Yellow Rock Resources Sees Results from the Aggressive Exploration Program of its Portfolio of Highly Prospective Vanadium and Uranium Tenements
Since its ASX listing in February 2007, Yellow Rock Resources has aggressively pursued the potential represented in its portfolio of tenements that are prospective for vanadium and uranium.
Reflecting its success to date, the Company has received encouraging results from an airborne geophysics program at its Turner’s Dome tenement that has identified eight significant radiometric uranium-count anomalies.
Mr. John Geary, Yellow Rock’s Director, gladly found the time to give the Australian Investor an update on the Company’s progress to date, highlighting the significance of its recent announcement.
“We are beginning to see results from the work that we have undertaken during the past 12 months,” Mr. Geary explained to the Australian Investor, “We have a busy year planned to continue to advance Yellow Rock’s project and to capitalise on the strength of our two pronged focus of vanadium and uranium.”
When the Company listed on the ASX, its main focus was on its Gabanintha vanadium project in Western Australia and it Money Shoal Basin and Douglas Range tenements in the Northern Territory.
Since that time the Company has acquired four tenements covering 4,847 sq km, via Yellow Rock’s takeover of Cabe Resources. This tenement group is located in the Arunta Region of the Northern Territory, which is now proving to be highly prospective for uranium mineralization.
“The recent announcement is for the lease E25426, which is one of these acquired tenements,” Mr. Geary informed the Australian Investor, “GPX Airborne Services has completed a grid of airborne magnetics and radiometrics over the central-southern section of the Turner’s Dome tenement.”
Due to the large size of the Turner’s Dome tenement (in excess of 114 km across) the area accessed for airborne geophysical survey was confined to the central-southern portion of about 44 km in an E-W direction.
“We are very pleased that the interpretation of the close-spaced airborne geophysical data has highlighted significant uranium anomalies and channel-like structures at Turner’s Dome,” Mr. Geary told the Australian Investor, “We believe it justifies our decision to acquire these tenements when the opportunity was presented to us.”
The next stage of exploration will involve ground-based detailed radiometric and geological surveys to evaluate the uranium resource potential of the area.
With aerial surveys also recently completed at Lake Maitland in Western Australia Yellow Rock will continue work at its other highly prospective tenements, with aerial surveys due to be conducted at the Money Shoal Basin and Douglas Range tenements in the Northern Territory.
“Since we listed we have also achieved a significant development at our Gabanintha project,” Mr. Geary informed the Australian Investor, “Initially, the resource at this project was calculated to be around 37 million tonnes of ore based on historical work done on the project. We have undertaken two drilling programs since listing, with the data obtained from the first one increasing the resource at this project from 37 million tonnes to 90 million tonnes.”
The second RC drilling program was completed in March, with the drillholes from the program intended to be used to confirm and upgrade the Resource to Measured along with mineralogical zones based on magnetite and hematite in the primary, transition and supergene zones.
“We are currently awaiting the results from this drill program,” Mr. Geary noted.
According to Mr. Geary the current uranium and vanadium markets are being driven by the demand for these commodities in China, which means there should be an established, willing market for the Company’s products.
Mr. Geary concluded, “We are very excited by the potential represented in Yellow Rock’s asset base, especially Gabanintha. The project has a strong grade of vanadium at 0.8%, which is twice the grade of some of the other deposits in the area. We are looking forward to upgrading this resource while continuing exploration at our other tenements to maximise the potential value for our shareholders.”
April 2008
AVL Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
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