25 Oct 2012 07:00
Uranium Resources plc / Market: AIM / Epic: URA / Sector: Exploration
25 October 2012
Uranium Resources Plc ('Uranium Resources' or 'the Company')
Successfully Completes Mtonya Drilling Programme
Uranium Resources plc, the AIM-listed uranium exploration company has successfully completed the 2012 drilling programme at its 100%-owned Mtonya project in southwestern Tanzania where it is aiming to delineate a world-class uranium resource amenable to in-situ recovery.
Highlights
·; 120 diamond drillholes completed in 2012, for a total of 26,485 meters;
·; Mineralised intercepts from the recent drillholes include such high-grade Tier 1 intervals as:
·; 0.12% (1167 ppm) U3O8 over 3 m from 148.5 m in Hole 302;
·; 0.16% (1616 ppm) U3O8 over 1 m from 172.5 m in Hole 225;
·; The maiden resource target area has been identified;
·; Maiden JORC-compliant resource estimate is targeted for Q1 2013.
A full press release including all maps and diagrams will be available on the Company's website www.uraniumresources.co.uk
Figure 1. Drilling at Mtonya and Maiden Resource Area
Uranium Resources' Managing Director, Alex Gostevskikh, said, "The successful completion of the 2012 drill programme further reinforces our vision for the world-class potential of our tenements in the Luwegu Basin.
"We have achieved all of our stated goals and we have identified the focus area where we will continue work on defining Mtonya's maiden resource. In comparison to similar roll-front targets in Africa and other continents, Mtonya remains very sparsely drilled and open in nearly all directions.
"Sandstone-hosted roll-front deposits amenable to in-situ recovery are challenging exploration targets as they are securely 'sealed' from above and below by impermeable shale or mudstone. This characteristic of roll-front deposits constrains effective exploration. In a relatively short timeframe, the Company has advanced Mtonya from a pioneering concept to a resource-ready project."
The Company's 2012 drilling campaign consisted of 120 diamond drillholes for a total of 26,485 meters and covered an area of 7,000 m by 500 m. The Company exceeded the originally planned 20,000 meters of core drilling while executing the programme ahead of schedule and under budget and maintaining a strong emphasis on quality and safety.
The 2012 drilling campaign design was based on the Company's redox interface model and tested the uranium mineralization in Tiers 1 and 2 at depths of approximately 150 and 250 m, respectively.
All diamond drilling at Mtonya is widely spaced and mineralisation is open in all directions, including Tiers 2 and 3.
The Company is aggressively pursuing uranium deposits amenable to in-situ recovery. This modern method of uranium extraction requires superior efficiencies and economics while resulting in minimal environmental impact.
Figure 2. Mineralised Intercept in DH 124
The Company has now received all the assay results from the 2012 drilling campaign. The latest holes generated significant intercepts as follows:
Hole | Longitude | Latitude | From | To | Length | U3O8 |
DH 101 | 36.526 | -10.534 | 129.0 m | 131.0 m | 2.0 m | 347 ppm * |
DH 102 | 36.526 | -10.534 | 95.0 m | 96.5 m | 1.5 m | 159 ppm |
DH 104 | 36.532 | -10.523 | 147.7 m | 148.7 m | 1.0 m | 179 ppm |
DH 107 | 36.526 | -10.533 | 141.5 m | 142.6 m | 1.1 m | 210 ppm * |
DH 112 | 36.531 | -10.524 | 160.5 m | 163.0 m | 2.5 m | 112 ppm |
DH 124 | 36.53 | -10.524 | 62.0 m | 63.2 m | 1.2 m | 101 ppm * |
and | 123.0 m | 126.5 m | 3.5 m | 466 ppm * | ||
DH 204 | 36.52 | -10.547 | 175.3 m | 176.5 m | 1.2 m | 167 ppm * |
DH 205 | 36.52 | -10.546 | 99.5 m | 101.0 m | 1.5 m | 384 ppm |
and | 169.5 m | 171.1 m | 1.6 m | 180 ppm * | ||
DH 211 | 36.52 | -10.547 | 49.0 m | 50.5 m | 1.5 m | 173 ppm * |
and | 181.5 m | 182.5 m | 1.0 m | 101 ppm * | ||
DH 212 | 36.521 | -10.545 | 38.5 m | 40.0 m | 1.5 m | 117 ppm * |
DH 225 | 36.522 | -10.543 | 170.0 m | 174.6 m | 4.6 m | 580 ppm * |
including | 172.5 m | 173.5 m | 1.0 m | 1616 ppm * | ||
DH 226 | 36.523 | -10.543 | 156.0 m | 161.2 m | 5.2 m | 170 ppm * |
DH 233 | 36.522 | -10.54 | 81.5 m | 82.5 m | 1.0 m | 177 ppm |
DH 253 | 36.532 | -10.52 | 143.0 m | 144.0 m | 1.0 m | 440 ppm * |
DH 254 | 36.533 | -10.52 | 52.3 m | 54.3 m | 2.0 m | 481 ppm * |
and | 141.3 m | 142.3 m | 1.0 m | 106 ppm * | ||
DH 262 | 36.534 | -10.519 | 146.0 m | 148.0 m | 2.0 m | 475 ppm * |
DH 263 | 36.533 | -10.519 | 175.0 m | 176.1 m | 1.1 m | 176 ppm * |
DH 302 | 36.525 | -10.534 | 148.5 m | 151.5 m | 3.0 m | 1167 ppm * |
including | 148.5 m | 149.5 m | 1.0 m | 2258 ppm * | ||
DH 430 | 36.544 | -10.509 | 101.5 m | 102.5 m | 1.0 m | 130 ppm |
and | 228.5 m | 229.7 m | 1.2 m | 101 ppm |
* U3O8 assay results from previously reported gamma-log data.
All assays are based on split core samples analysed by ALS Global (Vancouver).
Only intercepts above 100GT are shown. Grade thickness (GT) is the product of the grade and true thickness of intercepted mineralisation.
About Mtonya
The company's 100%-owned Mtonya project is situated about 60 km south of Nyota, a significant uranium deposit currently developed by Uranium One.
Mtonya is interpreted to be a classic sandstone-hosted roll-front deposit with remarkable similarities to the deposits of Chu-Sarysu, Kazakhstan and Wyoming, USA.
To date, Mtonya has demonstrated continuous uranium mineralisation in stacked roll-fronts in Triassic arkoses, which is expected to be amenable to in-situ recovery.
The Company's ongoing exploration programme is expected to generate sufficient data to delineate a maiden resource at Mtonya.
Figure 3. View of the Mtonya License
Assaying and QA/QC
The Company is using a Mount Sopris' Matrix gamma-logging system to ensure proper instrument calibration and establish the framework for disequilibrium adjustments. The disequilibrium factor (DEF) is used to adjust the grade obtained from measurements by a gamma-ray probe (eU3O8) and to provide rapid estimates for the uranium content in the rock.
In addition to gamma-ray downhole surveys, Uranium Resources plc uses the most reliable methods of quantifying uranium mineralisation by sampling half-core and subjecting the samples to the ME-MS41 and ME-ICP61 analytical methods at the ALS Global laboratory in Vancouver, BC, Canada.
In accordance with industry standards, the assayed samples include certified standards and duplicates. Analytical results are routinely subjected to statistical review.
Competent Person's Declaration
The information in this statement that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information reviewed by Alex Gostevskikh, Managing Director of Uranium Resources plc, who is a Member of the Mining and Metallurgical Society of America. Mr. Gostevskikh has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' and as a qualified person under the AIM Note for Mining, Oil and Gas Companies. Mr. Gostevskikh consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
**ENDS**
For further information please visit www.uraniumresources.co.uk or contact:
Alex Gostevskikh Uranium Resources plc Tel: +255 (0) 752 968 062
Ross Warner Uranium Resources plc Tel: +44 (0) 7760 487769
Samantha Harrison RFC Ambrian Ltd (Nomad) Tel: +44 (0) 20 3440 6800
Jason Robertson Optiva Securities Ltd Tel: +44 (0) 20 3137 1904
Hugo de Salis / St Brides Media & Finance Ltd Tel: +44 (0) 20 7236 1177
Felicity Edwards
About Uranium Resources
Uranium Resources plc is an AIM listed exploration and development company. It is the Company's strategy to advance its existing assets and strengthen its portfolio via opportunistic acquisition. Uranium Resources has uranium licences in the highly prospective Karoo Basins in southern Tanzania.