ASX ANNOUNCEMENT 10 May 2007Shaw River Targets Mt Minnie...

ASX ANNOUNCEMENT 10 May 2007
Shaw River Targets Mt Minnie Channels for uranium
Shaw River Resources today announced its plans to drill for uranium at its
prospective Mt Minnie project 200km SW of Karratha.
The extensive palaeochannel system identified by previous drilling near Mt Minnie
during the 1970s resulted in the discovery of the Manyingee, Spinifex and Bennetts
Well sandstone hosted roll-front uranium deposits.
Shaw River’s managing director Vincent Algar commented, “We have reviewed the
Mt Minnie data specifically for uranium potential within the palaeochannel system
which crosses the western parts of our tenements, and we have some exciting
targets to follow up”
“Two specific areas have been selected for immediate follow up drilling, both located
within sand units in the Mt Minnie channel. The areas show anomalous radiometry in
historical drilling”
The company’s large tenement holding is less than 10 km north of Paladin
Resources’ Manyingee palaeochannel deposit. Page 19 of Paladin’s 2006 Annual
Report contains a table showing the current resources of the Manyingee deposit.
Using a 300ppm U3O8 cut off grade, Manyingee has indicated resources of 8,080 t
U3O8 (7.9 mt at 0.10% U3O8) and inferred resources of 2,280t U3O8 (4.2 mt at 0. 07%
U3O8) (- source Paladin Web site: http://www.paladinresources.com.au )
Historical exploration by Minatome, CRA, WMC and Total Mining Australia confirmed
the presence of stacked roll front uranium mineralisation in the area. Minatome also
confirmed the local enrichment of Proterozoic granites in leachable uranium. One of
these enriched granites, likely the source of uranium for Manyingee, outcrops on
Shaw River’s tenements at Mt Minnie. Two historical grab samples of this granite
showed values of 40 ppm and 90 ppm U respectively.
The company is securing suitable drill rigs and equipment and plans to begin drilling
at the Mt Minnie channel targets later in 2007.
Background on Shaw River
Shaw River holds tenements and mineral rights in tenements which together total
some 4,975 square kilometres in the Pilbara region of Western Australia. The
Company is systematically exploring its portfolio of tenements which are prospective
for gold, base metals and uranium. Exploration will have a major drilling component
in an effort to fast track exploration success and potential mine development.
Shaw River Resources currently has $4.6 million in cash available.
For further details, contact Mr Vincent Algar, Managing Director, on (08) 9226 4455