A Prospector's guide to URANIUM deposits In Newfoundland and labrador Matty mitchell prospectors resource room Information circular number 4 First Floor • Natural Resources Building Geological Survey of Newfoundland and Labrador 50 Elizabeth Avenue • PO Box 8700 • A1B 4J6 St. John’s • Newfoundland • Canada pros pec tor s Telephone: 709-729-2120, 709-729-6193 • e-mail:
[email protected] resource room Website: http://www.nr.gov.nl.ca/mines&en/geosurvey/matty_mitchell/ September, 2007 INTRODUCTION Why Uranium? • Uranium is an abundant source of concentrated energy. • One pellet of uranium fuel (following enrichment of the U235 component), weighing approximately 7 grams (g), is capable of generating as much energy as 3.5 barrels of oil, 17,000 cubic feet of natural gas or 807 kilograms (kg) of coal. • One kilogram of uranium235 contains 2 to 3 million times the energy equivalent of the same amount of oil or coal. • A one thousand megawatt nuclear power station requiring 27 tonnes of fuel per year, needs an average of about 74 kg per day. An equivalent sized coal-fired station needs 8600 tonnes of coal to be delivered every day. Why PROSPECT FOR IT? • At the time of writing (September, 2007), the price of uranium is US$90 a pound - a “hot” commodity, in more ways than one! Junior exploration companies and major producers are keen to find more of this valuable resource. As is the case with other commodities, the prospector’s role in the search for uranium is always of key importance. What is Uranium? • Uranium is a metal; its chemical symbol is U.