hyena ... how much potential does it have?

To start off, just to quote Presto:
"Guys remember, Hyena so far is just a few lines of scout drilling, the fact they hit some great numbers means they can zoom in on this area (and are)"

I dont know who was around when EXT first drilled Rossing South. I was a holder of EXT at the time, and was pretty unimpressed to say the least ... Here is the guts of the announcement from 31/8/07:

"Extract Resources (ASX:EXT) is pleased to announce that results of scout drilling at Rossing South Prospect, has identified anomalous uranium in altered alaskitic granites over a width of 160 metres ... A line of six (6) shallow holes has been drilled through approximately 40 metres of transported overburden and leached to test the stratigraphy of the underlying bedrock. The holes were spaced at 80 metre centres and anomalous uranium has been returned from three consecutive holes. The three holes span 160 metres across strike. The anomalous uranium is associated with zones of smoky quartz in altered leucogranite. All three holes recorded uranium values of at least 100 ppm U3O8, with a peak assay returned of 188 ppm U3O8 from the eastern most completed hole in the traverse

Extract Resources Managing Director, Peter McIntyre said that the company is very encouraged by these results. "Although at a very early stage of evaluation, we have been very encouraged by identifying the Rossing marble, but to intersect mineralised alaskite in the first line of drilling is considered highly significant."


Wow!!! Bestill my trembling heart!! I was totally unimpressed.

The second announcement saw some better results, but still not earth shattering! On 1/2/2008:

"Outstanding drill hole assay results hosted within uraniferous alaskite confirm a major new uranium discovery beneath the desert sand. Results include:
RBA001 40m @ 240ppm, incl 8m @ 998ppm
RBA002 100m @ 265ppm, incl 69m @ 321ppm
Extract Resources Managing Director, Peter McIntyre said that this immediate success indicates enormous potential for the Rossing South project. This discovery so early in the program is an outstanding result. These early results cannot be understated, and confirms Rossing South as a world class target."

A lot better, but still not a clear indication of what was to come.

So what about Hyena? First pass scout drill results include:
RC0007 16m @ 1,021ppm, incl 4m @ 3722ppm
RC0008 35m @ 314ppm, incl 4m @ 974ppm
RC0011 84m @ 210ppm, and 32m @ 263ppm
(116m total strike in two separate intercepts from same hole)

At the risk of repeating: I say again, that this is from FIRST scout drilling! If Peter McIntyre was so excited by the Rossing first scout results ... how should we feel about these Hyena results?

As Presto said, in no way are we saying that Hyena is another Rossing South. It will stand or fall on future drill results. But the point is that to find a uraniferous alaskite deposit on first scout drilling is sensational. The geos will be pouring over these results to get a handle on the uraniferous bodies below the sand. Certainly looks like an interesting new find ... to say the least!

:)