another u308 hopeful GLENGARRY RESOURCES LIMITED
ABN 40 009 468 099
Telephone: (08) 9322 4929 Facsimile: (08) 9322 5510
PO Box 975, West Perth, WA 6872
35 Havelock Street, West Perth, WA 6005
Website: www.glengarrynl.com.au Email: [email protected]
2 August 2005
Manager Company Announcements
Company Announcements Office
Australian Stock Exchange Limited By e-Lodgement
Level 10, 20 Bond Street
SYDNEY NSW 2000
GLENGARRY TO TARGET URANIUM PROSPECTS
A technical assessment of Glengarry Resources Limited wholly owned Greenvale Project has
confirmed the potential for significant uranium mineralisation. In May 2005, Glengarry reported the
results of exploration completed in the 1970’s at the Oasis prospect which included high grade
uranium (up to 12.5%) in trench assays. Subsequent work has also identified the Gregory prospect
where rock chip sampling in 1981 recorded up to 0.35% uranium (equivalent to 9.1 lbs/t U3O8) and a
number of additional targets defined by regional airborne radiometrics.
Glengarry is planning a significant uranium exploration program to be conducted over the next six
months including follow up at the Oasis and Gregory prospects as well as reconnaissance work over
the radiometric targets. The exploration will be in addition to the work planned for a number of base
metal and gold targets reported previously for the Greenvale Project.
Oasis Prospect
Esso Minerals drilled 32 diamond holes and 14 percussion holes at the Oasis prospect in 1978 and
intersected economic grades of uranium mineralisation over a strike length of approximately 300
metres (see Table 1 for significant drill hole intersections).
Better reported intersections include 9.5 metres @ 0.23% U3O8 from 28 metres and 6.7 metres @
0.23% U3O8 from 48.3 metres depth. Trench samples recorded up to 12.5% uranium. No uranium
exploration has been completed in the immediate area since the Esso work some 27 years ago.
The geological setting at Oasis is considered analogous to the Mary Kathleen uranium deposit in the
Mt Isa region of western Queensland. Mary Kathleen was mined from 1958 until 1982 and contained
a reserve of 9.5 million tonnes grading 0.13% U3O8. Exploration planned by Glengarry includes
testing the depth and strike extensions of the known mineralisation and the assessment of the adjacent
area.
Gregory Prospect
Stream sampling and prospecting by Afmeco in the early 1980s recorded strongly anomalous uranium
(up to 0.35%) at the Gregory prospect which is located approximately 65 kilometres south-southwest
of the Oasis prospect on the same regional structure and in a similar geological setting. No follow up
sampling or drilling has been reported.
Regional Targets
The Greenvale Project is considered prospective for two styles of uranium mineralisation:
Structurally controlled deposits hosted by lithologies of the high grade Einasleigh
Metamorphic sequence (eg Oasis and Gregory prospects).
GLENGARRY RESOURCES LIMITED
ABN 40 009 468 099
Telephone: (08) 9322 4929 Facsimile: (08) 9322 5510
PO Box 975, West Perth, WA 6872
35 Havelock Street, West Perth, WA 6005
Website: www.glengarrynl.com.au Email: [email protected]
Roll front deposits located beneath paleochannels that drain the prospective metamorphic
lithologies.
The Oasis and Gregory prospects (Figure 1) are interpreted to be hosted by subsidiary structures that
splay off a major geological feature known as the Lynd Mylonite Zone (LMZ). A corridor
immediately west of the LMZ is considered highly prospective for uranium mineralisation and will be
the focus of Glengarry’s future exploration. An airborne radiometric survey flown by the Queensland
government in 1999/2000 has defined a number of uranium anomalies within the prospective corridor
including anomalies coincident with the mineralisation at Oasis and Gregory. Glengarry’s tenure
covers approximately 50 kilometres of the prospective corridor and the unexplained radiometric
anomalies will be the subject of immediate field reconnaissance.
Geological mapping indicates a major paleochannel draining towards the northwest away from the
prospective corridor described above. Potential exists for uranium mineralisation at the contact
between the paleochannel sediments and underlying bedrock. Wide spaced shallow drill traverses will
be required to test for this potential mineralisation.
The uranium exploration program will commence in the current quarter. Meanwhile a 4 to 5 hole,
diamond drill hole program to test for copper mineralisation at the Maitland prospect will commence
this week. The Maitland prospect is located within the same prospective corridor as the recently
identified uranium prospects.
DAVID RICHARDS
Managing Director
The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on
information compiled by David Richards who is a member of the Australian Institute of Geoscientists. David
Richards is a full time employee of Glengarry Resources Limited. David Richards has sufficient experience
which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which
he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australian Code for
Reporting of Exploration Results, Mineral Resources and Ore Reserves. David Richards consents to the
inclusion in the report of the matters based on his information in the form and context in which it appears.
GLENGARRY RESOURCES LIMITED
ABN 40 009 468 099
Telephone: (08) 9322 4929 Facsimile: (08) 9322 5510
PO Box 975, West Perth, WA 6872
35 Havelock Street, West Perth, WA 6005
Website: www.glengarrynl.com.au Email: [email protected]
ÌÌ
ÌÌ
ÌÌ
Radiometric Anomaly
Known Uranium
Occurrence
20 km
Lynd Mylonite Zone
Oasis
Maitland
Copper Prospect
Gregory
Paleochannel
Target
Prospective
Corridor
Figure 1: Glengarry Resources Limited – Greenvale Project Uranium Targets
GLENGARRY RESOURCES LIMITED
ABN 40 009 468 099
Telephone: (08) 9322 4929 Facsimile: (08) 9322 5510
PO Box 975, West Perth, WA 6872
35 Havelock Street, West Perth, WA 6005
Website: www.glengarrynl.com.au Email: [email protected]
Table 1: Oasis Prospect – Significant Diamond and RC Uranium Drill Intercepts*
Hole Easting Northing Depth (m) From (m) To (m) Interval (m) %U3O8 lbs U3O8
OAD1 1120 1225 54.9 27.85 30.5 2.65 0.14 3.2
OAD2 1124 1200 44 28 37.5 9.5 0.23 5
36 37 1 0.72 15
OAD3 1132 1175 43.75 23.5 34.8 11.3 0.07 1.5
OAD4 1100 1250 70.9 48.3 55.7 6.7 0.23 5.8
OAD5 1122 1275 46.7 28.7 30.5 1.8 0.23 5.1
OAD7 1134 1125 52.9 35 36.4 1.4 0.07 1.5
OAD8 1134 1100 63.4 48 50.5 2.5 0.07 1.6
OAD9 1125 1300 46.7 28.5 33.9 5.4 0.16 3.4
OAD13 1098 1200 79.8 58.2 60.6 2.4 0.23 5
63.1 64.6 1.5 0.13 2.7
OAD14 1098 1300 72.6 57.2 60.5 3.3 0.06 1.2
OAD15 1111 1125 81.1 52.6 54.6 2 0.1 2.3
63.4 66 2.6 0.1 2.2
OAD16 1100 1175 79.8 62.4 67 4.6 0.14 3.2
70.5 71.4 0.9 0.13 2.7
OAD17 1155 1075 52.1 35.4 36.4 0.8 0.12 2.6
OAD19 1048 1200 130.8 117.8 120.9 3.1 0.08 1.9
OAD20 1044 1250 126.8 113.3 115.25 1.95 0.21 4.6
OAD22 1056 1125 142.7 122 126.3 4.3 0.07 1.6
OAD25 1046 1225 126.7 106 111.6 5.6 0.05 1.2
123.5 124 0.5 0.64 14
OAD26 1053 1175 149.7 111.65 114.3 2.65 0.11 2.4
143.65 143.85 0.2 0.35 7.7
OAD28 1177 1025 52.8 41.5 43 1.5 0.07 1.5
OAD29 1038 1150 150.8 134.55 135.8 1.3 0.18 3.9
OAP1 1098 1225 75 56 63 7 0.09 2
OAP3 1108 1325 80 62 64 2 0.05 1
OAP6 1130 1075 84 70 72 2 0.1 2.1
* Drilling and assays by Esso Minerals (1978)
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