The 15,000-acre Aladdin project is located in Crook County of northeast Wyoming, near the Wyoming/South Dakota border. The claims lie on the northern flank of the Black Hills Uplift in an area where a number of surface uranium occurrences were mined during the 1950's. The historical Edgemont, South Dakota uranium district is located on the southern flank of the Black Hills Uplift, approximately 100 miles to the south.
On June 21, 2012, Powertech filed a National Instrument 43-101 ("NI 43-101") compliant technical report for the Aladdin Project (see June 25, 2012 News Release). The Report describes the results of the Company's confirmation drilling program and continued evaluation of historic exploration drilling data from Teton Exploration Company. The resource classification effort was based on detailed GT (Grade of mineralized intercept (%) x Thickness (ft)) contour mapping within six sandstone units of the Fall River Formation and seven individual mineralized units within the Chilson Member of the Lakota Formation. Using a 0.20 GT cut-off, Powertech has identified 1,038,023 pounds of Indicated Resources, contained in 466,232 tons averaging 0.111% U3O8. At the same cut-off, an additional 101,255 pounds of Inferred Resources were identified, contained in 42,611 tons averaging 0.119% U3O8.
The above-described classified resources are located in areas of close-spaced historic drilling. However, in over 80% of the project area, the density of exploration drilling is light. In these lightly explored areas, there is sufficient drill hole control for subsurface geochemical mapping and thirteen mineralized trends were identified. In the Report, a range of (i) mineralized trend lengths, (ii) widths of mineralization and (iii) grades of mineralization were used to obtain an estimate of additional potential pounds of uranium within the project. At a GT cut-off of 0.20, a range of this potential was determined to be 5.0 to 11.0 million pounds of uranium, averaging 0.11% - 0.12% U3O8. The grade and quantity of this potential is conceptual in nature. There has been insufficient exploration within the portions of the Aladdin Project that contain this potential to define a mineral resource. It is uncertain if further exploration in the areas of this potential will result in the delineation of mineral resources.
In 2007 Powertech completed 60 rotary drill holes (26,680 feet) in and adjacent to an area of historical uranium drilling. This program confirmed the presence and roll front nature of uranium mineralization in the area of the historical drilling and expanded these mineralized trends outside of the historic drilling area.
The historical drilling area is defined by 581 drill hole logs and unsurveyed drill hole location maps obtained from Teton Exploration. The data indicated the Aladdin project contained 9 miles of roll fronts with uranium mineralization identified in multiple sandstone units. Thirty-seven holes from Powertech's 2007 program were directed toward the indicated trends. This drilling confirmed the geochemical setting (oxidation/reduction) and roll front uranium mineralization within seven sandstone units in the Fall River and Lakota Formations. In the process of delineating these mineralized sand units, 16 of the drill holes intersected uranium mineralization in excess of 0.05% eU3O8. Additional drilling will be required to demonstrate continuity and assess the grades of the mineralization within these seven mineralized sand units.
The balance of 23 drill holes was completed on previously unexplored property adjacent to this area. These wide-spaced exploratory drill holes indicated that mineralized trends extend up to three miles west from the historical drilling. Further details are available in Powertech's January 9, 2008 news release.
Although the results from the June 21, 2012 Technical Report were considered positive, Powertech is focusing its resources on permitting and feasibility activities at the company's Dewey-Burdock Project. No drilling is planned for the Aladdin project at this time.
Past exploration activities in the Aladdin project area during the 1970's and 1980's, encountered uranium mineralization associated with oxidation/reduction boundaries within sandstones of the Lakota Formation. This formation forms the basal portion of the Inyan Kara Group of Lower Cretaceous age and is a host for uranium ore mined in the Edgemont District.
Historic exploratory drilling by Teton Exploration Corp. and Kerr McGee Nuclear Fuels indicated that mineralized trends were developed along the oxidation/reduction interfaces where "roll-front" uranium was deposited. Portions of the area were extensively drilled and Powertech has reports indicating that "ore-grade" uranium mineralization was encountered at depths of approximately 500 feet below ground surface.
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