MNS (ASX) announcement release

NACHU GRAPHITE PROJECT - EXPLORATION
UPDATE
Highlights:
• 977 metres of graphitic mineralisation intersected from 1,204 total
metres in the first trench (T1)
• Further extensive mineralisation found in the next two trenches
(T4 and T6)
• No deleterious elements seen in outcrop sample analyses.
Uranex Limited (ASX: UNX) (“Uranex” or the “Company”) is pleased to provide an
update of the exploration activities on the 100% owned Nachu Project.
Since the previous announcement the Uranex geology team at the project has
discovered further significant intersections of graphitic schists on the tenement.
Trenching Observations:
Trench T1
The first trench (T1 in Figure 1) in the southern part of the tenement (results partially
reported in an announcement on 24 June 2013) was completed on 25 June 2013. A
total of 977 metres of graphitic schists were intersected from the 1,204 metres of
trenching in T1. The trench heading was approximately 64o west of north and the
interpreted strike of the mineralisation is at 13o east of north.
The eastern part of this trench was extended to test the area where an outcrop
sample assayed 54% Cg. In this extension, graphite mineralisation was found to be
present along the entire length of the trench and the subjective assessment is that we
have large graphite flakes present at an elevated concentration. However, the
geologists have not yet found any continuous area where the very high grade sample
may have originated. This area is currently being reviewed and it is anticipated that
the trench will be extended further to the east.
251 samples from this trench have been received at the laboratory and are being
processed. The summary of the logged intersections can be found in Table 1 below.
From the initial observations of the mineralised outcrops the strike of the
mineralisation appeared to be oriented generally to the west of north but as more
information has become available from the trenching, the dominant strike direction
now appears to be east of north. From other regional geology reports, the regional
strike of the Mozambique Belt Metamorphics is reported as approximately north-south
but this trench is ranging from 15 degrees east to 15 degrees west of north. The
observations in the trenches are showing a localised deviation from the main
structure.
URANEX LIMITED
ABN 26 115 111 763
Level 3
15 Queen Street
Melbourne VIC 3000
Australia
Ph: (03) 9621 1533
Fax: (03) 9621 1544
[email protected]
www.uranex.com.au
ASX Code: UNX
Number of Shares
211.5M Ordinary Shares
188M Options
8.25M Unlisted Options
Market Capital
A$12.5 million
Board of Directors
Johann Jacobs
Chairman
Stephen Hunt
Non-executive Director
Frank Poullas
Non-executive Director
Rodney Chittenden
Chief Executive Officer
John Nethersole
Company Secretary
Nachu Graphite Results
Page 2 of 5
Telephone: + 61 (0)3 9621 1533 www.uranex.com.au Level 3, 15 Queen Street
Facsimile: + 61 (0)3 9621 1544 ABN 26 115 111 763 Melbourne VIC 3000
E-mail: [email protected] ASX Code: UNX Australia
From
metres
To
metres
Interval Length
metres
Lithology Mineralisation
0.0 65.7 65.7 Schist Graphitic
65.7 71.0 5.3 Schist
71.0 207.4 136.4 Schist Graphitic
207.4 215.0 7.6 Dolomite
215.0 229.0 14.0 Dolomite Graphitic
229.0 250.0 21.0 Schist Graphitic
250.0 308.0 58.0 Dolomite
308.0 312.0 4.0 Schist Graphitic
312.0 332.2 20.2 Pegmatite
332.2 364.6 32.4 Dolomite Graphitic
364.6 375.0 10.4 Schist Graphitic
375.0 396.0 21.0 Dolomite
396.0 413.0 17.0 Amphibolite
413.0 467.0 54.0 Schist Graphitic
467.0 477.3 10.3 Dolomite
477.3 520.0 42.7 Schist Graphitic
520.0 555.0 35.0 Quartz mica schist Graphitic
555.0 575.0 20.0 Biotite schist Graphitic
575.0 595.0 20.0 Quartz mica schist Graphitic
595.0 615.0 20.0 Quartz schist Graphitic
615.0 675.0 60.0 Quartz mica schist Graphitic
675.0 695.0 20.0 Quartz biotite schist
695.0 725.0 30.0 Quartz schist Graphitic
725.0 731.0 6.0 Amphibolite
731.0 745.0 14.0 Quartz schist Graphitic
745.0 752.0 7.0 Quartz mica schist
752.0 855.0 103.0 Quartz schist Graphitic
855.0 864.8 9.8 Dolomite
864.8 930.0 65.2 Quartz schist Graphitic
930.0 1000.0 70.0 Schist Graphitic
1000.0 1029.0 29.0 Quartz mica schist
1029.0 1125.0 96.0 Schist Graphitic
1125.0 1140.0 15.0 Quartz schist
1140.0 1204.0 64.0 Schist Graphitic
Table 1 - Geology of Trench T1
Nachu Graphite Results
Page 3 of 5
Telephone: + 61 (0)3 9621 1533 www.uranex.com.au Level 3, 15 Queen Street
Facsimile: + 61 (0)3 9621 1544 ABN 26 115 111 763 Melbourne VIC 3000
E-mail: [email protected] ASX Code: UNX Australia
Trench T4
The next trench (T4 in Figure 1) was completed on 4 July 2013 and was designed to test an area in the
south west of the tenement where some outcropping graphitic mineralisation and a narrow high grade
zone was discovered during exploration in May 2013. Whilst the narrow high grade zone was confirmed,
no other similar occurrences of the high grade zone were found. This trench did identify 274.4 metres of
graphitic mineralisation from a total trench length of 436 metres. This trench commenced at 8 898 573 N
and 482 965 E and proceeded on heading 32o east of north. The summary of the logged intersections
can be found in Table 2. In T4 the strike direction is very close to east-west, this was expected from the
initial observations.
Trench T6
The final trench (T6 in Figure 1), reported on in this release, commenced on July 5 2013 and was
completed on July 14 2013 with a total length of 437.9 metres of graphitic mineralisation recorded from
the total trench length of 1,006 metres.
Significant sections of this trench were characterised by soil depths to the full depth of the trench. These
areas will be tested with some in-trench pits to determine whether there is any mineralisation below the
soils.
Trench T6 commenced at 8 907 636 N and 485 751 E and proceeded at 270o (west). The summary of the
intersections can be found in Table 3.
From
metres
To
metres
Interval Length
metres
Lithology Mineralisation
0.0 5.0 5.0 Quartz schist
5.0 6.1 1.1 Schist Graphitic
6.1 8.8 2.7 Pegmatite
8.8 20.0 11.2 Biotite schist, Schist Graphitic
20.0 26.1 6.1 Schist Graphitic
26.1 60.2 34.1 Biotite schist Graphitic
60.2 68.4 8.2 Biotite schist
68.4 135.2 66.8 Biotite schist, Schist Graphitic
135.2 143.0 7.8 Schist
143.0 200.1 57.1 Schist Graphitic
200.1 212.6 12.5 Soil Graphitic
212.6 228.3 15.7 Quartz-biotite schist Graphitic
228.3 236.7 8.4 Soil
236.7 248.9 12.2 Quartz-biotite schist
248.9 269.0 20.1 Biotite schist Graphitic
269.0 278.4 9.4 Fericrete Graphitic
278.4 310.8 32.4 Schist Graphitic
310.8 351.0 40.2 Quartz schist
351.0 358.9 7.9 Fericrete Graphitic
358.9 436.0 77.1 Fericrete
Table 2 - Geology of Trench T4
Nachu Graphite Results
Page 4 of 5
Telephone: + 61 (0)3 9621 1533 www.uranex.com.au Level 3, 15 Queen Street
Facsimile: + 61 (0)3 9621 1544 ABN 26 115 111 763 Melbourne VIC 3000
E-mail: [email protected] ASX Code: UNX Australia
In - Trench Pitting
In- trench pitting has commenced on T1 and T4 to test selected positions where mineralisation needs to
be probed at greater depth. Several pits have been completed to a point where it is impractical to
continue in the harder unweathered zone.
Other Elements
An ICP-MS analysis of the outcrop samples taken in February and May 2013 was also conducted to
determine any indication of other mineralisation or deleterious elements in the schists. These results
showed that there was no significant levels of deleterious elements which may have had an impact on
project approvals or product quality. Analysis for these elements will continue on trench sample
composites.
From
metres
To
metres
Interval Length
metres
Lithology Mineralisation
0 7.3 7.3 Biotite-Amphibolite
7.3 59.5 52.2 Quartz schist Graphitic
59.5 139.8 80.3 Quartz-mica schist, Pegmatite
139.8 186.3 46.5 Soil to depth of trench
186.3 196.5 10.2 Quartz schist Graphitic
196.5 209.5 13 Pegmatite
209.5 341 131.5 Quartz schist, Soil Graphitic
341 347.4 6.4 Quartz-mica schist
347.4 388.2 40.8 Soil Graphitic
388.2 428.8 40.6 Quartz-mica schist Graphitic
428.8 458.7 29.9 Quartz-mica schist, Soil
458.7 518.2 59.5 Quartz-mica schist Graphitic
518.2 626.8 108.6 Quartz-mica schist
626.8 655.4 28.6 Quartz-mica schist Graphitic
655.4 668.2 12.8 Quartz-mica schist
668.2 687.4 19.2 Quartz-mica schist Graphitic
687.4 709.7 22.3 Mica schist
709.7 732.1 22.4 Amphibole-mica schist Graphitic
732.1 736.6 4.5 Pegmatite Graphitic
736.6 746.5 9.9 Amphibole-mica schist Graphitic
746.5 816 69.5 Quartz-mica schist, Pegmatite
816 834.5 18.5 Schist Graphitic
834.5 858.3 23.8 Soil
858.3 929 70.7 Amphibole-mica schist
929 1006 77 Soil
Table 3 - Geology of Trench T6
Nachu Graphite Results
Page 5 of 5
Telephone: + 61 (0)3 9621 1533 www.uranex.com.au Level 3, 15 Queen Street
Facsimile: + 61 (0)3 9621 1544 ABN 26 115 111 763 Melbourne VIC 3000
E-mail: [email protected] ASX Code: UNX Australia
Future work
Trenching and pitting work will continue on the planned trenches. Until analytical results are received,
visual observations are being made by the geologists, while logging the trenches, of the estimated grade
and flake size in the mineralised zones.. This is acting as a guide for decisions on how the remaining
planned trenches will be scheduled.
Figure 1 – Tenement map showing the location of the planned trenches.
Rod Chittenden
Chief Executive Officer
For further information, please contact: Tel: + 61 (0)3 9621 1533
Information in this report that relates to Exploration Targets, Exploration results, Mineral resources or Ore reserves is
based on information compiled by Mr. Johan Erasmus, a Competent Person who is a registered member of the
South African Council for Natural Scientific Professions (SACNASP) which is an Recognised Professional
Organisation (RPO) included in a list posted on the ASX website. Mr. Erasmus is an consultant of Badger Mining
and Consulting, Johannesburg, South Africa who were engaged by the company to undertake this work. Mr.
Erasmus 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 by the 2012
Edition of the Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr
Erasmus consents to the inclusion of the data in the form and context in which it appears.