Ur-Energy announces new gold project in Nevada
Tuesday, Jan 30, 2018
Ur-Energy Inc. has announced its acquisition of a promising gold exploration project in west-central Nevada. To date, the company has staked 102 federal lode mining claims for a property position of approximately 2,100 acres. The Excel Project is located within the Excelsior Mountains, in proximity to the Camp Douglas and Candelaria Mining Districts.

The Company became aware of the mineral potential of this project area from exploration data contained within the large geologic database acquired as a part of its 2013 purchase of Pathfinder Mines Corporation. Compiled over several decades of exploration work by major mining companies, the database contains valuable information on hundreds of mineral deposits and historical exploration and development programs in more than 20 states in the U.S. The company continues to prioritize the review and analysis of the materials in this database, as it provides abundant opportunity to identify other exploration projects like the Excel Project for acquisition or to monetize through sales of the data.

In this instance, the review revealed a 1991 exploration program in the area of the Excel Project had encountered high-grade gold and silver assays from trenching activities within Permian-age metasediments. Company geologists conducted geologic literature research and field examinations, resulting in the initiation of land acquisition activities in March 2017. Once a land position was obtained, rock sampling and geochemical soil sampling programs were conducted.

Approximately 60% of the Excel Project is covered with valley fill material (alluvial fans) shed from the surrounding Excelsior Mountains. In most of the project area not covered by valley fill, there is sufficient exposure of bedrock to perform surface rock sampling. Rock samples adjacent to the areas of earlier trenching activities were collected; additionally, samples were collected from many historic prospect pits located along apparent fault structures and in areas of iron-oxidized (sulfide-rich) metasediments. The area of rock sampling covered approximately 640 acres (one square mile).

Thirty-five select rock samples were collected and sent to an accredited lab, ALS Minerals of Reno, Nevada, for multi-element analyses. Twelve of these samples (34%) had gold assays of greater than two grams per tonne (g/mt) (a common cut-off grade for open pit gold mines is less than 1 g/mt) and were considered to represent mineralized bedrock. Several of these samples had much higher-grade gold assays – the highest being 160 g/mt (5.14 ounces per ton (opt)). All mineralized samples were collected from brecciated and silicified metasediments.

The mineralized samples also exhibited consistently high assays for silver, with the highest value of 1090 g/mt (34.9 opt). Average silver (Ag) assays were greater than gold (Au) assays with a Ag:Au ratio of approximately 12:1. In addition, most of these samples contained high base metal values for copper, lead and zinc. 

Additionally, geochemical sampling of a consistent sandy clay loam horizon was conducted. Samples were collected along twenty profiles, designed to investigate mapped structures (faults) underlying the valley fill. Multi-element analyses were conducted on all assay results to determine background and anomalous values for metals and other elements of interest. Results of this program are extremely encouraging, with gold values in the soils found to be continuously anomalous overlying more than 7,000 feet of a major mapped structure. Such an anomaly may indicate the presence of a mineralized zone associated with the structure. The geochemical signature of this structure was further enhanced by continuously anomalous values for silver, copper and lead found in the same zone as the high gold values. This soil geochemistry program has been very successful in developing high-quality targets for the next phases of exploration on the Excel Project.

Because of the high-grade gold and silver assays contained in the initial rock samples the Company continues to investigate the relationship between this mineralization and the complex structural and geologic setting of the area. As part of this investigation, Ur-Energy completed the latest rock sampling program in early January 2018. Results of this work are pending.

Chairman and CEO of Ur-Energy, Jeff Klenda, said, "Ur-Energy remains, first and foremost, a low-cost uranium producer, with its focus on its flagship Lost Creek Property, and the advancement of Shirley Basin toward full permitting and licensure. The opportunities presented by the Excel Project, however, were too attractive not to pursue. We are currently considering all prospects to advance this new exploration project, and to obtain value for our shareholders, whether drilling the project ourselves, identifying a viable venture partner, or through a sale process."

For more information, please visit: http://www.ur-energy.com/

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