TIDMURA
RNS Number : 5097Q
Uranium Resources PLC
20 October 2011
Uranium Resources plc / Market: AIM / Epic: URA / Sector:
Exploration
20 October 2011
Uranium Resources plc ('Uranium Resources') or ('the
Company')
2011 Drilling Programme at Mtonya Uranium Project Continues
Highlights:
-- Completed 4,580m (15 holes) of the 6,850m 2011 diamond
drilling programme at the Mtonya project in southern Tanzania
-- Complete assays have been received for 7 holes out of the 15 completed
-- First assay results include significant intercepts as follows:
Hole From To Length U3O8
DH 014 262.9 m 265.7 m 2.8 m 127 ppm
------- ------- ------ ---------
DH 023 215.6 m 218.4 m 2.8 m 123 ppm
------- ------- ------- ------ ---------
DH 035 219.8 m 222.1 m 2.3 m 149 ppm
------- ------- ------- ------ ---------
DH 015 32.1 m 33.0 m 0.9 m 136 ppm
------- ------- ------- ------ ---------
and 39.0 m 45.0 m 6.0 m 561 ppm
Incl. 39.0 m 40.7 m 1.7 m 1,897 ppm
DH 034 37.2 m 38.2 m 1.0 m 1,079 ppm
------- ------- ------- ------ ---------
-- The drilling results from holes 14, 23 and 35 prove the
Company's exploration model and confirm the occurrence of multiple
uranium roll-fronts at depth
-- The 2011 drilling programme continues on a wide-spaced grid
with a focus on establishing the magnitude and geometry of
roll-fronts while generating targets for resource-definition
aircore drilling
Mtonya 2011 Drilling Programme
The Company has completed 4,580m (15 holes) of its 6,850m
diamond drilling programme at Mtonya.
The 2011 programme is designed to test the Company's proprietary
model of extensive roll-front mineralisation at depth, identify a
significant sandstone-hosted roll-front uranium deposit amenable to
in-situ recovery and extend the near-surface uranium
mineralisation.
2011 drilling is being carried out on 300m centres with select
infill holes on 50-150m centres over an area approximately 1,500 x
1,500m that represents less than 0.5% of the entire prospective
Mtonya license.
Following the successful confirmation of the Company's model by
the 2010 drilling programme, which verified the broad development
of redox processes at depth and occurrence of favourablelithologies
and enabled the deep targeting, a discovery-focussed programme was
developed.
The main objective of this year's drilling campaign is
establishing the magnitude and tenor of the deep mineralisation and
building the foundation for the subsequent resource-definition
programme. The 2011 scout drilling programme draws on the Company's
deep knowledge and expertise of the Selous-Luwegu basin
architecture and has been successful in identifying deep uranium
mineralisation amenable to in-situ recovery. The remaining drill
holes in the 2011 programme are designed to increase the extent of
deep mineralisation and improve its grade and thickness.
The execution of the programme has been subject to lower than
planned drilling rates by our drilling contractor as well as longer
than expected assay turnarounds. The Company is seeking to engage
additional rigs and is planning to extend the drilling well into
the wet season.
Results
The first batches of some 2,300 assays including samples from
holes 14, 15, 23, 26, 29, 34, 35 and 36 have been received.
The first three holes (14, 23 and 35) of the ongoing programme
have produced uranium intercepts providing a strong validation for
the Company's proprietary exploration model based on interpretation
of the regional geology and structural fabric. Holes 14, 23 and 35
are 300m apart. Interpretation of the drill core, uranium assays,
and geochemical analyses for pathfinder elements suggests that
holes 14, 23, and 35 intersected fringes of 2 continuous
roll-fronts approximately 40m apart vertically. The results also
indicate that the inferred roll-fronts are at least 600m long.
These results provide evidence for multiple uranium roll-fronts
occurring at Mtonya. Their lithological composition and geochemical
signature demonstrate compelling similarities with the well-known
roll-front uranium deposits of Kazakhstan and Wyoming.
Holes 15 and 34 produced significant intercepts further
extending the near-surface mineralisation. The near-surface
mineralisation amenable to truck and shovel mining remains a valid
exploration target at Mtonya and the Company's core drilling on
these targets has significantly advanced our understanding of this
mineralisation. This data set forth a foundation for a potential
fast-track exploration programme in the future.
The significant intercepts in the assays received to date are as
follows:
Hole Longitude Latitude From To Length U3O8
DH 014 36.53 -10.53 262.9 m 265.7 m 2.8 m 127 ppm
--------- -------- ------- ------- ------ ---------
DH 023 36.53 -10.53 215.6 m 218.4 m 2.8 m 123 ppm
------- --------- -------- ------- ------- ------ ---------
DH 035 36.53 -10.53 219.8 m 222.1 m 2.3 m 149 ppm
------- --------- -------- ------- ------- ------ ---------
DH 015 36.54 -10.53 32.1 m 33.0 m 0.9 m 136 ppm
------- --------- -------- ------- ------- ------ ---------
and 39.0 m 45.0 m 6.0 m 561 ppm
Incl. 39.0 m 40.7 m 1.7 m 1,897 ppm
DH 034 36.53 -10.52 37.2 m 38.2 m 1.0 m 1,079 ppm
------- --------- -------- ------- ------- ------ ---------
Holes 26, 29 and 36 produced no significant intercepts.
The core produced by the ongoing drilling programme provides
further evidence for extensive development of redox processes and
presence of favourable conditions for uranium mineralisation that
could be extracted with the use of in-situ recovery. The Company
observes widespread occurrence of highly permeable, coarse-grained,
carbonate-poor arkose sandstones that commonly have thicknesses of
6 to 12m. The intercepted roll-fronts occur deep below the active
water table and are confined between 3-12m thick beds of
impermeable mudstone.
Assaying and QA/QC
The Company adheres to the most reliable methods of quantifying
uranium mineralisation by sampling half-core and subjecting the
samples to the ME-MS41 and ME-ICP61 analytical methods at the ALS
laboratory in Vancouver, BC, Canada.
In accordance with industry standards, the assayed samples
include certified standards and duplicates. Analytical results are
routinely subjected to statistical review.
In addition to core sampling and assaying, the Company has
commenced the use of a Mount Sopris Matrix gamma-logging system to
ensure proper instrument calibration and establish the framework
for disequilibrium adjustments. The disequilibrium factor (DEF) is
used to adjust the grade obtained from measurements by a gamma-ray
probe (eU3O8) and to provide rapid estimates for the uranium
content in the rock.
Managing Director's Comments
Commenting on the first assay results from this year's programme
at Mtonya, Managing Director Alex Gostevskikh said:
"We are excited about Mtonya's potential and we are very pleased
with the results that are coming from our drilling programme. By
confirming mineralised roll-fronts at depth, we have achieved one
of the most important milestones in our exploration at Mtonya.
Deep-seated sandstone-hosted targets, such as in Kazakhstan,
present significant exploration challenges but also yield
world-class deposits amenable to in-situ recovery - the most
economically effective and environmentally benign method of uranium
extraction.
"We are observing evidence that suggests the presence of stacked
roll-fronts in rock formations that appear to be suitable for
in-situ recovery. We are particularly impressed with significant
continuities of the identified roll-fronts and we are looking
forward to improving their grade and thickness. The geochemical
data that has begun arriving from our latest drilling continues to
confirm and enhance our proprietary model and substantially
improves our drill targeting.
"We expect that the completion of the 2011 drilling programme
will lead to resource-definition drilling at Mtonya. We continue
drilling very wide-spaced holes intended to establish the magnitude
of mineralised roll-fronts and generate targets for aircore
drilling."
Competent Person
The information in this statement that relates to Exploration
Results, Mineral Resources or Ore Reserves is based on information
assessed by Alex Gostevskikh, Managing Director of Uranium
Resources, who is a Member of the Mining and Metallurgical Society
of America. Mr Gostevskikh has sufficient experience which is
relevant to the style of mineralisation and type of deposit under
consideration and to the activity which he is undertaking to
qualify as a Competent Person as defined in the 2004 Edition of the
'Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves' and as a qualified person under the AIM
Note for Mining, Oil and Gas Companies. Mr Gostevskikh consents to
the inclusion in the report of the matters based on his information
in the form and context in which it appears.
**ENDS**
For further information please visit www.uraniumresources.co.uk
or contact:
Alex Gostevskikh/ Uranium Resources plc Tel: +255 (0) 752 968
062
Ross Warner Tel: +44 (0) 7760 487769
Anthony Rowland/ Ambrian Partners Ltd (Nomad) Tel: +44 (0) 20 7634
4700
Ben Wright
Jeremy King/ Optiva Securities Ltd Tel +44 (0)20 3137
1904
Jason Robertson
Hugo de Salis/ St Brides Media & Finance Tel: +44 (0) 20 7236
Ltd 1177
Felicity Edwards
About Uranium Resources
Uranium Resources plc is an AIM listed exploration and
development company. It is the Company's strategy to advance its
existing assets and strengthen its portfolio via opportunistic
acquisition. Uranium Resources has uranium licences in the highly
prospective Karoo Basin in Southern Tanzania.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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