3 September 2019 – Bromborough (UK): NewEra Metal Resources Ltd (the “Company” or “NewEra”) is pleased to announce receipt of the interpretation of an independently commissioned structural and satellite study of a large area of the Neuquén Basin in the pro-mining department of Malargue, southern Mendoza Province.
The study area of 8,000 km2 was selected to cover the majority of the historically documented vanadium-rich bitumen occurrences in the Malargue region, and which constitute one district within a 500 km N-S belt containing > 100 occurrences discovered by the American Vanadium Corporation (AVC) in the Mendoza and Neuquén provinces of Argentina. The highly successful exploitation of bitumen-hosted vanadium at the Mina Ragra mine in central Peru during the period 1906 – 1956 led the AVC to complete their Argentine survey in 1946 / 1947, obtaining excellent results. There has been no exploration activity for vanadium since 1947.
NewEra’s structural study area also includes several uranium -copper occurrences with associated vanadium mineralisation including the former producing Huemul uranium mine, 40 kms south of Malargue town. This mine operated during the period 1955 – 1976 producing 149 tonnes of U3O8 and 861 tonnes of copper at average ore grades of 0.21% U, 2% Cu and 0.11% V
Results of the study are considered very encouraging and are summarised below:
• Areas of interest – thirty-nine (39) areas of interest for potential bitumen were identified including eight (8) highlighted as priority.
• Bitumen workings – twenty-three (23) workings which are thought to represent bitumen exploitation include several locations not in the database of known bitumen occurrences.
• Anomalous black lines / patches – one hundred and twenty (120) locations have been identified.
