London-based Metals One has completed its acquisition of the Uravan uranium-vanadium project in Montrose County, Colorado. The deal, which includes 59 unpatented claims with a 10-year exploration lease, supports the company’s expanding critical minerals portfolio.<\/p>\n\n\n\n
Total consideration for the acquisition is $50,000 in cash and the issuance of 500,000 new ordinary shares in Metals One.<\/p>\n\n\n\n
\n“The formal acquisition of the Uravan claim block marks a key step in Metals One’s expansion into the U.S. critical minerals sector. This project positions us in one of the most historically productive uranium-vanadium regions in the United States, with evidence of high grades and a geological setting ideally suited to modern exploration,\u201d said Craig Moulton, chairman of Metals One.<\/p>\n<\/blockquote>\n\n\n\n
\u201cWith Phase 1 fieldwork already underway, we look forward to advancing Uravan alongside our broader portfolio of energy transition assets, with the ultimate goal of contributing to U.S. domestic mineral sourcing and energy transition initiatives.\u201d<\/p>\n\n\n\n
The results from Phase 1 will be used to define potential drill targets and advance the company’s understanding of the project’s mineral systems. A Phase 2 program is anticipated for late 2025, subject to ongoing results.<\/p>\n\n\n\n
Historical surface sampling at Uravan has returned high-grade results of up to 2.23% U\u2083O\u2088 (22,280 ppm uranium) and strong vanadium content in carnotite mineralization.<\/p>\n\n\n\n