Metals One completes on Uravan uranium-vanadium acquisition
Metals One () has completed its acquisition of the Uravan uranium-vanadium project in Montrose County, Colorado.
Uravan consists of 59 unpatented claims with a 10-year exploration lease. It lies in one of America's most historically productive uranium-vanadium districts.
Total consideration for the acquisition is US$50,000 in cash and the issuance of 500,000 shares in Metals One.
Historical surface sampling at Uravan returned high-grade results of up to 2.23% U₃O₈ (22,280 parts per million uranium) and strong vanadium content in carnotite mineralisation.
Phase 1 exploration, including geophysical surveys, mapping, and sampling, is already underway. The idea is to validate historical data and provide a modern geologic and geophysical baseline ahead of a potential Phase 2 drilling programme later in 2025.
Already, over 30 km of ground-based radiometric surveys has been completed using RS-125 scintillometers.
The company also continues to assess the potential of a deeper mineralised horizon within the Chinle Formation, located around 1,200 feet below surface. This will be evaluated in Phase 2 exploration planning.
The results from Phase 1 will be used to define potential drill targets and advance the company's understanding of the Uravan’s mineral systems. A Phase 2 programme is anticipated for late 2025, subject to ongoing results.
Rock samples have already been sent for analysis to certified labs in Nevada.
Additionally, the company’s acquisition of the Squaw Creek uranium project is also expected to complete soon.
Meanwhile, Winton Willesee, non-executive director, has stepped down from the board with immediate effect due to personal reasons.
"The formal acquisition of the Uravan claim block marks a key step in Metals One's expansion into the U.S. critical minerals sector,” said Craig Moulton, chairman of Metals One.
“This project positions us in one of the most historically productive uranium-vanadium regions in the United States, with evidence of high grades and a geological setting ideally suited to modern exploration. With Phase 1 fieldwork already underway, we look forward to advancing Uravan alongside our broader portfolio of energy transition assets, with the ultimate goal of contributing to U.S. domestic mineral sourcing and energy transition initiatives.”
View from Vox
The rapid pace that Metals One has set for itself this year, following the refinancing, continues unabated. There’s a lot to look forward to from the results of this ongoing work at Uravan, and the market continues to look supportive.
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