The drilling program comprising a total of 87 holes for 7,603m targeted downstream extensions to the 3.2 million pound resource.

The preliminary geological interpretation of the drilling chips has confirmed that several drill holes have intersected permeable sediments capable of hosting uranium, according to Proactive Investors.

These findings are said to be similar to that witnessed in Jindarra and Yandegin where the current resource is located.

Commenting on the results, Mindax managing director and chief executive officer Dr Steve Ward remarked that the findings reflect
the company’s progressive field drilling work.

"The initial visual signs at Mukinbudin are encouraging. We now look forward to assessing the results when assays are completed in the coming weeks," added Ward.

The two prospects in the project, Jindarra and Yandegin, returned a maiden inferred resource of 3.2 million pounds at 0.02% uranium ore.

Mindax has set exploration target of 10 to 25 million pounds at between 0.05% and 0.15% uranium ore for the Mukinbudin project.

The drilling program of the project is scheduled to resume in the latter part of 2013.

Currently, the company is seeking budget for an infill drilling program to be undertaken at the Yandegin and Jindarra prospects.