The Hot property covers 71 unpatented mineral claims over a 5.75 square kilometer area and has been the site of extensive historical exploration since the 1960s.
Wyoming is historically the largest uranium-producing state in the US and has the greatest uranium ore reserves. The Shirley Basin produced over 51 million pounds of U3O8 from 1960 to 1992 at an average grade of 0.22 percent U3O8. However, depressed uranium prices in the late 1900s led to many mines in the region shuttering. The resurgence in uranium prices in recent years has brought interest back to the region as companies look to restart operations, develop uranium deposits or make new discoveries.
Historical drilling data from the 1960s at the Hot property shows shallow mineralization. Of the 202 holes drilled, 46 percent intercepted shallow uranium mineralization, with depths ranging from 3 to 130 meters, including two near-surface intercepts of 1.83 meters of 1.1 percent U3O8 at a depth of 43 meters and 3.35 meters of 0.28 percent U3O8 at a depth of 26.8 meters.
The acquisition terms involve Indigo paying C$20,000 and issuing 200,000 shares to a private vendor, for which it would acquire 100 percent of the private company that owns the Hot property. It remains subject to the approval of the TSXV.
Currently, Indigo plans to design an initial verification and infill drill program for the Hot property, with drilling projected to start in early fall 2024.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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