Technical report boosts case for First American Uranium’s Red Basin project

First American Uranium (CSE: URM; FSE: IOR; OTCPK: FAUMF) has received the final draft of the NI 43-101 report for its Red Basin uranium-vanadium property in Catron County, New Mexico. 

The report recommends advancing the project and supports a resource calculation that includes an airborne radiometric survey; drilling to confirm historic Gulf Oil data and to test new targets; environmental baseline studies; and an environmental assessment or environmental impact study.

Red Basin is 26 optioned lode claims of approximately 217 hectares and is about 400 km north of the only operating uranium mill in the U.S.

The project’s region produced 1,194 lb. of uranium oxide (U₃O₈) in the 1950s from ore mined with an average grade of 0.17% U₃O₈. According to the report, evaluations of the property from several sources confirm the presence of uranium-vanadium deposits, indicating the potential to become an advanced stage project. 

Shawn Balaghi, First American CEO, said, “As the report indicates, the project’s location, combined with the extent of past exploration, suggests the Red Basin property is a very attractive project in the making.”

For more information, visit www.FirstAmericanUranium.com.