Metals One starts on-site work at Uravan
By Josh White
Date: Wednesday 04 Jun 2025
(Sharecast News) - Metals One updated the market on initial fieldwork at its Uravan Uranium-Vanadium Project in Colorado on Wednesday, part of its phase one exploration programme in the United States.
The AIM-traded exploration firm said it had started on-site work ahead of the formal completion of the Uravan acquisition and award of associated 10-year exploration leases.
A contract geologist had begun detailed mapping of the basal layer of the Salt Wash Member within the Morrison Formation, which hosts uranium and vanadium mineralisation in the area.
Historical data from the US Geological Survey Library was also being reviewed to assess the potential for deeper uranium deposits within the Chinle Formation, located about 1,200 feet beneath the Morrison strata.
The Chinle Formation is known for some of the largest uranium deposits on the Colorado Plateau.
Geophysical surveys using radiation-sensitive scintillometers had been initiated, and grab samples based on mineralogical characteristics and radiation readings would be submitted for assay in Nevada.
The company said it was also considering regional expansion of the current claim block through extended geophysical work and on-the-ground exploration.
Uravan comprises 59 claims covering around 490 hectares near the historic Buckhorn Mine in the prolific Uravan Mineral Belt.
Past surface sampling had returned high-grade results, with uranium assays reaching up to 2.23% triuranium octoxide and notable vanadium values.
At 1349 BST, shares in Metals One were up 23.33% at 30.07p.
Reporting by Josh White for Sharecast.com.
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