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Sarasota, FL, United States, 2006/07/25 - Online news website StockInterview interviewed two exploration geologists looking for uranium in Utah’s prolific Lisbon Valley, where Charlie Steen started a uranium boom in 1952..
Online news website StockInterview.com interviewed exploration geologists for two junior uranium companies hoping to repeat the 1952 success of Charlie Steen in Utah’s Lisbon Valley. While Steen made his discovery on the western flank, which later led to 16 uranium mines producing about 100 million pounds of yellowcake, Mesa Uranium (TSX: MZU) and Universal Uranium (TSX: UUL) are now drilling on the largely unexplored eastern flank of Lisbon Valley. While they are neighbors, each has his own theory as to why the uranium should be on his property instead of the other.
With spot uranium prices at $47.25/pound, this could be the $100 million bet if either Universal or Mesa finds an economic uranium deposit capable of producing more than 2 million pounds of yellowcake. Mesa Uranium’s Bill Thompson, formerly with Atlas Minerals, told StockInterview, “The exploration model is the arc. It is symmetrical to what occurs on the west side of the (Lisbon Valley) fault.” Universal Uranium’s Richard Dorman disagrees, “We think the displacement on the east side of the (Lisbon Valley) fault is different.” Dorman argued, “Due to the type of strata stream that was the there, the stream is bending in ox bows and winding all over the place.”
Richard Dorman explained how the northwestern-southeastern trending band of mineralization in the Lisbon Valley was created, “The strike of the anticline is northwest, and the source of all the material that was transported in the Chinle (formation) was obtained from the southeast. That’s where the rivers were coming. As the rivers were coming along, they were depositing sandstone along the sides and in the bottom of the valley between the anticlines.”
Dorman asks the important question, one with which competitor Bill Thompson has no disagreement, “If there was favorable deposition on the west side, why not on the east side?” Both companies are awaiting assays on their recent drilling and hope to re-start their exploration drilling efforts in August.
Find out the “story behind the story” at Lisbon Valley, please visit StockInterview.com to read the feature article, “More Utah on the Other Side of Charlie Steen’s Valley?”
Stockinterview.com is a rapidly growing online news service, which provides investigative reporting, editorial, analysis and commentary of the nuclear fuel cycle, uranium mining, nuclear power, the environment and the natural resource industry. Over the past three years, the Internet news website has covered the nuclear energy renaissance, the worldwide uranium mining boom and the potential influence of alternative fuel sources on China’s dramatic economic growth.