Extract drills 23 m of 2,417 ppm U3O8 at Rossing South
2010-01-12 15:09 ET - News Release
Mr. Steve Galloway reports
EXTRACT RESOURCES - ROSSING SOUTH DRILLING AND EXPLORATION UPDATE
Extract Resources Ltd. has released updated exploration results from the massive Rossing South mineralized system, part of Extract's world-class Husab uranium project.
Highlights:
- Infill resource definition drilling continues to return high-grade intercepts;
- All zones of uranium mineralization still open at depth and along strike, in at least one direction;
- 13 drill rigs operating on site, with additional rigs due on site in the next four to six weeks to accelerate exploration and resource definition efforts;
- Encouraging results from the RadonX survey program.
The latest round of chemical assay results continues to set Rossing South apart as a truly impressive uranium project.
Extract Resources chairman, Steve Galloway, said: "We are pleased that we continue to return results with positive surprises at Rossing South -- the quality of the original discovery continues to be confirmed and, if anything, gets better. We are conscious of the need to expand our regional exploration program. Rossing South as defined for our feasibility study represents just a fraction of the prospective area. The RadonX survey results give us a useful indicator of where we should focus future exploration drilling, and the company is committed to this work.
He added, "With the feasibility study ongoing and enough cash to fund a new exploration program, the company is well positioned to add substantial resources to our existing inventory over the next six months and beyond."
Chemical assay results not previously reported from recent drilling at Rossing South are in the table.
ROSSING SOUTH CHEMICAL ASSAY RESULTS From To Mineralized zonesHole ID (m) (m) (U3O8)Zone 1RRC508 98 159 61 m @ 686 ppmRRC509 108 203 95 m @ 665 ppmRRC533 296 409 113 m @ 382 ppmRRC591 209 233 24 m @ 2,349 ppmZone 2RRC489 135 185 50 m @ 1,618 ppmRRC528 136 227 91 m @ 854 ppmRRC576 146 211 65 m @ 1,125 ppmRRC490 155 193 38 m @ 1,699 ppmRRC584 120 195 75 m @ 770 ppmRDD086 207 230 23 m @ 2,417 ppmincluding 214 217 3 m @ 1,1034 ppmZone 1 and 2 "gap"RDD077 453 486 33 m @ 1,487 ppm
Rossing South exploration update
General exploration
A RadonX survey has been completed over the area of alluvial cover in the Rossing South area.
Radon anomalies, generated from the decay of uranium, will be used to define targets for future exploration drilling programs. Initial analysis of the results is encouraging and indicates large areas of anomalous radon flux to the south and west of the existing drilling. Further analysis of the results from the survey, and prioritization of the exploration targets, is continuing. It is expected that drilling will commence at these target areas within the first quarter of 2010. It should be noted that these RadonX anomalies assist to identify exploration targets, but only subsequent drilling will determine if they reflect significant uranium mineralization as seen elsewhere in Rossing South.
A large area of weak or no RadonX response that lies to the east of zones 1 and 2 has helped confirm that this area would be a suitable location for planned tailings storage, waste landforms and the process plant. A program of sterilization drilling is currently being carried out over this area.
Resource definition update -- zone 1 and zone 2
Very encouraging results continue from infill resource definition drilling at zones 1 and 2.
Drilling at Rossing South ceased on Dec. 18, 2009, for the Christmas break. Four diamond rigs recommenced drilling on the Jan. 4. The remaining two diamond and six RC (reverse circulation) rigs are due to start drilling this week. Most rigs are dedicated to infill and resource extensional drilling over zone 1 and 2 to define resources for conversion to reserves and to collect samples for metallurgical testwork, as part of the Rossing South feasibility study. One RC rig will be drilling exploration and sterilization holes east of the known extents of mineralization at zone 1 and zone 2. The others will be used for exploration.
The continuing flow of strong chemical assay results confirms the continuity and robust nature of the high-grade granite-hosted uranium mineralization at Rossing South. A list of recently received and previously unreported chemical assay results is shown in the table of new results.
The information in this report that relates to exploration results, mineral resources or ore reserves is based on information compiled or reviewed by Martin Spivey, who is a member of the Australasian Institute of Mining and Metallurgy, and Andrew Penkethman, who is a member of the Australian Institute of Geoscientists. Mr. Spivey and Mr. Penkethman are both full-time employees of the company. Mr. Spivey and Mr. Penkethman have sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which they are 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. Mr. Spivey and Mr. Penkethman consent to the inclusion in this report of the matters based on their information in the form and context in which it appears.
Reference to hand-held spectrometer results refers to use of a company-owned Exploranium GR-135 Plus or Terraplus RS-125 hand-held spectrometer. The uranium values are recorded by placing the unit on the bulk RC sample bags or individual trays of drill core and expressed as parts per million (ppm) eU which is equivalent to ppm uranium. Results from these units provide an indication of uranium mineralization; they may also be affected by uranium mobility and disequilibrium. These factors should be considered when interpreting eU information whilst waiting for confirmation chemical assay results.
TABLE OF NEW RESULTS Easting Northing UTM UTM Azi Grade Hole WGS84 WGS84 true Dip From To Width (ppmProspect ID 33 S 33 S (deg) (deg) (m) (m) (m) U308)RossingSouth RDD077 506204 7504604 270 -60 437 440 3 174 453 486 33 1487 492 494 2 260 521 523 2 176RossingSouth RDD086 505550 7503350 270 -60 207 230 23 2417 Including 214 217 3 11034RossingSouth RRC477 505000 7500400 270 -60 240 250 10 444RossingSouth RRC479 505400 7502800 270 -60 79 88 9 162 115 163 48 439RossingSouth RRC480 505350 7503100 270 -60 113 131 18 253 154 157 3 476 168 177 9 306RossingSouth RRC486 505500 7500000 270 -60 161 163 2 115 275 295 20 447 302 310 8 104RossingSouth RRC488 505350 7503300 270 -60 81 84 3 252 104 108 4 102 114 151 37 1035RossingSouth RRC489 505550 7503300 270 -60 100 107 7 587 135 185 50 1618 215 222 7 135 250 252 2 249RossingSouth RRC490 505750 7503300 270 -60 95 101 6 112 120 123 3 858 130 132 2 147RossingSouth RRC490 505750 7503300 270 -60 155 193 38 1699 223 259 36 693 265 269 4 122 307 309 2 211RossingSouth RRC498 505750 7502950 270 -60 210 215 5 745 244 286 42 421 Including 244 273 29 572 and 279 286 7 125RossingSouth RRC499 505250 7502900 270 -60 80 85 5 232 101 121 20 488RossingSouth RRC500 505460 7502900 270 -60 99 107 8 334 119 122 3 242 128 131 3 714 169 181 12 421 195 207 12 446RossingSouth RRC506 506500 7506050 270 -60 164 170 6 482 261 265 4 187 281 296 15 398RossingSouth RRC507 505950 7506050 270 -60 66 75 9 102 109 141 32 546 Including 109 119 10 366 and 125 141 16 859 184 199 15 202 225 227 2 374RossingSouth RRC508 505850 7506050 90 -60 98 159 61 686 Including 98 107 9 222 and 116 149 33 1176 and 156 159 3 162 174 179 5 233RossingSouth RRC509 505880 7506000 90 -60 73 75 2 125 108 203 95 665 Including 108 165 57 977 and 173 178 5 881 and 187 203 16 159RossingSouth RRC510 506350 7506100 270 -60 58 71 13 135 107 111 4 384 117 122 5 266RossingSouth RRC516 505550 7502750 270 -60 139 195 56 475 Including 139 147 8 1172 and 152 176 24 609 and 184 195 11 195 212 215 3 193RossingSouth RRC517 505650 7502750 270 -60 217 219 2 109RossingSouth RRC518 505750 7502850 270 -60 120 124 4 140 229 231 2 328 255 277 22 494RossingSouth RRC519 505650 7502850 270 -60 176 180 4 297RossingSouth RRC520 505550 7502850 270 -60 90 95 5 106 131 144 13 140 177 191 14 234 212 217 5 170RossingSouth RRC521 505320 7502800 270 -60 98 108 10 271 123 148 25 112RossingSouth RRC523 505350 7503000 270 -60 98 103 5 249 119 131 12 181 139 141 2 103 149 152 3 1712RossingSouth RRC524 505550 7503000 270 -60 75 80 5 127 131 148 17 168 181 183 2 542 191 214 23 313 229 239 10 134 248 251 3 228RossingSouth RRC525 505350 7503150 270 -60 109 113 4 228 127 130 3 239RossingSouth RRC526 505450 7503150 270 -60 75 80 5 217 119 122 3 419 153 159 6 727RossingSouth RRC527 505550 7503150 270 -60 104 197 93 583 Including 104 117 13 111 and 122 131 9 563 and 136 146 10 1673 and 151 154 3 350 and 160 197 37 788 246 254 8 127RossingSouth RRC528 505750 7503150 270 -60 136 227 91 854 Including 136 148 12 669 and 154 167 13 1139 and 177 183 6 1922 and 191 194 3 284 and 204 227 23 1806RossingSouth RRC529 505850 7503150 270 -60 70 75 5 110 195 203 8 250 212 254 42 638 282 290 8 299RossingSouth RRC530 505570 7503200 270 -60 105 107 2 164 154 189 35 597 221 230 9 493RossingSouth RRC531 505950 7506150 270 -60 73 75 2 562 111 116 5 1351 125 128 3 199 136 139 3 226RossingSouth RRC532 506000 7506150 270 -60 140 196 56 530 208 213 5 2523 253 255 2 287RossingSouth RRC533 506550 7506150 270 -60 296 409 113 382RossingSouth RRC533 506550 7506150 270 -60 296 409 113 382 Including 296 302 6 205 and 311 352 41 684 and 360 363 3 188 and 371 384 13 595 and 391 409 18 280RossingSouth RRC534 506550 7506450 270 -60 146 150 4 210 210 217 7 161 275 277 2 137RossingSouth RRC535 506650 7506450 270 -60 141 144 3 246 153 174 21 346 202 204 2 473 241 244 3 164 251 257 6 206 264 322 58 319 343 348 5 229RossingSouth RRC536 506450 7506500 270 -60 58 65 7 106 71 82 11 155RossingSouth RRC537 506550 7506500 270 -60 91 96 5 208 151 161 10 216 184 197 13 415 243 253 10 220 258 265 7 163 271 282 11 161RossingSouth RRC538 506650 7506550 270 -60 163 211 48 750RossingSouth RRC541 505850 7506100 90 -60 75 92 17 364 124 170 46 549 181 204 23 197 209 213 4 245RossingSouth RRC542 506000 7506250 270 -60 125 151 26 926 260 263 3 446 274 350 76 418 Including 274 304 30 915 and 310 314 4 141 and 319 325 6 124 and 330 350 20 115RossingSouth RRC543 505950 7506250 270 -60 73 80 7 584 86 89 3 395 140 183 43 486 Including 140 155 15 1142 and 165 174 9 335 and 181 183 2 153RossingSouth RRC551 505660 7503100 270 -60 95 100 5 111 112 145 33 603 Including 112 114 2 221 and 122 129 7 396 and 134 145 11 1498 156 162 6 222 178 191 13 102RossingSouth RRC552 505860 7503100 270 -60 198 210 12 665 231 236 5 363RossingSouth RRC554 505450 7503450 270 -60 156 186 30 1081 Including 156 167 11 2432 and 174 186 12 462RossingSouth RRC555 505550 7503450 270 -60 55 60 5 117 133 149 16 1616RossingSouth RRC555 505550 7503450 270 -60 176 238 62 836RossingSouth RRC561 505350 7502850 270 -60 91 115 24 541 Including 91 96 5 131 and 101 115 14 871 136 138 2 544 143 162 19 318RossingSouth RRC562 505300 7502850 270 78 103 25 189 109 114 5 316 120 135 15 312RossingSouth RRC571 505650 7503200 270 -60 130 154 24 296 196 199 3 120 215 222 7 191RossingSouth RRC576 505750 7503250 270 -60 146 211 65 1125RossingSouth RRC584 505950 7503650 270 -60 120 195 75 770RossingSouth RRC591 506900 7506850 270 -60 209 233 24 2349Husab project -- Rossing South prospect: RC and diamond drill hole assay results. Uranium intersections greater than 100 ppm U3O8 over drill hole intersection widths of not less than two metres downhole width.NotesAnalyses on RC chips and one-half 2 NQ drill core by Genalysis LaboratoryServices, Perth. Uranium assays were carried out by four-aciddigest/MS (AT/MS).Metal values (U) have been expressed as parts per million (ppm) U3O8converted to oxide values (U3O8) using a factor of 1.179 and roundedto zero decimal places. Note that 100 ppm U3O8 is equivalent to 0.1kilogram per tonne U3O8, which is 0.01 per cent U3O8.Intersection widths are estimated to be approximately true width.
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