It also has an exploration target of 90 to 120Mlbs of contained U3O8 with a grade range of 0.08-0.12% U3O8 which covers the total Mecsek Hills Project Area. This drilling program is expected to last for 3- 4 months and provide new information for the Company to complete its scoping study on the Pécs Uranium Project in early 2010.
Mecsek Hills Uranium Project Area The Mecsek Hills Project Area covers Wildhorse’s Pécs uranium project (Pécs and Abaliget licenses), and includes the former uranium mine (mining concession) which adjoins the western boundary of Wildhorse’s Pécs project area. These zones to the west of Pécs, which are held by Mecsek-Öko, are shallower and offer potential access through uranium bearing sandstones on the mining concession into Wildhorse’s area of existng JORC resource at Pécs. These uranium bearing sandstones underlay the entire Mecsek Hills project area. The current JORC inferred resource (reported at above 400ppm U3O8) at Pécs is 17MT at 0.08% U3O8 for 30Mlbs of U3O8, with an Exploration Target1 for the total Mecsek Hills Project area of 90 to 120Mlbs of contained U3O8, with a grade range of 0.08-0.12% U3O8.
Following the current drilling program Wildhorse plans to complete its technical review of the project area, which includes the verification and digitisation of the historical drilling dataset that covers the Pécs and Abaliget licenses. Over 400 historical exploration drill holes exist in the project area and have provided the basis for the current Exploration Target1 for the Mecsek Hills Project Area.
Wildhorse executed a new Co-operation Agreement with Mecsek-Öko and MECSEKÉRC in October 2009 with the objective of developing the Mecsek Hills Uranium Project Area in southern Hungary, which includes Wildhorse’s Pécs uranium license. Mecsek-Öko and Mecsekérc are the Hungarian mining agencies that hold the mining concession which encompasses the areas covering the historical uranium mine that produced 46Mlb of uranium metal prior to its closure in 1997, which joins the Western boundary of the Wildhorse Pécs and Abaliget licences.
The technical review that will be undertaken over the next few months, under the co-operation agreement and with help from MECSEKÉRC and Mecsek-Öko, is expected to provide the key information to complete the Scoping Study in early 2010 which will allow the board to make a decision to proceed with a pre-feasibility study.
