Black Range Minerals announced on Wednesday that the indicated and inferred resource for the combined Hansen/Taylor Ranch Uranium Project comprises of 68.9 Mt at 0.060% U3O8 for 90.9 million pounds of U3O8, representing a 51% increase in the number of pounds of U3O8 previously reported for the Taylor Ranch Uranium Project.
After the announcement the company's stock rose from a close on Tuesday of three cents a share to about 37 cents a share on Wednesday. The company, which trades on the ASX, has a market cap of $27.84 million.
The announcement was made using guidelines from the Joint Ore Reserves Committee, mineral resources and ore reserves reporting requirements developed in Australia.
The company said that the combined Hansen/Taylor Ranch uranium project, which is located in Colorado, is one of the largest uranium projects within the U.S.A., and the project is strategically located in a country which consumes the most uranium of any other country.
Black Range Minerals says it has exclusive right to acquire 100% of the Hansen Uranium Deposit, which was discovered in 1977 and fully permitted for mining in 1981, prior to the collapse of the global uranium market.
The company, which is based in Western Australia, says it will advance the Hansen/Taylor Ranch Uranium Project feasibility and environmental studies as quickly as possible. It is undertaking a 10-12 hole (approximately 3,000 metre) drilling program at the Hansen Uranium Deposit to acquire additional geological, geotechnical, metallurgical and hydrological data required to update the historic feasibility studies.