Red Basin Uranium/Vanadium Project
Property Description and Location
The Red Basin property is located in Catron County, New Mexico, United States of America. The property is located approximately 15 miles northeast of Pie Town, New Mexico, approximately 80 miles eastnortheast of Springerville, Arizona and approximately 85 miles southwest of Albuquerque, New Mexico.
A region of significant historical uranium exploration. Previous studies have estimated a resource at the property between 1.6 and 6.5 million pounds U3O8 (DOE, 1980; RGR, 2012). Recommendations for exploration work are made in this report and are designed to provide additional geologic information and assay data needed for resource calculation.
The Red Basin Uranium/Vanadium Project area has significant previous exploration history. Exploration and minor production at the project area began in the 1950s with an unknown entity producing 1,194 pounds of U3O8 from ore with an average grade of 0.17% U3O8 (McLemore & Chenoweth, 2017). Figure 5 shows a 1950s era headframe with a late 1960s to early 1980s era Gulf Oil Corporation drill hole in the foreground. Gulf Oil drilled over 1,000 drill holes on the property in the 1970s. Prosperity is attempting to acquire the relevant drill hole logs