Crosshair is a junior exploration and development company focused on uranium in both the US and in Canada. The Company also continues to advance its gold and Volcanic Hosted Massive Sulphide (VHMS) projects in Newfoundland.
Crosshair recently combined businesses with Target Exploration and Mining Corp. creating a well-funded, low-cost, growth-oriented, uranium company with a defined timeline to production in one of the most uranium mining friendly jurisdictions in North America. The new company will focus on advancing the Bootheel Project in Wyoming towards production.
An initial resource estimate has been completed for the Bootheel project which includes an indicated resource of 1.09 million pounds of uranium and an inferred resource of 3.25 million pounds of uranium. The resource remains open for expansion with less than 60% of the historical resource area included in this initial estimate.
The Bootheel Uranium Project is located in the Shirley Basin, Wyoming, one of the most uranium mining friendly jurisdictions in North America, and is ventured with UR-Energy inc. to acquire a 75% interest in Bootheel and Buck Point uranium properties. Combined, the properties cover approximately 10,500 acres and both have uranium mineralization that has the potential to be recovered by in-situ recovery (ISR) methods.
The Bootheel Uranium Project is host to a historical resource of nearly 11 million pounds and considered an advanced exploration property due to the amount of previous drilling, by both Cherokee Exploration Inc. from 1978-1981 and by Cameco from 1995-1998, for which the historical data was recently compiled. An NI 43-101 Technical Report is expected Q2 2009.
The CMB Project covers a total of 72,000 hectares in central Labrador, about 140 kilometres north of the town of Happy Valley-Goose Bay and 85 kilometres southwest of the coastal community of Postville on Kaipokok Bay. Helicopter and float plane service out of Goose Bay is the most efficient means of access to the project.
The Northstar Division manages 135 square kilometres in the northern area of the CMB Property and is comprised of the most advanced targets on the Property, including the C Zone. An updated independent NI 43-101 resource estimate was announced on August 7, 2008, which estimates an indicated resource of 5.19 million pounds of uranium (6.92 million tonnes at 0.034%) and an additional inferred resource of 5.82 million pounds of uranium (8.17 million tonnes at 0.032%).
The Lonestar Division manages the southern portion of the Property, which encompasses more than 585 square kilometres and is characterized by highly mineralized felsic volcanic rocks. The geological setting and mineralization style are similar to what is found at the Michelin deposit. Geophysical surveys and intensive ground exploration programs have identified numerous targets.
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