News: Anatolia Energy kicks off uranium drilling at Deliler

Anatolia Energy (ASX:AEK) has mobilised two rigs to the Deliler uranium prospect within its Sefaatli project in Turkey.

Drilling commenced on 13th October and will be a combination of diamond core and rotary methods as both in-fill and step-out drilling.

On 8th October, shareholders approved the second and final placement of $2 million, for a total placement of $6 million for the issue of up to 75 million shares at $0.088, with 1 for 2 attaching options exercisable at $0.12.

Of this, $1.5 million is allocated for drilling at Sefaatli, located 40 kilometres from the Temrezli Project.

Previous drilling at Sefaatli late last year intersected uranium mineralisation in all holes at depths ranging between 20 metres and 133 metres, with most holes intersecting two or more lenses, and one hole up to 5 stacked lenses.

It will also target high grade uranium mineralisation intercepts, particularly at Deliler via a 56 hole program advancing over 6,000 metres.

Drilling is expected to take 8 weeks, and results from the Stage 1 program are expected in late December 2014.

The Phase 1 results will be assessed to determine a follow on Phase 2 program, likely to commence in the first quarter 2015.

Anatolia’s regional exploration remains on-going with field work, mostly mapping and rock chip sampling, focussing on an area to the northeast of the Temrezli deposit where Tertiary sediments outcrop in close proximity to a granite which has an elevated radioactive response.

Field work will extend into other exploration licences during the remainder of the fourth quarter, with planning underway for remote sensing surveys to target tertiary sedimentary packages in the broad central Anatolian uranium district in 2015.

It has has partially completed a hydrogeological test program at its flagship high grade and low cost Temrezli ISR Uranium Project with encouraging early results.

The company is on track to deliver its Pre-Feasibility Study in Q4 2014 while regional exploration for new uranium discoveries on-going.

It has also progressed the Environmental and Social Impact Assessment with the commencement of its baseline Social Impact Assessment.

Anatolia is well funded, and this major drilling campaign coincides with the recent uplift in uranium prices, and as such should generate some market interest.

Temrezli could be one of the few uranium projects that will get into production at the right time of the cycle to catch rising uranium price and sentiment wave.