universal thumbs up for roseby...

Source: www.miningnews.net

Universal thumbs up for Roseby

Monday, 26 March 2007

INVESTORS have shown their support for Universal Resources' latest drilling efforts at its Roseby copper project by pushing the share price up 23%, with the Bedford North and Lady Clayre deposits, where drilling has focused, remaining open prior to a resource upgrade.



Universal Resources has two joint ventures at Roseby.

Results from reverse circulation drilling at the deposits pushed Universal's share price up from 11c to an intraday high of 13.5c before cooling to close at 11.5c on Friday.

Investors appeared to warm to the positive drill results, with mineralisation extended 450m along strike and 125m down depth at Bedford North, and remaining open along strike to the north, south and at depth.

Better results from the deposit include 25m at 1.75% copper, 0.28 gram per tonne gold from 46m including 11m at 3.06% copper, 0.38gpt gold from 48m and 20m at 1.6% copper, 0.44gpt gold from 17m including 8m at 3.64% copper, 0.92gpt gold from 18m.

Currently, the combined inferred resource for both Bedford North and Bedford South stands at 1.77 million tonnes at 0.93% copper and 0.24gpt gold for a contained 16,500t copper and 13,800oz of gold.

Meanwhile, drilling at Zone F within the Lady Clayre deposit has delineated mineralisation over a strike length of at least 400m and extending at depth for some 100m. Zone F remains open.

Better results include 26m at 1.18% copper, 1.13gpt gold from 69m including 14m at 1.93% copper, 1.93gpt gold from 81m and 19m at 1.63% copper, 0.12gpt gold from 81m.

Universal said a total of seven separate zones have been identified at Lady Clayre, with the total inferred resources for Zones A and F currently at 3.7Mt averaging 0.88% copper and 0.48gpt gold for a contained 32,600t copper and 57,700oz gold.

The company said both Bedford North and Lady Clayre require further drilling to upgrade the deposits to indicated and measured resource status.

The company's shares were up another half a cent to 12c in morning trading today.


End.

Cheers, Pie