$URRE The Railroad Valley Project is located approximately 75 miles west of Ely, Nevada, and 100 miles east of Tonopah, Nevada. URI staff identified the Railroad Valley area as a potential lithium brine target in 2016, through literature reviews and publicly available geologic data. The area was then further investigated in 2016 and 2017 by URI staff, with over 45 sediment and 12 surface brine and spring samples collected within the basin. The results of this reconnaissance scale sampling yielded promising concentrations of lithium, including five sediment samples with lithium concentrations over 300ppm, and a maximum concentration of 366ppm. Based on the results of the reconnaissance scale sampling, coupled with geologic and hydrogeologic analysis of the basin, URI staff identified the most prospective area for acquisition through claim staking. The result was a 9,270 acre land position, controlled by URI through 467 federal placer mining claims along the western boundary of the basin, and south of Lockes Ponds.
In the Railroad Valley Project area, there appears to be a convergence of several factors favorable for lithium brine formation, including a deep, hydrologically closed basin covered by an evaporative playa, and adjacent Tertiary age felsic volcanic rocks of the Pancake Range that may be a source of lithium in the system. Previous oil exploration in the basin, adjacent to URI’s newly acquired land position, has penetrated significant thicknesses of evaporitic and ash-fall sediments, and has demonstrated the existence of a large geothermal anomaly underlying the entire basin. The geothermal anomaly is further evidenced by numerous hot springs on the west side of the basin, and adjacent to the project area, indicative of convective cycling within the local saline groundwater system. The numerous identifiable mechanisms for the potential concentration of lithium brines within the basin are highly promising, and create a compelling exploration target worthy of further investigation.
URI will integrate the Railroad Valley Project into the Company’s ongoing lithium exploration activities in Nevada and Utah. Initial studies planned for the project include additional surface sediment sampling, and acquisition of relevant geophysical data generated from both historical and current oil exploration within the basin for reinterpretation. Assuming the identification of appropriate targets, drilling may commence on the project before the end of 2017. http://www.uraniumresources.com/investors/news-releases/2017/06/20/uranium-resources-continues-lithium-business-expansion