Running Fox Resources- New Mexico Uranium
Steven Schurman, CEO, Professional Geologist (US) reports:
Running Fox Resources is pleased to report that it has acquired 2,880 acres by staking lode mining claims covering extensive uranium mineralization in New Mexico, USA. Prior to the collapse of uranium prices in the early 1980’s, exploration and development drilling by a number of major mining companies identified a series of shallow uranium and vanadium deposits covered by the area acquired by Running Fox.
Based on discussions and detailed analysis with the geologist who managed several of those drill programs, and on over 150 drill holes, it is believed that the land that Running Fox has acquired may contain several million pounds of uranium and up to 8 million pounds of vanadium (this is non National Policy 43-101 compliant and is not to be relied on). Additionally, he has indicated that published chemical assays were taken from surface rock samples located within 500 feet of the existing Running Fox claims that assayed as high as 2.31% uranium and 1.64% vanadium.
Chemical assays of drill cuttings in the same area varied up to 1.05% uranium and also contained vanadium. Some of the uranium mineralization encountered in these drill holes is near the surface.
Running Fox will compile all available geological and drill data and be commissioning a 43-101 report from the qualified geologist, and will continue to study the area surrounding this acquisition, acquireing additional property as warranted.
This Project has been joint ventured for up to a 50% interest with Strategic Resources.
Diamond Drilling On Running Fox New Mexico Uranium Project
Running Fox has been notified of the diamond drilling permit applications filed by its Joint Venture partner who is earning an interest in Running Fox's New Mexico Uranium Project located in the United States.
The partner is earning up to a 50% interest by expending $600,000 U.S. in exploration and drilling, and by paying Running Fox up to 3.5 million shares (1.5 million shares having been received to date)
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