AFTER completing resource definition drilling on five of its Mount Isa uranium deposits, Summit Resources expects the first of the new estimates to be ready by the end of the June quarter, though all of the deposits have yet to be closed off.
Summit Resources managing director Alan Eggers getting his hands dirty at the company's Mount Isa uranium project
Summit managing director Alan Eggers told MiningNews.net assays from the recent program were still coming back but that results returned to date were "more of the same".
Some of the best results to date include 35m at 0.15% uranium oxide and 0.16% vanadium oxide from 84m, and 40m at 0.11% uranium oxide and 0.13% vanadium oxide from 307m, both at Valhalla.
Summit managed to finish drilling of the Valhalla, Skal, Bikini, Mirrioola and Andersons deposits before the onset of Cyclone Larry, with drilling now temporarily suspended until ground conditions improve.
Within a week, drilling is expected to resume at the Tjilpa, Warwai and Watta deposits.
Meanwhile, Eggers described the recent visit of Liberal senators Russell Trood, Brett Mason and George Brandis to Summit's "Mount Isa uranium province" as encouraging, with all three throwing their weight behind the resumption of uranium mining in Queensland.
Queensland Labor Premier Peter Beattie remains opposed to the mining of yellowcake in the state.
Shares in Summit were up 8c (7.69%) at $1.12 in morning trade and have enjoyed a strong run in the past month or so after trading at 62.5c in mid-February.
SMM Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
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