  • Metallurgical studies for possible increase in recovery rates
  • Continue environmental baseline studies
  • More drilling to expand resources

Coles Hill Chart
Annual Operating Expenses

PEA study was conducted by Lyntek Inc. and BRS Inc., two independent engineering consultants:

  • Lyntek evaluated the ore metallurgy and conducted processing evaluation of acid and alkaline leaching options to select the preferable processing design
  • BRS was responsible for the mine design, as well as environmental and permitting considerations
  • $147 million of up front capital investment with 2.5 year pay back period (includes 25% contingency)
  • Avg annual projected revenue of $140 million @ $64/lb uranium selling price for years 1-20

Valuation Leverage to Uranium Prices

Valuation Leverage
  • At a uranium contract price of $64/lb and using a discount rate of 7%, the NPV of the Coles Hill project is more than $400 million
  • Price sensitivity: a $5 change in uranium selling prices impacts NPV by approximately $110 million

1 Uranium mining is currently under a moratorium in the State of Virginia, however we anticipate that the state of Virginia will consider lifting moratorium during winter 2013 legislative session.
2 The socio-economic study by the State of Virginia was based on the NI 43-101 PEA Report by Lyntek Inc. and BRS Inc. - filed Dec. 2010
3 Please see www.sedar.com for NI 43-101 Report of updated PEA and resource calculation by Lyntek Inc. and BRS Inc. - filed Sept. 2012



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Otish Basin Projects, Quebec


Virginia Energy Resources Inc. has an exploration program in the emerging Proterozoic Otish Basin located in central Quebec. The Virginia properties have numerous high-grade uranium prospects similar to the nearby Matoush deposit of Strateco Resources Inc. with 7.78 million pounds U3O8 in the indicated category, and 19.22 million pounds U3O8 in the inferred category (Reference: Strateco website), the Seru L zone (or Lavoie) deposit of Abitex/Soquem/Areva with 3.9 million pounds eU3O8 in the indicated category and 9.26 million pounds eU3O8 in the inferred category (Reference: Abitex website), and Cameco's South Otish (Camie River) property.

Virginia holds 100% interest in 9 properties including Beaver Lake, Otish West, Strategis, Lorenz, Marc-Andre, Trident, Cigare, Peribonca and Otish East.

Otish Property

Our work since 2007 has brought several targets to the drilling stage, including:

Lac du Castor: located on the Peribonka property, 5 km northeast of and on the same structure as the Seru L zone. Hole 2011-04 drilled by Virginia in 2011, intersected 9.0 m grading 0.10% U3O8 beginning at a depth of 75.8 metres, including higher grade intervals of 6.5 m grading 0.13% U3O8 or 3.0 m grading 0.188% U3O8. The mineralized zone occurs in a flat-lying sandstone unit beneath a gabbro sill, a similar setting to the L zone.

L-Zone Extensions: Little drilling has been done along strike to the east and west of the main Seru L zone, which is on a small Abitex claim block, completely surrounded by Virginia's Peribonka property. In 2011, a new boulder discovery was made 3.5 km along strike to the west of the Seru L zone. At the Blair boulder train, discovered in 2011, six angular sandstone boulders averaged 0.377% U3O8 and 1.71 g/t Au. The richest boulder assayed 1.31% U3O8 and 5.71 g/t Au. There has been no drilling in the area.

Lorenz Gully: This zone is located about 300 to 500 m from the unconformity on the northern basin margin. Drilling by Uranerz in 1978-78 cut narrow basement-hosted intersections such as 0.5 m grading 1.87% U3O8 and 3.0 m grading 1171 ppm U3O8. Stripping and prospecting by Virginia in 2009 extended the mineralized trend to an area of more than 900 m by 120 m. Grab samples on this trend range from about 0.1 to 1% U3O8. The mineralization occurs on a low ridge with minimal soil and moss cover. Additional stripping and channel sampling is recommended prior to drilling. There is potential here for both bulk-tonnage and high-grade mineralization.

Lac Tion: Two boulder trains contain small gabbro boulders grading up to 5.47% U3O8. A historic Winkie hole by Seru cut 1.5 m grading 0.555% U3O8 in gabbro, beginning at 4.75 m depth. 2009 work has defined new magnetic structures and soil anomalies for drill testing. The target is a high-grade Matoush-type structure.

Red-Green: A total of about 20 strongly altered, radioactive boulders up to 2 m in diameter are present on Virginia's Trident property. The boulders grade up to 0.83% U3O8and 3.3 g/t Au and are thought to be close to their bedrock source. Three holes holes were drilled in 2011 but were not successful in locating mineralization in place. Additional field studies are required to define new targets.

Marc-Andre: A Matoush-type gabbro dike has been traced for nearly four kilometres. At the Marc-André prospect, overburden stripping has exposed a 10 x 25 metre mineralized area along the faulted contact between gabbro and sandstone. The best 2008 channel sample cut 1.5 metres grading 0.146 % U3O8 and some samples were also anomalous in Au. Limited past drilling has cut weakly mineralized alteration beneath the trench and more drilling is warranted.

Access to the Virginia properties is currently by floatplane or helicopter, however, Quebec has announced a project to upgrade the existing Eastmain winter road to all-weather status. This road, to be called the Route 167 Extension, will provide access for several mining projects in the region and will pass within a few kilometres of Virginia's claims. Construction is underway.

Maps and Photos


  • L Zone Mag - Jan 20, 2011

  • L Zone Geo - Jan 20, 2011

  • L Zone VG

  • L Zone Geo Mar 3, 2010

  • Lorenz Gully Uranium Prospect

  • Péribonka Property, Otish Mountains, Québec Compilation Map with Magnetic Total Field
 

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Technical Reports

 
 
Update to Preliminary Economic Assessment Report for the Coles Hill Uranium Deposit Jul 25, 2012
Report
 
Preliminary Economic Assessment Report for the Coles Hill Uranium Deposit Dec 01, 2010
Report
 
NI 43-101 Technical Report for the Coles Hill Uranium Deposit Apr 29, 2009
Report
 


 



Financial Reports

 
The Virginia Energy web site displays its financial reports in PDF format. If you plan to read the documents off-line or print them for reference, it is advised that you download the PDF version of the document which can be read within Netscape and Internet Explorer by using the Acrobat Reader or saved to your hard drive. PDF format documents print as they appeared in the original document, and can be used on any computer platform or operating system.

Report Name Date Downloads
2012 Third Quarter Report Sep 30, 2012 FS   |   MD&A
Letter to Shareholders Sep 28, 2012 Share Letter   |   Letter Trans







VEGYF Security Details
Share Structure
Market Value1 $16,893,624 a/o Jan 10, 2013
Shares Outstanding 33,150,753 a/o Sep 27, 2012
Float Not Available
Authorized Shares Unlimited a/o Sep 27, 2012
Par Value Not Available
Shareholders
Shareholders of Record Not Available
Non US Stock Exchange Listing
VUI - TSX Venture Exchange - Qualified
Short Selling Data
Short Interest (%)
Significant Failures to Deliver No
Transfer Agent(s)
Computershare Trust Company of Canada Inc.


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#11   Five year update. Sell. willlbone 11/06/18 01:52:13 PM
#9   $VEGYF - Virginia Energy Provides Update Tommy 12/20/13 07:06:19 PM
#8   Steve Yuzpe and Maria Smirnova: Why Sprott Resource Tommy 12/17/13 07:23:31 PM
#7   $VEGYF - VUI.V - Virginia Keeps Ban on Tommy 02/01/13 08:35:41 AM
#6   Piggyback Qualified Anty_Jr 01/18/13 09:21:05 AM
#5   Mon Dec 31 to Fri Jan 4 down 8.74% Anty_Jr 01/05/13 02:07:55 PM
#4   Virginia Energy plans to raise $6m to advance Anty_Jr 01/03/13 08:06:55 AM
#3   Virginia Energy and Energy Fuels Announce Financing; Virginia Anty_Jr 12/29/12 12:57:27 PM
#2   Mon Dec 24 to Fri Dec 28 up 8.25% Anty_Jr 12/29/12 12:05:00 PM
#1   Virginia Energy and Energy Fuels Announce Financing Anty_Jr 12/29/12 12:02:20 PM
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