Uranium Resources Plc Regulatory News (URA)

26 Nov 2007 12:48

Uranium Resources PLC26 November 2007 Uranium Resources plc / Market: AIM / Epic: URA / Sector: Exploration 26 November 2007 Uranium Resources plc ("Uranium Resources" or "the Company") Reinforces uranium prospectivity of Mtonya Project area Overview • August drilling at Mtonya continues to define widespread uraniummineralisation at Para, Henri, Moysten and Tahbilk Prospects • Results considered very encouraging and further support and extend theexisting areas of uranium mineralisation • All trenching results received from the Grandfather prospect show highgrade uranium over a 1.4 kilometre strike • Visual uranium mineralisation identified in several of the trenches • Best results to date include: o 1.2 metres at 7,723 ppm U3O8 o 1.2 metres at 2,393 ppm U3O8 o 1.2 metres at 4,773 ppm U3O8 • October drilling completed 41 holes for 2,795 metres at Para, Henri,Tahbilk and Moysten prospects. Assays pending • Helicopter supported reconnaissance survey of Ruvuma, Mtonya, Songeaand Ruhuhu Project areas completed Uranium Resources Plc, the AIM listed uranium exploration company has receivedfurther positive results, indicating widespread uranium mineralisation at itsflagship Mtonya project in Southern Tanzania. The results from the drillingprogrammes, conducted in August and October underline the Company's belief thatMtonya is highly prospective and has the potential to yield significant uraniumdeposits. URA Director James Pratt said, "The extensive exploration programmes, conductedby our partners Western Metals, has again yielded exciting results whichunderpin the Boards belief that we are operating in a new uranium district whichhas strong potential to house economic deposits. Exploration is on-going tofurther quantify the extent of the uranium mineralisation and we look forward toupdating shareholders on our progress in the near future." August Drilling Programme Final assay results from the 40 hole 2,545 metre Phase 2 Reverse Circulation ('RC') drilling programme completed during August have now been received. Theprogramme focused on further testing of the Henri, Para, Tahbilk and Moystenprospects in the flagship Mtonya project area. To date, drilling has been of a broad spaced reconnaissance nature and designedto achieve sufficient data coverage for identification of high grade zones andcontrols on mineralisation. Drilling to depths have been limited toapproximately 50 metres to ensure maximum coverage in each campaign. There isstill further potential below 50 metres depth for mineralisation. Results of the Phase 2 drilling programme are considered very encouraging andfurther support and extend the existing areas of uranium mineralisation definedduring Phase 1, completed in June 2007. Broad spaced drilling has now partiallytested the Para, Henri, Tahbilk and Moysten anomalies with the latest resultscontinuing to identify widespread sub-surface uranium mineralisation for all theprospects tested to date. Significant results from this Phase of RC drilling areincluded in Table 1. Moysten Prospect - drilling of a single traverse of wide spaced holes across theMoysten radiometric anomaly resulted in seven of the nine holes returning U3O8values in excess of 100 ppm, with three containing intervals greater than 300ppmU3O8. The peak interval achieved at Moysten was 3 metres at 863 ppm U3O8 from 41metres depth. Para Prospect - broad spaced drilling at Para has extended the area ofmineralisation around the initial anomalies discovered during the Phase 1drilling. Intersections achieved included 1 metre at 960 ppm U3O8 from 10 metresand 6 metres at 287 ppm U3O8 from 39 metres. Henri Prospect - further drilling at Henri continued to return mineralisedintercepts including 3 metres at 447 ppm U3O8 from 16 metres and 6 metres at 178ppm U3O8 from 37m. Tahbilk Prospect - numerous holes intersected multiple stacked low to moderategrade intervals. Best intersection 2 metres at 140 ppm U3O8 from 43 metres. Table 1: Drill results - significant intersections > 100ppm U3O8 Hole ID Prospect Collar Co-ordinates (WGS84) Intersection Longitude Latitude (Deg. From Length U3O8 (ppm) (Deg. E) N) (metres) (metres)MRC030 Para 36.5264 -10.5585 no significant interceptsMRC031 Para 36.5283 -10.5558 no significant interceptsMRC032 Para 36.5278 -10.5549 13 1 1001.1 1.2 1.3 1.4 36 1 310 1.5 1.6 1.7 1.8 38 3 121 MRC033 Para 36.5272 -10.5539 9 2 3751.9 1.10 1.11 1.12 41 3 183 MRC034 Para 36.5274 -10.5542 no significant interceptsMRC035 Para 36.5256 -10.5550 no significant interceptsMRC036 Para 36.5259 -10.5557 no significant interceptsMRC037 Para 36.5282 -10.5551 41 2 215MRC038 Para 36.52419 -10.5541 10 1 9601.13 1.14 1.15 1.16 34 1 1201.17 1.18 1.19 1.20 39 6 287MRC039 Henri 36.52325 -10.5507 16 3 4471.21 1.22 1.23 1.24 31 2 1301.25 1.26 1.27 1.28 37 6 178MRC040 Tahbilk 36.5233 -10.5409 no significant interceptsMRC041 Tahbilk 36.5237 -10.5421 12 1 1501.29 1.30 1.31 1.32 33 1 1801.33 1.34 1.35 1.36 43 2 140MRC042 Moysten 36.5418 -10.5203 no significant interceptsMRC043 Moysten 36.5413 -10.5216 32 2 355MRC044 Moysten 36.5399 -10.5235 46 3 863MRC045 Moysten 36.5395 -10.5248 no significant interceptsMRC046 Moysten 36.5388 -10.5259 14 1 1101.37 1.38 1.39 1.40 25 1 1001.41 1.42 1.43 1.44 31 4 210MRC047 Moysten 36.5378 -10.5266 no significant interceptsMRC048 Moysten 36.5386 -10.5288 19 3 100MRC049 Moysten 36.5391 -10.5296 8 1 1501.45 1.46 1.47 1.48 25 1 1301.49 1.50 1.51 1.52 33 1 120MRC050 Moysten 36.5392 -10.5311 42 1 140MRC051 Moysten 36.5386 -10.5279 47 3 750MRC052 Henri 36.5232 -10.5496 10 1 220MRC053 Henri 36.5236 -10.5493 no significant interceptsMRC054 Henri 36.5240 -10.5491 no significant interceptsMRC055 Henri 36.5247 -10.5488 23 1 110MRC056 Henri 36.5239 -10.5509 14 2 1401.53 1.54 1.55 1.56 39 1 110MRC057 Henri 36.5242 -10.5509 11 1 1201.57 1.58 1.59 1.60 14 2 1701.61 1.62 1.63 1.64 37 1 140MRC058 Henri 36.5247 -10.5509 no significant interceptsMRC059 Henri 36.5248 -10.5508 24 3 247MRC060 Henri 36.5253 -10.5503 no significant interceptsMRC061 Henri 36.5258 -10.5498 no significant interceptsMRC062 Henri 36.5272 -10.5557 1.65MRC063 Para 36.5264 -10.5575 15 1 130MRC064 Para 36.5263 -10.5580 no significant interceptsMRC065 Galway 36.5268 -10.5307 no significant interceptsMRC066 Galway 36.5264 -10.5307 no significant interceptsMRC067 Galway 36.5267 -10.5300 no significant interceptsMRC068 Tahbilk 36.5210 -10.5429 9 1 120MRC069 Tahbilk 36.5227 -10.5419 no significant interceptsMRC070 Moysten 36.5436 -10.5262 no significant interceptsMRC071 Moysten 36.5229 -10.5548 30 1 120MRC072 Para 36.5229 -10.5548 no significant intercepts Notes on Table: All drilling vertical. Samples have been collected by rifflesplitting dry intervals and representative tube sampling of wet intervals.Samples have been analysed by ICP using laboratory method ME-ICP61s by ALSChemex laboratory Perth Australia. Samples greater that 10,000 ppm U3O8 havebeen analysed by XRF using method ME-XRF10s . Certified reference standards andblanks have been included by Western Metals in addition to laboratory controlstandards. All results are in U3O8 ppm with analysis method accuracy quoted at+/- 10 ppm U3O8. Co-ordinates are WGS84 and have been measured by handheld GPS. All intersection lengths are estimated to be true width ofmineralisation based on local geological observation. Results in grey havepreviously been reported. August Trenching Programme All assay results have been received from five trenches excavated at theprospective Grandfather prospect during the August field programme. The trencheswere excavated to evaluate high surface scintillometer readings and anomaloussurface grab samples (4.64% U3O8, 0.20% U3O8). The trenches were situated alongthe length of the Grandfather radiometric anomaly from Trench 23 ('T23') in thenorth east to Trench 28 ('T28'), 1.4 kilometres to the south east. Results areviewed as very encouraging. Significant assay results are shown in Table 2. The results show high grade uranium mineralisation in all trenches with Trench25 giving a peak interval of 1.2 metres at 7,723 ppm U3O8 including 0.4 metresat 2.13% U3O8; Trench 27 giving intervals of 1.2 metres at 4,773ppm U3O8 and 1.2metres at 2,393 ppm U3O8 and T 28 giving a peak interval of 1.2 metres at 746ppmU3O8. Visual uranium mineralisation was identified in several of the trenches. Table 2: Grandfather Prospect trench results >100 ppm U3O8 Trench ID Channel Trench Co-ordinates (WGS84) Interval Number Longitude Latitude (Deg. From Length (metres) U3O8 (ppm) (Deg. E) N) (metres) T23 3 36.5577 -10.5035 0 1.2 485 T24 2 36.5538 -10.5044 0.4 0.4 110 1.66 4 0.6 0.6 110 1.67 8 1.68 1.69 0 0.6 120 T25 0 36.5508 -10.5058 0.4 0.8 3251.70 2 1.71 0 1.2 3701.72 6 0 1.2 7,723 Including 0.8 0.4 21,3211.73 8 1.74 0 1.1 1601.75 10 0 1 145 T26 4 0 1 135 1.76 6 1.77 0 1.2 440 1.78 8 1.79 0 1.2 323 1.80 10 36.5507 10.5065 0 0.8 180 T27 4 36.5503 10.5069 0.4 0.8 230 1.81 7 1.82 0 1.2 2,393 1.83 6 1.84 1.85 0 1.2 4,773 1.86 8 0 1.2 130 T28 4 36.5463 10.5093 0 1.2 747 Including 0.8 0.4 1,6501.87 6 0 1.2 370 Notes on Tables: Samples are vertical channel samples. Samples have beenanalysed by ICP using laboratory method ME-ICP61s by ALS Chemex laboratory PerthAustralia. Samples greater that 10,000 ppm U3O8 have been analysed by XRF usingmethod ME-XRF10s. Certified reference standards and blanks have been includedby Western Metals in addition to laboratory control standards. All results arein U3O8 ppm with analysis method accuracy quoted at +/- 10 ppm U3O8.Co-ordinates are WGS84 and have been measured by hand held GPS. All intersectionlengths are estimated to be true width of mineralisation based on localgeological observation. Results in grey have previously been reported. October Drilling Programme The RC drilling programme conducted in October totalled 2,795m comprising 41holes. 17 holes were drilled at Moysten, 6 holes at Tahbilk, 10 holes at Henriand 3 holes at Para. A further 3 deep stratigraphic holes were drilled to theeast and west of the main Mtonya corridor. All holes have been geologically andgeophysically logged and sampled. Assay results are pending. October Trenching Programme A further 4 trenches were excavated, logged and sampled during October. Two ofthese were at Henri and 2 at Moysten. All assay results are pending. October - November Helicopter supported Reconnaissance Survey All tenements outside of the Mtonya Group of tenements have had a preliminaryassessment by helicopter assisted field reconnaissance. The helicopter supportedreconnaissance programme was conducted between 31 October and 10 November. Atotal of 24.1 hours flying were completed for an average of 2.2 hours per day.Scintillometer survey results are still being interpreted and assays arepending. The primary aims of this programme were: • To conduct preliminary ground checks of priority 1 regional anomalies(picked from 1 kilometre line data) located within the 3 Ruvuma tenements alongthe Mozambican border • To determine the extent of Karoo cover • To determine the accuracy and reliability of available geologicalmapping and to complete a preliminary stratigraphic analysis with a view tocorrelating the stratigraphy in the Ruvuma area to that of the Mtonya area • To draw inferences as to the prospectivity of the area for uraniummineralisation • To assess priority 1 targets in the Ruhuhu Project Area defined duringthe recent high resolution radiometric survey • To conduct preliminary investigations to assess prospectivity ofremaining targets within the Songea and Likuju licences This 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'. Dr Drake-Brockman consents to the inclusion in thereport of the matters based on his information in the form and context in whichit appears. **ENDS** Contacts: James Pratt Uranium Resources plc Tel: 07747 832 043 Ross Warner Uranium Resources plc Tel: 07760 487 769 Hugh Warner Uranium Resources plc Tel: +618 9217 3350 Hugh Oram Nabarro Wells & Co Ltd Tel: 020 7710 7400 Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7242 4477 Felicity Edwards St Brides Media & Finance Ltd Tel: 020 7242 4477 Notes to editors Uranium Resources plc is an AIM listed uranium exploration and developmentcompany focused in Southern Africa. The Company has primarily concentrated onexpanding and developing its portfolio of uranium licences in the highlyprospective Karoo Basin in Southern Tanzania where it currently has a landpackage in excess of 13,500 sq km. This information is provided by RNS The company news service from the London Stock Exchange