White Canyon Uranium Limited (TSX-V: WU, ASX: WCU) has negotiated the purchase of the exploration records from the White Canyon district of uranium explorer Utah Power and Light (NASDAQ:UPL) from Denver based Integrated Production Resources Company (IPR) for a total US$50,000.
The consideration consists of US$25,000 in cash and 110,000 shares in the company.
A complete set of records constitutes a database that will provide sufficient data of a suitable quality and reliability to be the basis of future resource estimations, significantly reducing the requirement to repeat historic drilling.
UPL explored throughout Utah and were the main company active in the White Canyon District, where White Canyon has a number of projects including Daneros, Lark Royal, Spook, Geitus, Hideout and Blue Jay. The company left the area in 1982.
White Canyon has previously had access o the data in map form but without the complete records the contained information could not be used to produce an estimate of known mineralisation to reporting standards.
White Canyon has recently acquired 3 mineral tenements in the White Canyon district of Utah, USA from Canadian listed company Uranium One (TSX: UUU). The company said that the potential exists to replicate the historic production on these projects which is conservatively in excess of 2.2 Mlbs (million pounds) U3O8 (uranium).
This acquisition increased the company’s landholding in Utah from 12,000 acres to approximately 14,000 acres with in excess of 1,200 additional acres at Red Canyon and more than 750 acres at Geitus.
Disclosure: The author holds no positions in the company