Vancouver, Aug. 30, 2023 – First American Uranium Inc. (CSE: URM) (FSE: IOR) (OTCPK: FAUMF) (the "Company") has received the final draft of its NI 43-101 Report (the "Report") for the Company’s Red Basin Uranium/Vanadium Property, an early-stage exploration project located in Catron County, New Mexico, USA. The project, which consists of 26 optioned lode claims totaling ~537 acres (~217 hectares), is ~250 miles (~402 km) north of the only operating uranium mill in America. The project’s region produced 1,194 pounds of U3O8 in the 1950s from ore mined with an average grade of 0.17% U3O8 (McLemore & Chenoweth, 2017). According to the Report, evaluations of the Company’s property from several sources confirm the presence of uranium/vanadium deposits, indicating the potential to become an advanced stage project. Extensive historic exploration on the property includes Gulf Oil Corporation drilling 1,000+ shallow holes and delineating 4 potential ore zones.
The Report’s recommendations […]
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