Metals One (MET1) has commenced field activity at the Uravan uranium project in Colorado, which it has conditionally agreed to acquire.
The first stage of field activity, which is being led by a contract geologist, followed the collection of digital data that is available online for the property and surrounding area within a one-mile radius.
The Morrison Formation at Uravan is known to host uranium and vanadium.
Mapping is now underway, and this will take in faults, joint-sets, historic drill holes, adits, pits, prospects and roads.
There is a potential for an additional deposit of uranium in the Chinle Formation which is located approximately 1,200 feet below the Morrison Formation. Historical data collected from the US Geological Survey library may indicate such a deposit at depth. The Chinle formation is famous for holding some of the largest uranium deposits in the Colorado Plateau.
The company initiated a geophysical survey was initiated with a set line and interval spacing using a radiation solution spectral scintillometer. Grab samples were then collected based on the mineralogy and scintillometer readings and are expected in due course to be sent for analysis with American Assay located in Nevada.
Uravan consists of 59 claims covering around 490 hectares, and is situated near the historic Buckhorn mine, in the renowned Uravan Mineral Belt, historically the most productive uranium-vanadium mining district in the U.S.
Previous surface sampling returned exceptionally high uranium grades, including assays of up to 22,280 parts per million uranium (2.23% U₃O₈) and significant vanadium values.
View from Vox
The fast pace that Metals One has set for itself in 2025 continues. Some in the market say uranium is unloved, but there are plenty of others who reckon it’s just about to shine, as the world’s energy policies inevitably turn back to nuclear. Meanwhile, Metals One’s share price continues to respond positively to positive news, which isn’t always the case at the moment in the junior mining markets. The shares rose by just over 6% in early trade.