19 Sep 2012 07:00
Uranium Resources plc / Market: AIM / Epic: URA / Sector: Exploration
19 September 2012
Uranium Resources plc ('Uranium Resources' or 'the Company')
High-grade uranium intercepts reported from Mtonya Exploration Programme, Tanzania
Uranium Resources plc, the AIM quoted uranium exploration company, is pleased to provide a positive update on the ongoing 2012 drilling programme at its 100% owned Mtonya uranium project in southwestern Tanzania.
Highlights
·; Numerous high-grade intercepts at Mtonya further reinforce the Company's model of continuous uranium mineralisation in Tier 1 roll-fronts at depths between 120 m and 220 m;
·; The Tier 1 redox interface extends for well over 4.5 km and remains open along strike. Up to three continuous, overlapping roll-fronts have been identified in Tier 1;
·; Over 25,000 m of diamond drilling have been completed to date, far exceeding the original 20,000 m plan;
·; Significant uranium intercepts from latest drillholes include:
- 0.27% (2678 ppm) U3O8 over 1 m in Hole 105;
- 0.19% (1904 ppm) U3O8 over 1 m in Hole 105;
- 0.13% (1321ppm) U3O8 over 1.3 m in Hole 097;
- 0.13% (1321 ppm) U3O8 over 1 m in Hole 203;
- 0.13% (1260 ppm U3O8 over 2 m in Hole 100;
- 0.12% (1197 ppm) U3O8 over 1 m in Hole 106;
- 0.11% (1057 ppm) U3O8 over 1 m in Hole 106;
- 0.13% (1266 ppm) U3O8 over 2 m in Hole 241.
·; Other significant results from Tier 1 also include such wide composited intercepts as:
- 526 ppm U3O8 over 10 m in Hole 105;
- 227 ppm U3O8 over 9 m in Hole 110;
- 364 ppm U3O8 over 9 m in Hole 300;
- 515 ppm U3O8 over 8.5 m in Hole 106;
- 267 ppm U3O8 over 7 m in Hole 100.
·; Results continue to compare favourably to other in-situ recovery ("ISR") projects.
·; Maiden resource expected Q1 2013.
Uranium Resources Managing Director Alex Gostevskikh said, "We are very encouraged by these recent results as we see the foundation of Mtonya's resource being firmly established. Our results compare exceptionally well against other ISR exploration projects being pursued in other parts of the world including the Powder River Basin and Wind Basin in Wyoming."
The Company's drilling programme continues to generate encouraging results, with over 25,000 metres of diamond drilling completed to date at Mtonya. This far exceeds the original plan of 20,000 metres.
Drilling at Mtonya is targeting the Tier 1 mineralisation where up to three continuous roll-fronts have been identified. The mineralised redox interface of Tier 1 has now been traced over a distance of over 4.5 km. The three stacked roll-fronts coalesce and overlap to produce wide and continuous areas of uranium mineralisation that remain open along strike to the south and to the north. The deeper Tier 2 and Tier 3 uranium mineralisation continue to be valid exploration targets for future drilling.
As part of the 2012 drilling programme, the Company has undertaken widely spaced in-fill drilling aiming to define a maiden JORC compliant resource by the end of Q1 2013. The Company is sampling and assaying along the entire depth of drillholes in addition to downhole gamma-logging to ensure the reliability and accuracy of the drilling data.
The latest drilling continues to demonstrate roll-front widths, thicknesses and tenor remarkably similar to the roll-front deposits found in Wyoming's Wind River Basin and Powder River Basin where Cameco and Uranium One operate successful ISR facilities.
Table 1. Significant uranium intercepts from Tier 1 drilling programme:
Hole | Longitude | Latitude | From | To | Length | eU3O8 |
DH 022 | 36.517 | -10.552 | 94.2 m | 96.4 m | 2.2 m | 154 ppm * |
DH 028 (1) | 36.517 | -10.547 | 115.0 m | 117.0 m | 2.0 m | 154 ppm * |
DH 083 | 36.527 | -10.531 | 181.5 m | 182.5 m | 1.0 m | 146 ppm * |
DH 093 | 36.524 | -10.531 | 126.5 m | 127.6 m | 1.1 m | 163 ppm * |
DH 095 (1) | 36.525 | -10.532 | 142.5 m | 144.5 m | 2.0 m | 159 ppm * |
and | 158.5 m | 159.5 m | 1.0 m | 127 ppm * | ||
DH 096 (1) | 36.525 | -10.532 | 138.5 m | 140.5 m | 2.0 m | 202 ppm * |
DH 097 (1) | 36.526 | -10.532 | 130.5 m | 134.5 m | 4.0 m | 283 ppm * |
including | 130.5 m | 131.5 m | 1.0 m | 855 ppm * | ||
and | 169.7 m | 176.5 m | 6.8 m | 335 ppm * | ||
including | 173.9 m | 175.2 m | 1.3 m | 1321 ppm * | ||
DH 099 (1) | 36.525 | -10.533 | 101.5 m | 104.5 m | 3.0 m | 224 ppm * |
Including | 103.5 m | 104.5 m | 1.0 m | 949 ppm * | ||
and | 67.5 m | 68.5 m | 1.0 m | 152 ppm * | ||
DH 100 | 36.525 | -10.533 | 136.5 m | 140.5 m | 4.0 m | 840 ppm * |
including | 137.5 m | 139.5 m | 2.0 m | 1260 ppm * | ||
and | 171.5 m | 178.5 m | 7.0 m | 267 ppm * | ||
including | 173.5 m | 174.5 m | 1.0 m | 670 ppm * | ||
and | 186.5 m | 187.5 m | 1.0 m | 291 ppm * | ||
DH 105 | 36.531 | -10.523 | 144.3 m | 154.3 m | 10.0 m | 526 ppm * |
including | 145.3 m | 146.3 m | 1.0 m | 2678 ppm * | ||
including | 152.3 m | 153.3 m | 1.0 m | 1904 ppm * | ||
DH 106 | 36.531 | -10.523 | 155.9 m | 164.4 m | 8.5 m | 515 ppm * |
including | 158.4 m | 159.4 m | 1.0 m | 1197 ppm * | ||
including | 162.4 m | 163.4 m | 1.0 m | 1057 ppm * | ||
DH 110 (1) | 36.530 | -10.524 | 122.2 m | 131.2 m | 9.0 m | 227 ppm * |
DH 111 | 36.531 | -10.524 | 55.3 m | 57.3 m | 2.0 m | 131 ppm * |
DH 120 (1) | 36.529 | -10.525 | 143.2 m | 144.2 m | 1.0 m | 113 ppm * |
DH 121 (1) | 36.53 | -10.525 | 102.3 m | 103.3 m | 1.0 m | 180 ppm * |
and | 132.4 m | 137.4 m | 5.0 m | 199 ppm * | ||
DH 122 | 36.530 | -10.525 | 77.0 m | 78.0 m | 1.0 m | 285 ppm * |
DH 197 | 36.521 | -10.550 | 210.0 m | 211.0 m | 1.0 m | 301 ppm * |
DH 199 (1) | 36.517 | -10.547 | 97.3 m | 98.5 m | 1.2 m | 302 ppm * |
DH 201 (1) | 36.519 | -10.546 | 86.5 m | 87.5 m | 1.0 m | 269 ppm * |
and | 99.5 m | 100.5 m | 1.0 m | 119 ppm * | ||
and | 128.5 m | 129.5 m | 1.0 m | 227 ppm * | ||
DH 203 (1) | 36.520 | -10.545 | 54.5 m | 60.5 m | 6.0 m | 315 ppm * |
including | 54.5 m | 55.5 m | 1.0 m | 1321 ppm * | ||
DH 206 (1) | 36.520 | -10.544 | 33.5 m | 34.5 m | 1.0 m | 102 ppm * |
and | 51.5 m | 54.5 m | 3.0 m | 232 ppm * | ||
DH 207 (1) | 36.521 | -10.544 | 30.0 m | 31.5 m | 1.5 m | 215 ppm * |
DH 208 (1) | 36.521 | -10.544 | 67.0 m | 79.4 m | 12.4 m | 176 ppm * |
including | 67.0 m | 71.5 m | 4.5 m | 418 ppm * | ||
and | 90.6 m | 93.5 m | 2.9 m | 125 ppm * | ||
DH 209 (1) | 36.521 | -10.544 | 73.5 m | 75.0 m | 1.5 m | 233 ppm * |
DH 230 | 36.521 | -10.540 | 63.5 m | 65.5 m | 2.0 m | 241 ppm * |
DH 232 | 36.522 | -10.540 | 65.5 m | 67.5 m | 2.0 m | 149 ppm * |
DH 240 | 36.532 | -10.522 | 148.5 m | 150.5 m | 2.0 m | 507 ppm * |
DH 241 | 36.532 | -10.522 | 49.3 m | 56.36 m | 7.0 m | 549 ppm * |
including | 50.3 m | 52.3 m | 2.0 m | 1266 ppm * | ||
DH 300 | 36.525 | -10.535 | 137.5 m | 138.5 m | 1.0 m | 109 ppm * |
and | 157.5 m | 166.5 m | 9.0 m | 364 ppm * | ||
including | 162.5 m | 165.5 m | 3.0 m | 511 ppm * | ||
DH 310 | 36.524 | -10.536 | 127.5 m | 128.5 m | 1.0 m | 112 ppm * |
and | 130.5 m | 131.5 m | 1.0 m | 110 ppm * | ||
and | 137.5 m | 138.5 m | 1.0 m | 120 ppm * | ||
and | 166.5 m | 167.5 m | 1.0 m | 110 ppm * | ||
DH 101 | 36.526 | -10.534 | 128.7 m | 130.1 m | 1.4 m | 354 ppm |
DH 302 | 36.525 | -10.534 | 148.3 m | 150.1 m | 1.8 m | 1154 ppm |
DH 211 | 36.520 | -10.547 | 24.2 m | 25.7 m | 1.5 m | 168 ppm |
and | 181.1 m | 183.9 m | 2.8 m | 169 ppm | ||
DH 226 | 36.523 | -10.543 | 155.9 m | 157.3 m | 1.4 m | 234 ppm |
and | 159.7 m | 160.8 m | 1.1 m | 109 ppm | ||
DH 243 | 36.533 | -10.523 | 104.4 m | 105.4 m | 1.0 m | 122 ppm |
DH 225 | 36.522 | -10.543 | 170.8 m | 174.7 m | 3.9 m | 290 ppm |
DH 223 | 36.521 | -10.542 | 11.6 m | 13.3 m | 2.0 m | 107 ppm |
DH 253 | 36.532 | -10.52 | 142.5 m | 145.7 m | 3.2 m | 129 ppm |
DH 204 | 36.520 | -10.547 | 12.2 m | 14.6 m | 2.4 m | 213 ppm |
and | 22.4 m | 24.6 m | 2.2 m | 257 ppm | ||
and | 36.4 m | 37.4 m | 1.0 m | 113 ppm | ||
DH 123 | 36.531 | -10.525 | 21.7 m | 26.3 m | 4.6 m | 256 ppm |
and | 27.7 m | 28.8 m | 1.1 m | 142 ppm | ||
DH 310 | 36.524 | -10.536 | 37.5 m | 41.2 m | 3.7 m | 126 ppm |
and | 130.0 m | 131.0 m | 1.0 m | 107 ppm | ||
DH 262 | 36.534 | -10.519 | 146.51 m | 147.51 m | 1.0 m | 187 ppm |
DH 263 | 36.533 | -10.519 | 20.9 m | 23.1 m | 2.2 m | 137 ppm |
and | 29.7 m | 31.1 m | 1.4 m | 443 ppm | ||
and | 174.6 m | 175.6 m | 1.0 m | 101 ppm | ||
DH 124 | 36.530 | -10.524 | 64.4 m | 65.9 m | 1.5 m | 124 ppm |
and | 123.3 m | 126.8 m | 3.5 m | 279 ppm | ||
DH 107 | 36.526 | -10.533 | 140.5 m | 142.1 m | 1.6 m | 154 ppm |
DH 212 | 36.521 | -10.545 | 35.3 m | 37.5 m | 2.2 m | 170 ppm |
and | 95.3 m | 96.3 m | 1.0 m | 115 ppm | ||
DH 224 | 36.521 | -10.542 | 14.4 m | 15.4 m | 1.0 m | 103 ppm |
DH 254 | 36.533 | -10.520 | 52.0 m | 54.3 m | 2.3 m | 290 ppm |
Notes to table:
(1) U3O8 figures updates for assay results from previously reported gamma-log data.
* Assays based on core samples analysed by ALS Global (Vancouver).
Preliminary evaluation suggests that a positive disequilibrium factor of approximately 1.8 is observed at Mtonya, which implies that downhole gamma readings in their current interpretation may significantly underestimate actual uranium grades.
Only intercepts above 100 Grade Thickness are shown. Grade Thickness 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 Wyoming, USA and Chu-Sarysu, Kazakhstan.
To date, Mtonya has demonstrated continuous uranium mineralisation in stacked roll-fronts in Triassic arkoses, which is expected to be amenable to ISR.
The Company's ongoing exploration programmeis expected to generate sufficient data to delineate a maiden resource at Mtonya by the end of Q1 2013.
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 uses the most reliable methods of quantifying uranium mineralisation by sampling half-core and subjecting the samples to the ME-MS41 analysis 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 exploration licences in the highly prospective Karoo Basins in southwestern Tanzania.