uranium

Nice to see this one green on a red day. Here is the announcement:



ASX Announcement
8 November 2007
HIGH GRADE MINERALISATION AT JACKSON’S RIO COLORADO URANIUM
PROJECT, ARGENTINA
Highlights:
• Surface sampling over the northern 6 km of a 16 km mineralised trend at Rio
Colorado has returned good continuity of high grade and width.
• Better channel sample results include:-
o 8 m @ 705 ppm U3O8
o 11 m @ 246 ppm U3O8
o 7 m @ 436 ppm U3O8
o 6 m @ 763 ppm U3O8 (including 2 m @ 1,498 ppm U3O8)
o 7 m @ 498 ppm U3O8
o 9 m @ 300 ppm U3O8
• Of 53 sites sampled, 40 have returned anomalous results of plus 100 ppm
U3O8.
• The best individual result of a one metre sample was 2,430 ppm U3O8.
• Exploration has uncovered the potential for multiple parallel uranium
deposits.
• Environmental Approvals for drilling have been granted.
Australian mineral exploration company Jackson Gold Limited ("Jackson" or the
"Company") (ASX: JAK), through its wholly owned subsidiary Jackson Global Limited, has
received results from its initial surface sampling programme at the Rio Colorado uranium
project in Argentina.
The Rio Colorado Project covers an area of 762km² and has extensive uranium
mineralised outcrops and large untested radiometric uranium anomalies in adjacent
covered areas and granite basement.
Mineralised sediments at the project extend for 16km and contain numerous small scale
workings (adits and glory-holes) completed by the Argentinean Atomic Energy Commission
(CNEA) in the 1950’s and 1960’s.
35 Richardson Street West Perth WA 6005 PO Box 1916 West Perth WA 6872
Ph 08 9211 5777 Fax 08 9211 5700 [email protected] www.jacksongold.com.au
ABN 44 099 574 991
Results – Rio Colorado Uranium Project
A total of 497 one metre continuous channel (rock chip) samples have been taken at 53
sites, predominantly in the northern most 6 kilometres of the Rio Colorado mineralised
trend (Figure 2). Results of the sampling have been enormously encouraging with 4.5
kilometres of the 6 kilometre zone sampled returning almost continuous results of plus 150
ppm U3O8.
The table below summarises results only greater than 150 ppm U3O8 at widths of more
than 4 metres.
Profile # Northing
11 6,889,757 7 m @ 220 U3O8 *
14 6,889,604 5 m @ 221 U3O8
16 6,889,554 9 m @ 184 U3O8
19 6,889,479 11 m @ 246 U3O8
20 6,889,458 5 m @ 315 U3O8
21 6,889,438 7 m @ 436 U3O8
22 6,889,411 8 m @ 705 U3O8
24 6,889,003 7 m @ 238 U3O8
31 6,888,251 4 m @ 245 U3O8
35 6,887,521 6 m @ 763 U3O8 *
36 6,887,504 9 m @ 338 U3O8 *
42 6,887,157 7 m @ 498 U3O8
43a 6,887,125 8 m @ 197 U3O8
44 6,887,019 8 m @ 336 U3O8 *
47 6,885,807 4 m @ 605 U3O8
48 6,885,594 9 m @ 300 U3O8
49 6,885,503 7 m @ 386 U3O8
50 6,885,471 7 m @ 419 U3O8
51 6,885,454 4 m @ 617 U3O8
Interval
Table 1:- Results greater than 4 metres at 150 ppm U3O8 .
* = Entire exposed profile could not be sampled.
Intervals calculated on a 50 ppm U bottom cut, with a maximum of 2
consecutive metres of internal dilution.
Sample Preparation Method = P-5 / P-3SP
Sample Analytical Method = ICP-AR-42 Elements - 100ml
U3O8 (ppm) calculated as U (ppm) x 1.179.
The results of this sampling have been used to identify priority drill targets. Approximately
eight drill targets have been defined on the basis of radiometrics, grade and ease of
access.
The material sampled is extremely weathered fine grained sediment, containing very little
structural deformation and no veining. Mineralisation (uranium, copper, silver and zinc) is
focussed in what is believed to be originally a more carbonaceous low-energy environment
within the continental sandstone pile. The alteration forms a distinctive yellow discoloration
in the red-bed sandstones.
35 Richardson Street West Perth WA 6005 PO Box 1916 West Perth WA 6872
Ph 08 9211 5777 Fax 08 9211 5700 [email protected] www.jacksongold.com.au
ABN 44 099 574 991
Figure 3 provides field sketch examples of the mineralisation in two areas. As depicted the
mineralisation predominantly dips moderately steep to the west, although in some areas a
flattening of the dip provides good near surface exposure and tonnage of mineralised
material.
The discovery of a small outcrop of mineralised sediment 1.5 kilometres to the east of the
main zone in the southern part of the project area suggests parallel mineralised horizons
may exist (Figure 2). Sampling of this very small outcrop returned 11 metres at 78 ppm
U3O8, an anomaly with possible extensions to the north and south under the cover of the
fluvial plain.
The radiometric anomalies within the fluvial plain 3 kilometres to the east of the main
outcropping mineralisation also support the concept of multiple parallel mineralised zones
(Figure 2).
Exploration Update
The Company has been made aware of some community unrest regarding mining, in
particular regarding a CNEA (government) uranium project located 50 kilometres north of
Rio Colorado, in a township called Fiambala. With regard to the Rio Colorado Project,
Jackson does not wish to create community concern in the near by township of Tinogasta
and has re-scheduled the drilling until a community awareness and information programme
can be completed. The Federal and Provincial governments are fully supportive of
uranium exploration and mining for domestic purposes. Expanding the current nuclear
power capacity of the country is one preferred solution to Argentina’s growing energy
supply problems.
The current phase of surface sampling and mapping at Rio Colorado has been focussed
on defining drill targets for this inaugural drill programme. Drilling will enable the company
to confidently define exploration targets (pounds of uranium) for the project.
All environmental clearances for drilling have been granted. The initial drill programme will
be small (approximately 1,000 metres) and test strongly anomalous areas that are
accessible with very little earth works.
An aerial geophysical survey to acquire radiometrics and magnets over the outcropping
mineralisation and fluvial plain is scheduled for November 2007. The timing of this survey
is dependant on helicopter mounted equipment becoming available in South America.
Argentinean Project Generation
The Company is continuing to review project opportunities in Argentina. Argentina has
emerged as a preferred country for exploration due to:-
• The Government legislation and tax regime provides an attractive and
incentivised environment for foreign investment in mining and exploration.
• Mineral Tenure rights are secure rights in Argentina, and the likelihood of
expropriation is considered low.
• The country has existing world-class mines and good potential for new
discoveries.
• There is good availability of skilled personnel for exploration, mining and project
development. Generally costs are substantially lower and resources more
available than presently seen in Australia.
35 Richardson Street West Perth WA 6005 PO Box 1916 West Perth WA 6872
Ph 08 9211 5777 Fax 08 9211 5700 [email protected] www.jacksongold.com.au
ABN 44 099 574 991
With respect to Uranium:-
• Argentina has favourable and responsible legislation that deals with uranium
exploration, mining and processing.
• Argentina has a mature and growing uranium power generation industry with
existing domestic requirements for uranium. The Government maintains a first
right to purchase uranium products from mining, at international market prices.
• The country has real potential for the discovery and mining of economic
uranium deposits.
For further information please contact:
Brett Smith, Managing Director John Williams
Jackson Gold Limited Professional Public Relations
Ph: 08 9211 5777 Ph: 08 9388 0944 / 0412 422 636
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