Everyone should have a read of rcresearch latest report which includes UNX(not connected with WMT). They are drilling for U right next to WMT and their upside potential is quoted as $1.65 to $4.54
Tanzanian projects: Uranex identified 55 exploration targets in Tanzania by applying proprietary
processing techniques to a government radiometric database (1968/70).
Lake Bahi tenements cover an
extensive closed drainage system which ultimately traps all uranium leached from underlying uranium
bearing granites. Bahi North – Two sheets of uranium mineralisation (>0.01% U3O8) and 1 to 8m thick (at
Anomaly A and C; combined area 19km2), contains trench samples up to 0.21% U3O8. The higher grade
Bahi C1 area (targeting a resource grade over 0.1% U3O8) will be tested through channel sampling and
pitting starting in March. Bahi C1 target is 3,000t to 8,000t U3O8 in unconsolidated sediment. Mkuju
shares characteristics with the nearby Kayelekera (PDN, Malawi) sandstone hosted deposit.
Uranium mineralisation is confirmed and radiometric anomalies identified. Drilling expected 2007.
Investment Comment: UNX offers exploration upside to a suite of uranium projects that are building
momentum. We have a 12 month target price of A$4.54/share.
Such drilling is close to WMT and as this report highlights, there is known U confirmed and identified whcih put WMT in an equally strong position.
We look forward to drilling beginning soon - April/May.
The link is rcresearch.com.au
WMT
western metals limited
