Vanguard Minerals Corp. (VNGM.OB), a Seattle based company, is a resource exploration company engaged in the acquisition and exploration of mineral properties. Currently, the company is focused on several sites in Western Canada with potential uranium resources.
A large portion of today’s known uranium resources are found in Saskatchewan, which supplies about 30 percent of the world’s annual uranium products. The uranium in Saskatchewan contains large high-grade ore, which results in a lower extraction cost than in other sites in the world. Vanguard holds several large blocks in the Athabasca Basin, which is a region in Northern Saskatchewan.
The world’s richest uranium deposits are located at or near the base of the Athabasca Basin. The ores are typically pitchblende, which is a sooty-black material. Saskatchewan uranium is mined both underground and in open pits. The ore is crushed and milled to separate the uranium. The intermediate product (yellowcake – U308) is then shipped out of the province or converted to fuel for electric generation reactors. Electric power facilities in Canada, Europe, the Far East, and the U.S. are the main purchasers of the ore.
Vanguard plans on executing an extensive summer exploration program at their Killock Bay property, in which they own a 50-percent share. Killock Bay is the largest block examined. The company intends to compile historic geological, geophysical, geochemical and drilling data from government files, engage in a helicopter-supported geographic survey, and gather geophysics and drill samples at prospective sites on the property. Discovery of a large ore pocket this summer could significantly stimulate Vanguard’s revenue stream.
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