Vane Minerals
| Type | Public limited company |
|---|---|
| Industry | Mining |
| Trades as | LSE:VML |
| Founded | 2002 [1] |
| Website | www.vaneminerals.com |
Vane Minerals mineral exploration and development company with a current portfolio of interests in the United States focused on copper porphyry discovery, uranium exploration, and gold and silver production in Mexico. [1]
Contents |
News
- Vane Minerals Closes Down Diablito Mine - 6th February 2012
Copper Exploration
Porphyry copper exploration with targets located in southern Arizona and south west New Mexico.
Current Progress
| Site | Location | Status | Results | |
|---|---|---|---|---|
| Yuma King | Arizona | Drilled | Negative | |
| Granite Gap | New Mexico | Drilled | Negative | |
| Peg Leg | Arizona | Permit Granted | Negative | |
| McGhee Peak | New Mexico | Diamond Drill Permitting | In progress |
|
| Railroad | New Mexico | Drilling | In progress | |
| Lone Hills | New Mexico | Permit Granted | 2012 | |
| Cherry Creek | New Mexico | Permitting | 2013 | |
| Bouse | Arizona | Permitting | 2012 |
Additional targets are also in the pipeline, with plans to drill one target per quarter.
Uranium Exploration
Uranium exploration and development with projects in northern Arizona and Utah.
Projects
- Arizona Strip Breccia Pipes
- 124 State Land Projects
- Two lead properties are Wate and Rose
- Wate - 1.118m lbs eU3O8 (NI43-101 compliant)
- First pipe progressed to development stage.
- Scoping study is ongoing (6 mo).
- U-1 has applied for a mining license (6-12 mo).
- Rose, Drilling ongoing with the aim of establishing a compliant resource.
- Wate - 1.118m lbs eU3O8 (NI43-101 compliant)
- Utah Strata-bound Projects
- Happy Jack Mine - 160,000 lbs eU3O8 (non-NI43-101 compliant).
- North Wash - 150,000 lbs eU3O8 and 750,000 lbs V2O5 (non-NI43-101 compliant).
- North La Sal - a 320-acre mineral lease.
Wate Breccia Pipe
Wate is the first breccia pipe moved into the development stage with partners Uranium One. The inferred resource consists of 1.118M lbs eU3O8 contained in 71,000 tons averaging 0.79% eU3O8. This was independently validated by SRK Consulting Inc. The Wate Pipe could advance rapidly from resource estimate to underground exploration and development planning within a six-to-twelve month period without further confirmation drilling.
The next stage would involve a Phase I program of a scoping study and preliminary economic assessment NI 43-101 technical report, in a 4 to 6 month period at an estimated cost of US$200,000. A Phase II program, contingent upon positive results from Phase I, would be the development of a 1500 ft exploration shaft, several sub-levels for drill stations, underground exploration drilling, surface facilities to support the underground efforts and a pre-feasibility level study, for a total cost of Phase II work of $27.8 million over an 18 to 24 month period.
Rose Breccia Pipe
The Company has completed three deep holes on the project indicating very encouraging results. Two of the three holes completed encountered +1% grade uranium mineralisation confirming previous historic drilling results at those grades. However, Hole 11-R-2 encountered an interval with a radiometric grade average of 16.45% eU3O8 with a maximum of 47.88% eU3O8, which is a substantially higher radiometric grade than had previously been encountered on any of the VANE breccia pipe projects.
The drill hole results, combined with data from previous drilling indicates that the pipe centre is easterly from all holes drilled to date. The +1% eU3O8 intervals in holes 11-R-2 and 11-R-3 are at the same depth (+/-1435ft) and approximately 60ft apart horizontally. Additionally, the current drilling verifies +1% eU3O8 mineralisation over a horizontal distance of 100ft and a vertical extent of 250ft when incorporating historic drilling. The vertical extent of mineralisation at grades 0.05% eU3O8 and higher has been increased to over 700ft. The mineralised intervals have been encountered over significant distances that, if continuous, would be sufficient to develop economic resources. Additional drilling is required to prove the continuity of the ore-grade mineralisation to establish NI43-101 compliant resources. The drilling programme is continuing with a view to establishing a resource.
Uranium One 50/50 Joint-Venture
"Under the terms of the agreement with U1, VANE will manage the exploration of the Rose project and all expenditures will be shared equally with U1. Upon outlining a 1.0 million pounds eU3O8 NI43-101-compliant resource, VANE will make a cash payment of US$250,000 to U1. U1 will then assume management of the project and upon securing a mineral lease from the State of Arizona, VANE will make a final payment of US$250,000 to U1 in order to acquire a 50% interest in the Rose Project. The Rose Project is operated separately from the existing VANE-U1 joint venture. "
Gold and Silver
Income from Au and Ag production in Mexico helps finance exploration activities.
Gold/Silver Production
- Total production for Q4 – 1,352 oz. Au and 19,410 oz. Ag at a direct production cost of $585/equiv. oz. Au; or $10.8/equiv. oz. Ag
- 100 T/day mill and flotation plant
- Own 200 T/day ball mill
- Cyanide leach facility including Merrill Crowe plant
Rosario Joint Venture Terms
- 80/20 profit split until 150% Cap-ex recovered
- 60/40 profit split post return of capital
- Targeted production 2,500 T/m @ avg. grade 6 g/T Au, 100 g/T Ag
- La Colorada/Saltito 6 g/T Au, 100 g/T Ag
- Valenzuela 6.7 g/T Au, 100 g/T Ag
- Diablito – 3,200T high grade ore
Directors
- The Right Honourable Sir Richard Needham - Chairman
- David Newton - Chief Executive Officer & Director, Vane Minerals (UK)Ltd.
- Steven Van Nort - Director, Vane Minerals PLC, Vane Minerals (UK) Ltd., AVEN Associates LLC, Minerales VANE SA de CV
- L. Clark Arnold - Director, Geology, Vane Minerals PLC, Vane Minerals (UK) Ltd., AVEN Associates LLC, Minerales VANE SA de CV
- Kristopher Hefton - Director, VANE Minerals (US) LLC, Vane Minerals PLC
- Matthew Idiens - Commercial Director, Vane Minerals PLC, Vane Minerals (UK) Ltd. & Director, Minerales VANE SA de CV
- Luis Francisco Agosttini - Director, Minerales VANE SA de CV
