chemical assay results confirm high grade uran

Extract Resources Ltd (ABN 61 057 337 952)
30 Charles Street, WA • PO Box 752, South Perth, WA, 6951
Telephone (08) 9367 2111 • Facsimile (08) 9367 2144 • [email protected]
ASX RELEASE
10 June 2008
Company Announcements Office
Australian Stock Exchange Limited
20 Bridge St
SYDNEY NSW 2000
Dear Sir / Madam,
Media Release – Chemical assay results confirm high grade uranium
mineralisation at Rossing South
Please find attached a media release in relation to additional results received from
exploration at Rossing South.
Yours sincerely
Rance Dorrington
COMPANY SECRETARY
Extract Resources Limited (ABN 61 057 337 952)
30 Charles Street, South Perth • P.O. Box 752 South Perth WA , 6951
Telephone: +61 (08) 9367 2111 • Facsimile: +61 (08) 9367 2144 • [email protected]
MEDIA RELEASE
Chemical assay results confirm high grade uranium
mineralisation at Rossing South
South Perth, Western Australia – June 10 2008 – Extract Resources (“the Company”),
(TSX:EXT;ASX:EXT), a Uranium exploration company with projects in Namibia, Africa,
today announced that recently received chemical assay results confirm high grade
uranium mineralisation at Rossing South.
Further chemical assay results have now been received from holes drilled on the discovery
section, 7506000 North, which are in addition to the previously reported 100m @ 265 ppm
and 40m @ 240 ppm U3O8. These results confirm that high grade uranium mineralisation
is present in the alaskites beneath the Namib Desert sands.
The chemical assay and down hole spectrometer grade information received thus far
indicates that the Rossing South alaskites have comparable grades (~300 ppm U3O8) to
Rio Tinto’s Rossing Mine. The assay results available from section 7506000 North are
indicating multiple mineralised zones that bulk out to a true width of approximately 150
metres grading (on average) 300 ppm U3O8. Many of the individual mineralised zones are
grading well in excess of this, with some notable high grade domains.
Standout chemical assay intersections, not previously reported include:
Hole ID From
(m)
To
(m)
Mineralised zones
(U3O8)
RDD002 171 320 149m @ 474 ppm
including 171 188 17m @ 1,899 ppm
and also including 260 281 21m @ 1,368 ppm
RRC004A 103 247 144m @ 143 ppm
including 147 165 18m @ 353 ppm
and also including 180 192 12m @ 362 ppm
277 282 5m @ 1,038 ppm
No results from diamond core hole RDD002 have been previously released as the hole
became blocked after drilling was completed; this prevented the downhole spectrometer
crew from surveying this hole.
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Of note is that RC hole RRC004A ended in high grade mineralisation, from 277 to 282m,
5m @ 1,038 ppm U3O8.
Significantly, hand held spectrometer readings taken from the one metre bulk RC samples
indicate that broad zones of uranium mineralisation continue to be intersected within
uraniferous alaskite. As previously reported, considerable uranium mineralisation has been
returned from every drill traverse tested to date. The mineralisation remains open along
strike to the north and south, and at depth.
Peter McIntyre, Managing Director of Extract Resources, said today “These chemical
assays continue to confirm the Rossing South discovery. We will soon commence closing
the drill hole line spacing down to 100 metres with holes on 80 metre centres around the
northern most sections of Rossing South. This is expected to demonstrate geological and
grade continuity of the main zones of uranium mineralisation identified thus far.”
He said, “Exploration on the remaining 10 kilometre Rossing South target area remains to
be completed. Based on the exceptional results from exploration completed to date, the
Company considers that there is a very high probability of additional exploration success.”
About Extract
Extract Resources is an Australian-based uranium exploration company whose primary
focus is in the African nation of Namibia. The Company’s principal asset is its 100%-owned
Husab Uranium Project which contains three known uranium targets: Ida Dome; Hildenhof;
and Rossing South. Rossing South represents the Company’s first new discovery in this
area Extract is listed on the ASX and the TSX under the ticker symbol “EXT”. For more
information on Extract visit www.extractresources.com
For further information, please contact
Peter McIntyre Richard Henning
Managing Director Investor Relations
[email protected]
The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information
compiled by Mr Martin Spivey, who is a Member of The Australasian Institute of Mining and Metallurgy and Mr Andrew
Penkethman who is a Member of the Australian Institute of Geoscientists. Mr Spivey and Mr Penkethman are both full time
employees of the Company. Mr Spivey and Mr Penkethman have sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a
Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves’. Mr Spivey and Mr Penkethman consent to the inclusion in this report of the matters based on
their information in the form and context in which it appears.
Chemical assay results refers to analyses on RC chips and NQ drill core by Genalysis Laboratory Services, Perth. Uranium
assays were carried out by Four Acid Digest/MS (Method AT/MS). Genalysis are an independent quality assured laboratory
operating under ISO/IEC 17025. Reference to hand held spectrometer refers to use of a Company owned Exploranium, GR-
135 Plus, hand held spectrometer.
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APPENDIX 1:
Husab Project – Rossing South Prospect: Drill hole location plan. Projection UTM WGS 84 Zone 33 South.
Rossing
Mine
Insert
See Cross Section 7506000 North
144m @ 143 ppm 149m @ 474 ppm
150Z
505900E
506000E
506100E
506200E
506300E
506400E
506500E
250Z
350Z
450Z
550Z
RB0021
RB0023
RBA002
RDD001
RBA001
RBA003
RRC004A
RRC004
RB0013
RB0011
RB0015
RB0017
RB0019
RDD002
(assays awaited)
ROSSING SOUTH
Section 7506000N
Transported cover
Gneiss and biotite schist
Leucogranite (alaskite)
Gneiss
Mineralised zones
Chemical assay grades
in ppm U3O8
Bulked intercepts
First pass reconnaissance
exploration drilling
301m End of hole depth
3m@317
LEGEND
454m
282m
40m@240
74m 79m
70m
60m 60m 57m
55m
80m
150m
301m
160m
6m@115
150m
5m@155
3m@251 7m@301
100m@265
18m@353
12m@362
2m@167
3m@300
2m@254
5m@1038
2m@185
17m@1899
11m@547
21m@1368
14m@105
149m@474
149m@474
APPENDIX 2:
Husab Project – Rossing South Prospect: Drill hole cross section 7506000 North.
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APPENDIX 3:
TABLE OF NEW RESULTS
Husab Project – Rossing South Prospect: RC drilling down hole spectrometer results. Uranium intersections greater
than 0.1 kg/t (100 ppm) U3O8 over drill hole intersection widths of not less than 2 metres down hole width:
Hole_id Northing Easting Azi_True Dip From To Width Grade Grade
UTM
WGS84
33S
UTM
WGS
84 33S
(deg) (deg) (m) (m) (m) (kg/t U3O8) (lb/t U3O8)
RDD002 7506000 506480 270 -60 118 120 2 0.185 0.408
171 320 149 0.474 1.044
Including 171 188 17 1.899 4.188
Including 205 216 11 0.547 1.206
Including 260 281 21 1.368 3.016
Including 306 320 14 0.105 0.232
RRC004A 7506000 506400 270 -60 103 247 144 0.143 0.315
Including 103 108 5 0.155 0.341
Including 116 123 7 0.301 0.664
Including 131 134 3 0.251 0.553
Including 147 165 18 0.353 0.778
Including 180 192 12 0.362 0.798
Including 201 203 2 0.167 0.369
Including 218 221 3 0.300 0.661
Including 245 247 2 0.254 0.560
277 282 5 1.038 2.289
Notes:
• Analyses on RC chips and NQ drill core by Genalysis Laboratory Services, Perth. Uranium assays were carried
out by Four Acid Digest/MS (Method AT/MS).
• Metal values (U) have been converted to oxide values (U3O8) using a factor of 1.179, and expressed as kg/t
U3O8. Note that 100 ppm U3O8 is equivalent to 0.1 kg/t U3O8, which is 0.01% U3O8.
• Assays expressed as kg/t U3O8 have been converted to lb/ tonne by multiplying by 2.2046.
• Intersection widths are estimated to be approximately true width.