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Endeavor Explorations, Inc. (EAVR.OB) Gets Returns at St. Michael
Endeavor Explorations, Inc., the uranium exploration company, has moved into the next phase of its strategy to capitalize on the growing interest in nuclear energy. As more and more pressure is brought to bear on fossil fuels, nuclear energy is seen as one of the proven replacements. In spite of stiff government regulations, and associated high costs, nuclear power plants are being planned and under construction all over the world.
As a result, the demand for uranium appears to have a very solid future, reflected in the dramatic increase in uranium prices over the past 10 years. Endeavor Explorations made a strategic move early last year when it obtained mineral rights to eight claims in the Uranium City area of northwest Saskatchewan. The claims are on the edge of the Athabasca Basin, historically one of the richest uranium sites on the planet. And these are not just shot-in-the-dark claims. Some of the sites were active uranium mines, which were shut down when the uranium market collapsed.
The next step for Endeavor is to explore and evaluate the claim areas to determine the most productive approach, which is what it is doing with one of those previously productive sites, the St. Michael Uranium Mine. Back in the mid 1950s, St. Michael Uranium Mines Ltd. acquired ownership of the area, and soon began to obtain encouraging surface results. After dropping some initial shafts, the company ran out of money and was incorporated by Cadamet Mines Ltd. Ultimately, about 250 tons of ore, all graded a healthy .15% U308, was shipped and processed.
Endeavor is now ready to pick up where past exploration left off. Diamond drilling has already been completed over various radioactive zones in the area, and 33 intersections have returned an average value of 0.4% U3O8 over 1.55 ft (0.47 m).
