Recent drilling of 16 aircore holes for 1,563m has intersected uranium mineralization within a palaeochannel system, located 1.5km south west of the company’s Bennet Well uranium deposit, where the company has inferred a resource of 4.8 million pounds eU3O8 at 300ppm eU3O8.
Reconnaissance drilling in the western side of the channel intersected a zone of high-grade mineralization, 1m thick at 699ppm eU3O8 in hole YNAC 277.
This result identifies a new target zone, potentially up to 4km in length, along the western margin of the channel.
Drilling on the eastern side of the channel also returned a number of significant results, including 1m at 852ppm eU3O8 in hole YNAC 264 and multiple thick intersections of high grade uranium, including 1.28m at 1318ppm eU3O8 and 2.18m at 657ppm eU3O8 in hole YNAC 278.
The uranium mineralization in this channel is defined over a strike length of 500m and remains open to the north.
The current drilling, part of a 4,000m regional drilling program, targeted one of five major target areas that have been identified by the company through geological interpretation of the company’s airborne and ground geophysical data and geological interpretation.
The Yanrey Project covers 3,371sqkm of Mesozoic sediments which are highly prospective for sandstone hosted uranium mineralization, amenable to In-situ Recovery (ISR) mining, similar to Paladin Resources’ adjoining Manyingee deposit, according to the company.
Included in the company’s project is the Bennet Well deposit containing an inferred JORC compliant resource of 4.8 million pounds of eU3O8 at a grade of 300ppm eU3O8.
