The West Largo property is comprised of six contiguous sections of land located in McKinley County, west-central New Mexico about 25 miles north of the town of Grants, New Mexico, and 78 miles northwest of the city of Albuquerque. The southern part of the project area adjoins the northwestern edge of the Ambrosia Lake district, which was the largest uranium-producing area in the United States.
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The West Largo project lands are comprised of 75 unpatented lode claims that were staked in Sections 20 and 28, and four sections of fee mineral rights in Sections 17, 19, 21 and 28, all situated in Township 1 North, Range 10 West. Collectively the properties cover an area of approximately 3,840 acres. Our interest in these properties is 100 percent. The surface estates for Sections 17 and 21 are Navajo allotments, the surface over the unpatented lode mining claims in sections 20 and 28 is Public Domain managed by the US Bureau of Land Management, the surface for Section 19 is held in trust for the Navajo Nation, and the surface of Section 29 is owned by the Elkins Ranch. We do not hold any surface access rights or agreements for Sections 17, 19 or 21. There are no work or royalty obligations for the unpatented lode claims, which are owned by us. The claims are subject to maintenance payments to the Bureau of Land Management of $140 per claim per year. A production royalty of 2.5 percent of ‘‘ore value’’ is due to the Elkins Ranch for any production from Section 29.
Access to the vicinity of the West Largo project is good, as a paved highway, NM-509 passes within three miles of the eastern edge of the property. A circuitous nine-mile four-wheel drive dirt road is present to the south central part of the project area, but it can become difficult to travel during times of rain or snow storms. Due to the rugged terrain of the project area—canyons and mesas—access within the project area is difficult.
Uranium exploration was initially carried out (1968) in the West Largo project area by Gulf Mineral Resources, with additional exploration programs subsequently undertaken by Kerr-McGee, Pathfinder Mines and Santa Fe Minerals. Within the lands we control, these companies drilled nearly 1,600 holes to discover and partially define several sandstone-hosted uranium deposits on the properties. There have been no efforts to develop the uranium mineralization present at the West Largo project and there is no infrastructure present on the properties.
Uranium mineralization at the West Largo project is hosted in five sandstone units of the Westwater Canyon Member of the Jurassic-age Morrison Formation, which is the dominant host unit for uranium deposits throughout the Grants mineral belt. The mineralized units are present at depths generally ranging from 1,800 to more than 2,700 feet below the surface. The mineralization, which appears to have characteristics of ‘‘redistributed’’ deposits, is generally present along a north 70o west trend that extends for a distance of at least 4.25 miles, and attains a width of up to 500 feet.
Environmental and Permits
We do not hold any permits for exploration or recovery activities, and we have not undertaken any environmental or cultural resource surveys to support permit applications.