The joint venture’s Charley Creek project is located in the Teapot Granite complex, which is prospective for the discovery of commercial uranium deposits.
Crossland exploration director Geoff Eupene said that the initial investigations, focusing on the Cockroach East and Cockroach Central zones of the prospect, have provided encouraging results and the crucial information required to target the large tonnage uranium deposits the joint venture is looking for in and around the Teapot Granite.
"The remainder of the drill program for 2010 will be directed at these areas and how best to evaluate them with further drilling in 2011," Eupene said.
The Charley Creek project is one of three projects in the Northern Territory and one in South Australia, which are subject to a 50:50 joint venture between Pancon and Crossland.
The results have been received for the first seven holes of this program, a total of 728 samples, including five holes from Cockroach East, and the first two of 10 holes planned at Cockroach Central.
Uranium values ranged from less than the detection limit of 4ppmU, (six samples associated with basic dykes and associated mylonitic schists) to a highest value of 3,470ppmU (4,079 ppmU3O8), from 148.8- 149.1m (interval 0.3m) in hole CED2010_006.
The best uranium intersection, using a cutoff of 250ppmU, was from 148m to 150m (2m) at a grade of 743ppmU (876ppmU3O8), in hole CED2010_006, incorporating the higher-grade intersection.
