Ann: High Grade Results as Resource Drilling Targ, page-2

re: Ann: High Grade Results as Resource Drill... 12 May 2010
Companies Announcement Office
Via Electronic Lodgement
FURTHER HIGH GRADE RESULTS AS RESOURCE DRILLING TARGETS UPGRADE
Highlights
h High Grade Intersections expand mineralised zones at Ross
h Drilling focused on converting resource status from Inferred to Indicated
h Hole RMR0399 intersected 7.5ft @ 1,370ppm U3O8 from 565.25 to 572.75 GT 1.03
h Hole RMR0452 intersected 19.5ft @ 310ppm U3O8 from 611.25 to 630.50 GT 0.60
h Hole RMR0447 intersected 10ft @ 450ppm U3O8 from 589.25 to 599.25 GT 0.46
h Hole RMR0393 intersected 14.5ft @ 310ppm U3O8 from 402.75 to 417.25 GT 0.45
h Hole RMR0370 intersected 6ft @ 640ppm U3O8 from 598.25 to 604.25 GT 0.38
Summary
Peninsula Minerals Limited (Peninsula) is pleased to announce that it has completed 175
development drill holes during March and April 2010 for a total of 85,933 feet at the Ross
Project (Ross).
During this period the focus of the drilling has been on enhancing the grade and definition of
the existing drill-defined resources and to convert inferred resource to indicated status.
Numerous high-grade intersections were encountered including 7.5ft @ 1,370ppm U3O8
returned from drill hole RMR0399.
Three drill rigs are currently engaged at Ross chasing extensions of the known target zones
identified by the resource model. A fourth rig continues to test sparsely drilled target zones,
with the aim of expanding the current JORC compliant resource.
Executive Chairman Gus Simpson said The current drill results continue to build on PENs aim of
moving the Lance projects to development
Level 1, 477 Hay Street, Subiaco WA 6008,
PO Box 8129, Subiaco East WA 6008
Phone: +61 (0) 8 9380 9920 Fax: +61 (0) 8 9381 5064
Peninsula Minerals Limited - ABN: 67 062 409 303
Ross Drilling Program V March/April 2010
In the period March 2 to April 28, 2010 Peninsula completed 175 drill holes at Ross, of which 78
holes encountered significant mineralisation. A total of 26 holes recorded multiple stacked
intersections of uranium mineralisation.
The focus of the drilling in March and April has been predominantly within the resource zones
in Sections 18 and 19 as shown in Figure 1. Having established an initial JORC compliant
resource Peninsula is now focused on enhancing both the grade and definition of the existing
resources and converting current inferred resources to indicated status. In Sections 19, 13 and
7 there are extensive resource target zones that have yet to be tested, as indicated in the
figure below. Three rigs are currently operating to expand these mineralised systems.
A fourth rig is systematically testing for extensions of mineralised trends in the sparsely drilled
Section 13.
Figure 1: March /April drill hole locations at the Ross Project.
Level 1, 477 Hay Street, Subiaco WA 6008,
PO Box 8129, Subiaco East WA 6008
Phone: +61 (0) 8 9380 9920 Fax: +61 (0) 8 9381 5064
Peninsula Minerals Limited - ABN: 67 062 409 303
A summary of the best drill results during the period is shown in Table 1 below.
TABLE 1: Drilling Results (based on grade thickness > 0.2 ft%)
Hole ID
Local
Northing
(ft)
Local
Easting
(ft)
Depth (ft) From ft
Intercept ft over
PFN U3O8 grade
ppm
Peak
Concentration
U3O8 ppm
Grade
Thickness
ft%
U3O8
RMR0221 33856 135333 540 481.75 3.5' @ 810 ppm 1' @ 1,310 ppm 0.28
RMR0331 33395 134273 615 492.75 14.5' @ 200 ppm - 0.30
RMR0353 34121 103697 620 581.25 3.5' @ 880 ppm 2.5' @ 1,080 ppm 0.31
RMR0367 32888 136452 680 618.25 10' @ 320 ppm 8.5' @ 340 ppm 0.32
RMR0368 32885 136376 680 590.25 10' @ 220 ppm 4' @ 310 ppm 0.22
RMR0370 32918 136367 660 598.25 6' @ 640 ppm 4.5' @ 770 ppm 0.38
RMR0372 35913 103509 540 464.75 8' @ 310 ppm 3' @ 460 ppm 0.25
RMR0393 36859 104136 540 402.75 14.5' @ 310 ppm 10.5' @ 350 ppm 0.45
RMR0399 34105 103713 620 565.25 7.5' @ 1370 ppm 4.5' @ 1,970 ppm 1.03
RMR0408 34192 103518 600 476.75 8' @ 290 ppm 5' @ 360 ppm 0.23
RMR0447 32906 103627 720 589.25 10' @ 450 ppm 2.5' @ 590 ppm 0.46
RMR0449 32837 137533 740 615.25 14' @ 170 ppm 3' @ 250 ppm 0.24
RMR0450 37313 102639 740 629.25 6.5' @ 420 ppm 3' @ 590 ppm 0.28
RMR0451 37438 102767 740 619.75 3' @ 670 ppm 1' @ 1,080 ppm 0.20
RMR0452 37484 102797 740 611.25 19.5' @ 310 ppm 2' @ 670 ppm 0.60
Yours Sincerely
John (Gus) Simpson
Chairman
For further information, please contact our office on (08) 9380 9920 during normal business
hours.