re: third quarter activities & cashflow reports
Third Quarter Activities & Cashflow Reports http://sa.iguana2.com/cache/c16b3770b8eaee2b52adc365bcb904d3/ASX-SMM-321070.pdf
Outflow: 1.44 mill Cash 5.06 mill
Activities: Extract:
RESOURCE DRILLING FOR THREE URANIUM DEPOSITS REPORTED RESOURCE DRILLING AND EVALUATION PROGRESSING ON EIGHT URANIUM DEPOSITS AT MOUNT ISA COPPER EXPLORATION AND DRILLING COMMENCED SOUTH OF MOUNT
ISA Summit Resources Limited (“Summit”) now has uranium mineralisation intersected in drill core from ten separate deposits and prospects at Mount Isa in northwest Queensland. Substantial widths and high grade uranium oxide (“U3O8”) and vanadium pentoxide (“V2O5”) intersections, and a copper intersection, are reported from the latest drilling results at Valhalla, Skal and Bikini for the March 2006 Quarter. S
Resource definition drilling and sampling is now in progress on eight of the Company’s uranium deposits at Mount Isa (see attached plan).
Sufficient drilling has now been completed at Valhalla, Andersons, Skal, Bikini and Mirrioola to commence, when combined with previous drilling results, calculating new resource estimates.
Drilling is now underway at Tjilpa, Warwai and Watta. The objective is to have sufficient density of drilling and sampling in each deposit and, on receipt of all drill assays, calculate JORC compliant resource estimates for each of the eight deposits in 2006.
Summit also has a further fifteen uranium mineralised prospects within its tenements at Mount Isa. These prospects are Red Alpha, Western, Mixabe, Crowbar, Mirrioola North, Mirrioola South, Pile, Hero, Woomera, Rich John, Drum, Calton, Narpajin, Bull Frog and Ecotte (see attached plan).
Each of the prospects will be progressively explored and drill tested as rigs become available".
Comment: This is followed by a large number of results.
SMM Price at posting:
0.0¢ Sentiment: None Disclosure: Held
