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GLENGARRY RESOURCES LIMITED ABN 40 009 468 099 Telephone: (08) 9322 4929 Facsimile: (08) 9322 5510 PO Box 975, West Perth, WA 6872 35 Havelock Street, West Perth, WA 6005 Website: www.glengarrynl.com.au Email: [email protected] 2 August 2005 Manager Company Announcements Company Announcements Office Australian Stock Exchange Limited By e-Lodgement Level 10, 20 Bond Street SYDNEY NSW 2000 GLENGARRY TO TARGET URANIUM PROSPECTS A technical assessment of Glengarry Resources Limited wholly owned Greenvale Project has confirmed the potential for significant uranium mineralisation. In May 2005, Glengarry reported the results of exploration completed in the 1970’s at the Oasis prospect which included high grade uranium (up to 12.5%) in trench assays. Subsequent work has also identified the Gregory prospect where rock chip sampling in 1981 recorded up to 0.35% uranium (equivalent to 9.1 lbs/t U3O8) and a number of additional targets defined by regional airborne radiometrics. Glengarry is planning a significant uranium exploration program to be conducted over the next six months including follow up at the Oasis and Gregory prospects as well as reconnaissance work over the radiometric targets. The exploration will be in addition to the work planned for a number of base metal and gold targets reported previously for the Greenvale Project. Oasis Prospect Esso Minerals drilled 32 diamond holes and 14 percussion holes at the Oasis prospect in 1978 and intersected economic grades of uranium mineralisation over a strike length of approximately 300 metres (see Table 1 for significant drill hole intersections). Better reported intersections include 9.5 metres @ 0.23% U3O8 from 28 metres and 6.7 metres @ 0.23% U3O8 from 48.3 metres depth. Trench samples recorded up to 12.5% uranium. No uranium exploration has been completed in the immediate area since the Esso work some 27 years ago. The geological setting at Oasis is considered analogous to the Mary Kathleen uranium deposit in the Mt Isa region of western Queensland. Mary Kathleen was mined from 1958 until 1982 and contained a reserve of 9.5 million tonnes grading 0.13% U3O8. Exploration planned by Glengarry includes testing the depth and strike extensions of the known mineralisation and the assessment of the adjacent area. Gregory Prospect Stream sampling and prospecting by Afmeco in the early 1980s recorded strongly anomalous uranium (up to 0.35%) at the Gregory prospect which is located approximately 65 kilometres south-southwest of the Oasis prospect on the same regional structure and in a similar geological setting. No follow up sampling or drilling has been reported. Regional Targets The Greenvale Project is considered prospective for two styles of uranium mineralisation: Structurally controlled deposits hosted by lithologies of the high grade Einasleigh Metamorphic sequence (eg Oasis and Gregory prospects). GLENGARRY RESOURCES LIMITED ABN 40 009 468 099 Telephone: (08) 9322 4929 Facsimile: (08) 9322 5510 PO Box 975, West Perth, WA 6872 35 Havelock Street, West Perth, WA 6005 Website: www.glengarrynl.com.au Email: [email protected] Roll front deposits located beneath paleochannels that drain the prospective metamorphic lithologies. The Oasis and Gregory prospects (Figure 1) are interpreted to be hosted by subsidiary structures that splay off a major geological feature known as the Lynd Mylonite Zone (LMZ). A corridor immediately west of the LMZ is considered highly prospective for uranium mineralisation and will be the focus of Glengarry’s future exploration. An airborne radiometric survey flown by the Queensland government in 1999/2000 has defined a number of uranium anomalies within the prospective corridor including anomalies coincident with the mineralisation at Oasis and Gregory. Glengarry’s tenure covers approximately 50 kilometres of the prospective corridor and the unexplained radiometric anomalies will be the subject of immediate field reconnaissance. Geological mapping indicates a major paleochannel draining towards the northwest away from the prospective corridor described above. Potential exists for uranium mineralisation at the contact between the paleochannel sediments and underlying bedrock. Wide spaced shallow drill traverses will be required to test for this potential mineralisation. The uranium exploration program will commence in the current quarter. Meanwhile a 4 to 5 hole, diamond drill hole program to test for copper mineralisation at the Maitland prospect will commence this week. The Maitland prospect is located within the same prospective corridor as the recently identified uranium prospects. DAVID RICHARDS Managing Director The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by David Richards who is a member of the Australian Institute of Geoscientists. David Richards is a full time employee of Glengarry Resources Limited. David Richards 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 Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. David Richards consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. GLENGARRY RESOURCES LIMITED ABN 40 009 468 099 Telephone: (08) 9322 4929 Facsimile: (08) 9322 5510 PO Box 975, West Perth, WA 6872 35 Havelock Street, West Perth, WA 6005 Website: www.glengarrynl.com.au Email: [email protected] ÌÌ ÌÌ ÌÌ Radiometric Anomaly Known Uranium Occurrence 20 km Lynd Mylonite Zone Oasis Maitland Copper Prospect Gregory Paleochannel Target Prospective Corridor Figure 1: Glengarry Resources Limited – Greenvale Project Uranium Targets GLENGARRY RESOURCES LIMITED ABN 40 009 468 099 Telephone: (08) 9322 4929 Facsimile: (08) 9322 5510 PO Box 975, West Perth, WA 6872 35 Havelock Street, West Perth, WA 6005 Website: www.glengarrynl.com.au Email: [email protected] Table 1: Oasis Prospect – Significant Diamond and RC Uranium Drill Intercepts* Hole Easting Northing Depth (m) From (m) To (m) Interval (m) %U3O8 lbs U3O8 OAD1 1120 1225 54.9 27.85 30.5 2.65 0.14 3.2 OAD2 1124 1200 44 28 37.5 9.5 0.23 5 36 37 1 0.72 15 OAD3 1132 1175 43.75 23.5 34.8 11.3 0.07 1.5 OAD4 1100 1250 70.9 48.3 55.7 6.7 0.23 5.8 OAD5 1122 1275 46.7 28.7 30.5 1.8 0.23 5.1 OAD7 1134 1125 52.9 35 36.4 1.4 0.07 1.5 OAD8 1134 1100 63.4 48 50.5 2.5 0.07 1.6 OAD9 1125 1300 46.7 28.5 33.9 5.4 0.16 3.4 OAD13 1098 1200 79.8 58.2 60.6 2.4 0.23 5 63.1 64.6 1.5 0.13 2.7 OAD14 1098 1300 72.6 57.2 60.5 3.3 0.06 1.2 OAD15 1111 1125 81.1 52.6 54.6 2 0.1 2.3 63.4 66 2.6 0.1 2.2 OAD16 1100 1175 79.8 62.4 67 4.6 0.14 3.2 70.5 71.4 0.9 0.13 2.7 OAD17 1155 1075 52.1 35.4 36.4 0.8 0.12 2.6 OAD19 1048 1200 130.8 117.8 120.9 3.1 0.08 1.9 OAD20 1044 1250 126.8 113.3 115.25 1.95 0.21 4.6 OAD22 1056 1125 142.7 122 126.3 4.3 0.07 1.6 OAD25 1046 1225 126.7 106 111.6 5.6 0.05 1.2 123.5 124 0.5 0.64 14 OAD26 1053 1175 149.7 111.65 114.3 2.65 0.11 2.4 143.65 143.85 0.2 0.35 7.7 OAD28 1177 1025 52.8 41.5 43 1.5 0.07 1.5 OAD29 1038 1150 150.8 134.55 135.8 1.3 0.18 3.9 OAP1 1098 1225 75 56 63 7 0.09 2 OAP3 1108 1325 80 62 64 2 0.05 1 OAP6 1130 1075 84 70 72 2 0.1 2.1 * Drilling and assays by Esso Minerals (1978)
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