TIDMURA
RNS Number : 3021A
Uranium Resources PLC
29 March 2012
Uranium Resources plc / Market: AIM / Epic: URA / Sector:
Exploration
29 March 2012
Uranium Resources plc ('Uranium Resources') or ('the
Company')
Exploration Update at Mtonya Project, Tanzania
Uranium Resources plc, the AIM listed uranium exploration
company, provides a summary of its 2011 exploration programme and
further details of the 20,000 m 2012 drilling campaign for its 100%
owned Mtonya project in southern Tanzania ('Mtonya'). The results
continue to demonstrate the significant potential of Mtonya and
confirm the Company's model. The 2012 drilling programme is based
on a considerably enhanced redox interface model and improved
targeting will continue to define the resource potential at
Mtonya.
Uranium Resources Managing Director Alex Gostevskikh said, "Our
2011 exploration programme in southwest Tanzania continues to
deliver excellent results. Our geoscientific methods are
progressing Mtonya closer to a maiden resource, we have identified
a new rare earths target at Gundua and we are confident that we can
successfully apply this approach in other areas. Throughout 2011 we
saw our exploration model improve dramatically and we expect our
2012 programme to lead to a resource at Mtonya."
Mtonya Drilling Results
In 2011 the Company completed a 7,950 m diamond (core) scout
drilling programme on 300 m centres with only sparse infill holes
spaced at 50-150 m. Of the 27 holes completed, 10 holes hit uranium
mineralisation. The significant assay results include:
Hole From Length U3O8
DH 014 262.9 m 1.9 m 100 ppm
--------- ------- -----------
DH 023 215.6 m 2.8 m 123 ppm
--------- ------- -----------
DH 035 219.8 m 2.3 m 149 ppm
--------- ------- -----------
DH 034 37.2 m 1.0 m 1,079 ppm
--------- ------- -----------
DH 015 31.3 m 1.7 m 122 ppm
--------- ------- -----------
DH 015 39.0 m 6.0 m 561 ppm
--------- ------- -----------
including 39.0 m 1.7 m 1,807 ppm
--------- ------- -----------
DH 031 33.4 m 0.9 m 146 ppm*
--------- ------- -----------
DH 046 224.4 m 1.7 m 164 ppm
--------- ------- -----------
DH 054 245.0 m 4.7 m 366 ppm*
--------- ------- -----------
including 248.1 m 1.0 m 778 ppm*
--------- ------- -----------
DH 058 35.8 m 1.0 m 199 ppm
--------- ------- -----------
DH 063 22.9 m 1.8 m 124 ppm
--------- ------- -----------
DH 063 35.7 m 0.8 m 149 ppm
--------- ------- -----------
DH 063 291.5 m 1.5 m 108 ppm
--------- ------- -----------
* Revised from RNS dated 12 December 2011
The Mtonya drilling generated intercepts in both near surface
uranium mineralisation and at depths below 200 m.
In addition, the drilling produced numerous intercepts with
elevated uranium grades at depths that provide important
information in further delineating the mineralisation envelope.
The 38 diamond drillholes drilled at Mtonya to date have defined
three 100-150 m thick redox tiers and produced a number of
mineralised intercepts, providing evidence for multiple stacked
roll-fronts within the established tiers.
The internal studies of lithology and mineralogy carried out on
samples of mineralised drill core suggest persuasive similarities
with the uranium deposits of Kazakhstan, namely arkosic composition
of the sandstone, low content and composition of carbonate minerals
(calcite, <5%), ore mineralogy (uraninite, coffinite), and a
similar trace element geochemical signature (selenium, molybdenum,
vanadium, and scandium).
The completed exploration drilling unevenly covers an area of
approximately 70 sq km out of the Company's 625 sq km Mtonya group
of tenements and applications, which also host Lukimwa, a second
priority roll-front uranium target some 27 km southwest of Mtonya.
The Company's model suggests that both Mtonya and Lukimwa may be
parts of the same continuous roll-front feature.
The 2011 results continue to support the Company's exploration
model and establish the foundation for a successful work programme
leading to a maiden resource definition at Mtonya.
Gundua Prospecting
The 2011 programme at the Gundua prospect within the Eland
Project Area in Tanzania consisted of geological mapping and
rock/grab sampling followed by mineralogical studies of rock
samples. Supported by an interpretation of satellite imagery, the
field geological mapping confirmed the presence of a 4 km by 3 km
alkaline complex with associated strontium-rich carbonatite dykes
bearing bastnaesite, synchysite, and monazite mineralisation.
Surface sampling undertaken during the programme demonstrated
elevated REE values throughout the project area and one grab sample
showed over 4.28% REE (over 4.22% Light REE and 0.06% Heavy
REE).
Gundua exhibits many similarities to Montero Mining's Wigu Hill
REE deposit. In view of Montero's recent progress, Gundua presents
considerable interest and will be subject for a field follow-up and
drill target generative work in 2012.
2012 Strategy
The Company commenced the 2012 drilling programme in
February.
A total of 20,000 m in 74 open-hole/diamond drillholes are
planned to define geometry, continuity and tenor of uranium
mineralisation in Tiers 2 and 1. The objectives of the programme
are to:
1) Further test the roll-fronts identified in Tier 2 at depths
of 240-260 m
2) Identify and establish geometries for Tier 1 roll-fronts at
depths of 170-200 m
3) Test Tier 3 for uranium mineralisation at depths of 300-320
m
The two-pronged campaign will establish a tight-space drill grid
for further resource definition and extend the limits of known
shallow and deep mineralisation
Further fieldwork aimed at generating drill targets at Gundua is
planned for 2012
The Company continues developing comprehensive data packages for
Tanzania, an essential tool in expanding its project pipeline
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 is using
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.
Competent Person's Declaration
The information in this statement that relates to Exploration
Results, Mineral Resources or Ore Reserves is based on information
reviewed by Alex Gostevskikh, Managing Director of Uranium
Resources plc, 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 Uranium Resources plc Tel: +44 (0) 7760 487769
Samantha Harrison Ambrian Partners Ltd (Nomad) Tel: +44 (0) 20 7634
4700
Jason Robertson Optiva Securities Ltd Tel: +44 (0) 20 3137
1904
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 Basins in Southern Tanzania.
This information is provided by RNS
The company news service from the London Stock Exchange
END
DRLSEAFMAFESEED
Uranium (LSE:URA)
Historical Stock Chart
From Jun 2024 to Jul 2024
Uranium (LSE:URA)
Historical Stock Chart
From Jul 2023 to Jul 2024
