NTU 1.67% 3.1¢ northern minerals limited

26th November 2007Manager of Company AnnouncementsAustralian...

  1. 717 Posts.
    26th November 2007
    Manager of Company Announcements
    Australian Stock Exchange Limited
    Level 6, 20 Bridge Street
    SYDNEY NSW 2000
    Via E Lodgment
    DRILLING COMMENCES AT KURUNDI PROJECT, N.T.
    The Directors of Northern Uranium Limited (ASX: NTU) are pleased to advise that drilling
    has commenced at the Kurundi Uranium Project, 90km southeast of Tennant Creek in the
    Northern Territory.
    A reverse circulation (RC) drilling rig has commenced the initial testing of a mineralised zone
    of approximately 800m strike length, outlined by airborne radiometrics, rock chip sampling and
    mapping and which extends south-southeast from the historical Munadgee workings. Rock
    chip sampling along this trend has returned several assays >0.1% U3O8, and up to 0.29%
    U3O8 immediately southeast of the Munadgee workings (see figure below). Approximately 2-
    3000m of drilling is proposed for the initial testing of the Munadgee trend, and the area along
    strike from the old workings.
    The historical Munadgee uranium prospect produced uranium in the 1960s and according to
    unofficial records, some 3000 tons of ore at an average grade of 10lbs/ton uranium
    (approximately 0.5% U3O8) were produced. The mineralised zone is interpreted to run subparallel
    to a quartzite unit and a series of quartz veins, which form a ridge trending southsoutheast
    from the Munadgee workings. Historical shallow drilling (<20m depth) to the east of
    the Munadgee workings returned anomalous readings in downhole gamma surveys which
    were never followed up. The uranium mineralisation is associated with an anastomosing fault
    network which forms an approximately 500m wide corridor and transects the contact of a
    felsic volcanic unit and an overlying volcano-sedimentary package, which is marked by the
    quartzite unit.
    The Munadgee area is in close proximity to the interpreted position of the unconformity
    between sediments of the Lower Proterozoic Warramunga Formation and the overlying
    strongly folded sediments of the Hatches Creek Group. This geological/structural setting has
    similarities with that of unconformity-related deposits in Australia such as the Kintyre uranium
    deposit in Western Australia which contains 36,000t U3O8 at 0.15% - 0.4% U3O8.
    The Kurundi Uranium Project is managed and operated by Northern Uranium
 
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