Uranium Resources Plc Regulatory News (URA)

21 Nov 2006 10:06

Uranium Resources PLC21 November 2006 21 NOVEMBER 2006 Uranium Resources PLC - Tanzanian Uranium Project August 2006 Field Work Initial Results Identify Uranium Mineralisation HIGHLIGHTS • Trenches show visible uranium mineralisation • Best assay results include the following visibly mineralised selective grab samples; • 55,600ppm (5.56%)U* • 35,880ppm (3.59%)U* • 18,800ppm (1.88%)U* • Five ground radiometric anomalies identified over 2 km strike • Airborne radiometric anomalies along 7 km trend • Field work has commenced to further evaluate project area *All results are in ppm uranium with analysis method accuracy quoted at +/- 100ppm U. For conversion to U3O8 the uranium ppm values should be multiplied by1.18. Summary The Board of Uranium Resources is pleased to announce the initial results offield work conducted on the Mtonya Uranium Prospect in Tanzania by its farm-inpartner, Western Metals Limited (ASX:WMT, www.westernmetals.com.au). Under thefarm in agreement Western Metals will earn 40% after spending A$2m and can earna further 20% by spending a further A$2m. These initial results are the first 53 assays from a total of 100 collected atthe Mtonya Project in August. The remainder of the results will be announcedwhen they have been received and verified. Western Metals' Managing Director George Bauk said, "These results are highlyencouraging and provide the company with walk up drill targets. These resultscover 2km of the 7km trend previously identified by airborne radiometric surveysand we are optimistic that more targets will be found. We have a field crew onthe ground at the moment extending our data set on this area. This field workwill cover approximately 50 km2 of the total 2,500 km2 in the Mtonya Project". The Mtonya Project The Mtonya Project area is in southern Tanzania. Previous field checking of anairborne radiometric anomaly gave a surface spot assay of 980ppm U3O8. Thisanomaly was subsequently named the Henri Anomaly. Western Metals conducted field work in August 2006 to evaluate the Henri Anomalyin more detail. A field crew spent two weeks conducting ground based radiometricsurveys, trench sampling, geological mapping and surface sampling. The ground radiometric surveys identified five anomalous areas of radioactivitywithin an area of 2 kilometers length and a width, at surface, ranging from 100to 300 metres. The anomalous trend defined by historic airborne radiometricsurvey extends over 7 kilometres. Field work to date has focused on only 2kilometres of this trend. At the Henri Anomaly, interpretation of the radiometric data indicates theexistence of three sub-horizontal anomalous layers each separated byapproximately 8 vertical metres. Approximately 25 vertical metres of thesedimentary section has been surveyed so far via mapping and trenching ofexposed ridges. Drilling will be required to test the anomalies to depth. Trenching was conducted on several of the anomalous areas at Henri with sixtrenches dug to approximately 1.25 metres depth. Two of the trenches exposedvisible uranium mineralisation in sub-horizontal bands within a sandstone host. The discrete visibly mineralised bands varied between 10cm to 60cm in apparentthickness. Assay results and radiometric data from Trench 1 indicate asub-horizontal zone of mineralisation extending from approximately 0.25 - 0.5metres below surface to the base of the trench. The thickness of the mineralisedzone cannot be determined until deeper excavations are completed as high gradeassays continued to the base of the trench. Selective grab samples were also collected from Trench 1. These samplescontained visible secondary uranium mineralisation with the results anddescriptions summarised in Table 1. Sample Co-ordinates Uranium Comment Number Longitude (E) Latitude (S) ppm AO 017 36 degrees 31'18.1" 10 degrees 32'51.0" 18,800 Trench 1 - Visible uranium mineralisation in sandstone host AO 018 36 degrees 31'18.1" 10 degrees 32'51.0" 55,600 Trench 1 - Visible uranium mineralisation in sandstone host AO 019 36 degrees 31'17.9" 10 degrees 32'50.6" 35,880 Trench 1 - Visible uranium mineralisation in sandstone host AO 020 36 degrees 31'20.1" 10 degrees 32'57.2" 2,965 Soil sample, hand picked visible U from shallow hole AO 021 36 degrees 31'20.1" 10 degrees 32'57.0" 9,600 Soil sample, hand picked visible U from shallow hole AO 070 36 degrees 31'18.1" 10 degrees 32'51.0" 15,490 Composite - mixed mineralised trench spoil AO 090 36 degrees 31'18.1" 10 degrees 32'51.0" 14,181 Composite - mixed mineralised trench spoil Table 1- Mineralised selective grab sample results - Henri Anomaly In addition to the trench samples, surface samples were collected from thebroader area of the anomalous zones via shallow sample pits. Many of thesesamples have returned values in excess of 100ppm uranium indicating a broaderzone of anomalous values away from the trenches. A full evaluation of this datawill be conducted when all results are received. Current Field Program A field program has commenced this week in the area with the aim of: • Extending the detailed ground radiometric evaluation of the Henri anomaly area • Conducting ground radiometric surveys over potential strike extensions particularly to the northeast. • Conducting further trenching and sampling of radiometric anomalies. • Evaluating access for drilling equipment for a program to be conducted in 2007. A detailed low level airborne radiometric survey to assist locating furtheranomalous zones in the project area will be conducted in 2007, contingent uponavailability of aircraft and suitable weather conditions. Tabulation of all results received to date is shown in Table 2. Table 2 Full List of Assay Results Received Sample Co-ordinates Uranium CommentsNumber Longitude (E) Latitude (S) ppm A0-017 36 degrees 31'18.1" 10 degrees 32' 51.0" 18,800 sandstone, trench 1 hand picked high grade visible UA0-018 36 degrees 31'18.1" 10 degrees 32' 51.0" 55,600 sandstone, trench 1 hand picked high grade visible UA0-019 36 degrees 31'17.9" 10 degrees 32' 50.6" 35,880 sandstone, trench 1 hand picked high grade visible UA0-020 36 degrees 31'20.1" 10 degrees 32' 57.2" 2,965 soil sample, hand picked visible U from shallow holeA0-021 36 degrees 31'20.1" 10 degrees 32' 57.0" 9,600 soil sample, hand picked visible U from shallow holeA0-024 36 degrees 31'19.9" 10 degrees 33' 4.9" 42 sandstone grab sample from shallow holeA0-025 36 degrees 31'20.8" 10 degrees 32' 57.0" 23 soil sample, hand picked visible U from shallow holeA0-027 36 degrees 31'34.4" 10 degrees 33' 31.7" 42 sandstone grab sample from shallow holeA0-035 36 degrees 31'18.1" 10 degrees 32' 51.0" 178 sandstone channel sample, trench 1A0-036 36 degrees 31'18.1" 10 degrees 32' 51.0" 2,650 sandstone channel sample, trench 1A0-037 36 degrees 31'18.1" 10 degrees 32' 51.0" 4,600 sandstone, trench 1 hand picked high grade visible UA0-039 36 degrees 31'18.1" 10 degrees 32' 51.0" 550 sandstone channel sample, trench 1A0-042 36 degrees 31'18.1" 10 degrees 32' 51.0" 3,228 sandstone channel sample, trench 1A0-043 36 degrees 31'18.1" 10 degrees 32' 51.0" 1,080 sandstone channel sample, trench 1A0-044 36 degrees 31'18.1" 10 degrees 32' 51.0" 107 sandstone channel sample, trench 1A0-045 36 degrees 31'18.1" 10 degrees 32' 51.0" 7,030 sandstone channel sample, trench 1A0-046 36 degrees 31'18.1" 10 degrees 32' 51.0" 3,002 sandstone channel sample, trench 1A0-047 36 degrees 31'18.1" 10 degrees 32' 51.0" 150 sandstone channel sample, trench 1A0-048 36 degrees 31'18.1" 10 degrees 32' 51.0" 148 sandstone channel sample, trench 1A0-049 36 degrees 31'18.1" 10 degrees 32' 51.0" 7,232 sandstone channel sample, trench 1A0-051 36 degrees 31'18.1" 10 degrees 32' 51.0" 145 sandstone channel sample, trench 1A0-052 36 degrees 31'18.1" 10 degrees 32' 51.0" 2,630 sandstone channel sample, trench 1A0-053 36 degrees 31'18.1" 10 degrees 32' 51.0" 3,510 sandstone channel sample, trench 1A0-063 36 degrees 31'17.9" 10 degrees 32' 50.6" 1,350 sandstone channel sample, trench 2A0-067 36 degrees 31'20.6" 10 degrees 32' 49.2" 41 sandstone channel sample, trench 3A0-069 36 degrees 31'20.6" 10 degrees 32' 49.2" 54 sandstone channel sample, trench 3A0-070 36 degrees 31'18.1" 10 degrees 32' 51.0" 14,181 miscellaneous mineralised surface bulk sampleA0-071 36 degrees 31'20.6" 10 degrees 32' 49.2" 119 sandstone channel sample, trench 3A0-072 36 degrees 31'20.6" 10 degrees 32' 49.2" 152 sandstone channel sample, trench 3A0-074 36 degrees 31'20.6" 10 degrees 32' 49.2" 71 sandstone channel sample, trench 3A0-075 36 degrees 31'18.0" 10 degrees 33' 0.0" 37 sandstone channel sample, trench 4A0-078 36 degrees 31'18.0" 10 degrees 33' 0.0" 17 sandstone channel sample, trench 4A0-082 36 degrees 31'18.0" 10 degrees 33' 0.0" 82 sandstone channel sample, trench 4A0-083 36 degrees 31'18.0" 10 degrees 33' 0.0" 56 sandstone channel sample, trench 4A0-084 36 degrees 31'18.0" 10 degrees 33' 0.0" 67 sandstone channel sample, trench 4A0-085 36 degrees 31'18.0" 10 degrees 33' 0.0" 43 sandstone channel sample, trench 4A0-086 36 degrees 31'18.0" 10 degrees 33' 0.0" 65 sandstone channel sample, trench 4A0-089 36 degrees 31'18.0" 10 degrees 32' 54.0" 166 sandstone channel sample, trench 5A0-090 36 degrees 31'18.1" 10 degrees 32' 51.0" 15,490 miscellaneous mineralised grab sample, trench 1A0-091 31 degrees 31'18.0 10 degrees 32' 54.0" 210 sandstone channel sample, trench 5A0-092 31 degrees 31'18.1 10 degrees 32' 54.0" 209 sandstone channel sample, trench 5A0-136 36 degrees 31'44.2" 10 degrees 32' 52.0" 30 sandstone grab sample from shallow holeA0-137 36 degrees 31'51.1" 10 degrees 32' 51.8" 104 sandstone grab sample from shallow holeA0-138 36 degrees 32'3.5" 10 degrees 32' 58.8" 23 sandstone grab sample from shallow holeA0-139 36 degrees 32'4.5" 10 degrees 32' 58.9" 104 sandstone grab sample from shallow holeA0-140 36 degrees 32"6.0" 10 degrees 32' 54.0" 143 sandstone grab sample creek bankA0-141 36 degrees 31"23.3" 10 degrees 32' 55.0" 43 sandstone grab sample from shallow holeA0-142 36 degrees 31'19.7" 10 degrees 32' 23.3" 26 sandstone grab sample from shallow holeA0-143 36 degrees 31'21.9" 10 degrees 32' 28.0" 108 sandstone grab sample from shallow holeA0-144 36 degrees 31'21.9" 10 degrees 32' 28.7" 89 sandstone grab sample from shallow holeA0-145 36 degrees 31'22.4" 10 degrees 32' 29.3" 145 sandstone grab sample from shallow holeA0-146 36 degrees 31'23.2" 10 degrees 32' 29.9" 313 sandstone grab sample from shallow holeA0-148 36 degrees 31'25.7" 10 degrees 32' 28.1" 17 sandstone grab sample gully wall Notes on Table 2: Samples have been analysed by pressed powder XRF method by SEAMIC laboratory DarEs Salaam Tanzania. Certified reference standards and blanks have been includedby Western Metals in addition to laboratory control standards. *All results are in ppm uranium with analysis method accuracy quoted at +/- 100ppm U. For conversion to U3O8 the uranium ppm values should be multiplied by1.18. Co-ordinates are WGS84 and have been measured by hand held GPS. Qualified Person's Declaration The information in this report that relates to Exploration Results, MineralResources or Ore Reserves is based on information compiled by Dr JosephDrake-Brockman who is a Member of The Australasian Institute of Mining andMetallurgy. Dr Drake-Brockman is employed by Drake-Brockman Geoinfo Pty Ltd. DrDrake-Brockman has sufficient experience which is relevant to the style ofmineralisation and type of deposit under consideration and to the activity whichhe is undertaking to qualify as a Competent Person as defined in the 2004Edition of the 'Australasian Code for Reporting of Exploration Results, MineralResources and Ore Reserves', and a Qualified Person as defined in the March 2006Edition of the AIM Guidance Note for Mining, Oil and Gas Companies. DrDrake-Brockman consents to the inclusion in the report of the matters based onhis information in the form and context in which it appears. Contacts: James Pratt Uranium Resources plc Tel: 07747 832 043 Ross Warner Uranium Resources plc Tel: 07760 487 769 Hugh Oram Nabarro Wells & Co. Limited Tel: 020 7710 7400 Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7242 4477 This information is provided by RNS The company news service from the London Stock Exchange