Further Updates from Uranium Exploration Programme, USA
Uravan Uranium-Vanadium Exploration Update, Colorado
Phase 1 exploration advances at Uravan Uranium-Vanadium Project, Colorado, with expanded survey coverage and geochemical sampling
Metals One Plc (AIM: MET1), a minerals exploration and development company, is pleased to provide a further update on Phase 1 exploration activities at the Uravan Uranium-Vanadium Project in Colorado (“Uravan” or the “Project”) which were initiated in May 2025.
As previously announced, the Company has begun exploration work in anticipation of completion of the acquisition of Uravan, including award of the 10-year exploration leases, and will make a further announcement at that point. Completion of the acquisition remains subject to various conditions as outlined in the 24 April 2025 announcement.
Highlights
· Expanded Phase 1 exploration programme now includes over 30km of geophysical grid surveying
· Mapping, sampling and analysis (as announced on 4 June 2025) is continuing across historical workings, adits, and surface anomalies
· Historical data analysed reveals uranium potential in both the Morrison and Chinle Formations at the Project (as indicated in the 4 June 2025 announcement)
· Rock samples have now been sent for analysis to certified labs in Nevada
The Phase 1 exploration programme at Uravan has been significantly expanded to incorporate a wider review area, extending from an initial one-mile radius to three miles. This expansion is based on digital datasets from the U.S. Geological Survey (“USGS”) and other archived exploration data accessed through the USGS Library in Colorado. As previously announced, the target formations, primarily the Morrison Formation, are known to host uranium-vanadium mineralisation within the Uravan Mineral Belt – the most productive uranium district in U.S. history. This exploration programme follows a similar approach to that at Squaw Creek noting the Company has engaged the same exploration consultants on both projects.
Technical activities underway
The ground-based geophysical survey utilising a Radiation Solutions RS-125 spectral scintillometer that was initiated in June is in progress across the current claim block and surrounding areas. To date, approximately 30km of grid lines have been completed, with further lines planned as part of a regional expansion strategy.
Additional Phase 1 work includes:
· Reconnaissance prospecting
· Detailed geological mapping of historic and structural features (adits, faults, joint sets, pits)
· Surface sampling of mine dumps and outcrops
· Relocation and documentation of historical exploration features
Select grab samples, guided by mineralogy and radiometric anomalies, have now been submitted to American Assay Laboratories in Sparks, Nevada, for uranium and vanadium analysis.
Potential for deeper uranium mineralisation
As previously announced on 4 June 2025, in addition to mineralisation in the Morrison Formation, historical USGS data suggests a potential second target within the Chinle Formation, located approximately 1,200 feet below surface. The Chinle Formation is recognised across the Colorado Plateau as a prolific uranium host and will be investigated further in future exploration phases.
Uravan setting
Uravan consists of 59 claims (~490 ha) near the historic Buckhorn Mine, in the renowned Uravan Mineral Belt, historically the most productive uranium-vanadium mining district in the U.S. Previous surface sampling returned exceptionally high uranium grades, including assays up to 22,280 ppm uranium (2.23% U₃O₈) and significant vanadium values.
Next steps
The Phase 1 programme is designed to validate historical data and provide a modern geologic and geophysical baseline ahead of a potential Phase 2 drilling programme later in 2025. Further updates will be provided as results are received and compiled.
Figure 1: Illustrative regional map showing Project
Enquiries:
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Metals One Plc Jonathan Owen, Chief Executive Officer Craig Moulton, Chairman |
