hERES a recap from March 2012 announcementHigh grade uranium...

hERES a recap from March 2012 announcement

High grade uranium grading up to 3.8% uranium oxide has been intersected by UraniumSA Limited (ASX: “USA”) in its first drilling of basement granites underneath the Company’s already proven 28 million pound Blackbush uranium resource near Whyalla in South Australia.
Blackbush is the flagship prospect within UraniumSA’s wholly-owned Samphire uranium project, 20 kilometres south of Whyalla.
The high grades were intercepted in the unconformity area generally where Blackbush’s deeper Hiltaba granites meet shallower Eocene Kanaka Beds sediments.
It is this sedimentary mineralisation sitting directly above the granites that hosts Blackbush’s current Inferred Resource of 28M lb U3O8 (45.5Mt at 280ppm U3O8 ).
The new results announced today follow a decision by UraniumSA to last month drill, for the first time, a 27-hole program into three separate areas of the deeper granites.
The Company only identified the granites late last year and their potential to offer a wider and deeper uranium mineralised system than the known sedimentary depositions – a move necessitating then a change in plans for the Company’s original mine development pipeline for Samphire.
UraniumSA today described the new results as sufficient to establish the potential economic significance of Blackbush’s granite-hosted mineralisation.
“More drilling will now be completed within the granites to delineate these newly identified and persistent higher grades, and to test how they perform as we go deeper away from the interface with the sedimentary layers,” UraniumSA’s Managing Director, Mr Russel Bluck, said today.
“Once that work is completed, it is our intention to re-estimate the resource at Blackbush to include for the first time, the total of both the sediment-hosted and granite-hosted mineralisation,” Mr Bluck said.
“This is timely as the substantially better thicknesses and grades being obtained will impact positively on the scoping study now underway to look at our open cut mining options for Samphire,” he said.
231 South Road, MILE END SA 5031 Page 1 www.fieldpr.com.au Tel: 08 8234 9555
FIELD PUBLIC RELATIONS
?Tuesday 20 March, 2012
??
UraniumSA is also continuing its previously activated investigation of in-situ recovery mining at Samphire – an extraction method suited only to the sedimentary layers, not the granites – the latter better suited to open cut mining.
Mr Bluck said the successful maiden granites drilling program had clearly demonstrated that significant areas of the Blackbush deposit contain mineralisation at much better than the deposit-average grades and thicknesses of the existing Inferred Resource.
“The results also confirm that the uranium mineralised granite has sufficient continuity, grade and thickness potential to warrant further exploration drilling for new, stand-alone resources of mineralisation both within and away from the area of the Blackbush deposit,” Mr Bluck said.
Technical summary:
A total of 27 holes were completed in February and March, all intersecting mineralisation above the 100ppm cut off. Of the 27 holes, 19 targeted and intersected uranium mineralisation around the unconformity area. High grade intercepts in the granites included:
MRM 840 73.0m to 75.0m including 74.0m to 75.0m
MRM 835 70.5m to 74.5m 75.6m to 76.6m
MRM 850 68.0m to 69.5m
2.0m @ 0.68% U3O8 1.0m @ 1.15% U3O8
4.0m @ 0.35% U3O8 1.0m @ 0.36% U3O8
1.5m @ 0.27% U3O8
or 6,874ppm U3O8 or 11,513ppm U3O8
with a peak grade of 3.8% eU3O8
or 3,570ppm U3O8 or 3,570ppm U3O8
or 2,234ppm U3O8
The Samphire project has a total inventory of 42Mlb in uranium oxide resources in the Blackbush and Plumbush deposits.
MEDIA CONTACT:
Russel Bluck
UraniumSA
(08) 8132 0577 | 0417 826 213
Kevin Skinner
Field Public Relations
(08) 8234 9555 | 0414 822 631