URA website excerpts30 Dec 2010 10:56
Here are a few pertinent excerpts from the URA website http://www.uraniumresources.co.uk/ that seem very encouraging to me:
Tanzania is one of the most significant African economies. The country has a stable economy with a multi-party democracy, which supports foreign direct investment. The mineral exploration and mining industry is governed by straightforward and transparent legislation. Many of the major mining companies currently have operations in the country.
URA has built a land position of some 12,700 sq km within the highly prospective Selous, Luwegu and Ruhuhu basins in southern Tanzania, which comprises three primary projects: Mtonya, Ruhuhu and Ruvuma.
It is URA's near term objective to acquire and advance assets with short and medium term development cycle requirements. The Company will do this through the identification and acquisition of prospective land packages in Tanzania and other jurisdictions that fit its investment criteria.
Exploration at its three Tanzanian uranium projects, Mtonya, Ruvuma and Ruhuhu is on-going and aimed at ascertaining their economic potential.
Uranium Resources commenced its 2010 drilling programme in June 2010. When completed, the two-phase programme will comprise approximately 4,170 metres of diamond core drilling.
As a result of the success of phase 1, the Company commenced phase 2 of the drilling programme which will comprise a further 2,650m of diamond core drilling. Phase 2 will further define the geology and is expected to generate drill targets for subsequent exploration programmes. The Company completed phase 2 drilling on 12 November 2010.
Assay results from the programme are due H1 2011. The processing of this data will advance the Company's understanding of the mineralisation controls and help generate valid drill targets for future drilling programmes.
A number of rock chip samples taken from the Eland area returned anomalous uranium, tantalum and niobium values. (very interesting rare minerals, especially tantalum for electronics and niobium for powerful magnets)
Larryh.
This style of Nb-Ta-U mineralisation is strikingly similar to Globe's Kanyika deposit in Malawi some 290 km southwest of Eland and Mantra's Malawian Chikangawa and Chintheche Projects 230 km to the west. It is remarkable that the overall tenor of U3O8 and Ta mineralisation is considerably higher than at the prospects in Malawi.