16 Dec 2011 07:00
16 December 2011
VANE Minerals plc
Project Update - Rose Uranium Breccia Pipe, Northern Arizona
VANE Minerals plc ("VANE") is pleased to announce an update on its drilling activities on the Rose uranium breccia pipe project (the "Rose Project"). This exploration is carried out by its wholly-owned subsidiary, VANE Minerals (US) LLC under an agreement with Uranium One Exploration U.S.A. Inc. ("U1").
Highlights
·; Two additional deep holes completed with the following main mineralised intercepts:
o Hole 11-R-5; 1445.5 - 1458.0ft (12.5ft) averaging 1.82% eU3O8
o Hole 11-R-6; 1521.0 - 1542.5ft (21.5ft) averaging 0.09% eU3O8
·; Mineralisation in excess of +1% eU3O8 has now been encountered on the project over a horizontal distance of 145ft and vertical extent of 260ft
David Newton, CEO of VANE Minerals said "These are promising drilling results, particularly when coupled with the results of the previous drilling on the project. Further drilling will continue at Rose with the aim of establishing an NI 43-101 compliant resource, which will add to our existing resource of 1.118m pounds at our Wate project."
Background
The Company has now completed five deep holes on the project and, combined with historic drilling consisting of three deep holes, the results continue to be very encouraging. To date, 6 of the 8 deep holes have encountered +1% grade uranium mineralisation extending for over 260ft vertically and horizontally, 145ft in an east-west direction and 100ft in a north-south direction. However, within this drill area is a gap of about 100ft x 60ft which is untested and it now appears that the drilling has only tested a small portion of the east and north parts of the pipe leaving the west and south part of the pipe left to explore.
The mineralised intervals have been encountered over significant distances that, if continuous, would be sufficient to develop economic resources. Additional drilling is required to prove the continuity of the ore-grade mineralisation to establish NI 43-101 compliant resources. The drilling programme has been suspended for the winter season and interpretive work continues with a view to planning the next phase of drilling subject to mutual agreement with U1.
The following details the mineralised intercepts of 0.05% eU3O8 or higher in the two holes completed:
Hole 11-R-5
Interval | Depth (Ft) | Thickness (Ft) | Grade % eU3O8 |
1 | 1445.5-1458.0 | 12.5 | 1.82 (max. 17.86%) |
2 | 1475.0-1477.5 | 2.5 | 0.07 |
3 | 1485.5-1487.5 | 2.0 | 0.12 |
Hole 11-R-6
Interval | Depth (Ft) | Thickness (Ft) | Grade % eU3O8 |
1 | 1476.5-1482.5 | 6.0 | 0.07 |
2 | 1500.0-1501.0 | 1.0 | 0.14 |
3 | 1521.0-1542.5 | 21.5 | 0.09 (max. 0.27%) |
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. VANE Minerals, as operator of the project, is responsible for the contents of this press release.
Enquiries to:
VANE Minerals Plc | +44 (0) 20 7667 6322 |
David Newton, Chief Executive Allenby Capital Brian Stockbridge/Alex Price |
+44 (0) 203 328 5656 |
Bankside Consultants Simon Rothschild | +44 (0) 20 7367 8888
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