OmegaCorp acquires historic uranium mine in Mozambique15:02,...

OmegaCorp acquires historic uranium mine in Mozambique
15:02, Thursday, 26 May 2005

Sydney - Thursday - May 26: (RWE Australian Business News) -
OmegaCorp Ltd (OMC) has been granted a licence by the Mozambique
Ministerio Dos Recursos Minerais E Energia covering the historic
high-grade Mavuzi uranium mine in northwestern Mozambique.
Mavuzi was discovered in 1947 and is reported to have been in
production until 1967.
It is located 40 kilometres northwest of Tete in Mozambique,
only 300 kilometres east of OmegaCorp's Zambezi Valley Project.
Production from the mine and surrounding area totalled about 40
tonnes U3O8 between 1947 and 1955.
It is reported that the uranium mineralisation was exploited
from narrow, high-grade veins within a shear zone.
Values reported from surface sampling prior to mining indicated
results of up to 80kg/tonne (8pc) U3O8.
The shear zone was mapped over a distance of 7 kilometres and
reported disseminated uranium mineralisation throughout the shear zone.
Potential therefore exists for both high-grade vein
mineralisation and disseminated mineralisation within the shear zone.
The licence area and two further applications cover more than
560 square kilometres of the Tete Complex – a gabbro anorthosite, which
has had a history of mining and exploration for many different
commodities that include copper, nickel, molybdenum, cobalt and platinum
group elements (PGEs).
The company's consultant geologists are heading to site to
commence field mapping, sampling and gridding as a prelude to drill
testing in the third quarter of the year.
Shares in OmegaCorp today rose 6c to 90c.