posted
I started posting about it on the microcap section when it was 4 cents, but now it is over 20 cents and heading for $20 so it is time to move over here with the discussion. At 4 cents it only had the Whisky Gap property. A sand stone property. 18% of the uranium mines in the world are sand stone properties. The way you first start to home in on the uranium deposits is by checking the uranium in well water. As underground water flows past the uranium, it picks up tiny particle of uranium. All wells that have picocuries of 3,000 have producing uranium mines on the property. Even areas with level below that can have producing mines. The Whiskey Gap property has levels above 5,000 picocuries, higher than any of the mines in the US. And now the company has picked up a second property. In Canada in the 1970's the Canadian government banned uranium mining. The Rexspar area was being drilled at that time and it showed high grade uranium plus under that were large deposits of base metals that increased in concentration the deeper the drill went, but when the government banned uranium mining the company that had the property abandoned it. Now that ban is no longer in effect and IRNG acquired 100% of the property plus acquired additional land surrounding it. The previous drill results don't meet new required specifications and so IRNG is going to redrill the property, but the uranium and base metals haven't dissappeared, so the redrills will just verify and expand what the previous drills showed. Also IRNG is starting to get a following, especially with our new property:
Potentially One of British Columbia Canada's Largest Uranium Deposits featured in RadioFN Segment: Uranium Mining in BC with Geologist Case Study of International Ranger SEATTLE, Mar 15, 2006 (BUSINESS WIRE) -- IRNG RadioFN host Michael Blackstone provides an insightful interview with geologist firm on uranium mining in British Columbia. Peter Shorts Burjoski, a well known long-time prospector, and his partner Geologist Farshad Shirvani (M.Sc. Geology) provide RadioFN with details of the Rexspar uranium and fluorite deposit property which over the years has had an extensive amount of exploration conducted by previous owners and brought to a near mine ready stage just prior to a moratorium (no longer an issue) in the early 70's. Historical data indicates a significant economic uranium deposit and what is speculated to be "just the tip of the iceberg", the total size of the uranium deposit zones are still unknown and potentially huge as historical drilling ceased when it was determined to be economical, last pegged at 1.89M(a) pounds of uranium ((a)non NI43-101 compliant as historical data predates current legislation).
The 7700 acre Rexspar uranium deposit property is 100% owned by International Ranger Corp. (Pink Sheets:IRNG). The RadioFN segment is available in audio and transcript format at http://www.RadioFN.com (running time 9 min. 32 sec.). International Ranger Corp. trades on the NASDAQ Pink Sheets under ticker symbol IRNG and is garnering the attention of many in the mining industry as significance of the Rexspar uranium deposit is better understood.
Excerpts from interview:
1) "The uranium was found in 1949, and there's been an enormous amount of work and drilling, crosscuts, underground work and environmental studies right through -- right into the 70's, right up until they were ready to start mining. All the work was done, all the notices of work were put in, all the drilling, and the environmental impact study was done, and then the moratorium came in."
2) "The size of the ore deposit hasn't really been determined, they had a number in mind and when they reached that number being an open pit they didn't drill any deeper because they had that number in mind to make it profitable."
3) "There's three basically zones of uranium deposit and on the zone farther south it's called the BB zone, they drilled a hole about 200 meters south of that deposit and found the same values so I'm not saying it's connected to that but if it is that makes that zone a lot bigger, if it's another zone -- it's another zone, certainly the depth of it is completely unknown."
4) "The more we're learning about this property the more it has a huge upside in terms of moly (molybdenum), in terms of base metals. This deposit is a layered volcanic deposit and no one knows what's beneath this layer of uranium and uranium is often the one that's on top, all the other base metals and everything else would be willing and exponentially gets bigger and the property really can be something. In fact, had it gone through, this would have been the property that would have modeled to look for, this'd been the model to look for, it really has that upside."
5) "The potential for expansion is huge, it is a real key property, this one could turn the province around...There are economic deposits in British Columbia, a lot of them close to Rexspar too: the Blizzard, and Kettle Valley, Hydro Lake to name a few."
Also mentioned in the segment are Silvercorp Metals Inc. (TSX:SVM), Argent Resources Inc. (TSX VENTURE:AOU), Rimfire Minerals Corp. (TSX VENTURE:RFM) which has found gold outcroppings of significance adjacent to International Ranger's Rexspar property. Also mentioned is Placer Dome (NYSE:PDG) (TSX:PDG) which explored the property for molybdenum when it was known as Placer Development and as of March 8th, 2006 trades as Barrick Gold Corp (NYSE:ABX) (TSX:ABX). -------------------------------------------------------------------------------- --------------------
The Rexspar property is far above par with a top layer of uranium and probable multimetal layers under it and this has people drooling, but don't forget about the Whiskey Gap property. Of the sand stone uranium mines in Texas and Wyoming, the highest well water reading was 4,813 picocuries, our well shows over 5,000 picocuries. Ground water perculating through uranium deposits picks up tiny amounts of uranium. The wells on our property contain values of 11 to 30 parts per billion uranium. This is considered not just high, but very high. 18% of the uranium mined in the world is from sand stone deposits and ours looks like it is going to be better than most of those deposits. So when you add together our 100% owned Rexspar property plus our Whiskey Gap Property, well, just break out the Jack Daniels and toast the Whiskey with the whiskey.
And don't forget that the price of uranium just keeps on climbing. A few years ago it was $7 and now it is over $40 Ux Weekly Spot Prices As of March 20, 2006
Month after month the price of uranium keeps climbing, and this has been going on for year after year. More and more countries are reporting more and more nuclear utilities that are going to be built. The stock piles of uranium are being depleated. The cost of uranium is just a tiny fraction of the cost of operating a nuclear utility and so higher prices won't deter the buying of uranium. This can only do good things for the price of uranium mining companies and IRNG looks like it is going to be one of the better companies. By this time next year people will be wishing that they could buy it at $2.oo Even at the new highs of .22 - .26 this is a great buy. Talk about a no brainer. This is a stock to buy to make up for all the bad ones that you have bought or the good ones that you have missed. Go for it. ---------------
IP: Logged |
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
