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Uranium

Numerous uranium occurrences have been discovered in 7 distinct regions of Argentina, including western Argentina where the company has 3 projects covering a total of 58,600 hectares in the Neuquen Basin.

Projects overview

Argentina has the most advanced nuclear energy sector in South America, but has no domestic uranium production. The country's nuclear policy is one of expansion, and NewEra’s objective is to supply Argentina’s nuclear power plants with uranium.

Molly Project

Summary

Location

Malargüe Department, Argentina (Mendoza Province)

No of cateos

1

Total area

5,900 ha

Ownership

100% NewEra Metal Resources Ltd

Overview

The Molly project is located approximately 6 kms north of the Huemul uranium mine which was discovered in 1954 by the Argentine government and operated from 1955 to 1976. The mine produced approximately 500,000 pounds of U3O8, approximately 175,000 pounds of V2O5 and 5.2 million pounds of copper from approximately 130,000 tonnes of ore averaging 0.21% U3O8, 0.11% V2O5 and 2.00% Cu.

The project contains a mapped U-Cu occurrence and the same Upper Cretaceous age grey fluvial sandstones and conglomerates (Diamante Formation) which host the Huemul Mine. These sediments, which are typically cemented by abundant bitumen (a uranium “collector”), and fill palaeo-channels, strike approximately north – south.

At Huemul, mineralized lenses up to 2 m thick comprise pitchblende and uranyl vanadates as the principal uranium minerals. Chalcopyrite, minor chalcocite and covellite accompany the uranium mineralisation. The presence of copper and vanadium as potential by-products will have a positive impact on the project economics.
The Molly project benefits from excellent access and infrastructure being situated 40 km south of Malargüe town along principal Route 40. The old Huemul mine workings are located approximately 1 km west of Route 40.

Los Chihuidos and Quemado Projects

Los Chihuidos Project

Summary

Location

Añelo Department, Argentina (Neuquén Province)

No of cateos

10

Total area

44,700 ha.

Ownership

100% NewEra Metal Resources Ltd

Quemado Project

Location

Añelo Department, Argentina (Neuquén Province)

No of cateos

1

Total area

8,000 ha.

Ownership

100% NewEra Metal Resources Ltd

Overview

The Los Chihuidos and Quemado projects are located approximately 80 km north and 55 km northeast respectively of Zapala town in the Añelo Department, approximately 200 km west of Neuquén, the capital of Neuquén Province.
The licenced areas form part of a uraniferous district which covers a wide area characterised by the bleaching and alteration of Cretaceous sandstones that contain abundant carbon debris and hydrocarbons. Anomalous uranium, vanadium and copper occur at regional formational contacts which have regional extent, indicating the potential for new discoveries of uranium in this central part of the Neuquén Basin.
Uranium values up to 2,282 ppm U (0.23% U) have been reported historically from surface samples.