🕐19.09.12 - 10:27 Uhr
URANIUM RESOURCES - HIGH GRADE URANIUM INTERCEPTS REPORTED FROM MTONYA EXPLORATI
ON PROGRAMME, TANZANIA
Good Morning - please see todays news from Uranium Resources below.
RFC Ambrian has published a note on the back of the news today.
This is the comment from Duncan Hughes.
Uranian Resources share price is up 7.72% to 2.45p this morning.
Uranium Resources (URA)
Price: 2.3p Target Price: N/R Recommendation: Speculative Buy Market Cap: 17m
Comment
These are excellent high-grade results from Mtonya, with much improved grades and/or widths than previous assay results, and provide encouragement that Mtonya could one day support an in-situ recovery operation.
URA is targeting a JORC-compliant resource by the end of 1Q13 and the progress of the current drill programme makes this target achievable.
We expect another round of assay results in 4Q12 before a break in drilling to allow the company to progress the resource estimate.
These grades and widths are very similar to those seen at the Powder River Basin deposits in Wyoming; they are well in excess of the likely cut-off grade and grade thickness seen at these deposits.
Recommendation
We continue to rate Uranium Resources as a SPECULATIVE BUY.
We believe the roll-front uranium mineralisation has real potential and the current drill programme is in full swing to uncover the prospects extensiveness.
Catalysts going forward include:
Completion of drilling programme and assays
Maiden resource - 1Q13
Uranium Resources plc / Market: AIM / Epic: URA / Sector: Exploration
19 September 2012
Uranium Resources plc (Uranium Resources or the Company)
High-grade uranium intercepts reported from Mtonya Exploration Programme, Tanzania
Uranium Resources plc, the AIM quoted uranium exploration company, is pleased to provide a positive update on the ongoing 2012 drilling programme at its 100% owned Mtonya uranium project in southwestern Tanzania.
Highlights
* Numerous high-grade intercepts at Mtonya further reinforce the Companys model of continuous uranium mineralisation in Tier 1 roll-fronts at depths between 120 m and 220 m;
* The Tier 1 redox interface extends for well over 4.5 km and remains open along strike.
Up to three continuous, overlapping roll-fronts have been identified in Tier 1;
* Over 25,000 m of diamond drilling have been completed to date, far exceeding the original 20,000 m plan;
* Significant uranium intercepts from latest drillholes include:
- 0.27% (2678 ppm) U3O8 over 1 m in Hole 105;
- 0.19% (1904 ppm) U3O8 over 1 m in Hole 105;
- 0.13% (1321ppm) U3O8 over 1.3 m in Hole 097;
- 0.13% (1321 ppm) U3O8 over 1 m in Hole 203;
- 0.13% (1260 ppm U3O8 over 2 m in Hole 100;
- 0.12% (1197 ppm) U3O8 over 1 m in Hole 106;
- 0.11% (1057 ppm) U3O8 over 1 m in Hole 106;
- 0.13% (1266 ppm) U3O8 over 2 m in Hole 241.
* Other significant results from Tier 1 also include such wide composited intercepts as:
- 526 ppm U3O8 over 10 m in Hole 105;
- 227 ppm U3O8 over 9 m in Hole 110;
- 364 ppm U3O8 over 9 m in Hole 300;
- 515 ppm U3O8 over 8.5 m in Hole 106;
- 267 ppm U3O8 over 7 m in Hole 100.
* Results continue to compare favourably to other in-situ recovery ("ISR") projects.
* Maiden resource expected Q1 2013.
Uranium Resources Managing Director Alex Gostevskikh said, "We are very encouraged by these recent results as we see the foundation of Mtonyas resource being firmly established.
Our results compare exceptionally well against other ISR exploration projects being pursued in other parts of the world including the Powder River Basin and Wind Basin in Wyoming."
The Companys drilling programme continues to generate encouraging results, with over 25,000 metres of diamond drilling completed to date at Mtonya.
This far exceeds the original plan of 20,000 metres.
Drilling at Mtonya is targeting the Tier 1 mineralisation where up to three continuous roll-fronts have been identified.
The mineralised redox interface of Tier 1 has now been traced over a distance of over 4.5 km.
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.
As part of the 2012 drilling programme, the Company has undertaken widely spaced in-fill drilling aiming to 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.
The latest drilling continues to demonstrate roll-front widths, thicknesses and tenor remarkably similar to the roll-front deposits found in Wyomings Wind River Basin and Powder River Basin where Cameco and Uranium One operate successful ISR facilities.
Table 1.
Significant uranium intercepts from Tier 1 drilling programme:
Hole
Longitude
Latitude
From
To
Length
eU3O8
DH 022
36.517
-10.552
94.2 m
96.4 m
2.2 m
154 ppm *
DH 028 (1)
36.517
-10.547
115.0 m
117.0 m
2.0 m
154 ppm *
DH 083
36.527
-10.531
181.5 m
182.5 m
1.0 m
146 ppm *
DH 093
36.524
-10.531
126.5 m
127.6 m
1.1 m
163 ppm *
DH 095 (1)
36.525
-10.532
142.5 m
144.5 m
2.0 m
159 ppm *
and
158.5 m
159.5 m
1.0 m
127 ppm *
DH 096 (1)
36.525
-10.532
138.5 m
140.5 m
2.0 m
202 ppm *
DH 097 (1)
36.526
-10.532
130.5 m
134.5 m
4.0 m
283 ppm *
including
130.5 m
131.5 m
1.0 m
855 ppm *
and
169.7 m
176.5 m
6.8 m
335 ppm *
including
173.9 m
175.2 m
1.3 m
1321 ppm *
DH 099 (1)
36.525
-10.533
101.5 m
104.5 m
3.0 m
224 ppm *
Including
103.5 m
104.5 m
1.0 m
949 ppm *
and
67.5 m
68.5 m
1.0 m
152 ppm *
DH 100
36.525
-10.533
136.5 m
140.5 m
4.0 m
840 ppm *
including
137.5 m
139.5 m
2.0 m
1260 ppm *
and
171.5 m
178.5 m
7.0 m
267 ppm *
including
173.5 m
174.5 m
1.0 m
670 ppm *
and
186.5 m
187.5 m
1.0 m
291 ppm *
DH 105
36.531
-10.523
144.3 m
154.3 m
10.0 m
526 ppm *
including
145.3 m
146.3 m
1.0 m
2678 ppm *
including
152.3 m
153.3 m
1.0 m
1904 ppm *
DH 106
36.531
-10.523
155.9 m
164.4 m
8.5 m
515 ppm *
including
158.4 m
159.4 m
1.0 m
1197 ppm *
including
162.4 m
163.4 m
1.0 m
1057 ppm *
DH 110 (1)
36.530
-10.524
122.2 m
131.2 m
9.0 m
227 ppm *
DH 111
36.531
-10.524
55.3 m
57.3 m
2.0 m
131 ppm *
DH 120 (1)
36.529
-10.525
143.2 m
144.2 m
1.0 m
113 ppm *
DH 121 (1)
36.53
-10.525
102.3 m
103.3 m
1.0 m
180 ppm *
and
132.4 m
137.4 m
5.0 m
199 ppm *
DH 122
36.530
-10.525
77.0 m
78.0 m
1.0 m
285 ppm *
DH 197
36.521
-10.550
210.0 m
211.0 m
1.0 m
301 ppm *
DH 199 (1)
36.517
-10.547
97.3 m
98.5 m
1.2 m
302 ppm *
DH 201 (1)
36.519
-10.546
86.5 m
87.5 m
1.0 m
269 ppm *
and
99.5 m
100.5 m
1.0 m
119 ppm *
and
128.5 m
129.5 m
1.0 m
227 ppm *
DH 203 (1)
36.520
-10.545
54.5 m
60.5 m
6.0 m
315 ppm *
including
54.5 m
55.5 m
1.0 m
1321 ppm *
DH 206 (1)
36.520
-10.544
33.5 m
34.5 m
1.0 m
102 ppm *
and
51.5 m
54.5 m
3.0 m
232 ppm *
DH 207 (1)
36.521
-10.544
30.0 m
31.5 m
1.5 m
215 ppm *
DH 208 (1)
36.521
-10.544
67.0 m
79.4 m
12.4 m
176 ppm *
including
67.0 m
71.5 m
4.5 m
418 ppm *
and
90.6 m
93.5 m
2.9 m
125 ppm *
DH 209 (1)
36.521
-10.544
73.5 m
75.0 m
1.5 m
233 ppm *
DH 230
36.521
-10.540
63.5 m
65.5 m
2.0 m
241 ppm *
DH 232
36.522
-10.540
65.5 m
67.5 m
2.0 m
149 ppm *
DH 240
36.532
-10.522
148.5 m
150.5 m
2.0 m
507 ppm *
DH 241
36.532
-10.522
49.3 m
56.36 m
7.0 m
549 ppm *
including
50.3 m
52.3 m
2.0 m
1266 ppm *
DH 300
36.525
-10.535
137.5 m
138.5 m
1.0 m
109 ppm *
and
157.5 m
166.5 m
9.0 m
364 ppm *
including
162.5 m
165.5 m
3.0 m
511 ppm *
DH 310
36.524
-10.536
127.5 m
128.5 m
1.0 m
112 ppm *
and
130.5 m
131.5 m
1.0 m
110 ppm *
and
137.5 m
138.5 m
1.0 m
120 ppm *
and
166.5 m
167.5 m
1.0 m
110 ppm *
DH 101
36.526
-10.534
128.7 m
130.1 m
1.4 m
354 ppm
DH 302
36.525
-10.534
148.3 m
150.1 m
1.8 m
1154 ppm
DH 211
36.520
-10.547
24.2 m
25.7 m
1.5 m
168 ppm
and
181.1 m
183.9 m
2.8 m
169 ppm
DH 226
36.523
-10.543
155.9 m
157.3 m
1.4 m
234 ppm
and
159.7 m
160.8 m
1.1 m
109 ppm
DH 243
36.533
-10.523
104.4 m
105.4 m
1.0 m
122 ppm
DH 225
36.522
-10.543
170.8 m
174.7 m
3.9 m
290 ppm
DH 223
36.521
-10.542
11.6 m
13.3 m
2.0 m
107 ppm
DH 253
36.532
-10.52
142.5 m
145.7 m
3.2 m
129 ppm
DH 204
36.520
-10.547
12.2 m
14.6 m
2.4 m
213 ppm
and
22.4 m
24.6 m
2.2 m
257 ppm
and
36.4 m
37.4 m
1.0 m
113 ppm
DH 123
36.531
-10.525
21.7 m
26.3 m
4.6 m
256 ppm
and
27.7 m
28.8 m
1.1 m
142 ppm
DH 310
36.524
-10.536
37.5 m
41.2 m
3.7 m
126 ppm
and
130.0 m
131.0 m
1.0 m
107 ppm
DH 262
36.534
-10.519
146.51 m
147.51 m
1.0 m
187 ppm
DH 263
36.533
-10.519
20.9 m
23.1 m
2.2 m
137 ppm
and
29.7 m
31.1 m
1.4 m
443 ppm
and
174.6 m
175.6 m
1.0 m
101 ppm
DH 124
36.530
-10.524
64.4 m
65.9 m
1.5 m
124 ppm
and
123.3 m
126.8 m
3.5 m
279 ppm
DH 107
36.526
-10.533
140.5 m
142.1 m
1.6 m
154 ppm
DH 212
36.521
-10.545
35.3 m
37.5 m
2.2 m
170 ppm
and
95.3 m
96.3 m
1.0 m
115 ppm
DH 224
36.521
-10.542
14.4 m
15.4 m
1.0 m
103 ppm
DH 254
36.533
-10.520
52.0 m
54.3 m
2.3 m
290 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).
Preliminary evaluation suggests that a positive disequilibrium factor of approximately 1.8 is observed at Mtonya, which implies that downhole gamma readings in their current interpretation may significantly underestimate actual uranium grades.
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 Companys 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 ISR.
The Companys ongoing exploration programme is 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 Persons 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 Companys 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.
[Description: Description: Description: twit]