Endeavor Explorations, Inc., (EAVR.OB) wants to ensure that it has an early lead in what is beginning to look like a new rush, not for gold, but for uranium. With nuclear power becoming attractive again as a smokeless replacement for fossil fuels, the demand/supply ratio has suddenly made previously abandoned mining sites a hot item, and Endeavor Explorations, Inc. has locked up some of the hottest areas on the planet.
Through foresight and quick action, the company managed to get the mineral rights to eight important claims in the Uranium City area of northern Saskatchewan, covering over 3,700 acres. This land is the site of seven former producing uranium mines. In 1960, due to low prices and the fact that the main market (uranium for nuclear weapons) had collapsed, these mines were abruptly closed, leaving uranium ore in the shafts. One of the best known of these mines is the Cayzor Athabasca Mine.
The Athabasca Basin straddles the Alberta-Saskatchewan border in northern Canada, and is considered one of the most favorable places in the world for exploring and mining uranium. In fact, the total basin accounts for approximately 30% of global primary uranium production, a figure which is now expected to increase significantly by the end of the decade.
An important aspect of Athabasca uranium mining is the high ore grade. Uranium can be economically mined at concentrations as low as .03%, with the average grade mined at only .15%. And yet the average ore grade of the 18 identified deposits in this region is greater than 3%, nearly 20 times higher than average.
The Cayzor Athabasca mine was in production until 1960, with shafts sent out at five different levels. Geological reports suggest that about 10,000 tons of ore still remains above the fifth level.
It is said that history repeats itself, and the past several years have seen a staking and exploration drive in northern Saskatchewan reminiscent of what was seen in the uranium rush years following 1948. Endeavor, with its Cayzor and other claims, clearly wants to be one of the first in line.
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