Target Exploration - TEM.V
Target Exploration is a tiny market cap company that just aquired a great uranium prospect beside an old mine in Utah. They beleive that the old mine still has unmined orebodies grading between .2% and .4% all at depths of less than 70m. The unmined ore is valued between $300 and $600 a ton at today's current prices.
Missed out on other 10 baggers? 10 million Market Cap companies going to 100 million then 1 billion. This could be one of them. This is the first aquisition of many. Same management as Crosshair so these guys have a proven track record of success. Stay tuned on this exciting and emerging Uranium play.
Target Exploration acquires Utah uranium claims
2007-02-13 12:56 ET - News Release
Mr. Mark Morabito reports
TARGET ACQUIRES UTAH URANIUM PROJECT
Target Exploration and Mining Corp. has entered into an agreement for the acquisition of a 100-per-cent interest in certain uranium mining claims located in Emery county, Utah. Under the terms of the agreement, the company will make a cash payment to the vendor in the amount of $31,698 and will grant to the vendor a 2-per-cent net smelter royalty, half of which may be purchased by the company at any time for $1-million. The agreement is subject to the approval of the TSX Venture Exchange.
The Sinbad property comprises 11 mineral claims (approximately 225 acres) located in Emery county, Utah, 20 miles southwest of Green River and less than one mile south of Interstate 70. Maps and addition information is available on Target's website.
The property is adjacent to the Sinbad uranium mine, a former producer that was shut down in 1982. An undetermined amount of uranium was mined via a decline to a depth of approximately 220 feet below the surface. Based on company maps dated 1982, the Sinbad mine contains unmined bodies of mineralization grading from 0.21 per cent to 0.40 per cent eU3O8 (equivalent U3O8 determined by gamma ray logging). Mineralization is hosted in the Chinle formation sandstone which hosts numerous other uranium deposits in Utah. The United States Geological Survey reports that at least seven million pounds of U3O8 was produced from mines located within the San Rafael swell, a geological district that includes the Sinbad property. Uranium mineralization occurs as tabular bodies at the base of the formation close to the unconformity with the underlying Moenkopi formation.
The known uranium mineralization continues along trend onto Target's Sinbad property where relatively shallow drill holes on the claims are reported to have intersected mineralization ranging from 4.5 feet of 0.11 per cent eU3O8 to 2.5 feet of 0.55 per cent eU3O8. Samples collected from the old dumps at Sinbad have variable amounts of uranium accompanied by significant trace amounts of Cu, Pb, Zn As, Co, Ni and Mo. This trace element suite is also associated with uranium deposits in the Athabasca basin unconformity type deposits and suggests a deep-seated source for the mineralization.
Target is planning an initial drill program to target the Chinle formation and deeper equivalents below the unconformity. Drilling will test the extension of known uranium mineralization along trend of the Sinbad mine.
Stewart Wallis, PGeo, a qualified person as defined by National Instrument 43-101 and consultant to the company, has reviewed and verified the technical information contained in this news release.