Uranium was discovered in the Shirley Basin, Carbon County, in 1955. Production began in 1960 from underground and open-pit mines. Mining by in-situ leaching began in 1961, the first in-situ leach mining of uranium in the United States. The ore occurs as roll fronts in Eocene sandstone of the Wind River Formation, as uraninite with pyrite, marcasite, hematite, calcite, and organic matter. The URZ Shirley Basin project area and district is home to other notable companies Cameco, Pathfinder and UR-Energy.
Ticaboo Uranium Stockpiles:
URZ, through its 100% controlled subsidiary, owns three uranium stockpiles within a claim block located in Shootaring Canyon, Utah. The stockpiles are situated between the Energy Fuels, Tony M Mine (formerly Denison Mines) and the Anfield Resources’ Shootaring Mill which was purchased in 2016. The Shootaring Mill is 2.8 miles to the south of URZ’s stockpiles. The Company has a federal Plan of Operation and State of Utah approval for removal of the stockpiles. In addition to the stockpiles, exploration upside potential exists on URZ’s surrounding claims on prospective ground south & adjacent to Energy Fuels’ Tony M uranium project.
The JB Project is located at the intersection of two prolific historic uranium producing districts: the Uravan Mineral Belt and the Lisbon Valley Mineral District. The project area includes several historic uranium occurrences in the Salt Wash Member of the Morrison Formation. Nearby deposits have uranium mineralization in the Salt Wash, the Moss Back Member of the Chinle Formation and the upper Cutler Formation (see Stratigraphic Section). An exploration program would target both the shallow Salt Wash Member oxidized uranium deposits and the deeper Chinle and Cutler Formations of this past producing district.