SHARES in Western Metals have powered up 25% on a bloody day on the bourse, with the discovery of a new type of uranium mineralisation in Tanzania opening up possibilities of further discoveries that may have previously been overlooked.
Results from a regional helicopter-supported field reconnaissance program have unlocked two new important mineralised systems, Foxy and Eland, in the Ruvuma project area.
The company said mineralisation at Foxy is related to a hematised sandstone which is exposed over 500 square metres.
Recordings of up to 20,000 counts per second were flagged and grab sampling results from the eastern edge returned a uranium oxide assay of 13,400 parts per million.
Meanwhile on the Eland prospect, Western Metals said mineralisation is associated with "banded, biotite-quartz-feldspar leuco gneiss" over 600sq.m.
Readings over hot spots recorded up to 4000cps and grab samples returned uranium oxide assays of 1080ppm and 440ppm.
"The discovery of a new type of uranium mineralisation in basement rock in southwest Tanzania is extremely encouraging," Western Metals said in a statement.
"The potential presence of this type of mineralisation opens up a number of possibilities and warrants the re-evaluation of a number of highly significant airborne radiometric anomalies that were previously downgraded and dismissed as anomalous basement."
Meanwhile results from recent drilling at the nearly Mtonya uranium project continued to extend the area of subsurface uranium mineralisation which was defined during previous drilling.
Assays include 1m at 1140ppm uranium oxide from 25m, 4m at 737ppm uranium oxide from 44m and 2m at 970ppm uranium oxide from 20m.
Western Metals is preparing to shell out some $4 million for its Tanzania uranium exploration budget this year which will help it to achieve the 60% ownership mark on joint venture partner's URA farm-in tenements.
URA will also contribute financially to the exploration program.
Shares in Western Metals climbed 2.4c or 25% to a high of 12c before reaching 11c in late morning trade today.
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WMT Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
