The company carried out a down-hole gamma logging program and confirmed high grades of uranium at the site and reported 9.4 ft @ 1,054ppm eU3O8 from 45.3ft, 3.1 ft @ 2,351ppm eU3O8 from 134.8ft, and 4.3 ft @ 1,620ppm eU3O8 from 77.9ft.
It also completed a six hole diamond drill program and intersected high grades of associated molybdenum and reported 1.3ft @ 2,073ppm Mo from 60ft, and 2.6ft @ 1,226 ppm Mo from 81.2ft.
Peninsula executive chairman Gus Simpson said, "The drilling programme has confirmed the historic uranium mineralisation reported at Site 45 and these latest results confirm significant molybdenum mineralisation in association with uranium."
The company, since 20 June 2012, has completed 66 drill holes at Site 45 for a total of 16,975ft and intersected high grades of historic uranium mineralization that was previously defined by Johannesburg Consolidated Investment Company.
The South African Geological Survey also conducted a sampling program at the site and reported the presence of uranium and molybdenum.
The preliminary geological studies estimated a combined exploration potential in the Karoo of 30-60m tons @ 700 – 1,400ppm eU3O8 for 90 – 150mlbs eU3O8.
Peninsula is expecting to complete an initial JORC compliant estimate for the Karoo Projects before December 2012.
