With a spot price of $135 per pound, the increase in the market price for this important commodity highlights the significance of CanAm Uranium Corp.’s exploration and development projects.
CanAm Uranium Corp. (CAUI.OB) continues to make progress. The Company is actively working on compiling the data within the optioned Bancroft Ontario projects drilled, including the Halo Project and Amalgamated Rare Earth Project completed in the month of May.
Bancroft is home to four past producing mines between 1956 and 1982. Bancroft was well known for its uranium, producing a total of 14,862,653 lbs U3O8 between 1956 and 1982. It is important to note the Faraday Mine within the same geological area produced 2,544,716 tons of ore which were averaging .1074% U3O8.
The Halo Project first round of drilling on Halo confirms historical results by intercepting average grade of 0.09% (1.6 lbs) U3O8 over 8.9 meters (34 feet), which included 0.31% U3O8 (6.2 lb ton over 1.52 meters). CanAm Uranium Corp. and El Nino Ventures Inc are currently working on proving the historical estimates of over 3 million lbs of U3O8 within the optioned Bancroft claims.
CAUI projects include the Bancroft project, in Ontario, with 3 million pounds of historical U3O8 resource and the Wheeler-Beckett and Don McCarthy claims in the Athabasca Basin, adjacent to two world-class Uranium mines: Cigar Lake and McArthur River Mine.
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