American Uranium Company Limited (ASX: Arab Maghreb Union; OTCCP: Amoev) reported that it had acquired approximately 1,040 acres of new mineral rights at the company’s Lo Herma ISR uranium project located in Wyoming’s Powder River Basin. The company expanded its land position in the project through additional uranium mining rights and the acquisition of 29 new Bureau of Land Management (BLM) mining claims, covering approximately 490 acres.
The Company’s new uranium mining rights are located directly north and south adjacent to the Company’s existing operations, thus extending control over highly prospective portions of the Le Herma project. The mineral rights were secured under a special lease agreement granting uranium mining rights, under industry standard terms for uranium projects in Wyoming.
“The additional mineral rights and claims strengthen our position directly adjacent to Mining Units 2 and 3 and remove restrictions on land acquisition adjacent to existing resources,” said Bruce Lane, CEO of American Uranium. “Identified during previous resource modeling and based on existing data, these cuttings are expected to contribute to the next mineral resource upgrade and support further resource growth with drilling commencing in May.”
The Company recently completed a offering to institutional and development investors and announced an entitlement offering to eligible shareholders, providing financing for drilling development and technical studies at Lo Herma following a resource upgrade.
Lou Herma is American Uranium’s principal asset and is located in Wyoming, the most established uranium ISR jurisdiction in the United States. On the basis of resource containment and development readiness, the project is increasingly comparable to satellite ISR projects in the region such as Ur-Energy’s Shirley Basin and Uranium Energy Corp’s Ludeman, which were developed within coaxial ISR frameworks. The company also has additional potential ISR assets in Wyoming’s Big Divide Basin and conventional uranium/vanadium assets in the Henry Mountains brownfields in Utah.
