 |
Peru Uranium Project
Peru is one of the most extensively mineralized regions in the world – rich in copper, silver, lead, zinc, oil, gold and uranium – and hosts some of the largest and lowest cost precious and base metal mines in the world.
Peru has a history of uranium exploration dating back to 1950s under the authority and control of the Peruvian Institute of Nuclear Energy (IPEN). Exploration efforts were halted due to budget constraints in the early 90s. During the three decades of exploration efforts, IPEN identified 78 target areas which were classified as high, medium and low priority.
The country is the world’s fifth-largest gold producer with a long history of mining dating back to before the arrival of Spanish conquistadors. Contact’s focus on Peru, places it in very good company as the country attracts some of the world’s largest mining companies, including BHP-Billiton, Newmont, Freeport McMoran and Barrick. Several uranium companies, including Solex, Frontier Pacific, Strathmore Minerals and Cameco (via Vena Resources) are exploring in the area.
Contact Uranium holds the Corachapi Uranium deposit in Peru – the company’s most advanced project – with a JORC compliant Inferred Resource of 9.2 million lbs of U3O8.
 |
Corachpi Project Location in Relation to Key Infrastructure Features |
 |
Tenement Location and Regional Geology Plan |
 |
Radiometric Surve Results Showing Potential Along Strike |
Corachapi
The Corachapi Uranium deposit in Peru is the company’s most advanced project with a JORC compliant Inferred Resource of 9.2 million lbs of U3O8.
The Corachapi Uranium deposit is shallow and is of a high grade at 0.33% U3O8.
The Corachapi prospect was initially discovered by IPEN as part of its National Prospecting Plan between 1960 and 1975. Additional exploration including drilling and heap leach testing was carried out between 1982 and 1987.
The highly prospective deposit predominantly consists of secondary uranium mineralisation in the form of Autunite, a bright yellow-green hydrated calcium uranium phosphate, which is hosted within a fine-grained welded volcanic ash, or rhyolitic ignimbrite and is visible in the many cross trenches left by the previous IPEN work.
The company has recently located two significant radiometric anomalies which have the potential to extend the known uranium mineralisation at its Corachapi and Kihitian Uranium projects in Peru.
The company strategy is to aggressively explore the readily accessible resource to upgrade its JORC classification, and to facilitate rapid development for production.
Kihitian
Contact has a 100 per cent interest in the Kihitian uranium project, located about 15 kilometres east of Corachapi in the Macusani district of Peru. It was the site of a former trial mining operation by IPEN. At this time it has not been possible to obtain any historical technical information relating to this trial mining operation.
Recent field inspections have confirmed the presence of three adits with several cross cuts and a partially completed ventilation shaft was also discovered by former workers on the site.
A total of 20 reconnaissance rock chip and or channel samples were collected in and around the old workings, which have been submitted for assay results.
Contact collected 20 rock chip and channel samples in and around the site of the trial mine, which yielded average grades of 0.707% uranium oxide and ranging from 0.04% uranium oxide to 2.25% uranium oxide.
Bulk rock chip sampling also confirmed the presence of high-grade uranium mineralisation at the Pinochio prospect on the Kihitian licence, with 18 bulk rock chip samples collected from three adits and one major trench averaging 0.708% U3O8
Detailed mapping and further drilling is planned at the Kihitian licence to gain an understanding of the potential uranium mineralization at the project.