U3O8 Corp. Stakes the Old La Niquelina Uranium-Cobalt-Nickel Mine.
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Press release
U3O8 Corp. Stakes the Old La Niquelina Uranium-Cobalt-Nickel Mine.
Toronto, Ontario – March 30, 2017 – U3O8 Corp. (TSX: UWE), (OTCQB: UWEFF) (“U3O8 Corp.” or the
“Company”) announces that it has staked the old La Niquelina Mine, a past small producer of uranium,
cobalt and nickel, in Salta Province, Argentina.
“The staking of an area of known uranium mineralization represents a first step in expanding our portfolio
of targets that we believe to have potential for mineraliz ation that can be extracted at low cost,” said Dr
Richard Spencer, President and CEO of U3O8 Corp. “T he timing of the expansion of our project base
underlines our confidence that the uranium market has bottomed. While our focus remains on advancing
our flagship Laguna Salada Project through the addition of higher-grade zones and carefully focused
metallurgical test work that may result in lower opera ting cost estimates, La Niquelina Mine is a perfect fit
for U3O8 Corp: it strengthens our uranium portfolio while adding a cobalt opportunity to our basket of
battery commodities that already includes nick el, vanadium and phosphate. We plan to undertake
comprehensive exploration of the La Niquelina area using simple and low-cost field techniques.”
Mineralization and the La Niquelina Mine
Mineralization occurs in a system of six partially exposed ve ins that extend over a distance of
approximately 800 metres (“m”) and cut a sequence of inter-layered shale and sandstone host rocks.
The veins consist of quartz and siderite, an iron carbonate mineral, and are between 1m and 1.5m thick.
Mineralization was discovered at La Niquelina in 1944, with modest production from a small
underground mine in the early 1950’s. Workings were concentrated in three areas: underground
development totaled 180m on Levels 8 and 9 in the cent ral part of the vein system, 70m-90m on Levels
12, 13 and 14 in the northeastern area, and 45m on Level 1 in the southwestern area. Cobalt values
are reported to have ranged between 0.74% and 1.76%, and those of nickel between 0.45% and 1.65%.
No assay data are available for uranium.
Mineralization is of the “five-elem ent” vein type, of which Cobalt, Onta rio, is a prime example. These
systems typically contain silver, nickel, cobalt, arsenic and bismuth or uranium. Although silver grades
were not reported in the historical literature, silver minerals were observed in microscopic investigation
of the veins at La Niquelina. Metals in five –element vein systems are usually predictably and
conspicuously zoned. Uranium mineralization, where present in these systems, is usually located at the
core, enclosed or overprinted by nickel-cobalt-silver, passing outwar d into, or being overprinted by,
lead-zinc minerals. Historic reports of intense l ead-zinc mineralization in some veins at La Niquelina
likely represent peripheral parts of the system, or demarcate the edge s of uranium-nick el-cobalt-silver
shoots.
Exploration Plan
Cognizant of the observation that five-element vein s systems are typically f ound in large districts in
other parts of the world, U3O8 Corp. has staked an exploration concession that is 4,600 hectares (“Ha”)
in extent, centred on the La Niquelina Mine. The old mine buildings provide a centrally located base
camp from which exploration may be undertaken throughout the concession area. Mineralization lies at
an altitude of 4,550m-4,700m and there is year-round access on the roads that were constructed for the
mine.
Our exploration concept is that the vein-breccias at La Niquelina represent part of an extensive network
that is bounded by northwest-orientated shear zones, and that other parts of the system have potential
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to be mineralized (Figure 1). The occurrence of uranium in the La Niquelina vein system will be used as
a key exploration tool since the detection of radioactivity in radiometric surveys provides a fast and cost-
effective exploration tool that prov ides results in real-time. Dete ction of natural radioactivity will
constitute the principal exploration method for detecti ng extensions to the vein system beneath shallow
cover. Exposed sections of the vein-breccia syst em will be sampled and assayed, as will parts of the
underground workings that can be safely accessed. Shallowly covered extensions of the vein system
would be trenched with an excavator. Systematic sa mpling of the vein system at regular intervals is
likely to reveal metal zoning, a tool that can be used to vector towards uranium-cobalt-nickel-silver cores
of individual shoots, veins or vein-breccia clusters.
Figure 1. Map of the vein system in which La Niquelina Mine lies, with inset locality map of
northern Argentina and a diagram that illustrates the conceptual exploration model for additional
mineralized veins in the district.
Of particular interest from an exploration perspecti ve is the reported occurrence of veinlets and
disseminations of mineralization that extend along sandstone beds adjacent to the veins. This
observation suggests that there is pot ential for mineralization to have spread laterally from the discrete
veins into the more permeable sandstone layers. Hence, in addition to exploring the vein-breccia
system, U3O8 Corp. will be targeting flat-lying, pot entially larger-tonnage, manto-type mineralization in
the sandstones.
Technical Information
Dr. Richard Spencer, P.Geo., C.Geol., President and CEO of U3O8 Corp. and a Qualified Person as
defined by National Instrument 43-101, has approved the technical information in this news release.
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About U3O8 Corp.
U3O8 Corp. is focused on exploration and developm ent of deposits of uranium and associated
commodities in South America. Potential by-products from uranium production include commodities used
in the energy storage industry – in the manufacture of batteries - such as nickel, vanadium and
phosphate. The Company’s mineral resources estimates were made in accordance with National
Instrument 43-101, and are contained in three deposits:
Laguna Salada Deposit, Argentina – a PEA shows this near surf ace, free-digging uranium -
vanadium deposit has low production-cost potential;
Berlin Deposit, Colombia – a PEA shows that Berlin also has low-cost uranium production potential
due to revenue that would be generated from by-products of phosphate, vanadium, nickel, rare earths
(yttrium and neodymium) and other metals that occur within the deposit; and
Kurupung Deposit, Guyana – a uranium resource has been estimated in four veins within a
uranium-zirconium vein system. Resources have been estimated on four veins, while consistent
mineralization of the same type has been intersected in scout drilling of an additional six veins, while
yet other veins require first-time exploration drilling.
Information on U3O8 Corp., its resources and technical reports are available at www.u3o8corp.com and
on SEDAR at www.sedar.com. Follow U3O8 Corp. on Facebook: www.facebook.com/u3o8corp, Twitter:
www.twitter.com/u3o8corp and Youtube: www.youtube.com/u3o8corp.
Forward-Looking Statements
This news release includes certain “forward lookin g statements” related with the development plans,
economic potential and growth targets of U3O8 Corp ’s projects. Forward-looking statements consist of
statements that are not purely historical, including st atements regarding beliefs, plans, expectations or
intensions for the future, and include, but not limited to, statements with respect to: (a) the low-cost and
near-term development of Laguna Salada, (b) the Laguna Salada and Berlin PEAs, (c) the potential of the
Kurupung district in Guyana, (d) impact of the U- pgradeTM process on expected capital and operating
expenditures, and (e) the price and market for uranium. These statements are based on assumptions,
including that: (i) actual results of our exploration, re source goals, metallurgical testing, economic studies
and development activities will continue to be posit ive and proceed as planned, and assumptions in the
Laguna Salada and Berlin PEAs prove to be accurate, (ii) a joint venture will be formed with the provincial
petroleum and mining company on the Argentina proj ect, (iii) requisite regulatory and governmental
approvals will be received on a timely basis on terms acceptable to U3O8 Corp., (iv) economic, political
and industry market conditions will be favourable, a nd (v) financial markets and the market for uranium
will improve for junior resource companies in the sh ort-term. Such statements are subject to risks and
uncertainties that may cause actual results, perform ance or developments to differ materially from those
contained in such statements, including, but not limited to: (1) changes in general economic and financial
market conditions, (2) changes in demand and prices for minerals, (3) the Company’s ability to establish
appropriate joint venture partnerships, (4) litigation, regulatory, and legislative developments, dependence
on regulatory approvals, and changes in environmental compliance requirements, community support and
the political and economic climate, (5) the inherent uncertainties and speculative nature associated with
exploration results, resource estimates, potential re source growth, fu ture metallurgical test results,
changes in project parameters as pl ans evolve, (6) competitive developm ents, (7) availability of future
financing, (8) exploration risks, and other factor s beyond the control of U3O8 Corp. including those
factors set out in the “Risk Factors” in our Annual Information Form available on SEDAR at
www.sedar.com. Readers are cautioned that the assumptions used in the preparation of such
information, although considered reasonable at the time of preparation, may prove to be imprecise and,
as such, undue reliance should not be placed on forw ard-looking statements. U3O8 Corp. assumes no
obligation to update such information, except as ma y be required by law. For more information on the
above-noted PEAs, refer to the S eptember 18, 2014 techni cal report titled “P reliminary Economic
Assessment of the Laguna Salada Uranium-Vanadi um Deposit, Chubut Province, Argentina” and the
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January 18, 2013 technical report titled “U3O8 Corp . Preliminary Economic Assessment on the Berlin
Deposit, Colombia.”
For further information, please contact:
Richard Spencer
President & CEO
U3O8 Corp.
Tel.: (416) 868-1491