Print this pageSummit Project:
On August 2, 2006 the Company entered into LOI with URenergy, LLC a private company. The LOI required URenergy to provide access to historic files on uranium properties in the Colorado Plateau uranium district to the Company. Further, the Company, using the historic files, has leased surface and mineral rights and staked Federal lode claims and will continue to add to the Summit Property in a similar manner. The properties are in San Miguel, County, Colorado and generally governed by the state of Colorado environmental statutes and regulations. As at September 30, 2007 the aggregate area of the properties comprising the Company’s Summit Project totaled approximately 1,200 acres of surface rights and 2,900 acres of mineral rights.
The project area was targeted from historic Union Carbide and Phillips Uranium drilling conducted in the early 1980’s. It is located within one mile of historic uranium production reported by Chenowith as totaling 2M tons of ore1. New Horizon has initiated a drilling program on these properties with the objective of eventually establishing resources/reserves and initial development of an underground mining operation. See the Company's SEDAR filings dated October 17, 2007 for additional information.
Property Submittals and Investigations
New Horizon is continually reviewing uranium property submittals and investigating public and private data sources for acquisition opportunities. Primary focus is given to historically producing areas where traditional and new extraction techniques can be applied. The western United States, uranium producing provinces in Canada and areas in Latin America are high priorities based on the collective experiences of the New Horizon team. When properties show promise, leasing or other means of property acquisition is initiated.
1 Chenoweth, W. L., 1981, The Uranium-Vanadium Deposits of the Uravan Mineral Belt and Adjacent Areas, Colorado and Utah, in Western Slope Colorado, New Mexico Geological Society 32nd Guide Book.
