TIDMURA
RNS Number : 1662I
Uranium Resources PLC
23 July 2012
Uranium Resources plc / Market: AIM / Epic: URA / Sector:
Exploration
23 July 2012
Uranium Resources plc ('Uranium Resources' or 'the Company')
High-grade intercepts reported from Mtonya Uranium Exploration
Programme, Tanzania
Uranium Resources plc, the AIM listed uranium exploration
company, is pleased to provide a positive update on the ongoing
20,000 m drilling programme at its 100%-owned Mtonya uranium
project ('Mtonya') in southwestern Tanzania.
Highlights
-- Significant drill intercepts at Mtonya confirm continuity of
uranium mineralisation in Tier 1 roll-fronts at depths between 120
m and 220 m;
-- The demonstrated extent of the Tier 1 redox interface is well
over 3 km where three continuous, overlapping roll-fronts have been
identified;
-- Seventy wide-spaced diamond drillholes totaling approximately
16,500 m completed to date over Tier 1;
-- Twenty drillholes intersected uranium mineralisation and
sixteen drillholes encountered grades over 100 ppm U3O8;
-- Significant uranium intercepts from latest drillholes include:
- 992 ppm U3O8 over 1.0 m from 145.3 m in Hole 081
- 1,869 ppm U3O8 over 0.8 m from 157.8 m in Hole 090
- 841 ppm eU3O8 over 1.3 m from 174.1 m in Hole 097
- 650 ppm eU3O8 over 1.8 m from 68.0 m in Hole 208
- 447 ppm eU3O8 over 1.0 m from 30.7 m in Hole 207
- 335 ppm eU3O8 over 1.8 m from 142.2 m in Hole 095
- 361 ppm eU3O8 over 1.3 m from 103.2 m in Hole 099
- 275 ppm eU3O8 over 3.7 m from 127.3 m in Hole 110
- 310 ppm eU3O8 over 3.2 m from 54.0 m in Hole 203
Uranium Resources Managing Director Alex Gostevskikh said, "The
recent results further validate our exploration model for Mtonya
where we are exploring for a significant sandstone-hosted deposit
amenable to in-situ recovery. In addition to certain signature
characteristics common for all roll-front deposits, such as redox
interface behaviour, composition of the sedimentary rocks and
geochemical patterns, we now observe mineralised roll-front
geometries and tenors that are similar to sandstone-hosted uranium
deposits in Wyoming's Powder River Basin and Wind River Basin where
Cameco and Uranium One operate in-situ recovery facilities. These
observations provide a strong reinforcement to the Company's
assessment of the prospectivity of the Luwegu Basin and all of
southwestern Tanzania for sandstone-hosted deposits amenable to
in-situ recovery, the lowest-cost and environmentally sound method
of uranium extraction.
Our drilling campaign has been progressing well ahead of
schedule and under budget and we are on course to define a maiden
JORC-compliant resource by Q1 2013.
We are also pleased to note the positive developments
surrounding Uranium One's Nyota Project and its full support by the
Tanzanian government and specifically the Ministry for Natural
Resources and Tourism, which fully recognises the vital importance
of sustainable development in the Ruvuma region."
The Company's drilling programme at Mtonya continues to deliver
positive results, with seventy diamond drillholes totaling
approximately 16,500 m completed to date at Mtonya. Three drill
rigs are currently operating at the project and, as previously
announced, the Board expects a fourth rig to be mobilised in August
2012.
Drilling at Mtonya is currently targeting the Tier 1
mineralisation where three continuous roll-fronts have been
identified. The mineralised redox interface of Tier 1 has now been
traced over a distance of 3km. The three stacked roll-fronts
coalesce and overlap to produce wide and continuous areas of
uranium mineralisation that remain open along strike to the south
and to the north. The deeper Tier 2 and Tier 3 uranium
mineralisation continue to be valid exploration targets for future
drilling.
The Company is now executing in-fill drilling to continue the
improvement in grades and thickness in the Tier 1 mineralisation
and define a maiden JORC compliant resource by the end of Q1 2013.
The Company is sampling and assaying along the entire depth of
drillholes in addition to downhole gamma-logging to ensure the
reliability and accuracy of the drilling data. It is noted that the
initial gamma readings in their current interpretation may
significantly underestimate uranium grades.
The latest drilling demonstrates the remarkable similarities of
Mtonya with the roll-front deposits found in the Wind River Basin
and Powder River Basin in Wyoming, USA in tenor and the roll-front
widths and thicknesses.
Table 1. Significant uranium intercepts from Tier 1 drilling programme:
Hole Longitude Latitude From To Length eU3O8
-------------- --------- ---------- ------- -------- ------ ----------
DH 016 36.518 -10.549 212.5 m 213.6 m 1.1 m 138 ppm*
DH 081 (1) 36.528 -10.526 136.3 m 137.3 m 1.0 m 377 ppm*
-------------- --------- ---------- ------- -------- ------ ----------
and 140.3 m 142.3 m 2.0 m 129 ppm*
-------------- --------- ---------- ------- -------- ------ ----------
and 143.3 m 148.3 m 5.0 m 317 ppm*
-------------- --------- ---------- ------- -------- ------ ----------
including 145.3 m 146.3 m 1.0 m 992 ppm*
-------------- --------- ---------- ------- -------- ------ ----------
DH 082 (1) 36.526 -10.531 142.4 m 143.4 m 1.0 m 294 ppm*
-------------- --------- ---------- ------- -------- ------ ----------
and 147.1 m 148.0 m 0.9 m 237 ppm*
-------------- --------- ---------- ------- -------- ------ ----------
DH 088 36.529 -10.528 167.3 m 168.3 m 1.0 m 110 ppm*
-------------- --------- ---------- ------- -------- ------ ----------
DH 090 (1) 36.526 -10.530 123.0 m 124.2 m 1.2 m 210 ppm*
-------------- --------- ---------- ------- -------- ------ ----------
and 151.4 m 152.2 m 0.8 m 133 ppm*
-------------- --------- ---------- ------- -------- ------ ----------
and 155.2 m 158.6 m 3.4 m 497 ppm*
-------------- --------- ---------- ------- -------- ------ ----------
including 157.8 m 158.6 m 0.8 m 1,869 ppm*
-------------- --------- ---------- ------- -------- ------ ----------
DH 092 (1) 36.525 -10.531 128.7 m 130.7 m 2.0 m 375 ppm*
-------------- --------- ---------- ------- -------- ------ ----------
including 128.7 m 129.7 m 1.0 m 645 ppm*
-------------- --------- ---------- ------- -------- ------ ----------
DH 028 36.517 -10.547 115.3 m 116.8 m 1.5 m 243 ppm
-------------- --------- ---------- ------- -------- ------ ----------
and 135.6 m 136.6 m 1 m 112 ppm
-------------- --------- ---------- ------- -------- ------ ----------
DH 095 36.525 -10.532 142.2 m 144.0 m 1.8 m 335 ppm
-------------- --------- ---------- ------- -------- ------ ----------
and 156.8 m 157.8 m 1 m 102 ppm
-------------- --------- ---------- ------- -------- ------ ----------
DH 096 36.525 -10.532 138.9 m 139.9 m 1 m 264 ppm
-------------- --------- ---------- ------- -------- ------ ----------
DH 097 36.526 -10.532 130.7 m 131.80 m 1 m 184 ppm
-------------- --------- ---------- ------- -------- ------ ----------
and 169.5 m 170.9 m 1.4 m 128 ppm
-------------- --------- ---------- ------- -------- ------ ----------
and 172.6 m 176.2 m 3.6 m 558 ppm
-------------- --------- ---------- ------- -------- ------ ----------
including 174.1 m 175.4 m 1.3 m 841 ppm
-------------- --------- ---------- ------- -------- ------ ----------
DH 099 36.525 -10.533 67.1 m 68.1 m 1 m 138 ppm
-------------- --------- ---------- ------- -------- ------ ----------
and 75.1 m 76.3 m 1.2 m 109 ppm
-------------- --------- ---------- ------- -------- ------ ----------
DH 099 36.525 -10.533 101.3 m 102.8 m 1.5 m 188 ppm
-------------- --------- ---------- ------- -------- ------ ----------
and 103.2 m 104.5 m 1.3 m 361 ppm
-------------- --------- ---------- ------- -------- ------ ----------
DH 110 36.53 -10.524 122.1 m 123.1 m 1 m 142 ppm
-------------- --------- ---------- ------- -------- ------ ----------
And 127.3 m 131.0 m 3.7 m 275 ppm
-------------- --------- ---------- ------- -------- ------ ----------
including 128.3 m 129.2 m 0.9 m 591 ppm
-------------- --------- ---------- ------- -------- ------ ----------
DH 120 36.529 -10.525 143.8 m 145.3 m 1.5 m 141 ppm
-------------- --------- ---------- ------- -------- ------ ----------
DH 121 36.53 -10.525 101.8 m 102.8 m 1 m 104 ppm
-------------- --------- ---------- ------- -------- ------ ----------
and 135.7 m 137.3 m 1.6 m 229 ppm
-------------- --------- ---------- ------- -------- ------ ----------
DH 199 36.517 -10.547 96.1 m 97.4 m 1.3 m 180 ppm
-------------- --------- ---------- ------- -------- ------ ----------
DH 201 36.519 -10.546 99.0 m 100.0 m 1 m 112 ppm
-------------- --------- ---------- ------- -------- ------ ----------
and 128.7 m 130.2 m 1.5 m 151 ppm
-------------- --------- ---------- ------- -------- ------ ----------
DH 202 36.519 -10.547 24.7 m 26.2 m 1.5 m 141 ppm
-------------- --------- ---------- ------- -------- ------ ----------
DH 203 36.52 -10.545 29.7 m 31.4 m 1.7 m 309 ppm
-------------- --------- ---------- ------- -------- ------ ----------
and 54.0 m 57.2 m 3.2 m 310 ppm
-------------- --------- ---------- ------- -------- ------ ----------
including 54.9 m 55.9 m 1 m 593 ppm
-------------- --------- ---------- ------- -------- ------ ----------
and 58.1 m 59.9 m 1.8 m 180 ppm
-------------- --------- ---------- ------- -------- ------ ----------
DH 206 36.52 -10.544 29.2 m 30.2 m 1 m 183 ppm
-------------- --------- ---------- ------- -------- ------ ----------
and 54.7 m 57.1 m 2.4 m 161 ppm
-------------- --------- ---------- ------- -------- ------ ----------
DH 207 36.521 -10.545 29.6 m 32.2 m 2.6 m 260 ppm
-------------- --------- ---------- ------- -------- ------ ----------
including 30.7 m 31.7 m 1 m 447 ppm
-------------- --------- ---------- ------- -------- ------ ----------
and 65.1 m 66.5 m 1.4 m 131 ppm
-------------- --------- ---------- ------- -------- ------ ----------
and 67.7 m 68.7 m 1 m 120 ppm
-------------- --------- ---------- ------- -------- ------ ----------
and 77.4 m 78.4 m 1 m 101 ppm
-------------- --------- ---------- ------- -------- ------ ----------
DH 208 36.521 -10.544 4.1 m 5.2 m 1.1 m 160 ppm
-------------- --------- ---------- ------- -------- ------ ----------
and 66.4 m 71.7 m 5.3 m 498 ppm
-------------- --------- ---------- ------- -------- ------ ----------
including 68.0 m 69.8 m 1.8 m 650 ppm
-------------- --------- ---------- ------- -------- ------ ----------
and 75.1 m 76.1 m 1 m 107 ppm
-------------- --------- ---------- ------- -------- ------ ----------
and 78.3 m 79.5 m 1.2 m 118 ppm
-------------- --------- ---------- ------- -------- ------ ----------
and 89.3 m 90.9 m 1.6 m 158 ppm
-------------- --------- ---------- ------- -------- ------ ----------
and 92.3 m 93.8 m 1.5 m 167 ppm
-------------- --------- ---------- ------- -------- ------ ----------
DH 209 36.521 -10.544 71.2 m 74.4 m 3.2 m 179 ppm
-------------- --------- ---------- ------- -------- ------ ----------
and 101.4 m 102.6 m 1.2 m 114 ppm
-------------- --------- ---------- ------- -------- ------ ----------
Notes to table:
(1) U3O8 figures updates for assay results from previously reported gamma-log data.
* Assays based on core samples analysed by ALS Global (Vancouver).
Only intercepts above 100 Grade Thickness are shown. Grade
Thickness is the product of the grade and true thickness of
intercepted mineralisation.
About Mtonya
The Company's 100% owned Mtonya project is situated about 60 km
south of Nyota, a significant uranium deposit currently developed
by Uranium One.
Mtonya is interpreted to be a classic sandstone-hosted
roll-front deposit with remarkable similarities to the deposits of
Wyoming, USA and Chu-Sarysu, Kazakhstan.
To date, Mtonya has demonstrated continuous uranium
mineralisation in stacked roll-fronts in Triassic arkoses, which is
expected to be amenable to in-situ recovery.
The Company's ongoing exploration programmeis expected to
generate sufficient data to delineate a maiden resource at Mtonya
by the end of Q1 2013.
Assaying and QA/QC
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.
In addition to gamma-ray downhole surveys, Uranium Resources
uses the most reliable methods of quantifying uranium
mineralisation by sampling half-core and subjecting the samples to
the ME-MS41 analysis at the ALS Global 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.
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 RFC Ambrian Ltd (Nomad) Tel: +44 (0) 20 3440 6800
Jason Robertson Optiva Securities Ltd Tel: +44 (0) 20 3137
1904
Hugo de Salis / St Brides Media & Finance Ltd Tel: +44 (0) 20 7236 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 exploration licences in
the highly prospective Karoo Basins in southwestern Tanzania.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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