🕐02.02.09 - 02:08 Uhr
Mantra ASX Announcement: Initial Resource of 35.9 million pounds U3O8 at Mkuju River Project
Dear all,
Please find below a summary of an announcement made to the ASX today
regarding an initial resource estimate for the Mkuju River Project in
southern Tanzania.
The Inferred Mineral Resource has been estimated at 39.9 million tonnes
averaging 409 ppm U3O8 for a contained 35.9 million pounds of U3O8 (or
approximately 16,300 tonnes contained U3O8) at a lower cut-off grade of
200 ppm U3O8.
The MRE covers only the areas drilled to date at the Nyota
and NW Trend Prospects and is based on data from the approximately
40,000 metre drilling campaign completed by the Company last year.
The MRE has been prepared by independent consultants CSA Global Pty Ltd
(CSA) and is reported in accordance with the JORC Code (2004).
Mkuju River Project
Nyota and NW Trend Prospects - Inferred Mineral Resource Estimate
Lower Cut-off
(U3O8 ppm)
Tonnage
(million tonnes)
Grade
(U3O8 ppm)
Contained U3O8
(million pounds)
250
29.7
472
30.9
200
39.9
409
35.9
150
49.9
362
39.8
Key points are summarised as follows:
* The MRE is an initial resource for the Project and the
potential exists to substantially increase this resource base with
ongoing work;
* The MRE covers an area of approximately 9 square kilometres
which represents only a small part of the overall target area of the
Nyota and NW Trend Prospects;
* Mineralisation remains open within the current resource
areas.
In addition, numerous other radiometric anomalies at the
Prospects, and within the broader Project area, have not yet been
drilled;
* The uranium mineralisation is dominantly sandstone hosted
and occurs in multiple stacked, flat lying horizons at shallow depths,
with thicknesses up to 41 metres;
* The majority of the MRE is within 60 metres of surface; and
* Further drilling programs, aimed at expanding the MRE and
upgrading the resource classification, are planned.
"This initial Mineral Resource estimate is a significant milestone in
the evolution of the Company and clearly demonstrates the significant
potential of the Project.
We believe that it provides an excellent
platform for future growth as well as greatly enhancing Mantras ability
to fulfil its strategic objective of becoming a uranium producer in the
near term."
The Company will continue to assess the economic viability of the
Project through the Scoping Study, which is expected to be completed
during the second quarter of 2009.
A copy of the full announcement is attached.
It can also be viewed by
clicking on the following link:
http://www.mantraresources.com.au/upload/documents/releases/asx/20090202
_090202-MkujuRiverProject_MRE_final.pdf
Please dont hesitate to contact me or Matthew Yates if you have any
questions.
Regards
Robert Behets
Joint Managing Director
A: Level 9, The BGC Centre, 28 The Esplanade, PERTH WA 6000
T: 618 9322 6322 F: 618 9322 6558
E:
W: www.mantraresources.com.au
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