Alliance reports uranium at Beverly 4 Mile Prospect 09:50, Friday, 3 June 2005
Sydney - Friday - June 3: (RWE Australian Business News) -
Alliance Resources Ltd (AGS) has been advised by farm-in partner Quasar Resources Pty Ltd that recent exploration drilling within EL2874 (Arkaroola), 8km to 10km northwest of the Beverley mine in the Curnamona Craton, has intercepted further uranium-equivalent mineralisation.
A total of 16 holes were drilled for a total of 2295 metres during April and May.
Significant gamma responses, assumed to be associated with uranium and its daughter products (regarded here as equivalent uranium mineralisation - eU3O8) were intersected in four of the 16 drillholes.
This has been named the Beverley 4 Mile Prospect.
Hole AK009 intersected 1.5 metres at 0.26 per cent eU3O8 from 146 metres depth.
This hole is 3km to the west of previously announced drillholes including AKO19, which intersected a broad zone of potentially high-grade uranium mineralisation equivalent to 5.5 metres at 0.40 per cent eU3O8.
A more detailed drilling program is being planned by Quasar to broadly delineate the extent of mineralisation.
Alliance shares traded steady at 5.4c yesterday.
ENDS
AGS Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
