re: Ann: Trench Program Confirms Historical U... Today’s report...

re: Ann: Trench Program Confirms Historical U... Today’s report is pretty good. The keys issues, as I see them are:

Two lease areas are being worked concurrently, Gwesan and Daejon.

Reported yesterday was a programme of three holes, approximately 100 metres deep, on the Gwesan leases. These holes are funded by Korean authorities. As the holes are shallow it will take just a couple of weeks, that is where the end of May comes from. Chemical analysis will follow and that typically takes four or five weeks.

The exploration at Daejon is a mix of a 12 hole drilling programme and the trenching reported today. Daejon holds the previously reported Inferred resource of 65 million pounds.
The report dated 1st of May was of XRF analysis of the first of the 12 holes. These holes are deeper and are ongoing. That is, it will be some more weeks of drilling, plus the four to 5 weeks for chemical analysis.
The 245 metre trenching programme reported today is pretty good. The variability in grades is put down to weathering. Both Vanadium and Uranium are soluble so mineralisation that is exposed, or closer to the surface, typically has been partially dissolved out.

The historical drilling (see the yellow dots on Figure 2, 27th of May) are much deeper up to 400 metres. The majority of these cores have never been analysed. One hopes good hits may lead to these cores being made available sooner.

Now the report way back 24th November 2011 talks about a trial acid leach test of ore sample taken from the Daejon tenement.
That gave 92% uranium extraction and 70% vanadium which is very good for a very basic process. Vanadium can require ‘roasters’ and quiet complex engineering depending on the mineralisation. Acid leach is basic and 92% and 70% are sexy numbers.

Lastly, today report ends with “The fact that we can now extend our block model to surface will have a material impact on our next resource upgrade”, sort of says to me, an upgrade is getting close.