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Last checked at 
18 Nov 2009 07:00
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VANE Minerals plc (AIM:VML)
('VANE' or the 'Company')
AdditionalΒ UraniumΒ DrillingΒ Intercepts, Wate Pipe, Arizona
Highlights:
25.5 feet of 0.47% eU3O8 intersectedΒ inΒ Hole WT-33Β completed to 1500Β feetΒ
25.0 feet of 0.22% eU3O8Β intersectedΒ inΒ Hole WT-34 completed to 1640 feet
ResultsΒ confirm mineralized breccia pipe dimensionsΒ over a vertical extent of 286 feet with a horizontal extent of 115Β feet
Drilling of hole WT-35 in progress
NI43-101 compliant resource on target for completion end of 2009
Β
VANEΒ today announcesΒ furtherΒ results from theΒ explorationΒ drilling on the Wate breccia pipe in northernΒ Arizona. The project is within the VANE-Uranium One Exploration U.S.A. Inc. joint venture in which the Company's wholly-owned subsidiary, VANE Minerals (US) LLC, holds a 50% interest.
Holes WT-33 and WT-34 were completed toΒ the depths ofΒ 1500 feet and 1640 feet, respectively. Hole WT-33 encountered one main mineralized zone grading 0.47%Β eU3O8Β over a thickness of 25.5 feet withΒ maximum grade ofΒ 1.00%Β eU3O8.
Hole WT-34 intersected a total of 98 feet of mineralization, within which four intervals contained grades above the 0.10% eU3O8Β cutoff grade used in calculations.Β The main zone has a thickness of 25.0 feet with an average grade of 0.22%Β eU3O8Β with aΒ maximum grade ofΒ 0.48%Β eU3O8.Β
The drilling results continue to provide data to establishΒ theΒ dimensions to the pipe andΒ distribution of theΒ mineralization.Β The drilling depths to the top and base ofΒ theΒ mineralization encounteredΒ by VANEΒ to date are 1245 feet and 1531 feet, respectively, for a total vertical extent of 286 feet. Historic data indicate ore-grade mineralization to a depth of 1850 feetΒ giving a total vertical extent of 605 feet.Β However,Β VANE'sΒ drilling depthsΒ areΒ limited toΒ about 1600Β feet in order to focus on the areaΒ of the pipeΒ that contains the majority of known mineralization as indicated in the historic data. With respect toΒ theΒ lateral extentΒ of mineralizationΒ VANE'sΒ drilling confirms a horizontal dimensionΒ ofΒ about 115 feet which would also represent the pipe diameter through that interval.Β
The results tabled belowΒ continue to confirmΒ the mineralized zones indicated in the historical data held by VANE:
Drill Hole WT-33
|
INTERVAL (ft) |
THICKNESS (ft) |
GRADE eU3O8 |
|
|
1420.5-1446.0 |
25.5 |
0.47% |
Drill Hole WT-34
|
INTERVAL (ft) |
THICKNESS (ft) |
GRADE eU3O8 |
|
|
1268.0-1293.0 |
25.0 |
0.22% |
|
|
1320.5-1323.0 |
2.5 |
0.16% |
|
|
1483.5-1486.5 |
3.0 |
0.19% |
|
|
1495.0-1502.0 |
7.0 |
0.15% |
Note:Β A cut-off grade of 0.10% eU3O8Β was used in calculating the above intervals.Β The holes were logged by Geophysical Logging Services.
Results in context to historic data
The results are in line withΒ historic data developed during the period 1988 to 1998. The drilling campaign carried out by Rocky Mountain Energy in partnership with Taiwan Power Company consisted of 23 holes all containing uranium mineralization with 17 encountering "ore-grade intercepts" according to the evaluation and appraisal report completed by the Arizona State Land Department in 1998. This report states three reserveΒ casesΒ (resource as defined in current NI43-101 terms) based on 1998 economics:
|
TONS |
GRADE U3O8 |
POUNDS U3O8 |
|
|
ConservativeΒ |
70,250 |
0.80% |
1,124,000 |
|
Base |
114,872 |
0.83% |
1,916,863 |
|
Full |
146,122 |
0.83% |
2,416,863 |
TheΒ weightedΒ average grade of the combined intercepts encountered in the five holes VANE has completed to date is 0.80% eU3O8Β which compares very favorably with that report.
NI43-101 objective
Operations commenced at Wate in mid-August to verify mineralized zones indicated by historicalΒ data, asΒ part of the programme to produce a NI43-101 resource report.Β The report will be compiled by SRKΒ Consulting and is on schedule to be completed by year end.Β
Β Previous significant drill intercepts at the Wate project were reported by the Company in the 2 February 2009Β and 7 September 2009Β Press Releases.
----------------------------------------------------------------------------------------------------------------------- Kristopher K. Hefton, Chief Operating Officer VANE Minerals (US) LLC, BSc Geology, who meets the criteria of a qualified person under the AIM Rules - Guidance for Mining, Oil and Gas Companies, has reviewed and approved the technical information contained within this announcement. -----------------------------------------------------------------------------------------------------------------------
Steve Van Nort, VANE's CEO commented: "These newΒ drillingΒ resultsΒ confirm theΒ presence of significant high grade uranium zones asΒ indicatedΒ inΒ historic data.Β VANE is near completion of the drilling programmeΒ and on target to have all data independentlyΒ assessed by SRK Consulting in order to produce a NI43-101 compliant resource by the end of the year. Once a compliant resource has been established weΒ willΒ be able to assessΒ the viability of cost effective mine development at Wate."
For furtherΒ information, please contact:
|
VANE Minerals Plc |
+44 (0) 20 7667 6322 |
|
Matthew Idiens |
|
|
Arbuthnot Securities |
+44 (0) 20 7012 2000 |
|
John Prior /Richard Johnson |
|
|
Threadneedle Communications |
+44 (0)Β 20 7653 9850 |
|
Laurence Read/ Beth Harris |
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