The drill hole data from Soviet archives indicates drilling down to 250m with grades reaching 0.5% U3O8 (assay methodology not disclosed in Soviet documents) in a near vertical and folded fluvial sedimentary sequence containing mineralised coal seams. Recent earthworks have uncovered the position of these old drill holes that had been obscured by sedimentary cover in the form of scree deposits filling local topographic lows.

The holes are located south and west of previously identified exploration and mine preparation sites at the Kokmoinok Mining Centre or Kashkasu Deposit. The southern occurrence is also on strike to further exposed en—echelon (parallel) folds and confirm a repetition of the enrichment style.

The company’s geologists and field crews are currently undertaking mapping to verify the total area represented by the latest information. Based on previous mapping of the exposed folded sedimentary units, the new extension significantly increases the known target area and sets a precedent for enrichment in the adjacent en—echelon fold belts also on the licence.

The area of interest has demonstrated exposure of host sediments of around 1.5 km strike, with multiple mineralised horizons (7 currently identified) of widths ranging between 0.5 to 4 m, to a vertical depth of 250 m. The company plans to undertake a drilling, sampling and assaying campaign to confirm the depth, strike extension and grade of the deposit and bring them into line with JORC requirements.