CanAm Uranium has announced it is in the early stages of a $500,000 work program which could see uranium mining resume in the Bancroft area. The program will consist of 1,650 metres of drilling on a property that was once home to four past producing mines which produced 14,862,652 pounds of uranium between 1956 and 1982.
The Company is moving forward with its initial drilling program to determine if the former mines are worth reopening there. This area was previously mineral rich, and CanAm is moving forward on Halo Prospect, as its initial target area. Once a required survey is complete, the work of site sampling for ore samples is expected to begin.
CAUI hopes to prove with the initial drilling, that the uranium present is of sufficiently high grade to make an open mine pay. Once the drilling operations begin, this should be achieved. Should the exploratory drilling prove the uranium located in Bancroft is worth mining, the substance will be sold to a repository in Canada or the United States and placed in storage for energy purposes.
Let us hear your thoughts below: