Posted by grant64 yesterday: (for those that want some real info on RSL not dribble)
Uranium & RSL
Uranium represents the only major long-term energy source that can replace or compete with fossil fuels and that can enable industrialized countries to meet their Kyoto obligations. The long term prospects for uranium are strong, and there is a need for a greater geographical diversity of source.
In August 2007 Red Rock signed a deal with Retail Star Ltd (RSL) the company believes will create significant shareholder value.
In return for transferring all the Red Rock Uranium licences to RSL, Red Rock received up to 29% of RSL’s issued share capital, two seats on the board of directors, which with the appointment of a Red Rock appointed Managing Director, gives Red Rock board and management control.
Ian Scott was appointed as MD of RSL at the time of the deal. Ian has spent his career working in the exploration and mining of Uranium, he was previously chief geologist at Olympic Dam. Ian’s experience and the Au$2m RSL has in cash will be used to further explore Red Rock’s Uranium assets. An exploration programme is now underway.
The company’s assets include uranium occurrences and prospects at Chintheche and Machinga in Malawi and at Woolgni, Celia, and Marrakai in the prospective belts of the Northern Territory of Australia.
The Northern Territory is the historic location for several uranium mines, but until recently opposition to uranium mining by the Territory Government was an obstacle to exploration.
Malawi is the location of a major uranium project, discovered by the Central Electricity Generating Board of the U.K. and now being developed by Paladin Resources of Australia.
Previous exploration by Uranerz at the company’s Mt Alfred iron ore tenement in WA has also identified uranium.
The Chintheche project consists of a granted exclusive prospecting license of 135.6 square kilometres covering the Chintheche radioactive zone identified in the “Interpretation of Airborne Geophysical Survey Results” by Paterson, Grant & Watson, October 1987, for the United Nations Development Programme Report from a survey completed by Hunting Geology and Geophysics flown in 1986.
The Chintheche radioactive zone is located south of the town of Nkhata Bay on the west shore of Lake Malawi. The EPL application covers the village of Chintheche The PGW report reads: “The north-south trending Chintheche anomalous zone is underlain by interpreted quartzites, quartz schist and amphibolites north of Chintheche, and hornblende-biotite gneiss to the south. The regional mapping (Bull. No 38) indicates a number of interpreted faults underlying the Timberi clays and gravels; the north to north-north-east structure parallels the highly anomalous radiometric anomaly (U+KTH+).”
PGW recommended ground magnetics and spectrometer surveys over the anomalous zone. This will form Phase I of the red Rock exploration of the area.
The Machinga radioactive zone is located south of the town of Liwonde and north of the “old” capital city of Zomba, in south-central Malawi. The EPL application covers the village of Machinga (formerly Kasupe) and is acquired based on the recommendation from the “Interpretation of Airborne Geophysical Survey Results” by Paterson, Grant & Watson, October 1987 (PGW) , from a survey completed by Hunting Geology and Geophysics flown in 1986. This report recommended two areas for investigation for uranium exploration; the Chinduzi Radioactive Zone, and the Machinga Radioactive Zone.
The EPL application covers the “Chinduzi Radioactive Zone” located at the southeastern edge of the Chinduzi nepheline syenite. PGW indicates “The area immediately underlying the strong uranium anomaly (U+ on the ternary spectrometer map) has mapped exposures of pegmatite dikes along the contact between the nepheline-syenite to the north and the interpreted charnockitic gneiss to the south. This geological-spectrometric correlation is similar to the Machinga TH-U prospect to the east and therefore been selected as a new economic target for uranium, thorium and rare earth mineralization”.
PGW recommended 45 lines km of detailed total field magnetic and spectrometer surveying to be carried out over the anomalous zone, along with geological mapping and prospecting of all radioactive pegmatite dikes and/or calc/silicate granulite inclusions.
The Machinga EPL application also covers the “Machinga Radioactive Zone”, located 3-10 km east of the Chinduzi Radioactive Zone, describes above. PGW describes the Machinga radioactive zone as, “highly anomalous radiometric responses in the Machinga Target area are associated with pegmatites, granititic dikes and veins, intruding the Zomba-Chaone-Malasa syenite complex and surrounding basement gneisses….Previous work was successful in detecting sub-economic grades of niobium and thorium and lesser amounts of uranium. Based on the results of the present processing and interpretation, we believe that the search radius for radioactive and rare minerals should be extended within the target area.” PGW recommended 50 line km if detailed ground spectrometer survey.
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