18 holes drilled at Lake Surprise. The hottest hole has 611 ppm of uranium at 7 metres depth. 8 holes registered over 200 ppm and only one hole had a reading below 100 ppm (97 ppm). All of these readings were between 2 and 11 metres below the surface. Previous ADD announcements stated they needed grades of between 100-300ppm to be commercially viable.
And now we have the bonus of phosphate grades of up to 28%. This could be a nice earner. Rock phosphate has increased 4 fold in the last 12 months to US$200/T. One tonne of P makes 4 tonnes of superphosphate.
ADD spent $332K on exploration in the June qtr, increasing to $585 for this qtr and $6 million in the bank. I'm glad I've been topping up at these sub 6 cent prices.
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