Uranium Resources, Inc. (NASDAQ: URRE)
Uranium Resources is having an incredibly strong morning in the market this morning, and for good reason. The company announced positive results from the Columbus Basin exploration project, exciting investors and pushing the stock upward. Of course, our partners at Trade Ideas were the first to alert us of the upward movement. At the moment (9:53), URRE is trading at $1.91 per share after a gain of $0.13 per share or 7.30% thus far today.
URRE Announces Positive Results From Columbus Basin
As mentioned above, Uranium Resources is having an incredibly strong start to the trading session this morning after announcing positive results. The results came from an independent geophysical consultant review of integration and reinterpretation of historical geophysical survey data. Here are the key points from the results:
- The indicated depth of the Columbus Salt Marsh basin is greater than expected and in excess of 6500ft (2000m). This increases the probability of intersecting favourable geology for lithium brines at depth.
- The combined presence of hypersaline brines and shallow low density geologic horizons, as indicated by resistivity modelling, present excellent targets for lithium brine exploration.
In a statement, Chris Jones, President and CEO at URRE had the following to offer...
“This is great news... We have confirmation of our exploration model with the early acquisition and analysis of this data. URI (Uranium Resources) has, as a result, reduced its planned exploration costs and we will target our drilling more accurately and sooner than expected. We plan for drilling to commence in July of this year.”
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What We'll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on URRE. In particular, we're interested in ongoing work surrounding the Columbus Basin. Nonetheless, we'll continue to follow the story closely and bring the news to you as it breaks!
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