Best results from this round of drilling were:
Hole RMR0095 which intersected 29.5ft @ 570 ppm U3O8 from 429.75’ to 459.25’
Hole RMR0097 which intersected 16.5ft @ 550 ppm U3O8 from 448.75’ to 465.25’.
Both of these intercepts, along with others in an additional 11 holes, encountered the “nose” of the roll front.
In addition to these drilling results Peninsula is pleased to announce that a review of 1,780 historical holes previously identified as having no data or as barren has resulted in a reevaluation of 657 holes as being mineralised.
Best interval of 53.5ft at 432 ppm U3O8 returned from hole SPD829R at Ross and an interval of 15ft at 3,937 ppm U3O8 returned from hole SPD137E at Barber.
The results further expand the areas of known mineralisation.
2009/2010 Drilling Program
The 2009/10 drilling program re-commenced on 20 July 2009 at Ross with a total of 13,160 m [43,180ft] drilled for the 74 completed holes to date. The program is targeting extensions of historic mineralisation at Ross and Barber, the planned first production centres at the Lance Projects.
A statistically lower percentage of test holes encountering ore grade intercepts was reported between August 2009 and the end of September 2009. This can be attributed to the recent emphasis on roll front delineation that is required for the follow-up development drilling. In other words, the outer boundaries (lower grade intercepts) of known roll fronts must be defined in order to provide appropriate information necessary for resource calculations.
Of the 36 holes completed in September and early October, ten (10) contain mineralisation intervals that exceed the “rule of thumb” for economic ISR mineralisation in this setting (a grade thickness product of 0.3ft % U3O8).
The goal of the current drilling program is expand the known mineralisation at both Ross and Barber and to delineate a JORC compliant estimate by the end of June 2010 that would give credence to Peninsula’s goal to ultimately delineate:
6.4-9.5 million short tons at 500-700ppm U3O8 for 8-12 million lb U3O8 at Ross; and
2.6-3.9 million short tons at 700-900ppm U3O8 for 4-6 million lb U3O8 at Barber.
New Mineralised Holes Identified
Following the recent acquisition of the complete NuBeth data base a detailed review of 1,780 historical holes previously identified as having no data or barren has resulted in a re-evaluation of 657 holes as being mineralised. The holes were updated based on the historical data and by applying a positive disequilibrium factor of 27%. Of these newly identified mineralised holes, 380 are located at Ross and 277 at Barber with the best mineralised holes.
The addition of these holes is the result of reviewing the historical data of 1,780 holes with an “unknown” status. Based on these results 37% of holes have been re-evaluated as mineralised.