Weld County may hold 10 million pounds of uranium

NUNN – Powertech Uranium Corp. (CA: PWE) estimates there are at least 9.7 million pounds of uranium deposits available for extraction from its proposed Centennial Project near Nunn in Weld County.

In an announcement by Powertech released Thursday, the Vancouver, British Columbia-based company said its National Instrument report showed deposits of U₃O₈, uranium oxide, estimated at 5.9 million pounds in the project’s “South Zone” and 3.8 million pounds in its “North Zone.” The report is meant to establish a resource base for the proposed project.

In addition to the estimated 9.7 million pounds of U₃O₈, the report indicates there is “a geological potential of an additional 3 to 5 million pounds of U₃O₈” within the project site area based on “identified mineralized trends that have only been partially explored to date.”

The report estimated bands of uranium deposits with an average thickness of 9 feet and an average grade of 0.094 percent. The estimates were based on historical drilling activities and studies conducted by Rocky Mountain Energy Co., a wholly-owned subsidiary of Union Pacific Railroad.

As of May 21, the market price of uranium oxide was $122 per pound, according to market monitor uraniumminer.net

The proposed Centennial Project has met with criticism from some local residents worried about groundwater contamination if the project achieves final approval from the Environmental Protection Agency and other permitting entities. That process is expected to take several years.

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