Yes, it's getting quite interesting here......few good buys today went in.... :)))) and we've got even a high of 1,96...... I hope to test it again next week :))
A DECISION whether to mine the Four Mile uranium deposit is expected next year, after further "outstanding" drilling results were released yesterday.
Alliance Resources yesterday said recent drilling at the Four Mile East deposit near Arkaroola in South Australia's far northeast had identified new zones of mineralisation.
Seven drilling rigs were currently operating at the project, in a program the company said was "expected to substantially upgrade the current resource inventory at Four Mile"
The current uranium resource at the Four Mile West deposit was 3.9 million tonnes at 0.37 per cent uranium oxide (U3O8) containing 15,000 tonnes of U3O8.
Alliance chief executive Steve Johnston said a scoping study originally meant to be released in May this year was still to be completed, because the company kept finding more uranium, with the Four Mile East deposit developing well.
Mr Johnston said Alliance anticipated it would be an in situ leach mine, which involved pumping diluted acid underground and dissolving the uranium in place. However, the mining method would not be announced until the release of the scoping study.
He said some of the drill cores being gathered at the moment would be tested for their metallurgical properties to help determine the best mining method.
Some of the site's drilling results released yesterday included intersections of 1.5m at 1.13 per cent uranium and 1.85m at 1.94 per cent.
"Four Mile East has grown to be, at this stage not quite as large (as Four Mile West) in terms of the high grade component, but it's open-ended still so it could be as big as Four Mile West, we just don't know at this stage," Mr Johnston said. "That's really taken over so the scoping study's been evolving as we go along.
"The flow of high-grade results is outstanding and highlights the quality and scale of this deposit, which extends over a 1.2km strike length. These results highlight the potential of the southern area to host a major uranium resource.
The Four Mile East deposit is emerging as a truly world-class uranium discovery, with high uranium grades intersected over a very substantial area."
Alliance has a 25 per cent free-carried interest in the project, meaning 75 per cent owner, Quasar Resources, will pay for exploration up to a development phase.
Quasar is an affiliate of Heathgate Resources, which operates the Beverley uranium mine.
AGS Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
