Sydney - Thursday - Sep 28: (RWE Australian Business News) -...

Sydney - Thursday - Sep 28: (RWE Australian Business News) -
Drilling at Curnamona Energy Ltd's (ASX code: CUY) wholly-owned Oban
prospect, located 60 kilometres north of the Honeymoon uranium deposit,
has continued to generate economically significant uranium intersections
(defined as grade x thickness in excess 0.1 metre % eU3O8).
As of yesterday 21 holes have been sunk, with 18 holes having
uranium mineralised intervals ranging between 0.8m to 6.05m thick and
with grades up to 0.34 metre % eU3O8.
An area of 23,000 square metres has been drilled to date on
about 40 metre centres. The average grade thickness within this area is
0.135 metre % eU3O8.
As an indication of the potential value at current spot uranium
prices, 0.1 metre % U3O8 has an in-ground value of about $A250 per
square metre (assuming a density of 1.8 tonnes per cubic metre).
Directors say the advantage of in situ leach extraction is that
it is potentially possible to strip most of the available uranium from a
mineralised interval irrespective of the grade for a comparatively low
capital outlay.
They that the uranium must be proven to be in equilibrium before
the grades cited can be confidently related to actual U3O8. This will
require assaying of representative core samples for uranium.
Curnamona Energy is 50.6 per cent owned by Havilah Resources NL
(ASX code: HAV) and holds Tertiary palaeochannel uranium exploration
rights over an area in excess of 5000 square kilometers in the
world-class Curnamona Craton uranium province of northeastern SA.