Westwater Resources Completes Geophysical Data Analysis and Commences Exploration Drill Planning at Sal Rica Lithium Project
December 18 2017 - 5:00PM
Westwater Resources, Inc. (Nasdaq:WWR) (“WWR” or
“Westwater”) is pleased to announce that it has completed an
evaluation and analysis of previously acquired geophysical data
covering the Sal Rica lithium brine exploration project in the
Pilot Valley of western Utah, and we have now commenced exploration
drill program planning and permitting.
Highlights of the completed geophysical program at Sal Rica
include:
- The analyzed geophysical data was assembled from over 1,016
gravity stations across the entirety of the Pilot Valley, including
a private dataset containing 841 gravity stations acquired by WWR
in June 2017. The data was compiled, modeled, and analyzed by
a consulting geophysicist under contract with WWR;
- Geophysical modeling and interpretation of this data indicating
that Westwater’s mineral rights cover both the deepest portion of
the structural basin, as well as the younger, shallow and currently
active evaporative basin. Both of these geological features
are identified as attractive exploration targets; and
- Gravity data modeling indicating that the structural basin has
a depth of approximately 8,000 feet, and the sequence of active,
shallow basin evaporites extend to a depth of approximately 1,300
feet, with both areas having potential to host lithium-enriched
brines.
The completed geophysical data interpretations have also been
reviewed to determine geospatial relationships with WWR’s
previously completed shallow brine sampling program across the Sal
Rica project that highlighted the wide-spread distribution of
anomalous lithium (values up to 100 ppm) in near-surface brines
within the active evaporative basin area (see September 18, 2017
news release). This integrated geological, geochemical and
geophysical data set will be used to develop and permit an
exploration drill program, targeted to commence in the first half
of 2018.
“This detailed geophysical analysis confirms the excellent
exploration potential of our property in the Pilot Valley,” said
Chris Jones, President and Chief Executive Officer. “Combined
with our strongly anomalous brine sampling results, we have another
compelling reason to advance our lithium brine exploration
activities at the Sal Rica Project.”
About Westwater
WWR or the “Company” (formerly Uranium Resources, Inc.) is
focused on developing energy-related minerals. The Company
has developed a dominant land position in three prospective lithium
brine basins in Nevada and Utah in preparation for exploration and
potential development of any lithium resources that may be
discovered there. In addition, WWR remains focused on
advancing the Temrezli in-situ recovery (ISR) uranium project in
Central Turkey when uranium prices permit economic development of
this project. WWR controls extensive exploration properties
in Turkey under eight exploration and operating licenses covering
approximately 39,000 acres (over 16,000 ha) with numerous
exploration targets, including the potential satellite Sefaatli
Project, which is 30 miles (48 km) southwest of the Temrezli
Project. In Texas, the Company has two licensed and currently
idled uranium processing facilities and approximately 11,000 acres
(4,400 ha) of prospective ISR uranium projects. In New
Mexico, the Company controls mineral rights encompassing
approximately 186,000 acres (75,300 ha) in the prolific Grants
Mineral Belt, which is one of the largest concentrations of
sandstone-hosted uranium deposits in the world. Incorporated
in 1977, WWR also owns an extensive information database of
historic drill hole logs, assay certificates, maps and technical
reports for uranium properties located in the Western United
States.
Furthermore, on December 13, 2017, WWR announced it had entered
into a definitive agreement to acquire Alabama Graphite Corp. (AGC)
(TSX-V: CSPG) (OTCQB: CSPGF) pursuant to an arrangement agreement
and plan of arrangement. The primary asset of AGC is the
Coosa graphite project, located across 41,900 acres in east-central
Alabama. Finalization of the acquisition is subject to
shareholder votes, as well as customary regulatory agency and court
approvals. Closing of the acquisition is targeted for early
in the second quarter of 2018.
Cautionary Statement
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are subject to risks, uncertainties and
assumptions and are identified by words such as “expects,”
“estimates,” “projects,” “anticipates,” “believes,” “could,”
“targeted,” and other similar words. All statements addressing
events or developments that WWR expects or anticipates will occur
in the future, including but not limited to statements relating to
developments at the Company’s projects, including the development
and permitting of an exploration drill program and related timing,
future exploration costs and the anticipated benefits of
geophysical data on the Sal Rica Project, are forward-looking
statements. Because they are forward-looking, they should be
evaluated in light of important risk factors and uncertainties.
These risk factors and uncertainties include, but are not
limited to, (a) the Company’s ability to utilize the data set to
develop and permit an exploration drill program; (b) the Company’s
ability to raise additional capital in the future; (c) spot price
and long-term contract price of graphite, uranium and lithium; (d)
risks associated with our foreign and domestic operations; (e)
operating conditions at the Company’s projects; (f) government and
tribal regulation of the graphite industry, uranium industry, the
lithium industry, and the power industry; (g) world-wide graphite,
uranium and lithium supply and demand, including the supply and
demand for lithium-based batteries; (h) maintaining sufficient
financial assurance in the form of sufficiently collateralized
surety instruments; (i) unanticipated geological, processing,
regulatory and legal or other problems the Company may encounter in
the jurisdictions where the Company operates or intends to operate,
including in Alabama, Texas, New Mexico, Utah, Nevada and Republic
of Turkey; (j) the ability of the Company to enter into and
successfully close acquisitions or other material transactions, (k)
the results of the Company’s lithium brine exploration activities
at the Columbus Basin, Railroad Valley, and Sal Rica projects, and
the possibility that future exploration results may be materially
less promising than initial exploration result; (I) any graphite,
lithium or uranium discoveries not being in high enough
concentration to make it economic to extract the metals; and (J)
other factors which are more fully described in the Company’s
Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and
other filings with the Securities and Exchange Commission. Should
one or more of these risks or uncertainties materialize, or should
any of the Company’s underlying assumptions prove incorrect, actual
results may vary materially from those currently anticipated. In
addition, undue reliance should not be placed on the Company’s
forward-looking statements. Except as required by law, the Company
disclaims any obligation to update or publicly announce any
revisions to any of the forward-looking statements contained in
this news release.
Qualified Person’s Statement
Technical information in this news release is based on data
reviewed by Matthew Hartmann, the Director – Technical Services of
Westwater Resources, Inc. Mr. Hartmann is a “Qualified
Person” as defined by Canadian National Instrument 43-101, and a
“Competent Person” as defined in the 2012 Edition of the
“Australasian Code for Reporting Exploration Results, Mineral
Resources and Ore Reserves” (JORC Code). He is a Licensed
Professional Geologist, and a Registered Member of the Society of
Mining, Metallurgy & Exploration (No. 4170350RM). Mr.
Hartmann has appropriate experience that is relevant to the
evaluation of the style and nature of mineral deposits relating to
this document. Mr. Hartmann consents to the inclusion in this
release of the matters based on their information in the form and
context in which they appear.
Westwater Resources Contact: Christopher M.
Jones, President and CEO
303.531.0480
Jeffrey L. Vigil,
VP Finance and CFO303.531.0481
Email: Info@WestwaterResources.netWebsite:
www.WestwaterResources.net
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