Proactiveinvestors Australia

UXA Resources refines uranium targets at Nabarlek ahead of September drilling program

Wed, 01 Aug 2012 12:10:00 +1000

A 30 hole, 2,600 metre reverse circulation percussion drilling program is scheduled to begin in September, following the completion of geochemical and geophysical programs to refine drill targets.

Reliance subsidiary, RIL Australia, holds a 49% interest in the Nabarlek licences and is contributing 49% of exploration funding.

During the additional field programs, the joint venture partners collected 928 infill soil geochemical samples, and results are expected in late August.

A 727 station gravity survey over target areas one and two was completed defining a strong structural corridor.

A 9 square kilometre ground radiometric survey was also completed over all three target areas, as was geological mapping over target areas one and two, with a number of areas of quartz breccia float and haematite alteration suggesting the presence of structures.

Similar geology to Rio Tinto’s Ranger mine

The Nabarlek North and Nabarlek West licences, which cover 221 square kilometres, share similar geological features with the former high grade Nabarlek open cut mine, 7 kilometres to the south, and the operating Ranger uranium mine, run by Rio Tinto's (ASX: RIO) 68% owned subsidiary Energy Resources of Australia (ASX: ERA).

Highlighting the prospectivity of the region, Nabarlek North lies just 280 metres immediately north of a recent high grade discovery (U40 area) which delivered uranium intercepts up to 6.8 metres at 6.71% U3O8.

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UXA Resources directors vote with their wallets, increase holdings through on market investment

Mon, 02 Jul 2012 15:30:00 +1000

UXA Resources (ASX: UXA) non-executive chairman Neill Arthur and managing director Russell Penney have demonstrated their confidence in the company with further investment on-market.

Arthur has increased his shareholding by 350,000 shares for A$0.004 per share, or a total consideration of $1,400, while Penney has acquired a further 500,000 shares for $0.005 each, or a total consideration of $2,500.

The increase in the directors’ interests comes at a time when UXA is preparing to start drilling at its Nabarlek uranium project in the Northern Territory.

The company is on the hunt for high value unconformity style uranium mineralisation with the backing of India’s largest company, Reliance Industries.

Reliance Industries is the largest publicly traded company in India by market capitalisation and the second largest company in India by revenue, behind Indian Oil. It is also India's largest private sector company by revenue and profit.

The Nabarlek North and Nabarlek West licences, which cover 221 square kilometres, share similar geological features with the former high grade Nabarlek open cut mine, 7 kilometres to the south, and the operating Ranger uranium mine, run by Rio Tinto's (ASX: RIO) 68% owned subsidiary Energy Resources of Australia (ASX: ERA).

Highlighting the prospectivity of the region, Nabarlek North lies just 280 metres immediately north of a recent high grade discovery (U40 area) which delivered uranium intercepts up to 6.8 metres at 6.71% U3O8.

UXA and Reliance subsidiary, RIL Australia, have finalised plans for the start of a 30-hole, 2,600 metre reverse circulation drilling program at Nabarlek North. RIL Australia holds 49% interest in the licences and is contributing 49% of exploration funding.

The program will focus on three target areas for high value unconformity style uranium mineralisation, and is expected to start in mid-July.

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UXA Resources begins uranium drilling at Nabarlek backed by India’s Reliance Industries

Tue, 19 Jun 2012 11:00:00 +1000

UXA Resources (ASX: UXA) is on the hunt for high value unconformity style uranium mineralisation at its Nabarlek uranium project in the Northern Territory with the backing of India’s largest company, Reliance Industries.

Reliance Industries is the largest publicly traded company in India by market capitalisation and the second largest company in India by revenue, behind Indian Oil. It is also India's largest private sector company by revenue and profit.

The Nabarlek North and Nabarlek West licences, which cover 221 square kilometres, are highly prospective for unconformity style uranium deposits.

They share similar geological features with the former high grade Nabarlek open cut mine, 7 kilometres to the south, and the operating Ranger uranium mine, run by Rio Tinto's (ASX: RIO) 68% owned subsidiary Energy Resources of Australia (ASX: ERA).

Highlighting the prospectivity of the region, Nabarlek North lies just 280 metres immediately north of a recent high grade discovery (U40 area) which delivered uranium intercepts up to 6.8 metres at 6.71% U3O8.

UXA and Reliance subsidiary, RIL Australia, have finalised plans for the start of a 30-hole, 2,600 metre reverse circulation drilling program at Nabarlek North. RIL Australia holds 49% interest in the licences and is contributing 49% of exploration funding.

The program will focus on three target areas for high value unconformity style uranium mineralisation, and is expected to start in mid-July.

During the 2011 field season, UXA conducted a first phase reverse circulation percussion drilling program along three lines in the southeast corner of the Nabarlek North tenement targeting the potential strike length extension of the U40 uranium prospect.

This drilling returned strongly anomalous results from gamma logging in five of the holes up to 1.3 metres at 460 parts per million U3O8.

UXA has also completed a 20 square kilometre radon sampling and soil geochemical program spanning the south and south eastern sections of the Nabarlek North tenement.

This survey identified three target areas for follow up including further drilling on the target north of U40.

Pandanus West exploration

The Pandanus West exploration licence is also part of UXA’s joint venture with RIL Australia.

The Pandanus West area is situated in the Murphy uranium province in the Northern Territory and is prospective for world class Westmorland or unconformity style uranium deposits.

The Westmorland uranium deposit in Queensland contains a NI 43-101 Indicated and Inferred Resource of 51.9 million pounds of U3O8.

At Pandanus West UXA has identified strong uranium channel anomalies following the completion of a 5,900 line KM airborne radiometric and aeromagnetic survey.

These anomalies will be analysed prior to the start of a field program, which will include ground checking and geochemical follow-up to identify drill targets.

The field program will begin following the completion of the Nabarlek drilling program.

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UXA Resources discovers one of the best IOCG exploration holes within Stuart Shelf in recent years

Thu, 24 May 2012 08:37:00 +1000

UXA Resources is well known for its 'first mover advantage' in the Stuart Shelf, with the company strategy now being validated following the discovery of one of the best IOCG exploration holes in the area in recent years.

UXA Resources to discuss projects near Olympic Dam at upcoming One2One Forum in Melbourne

Tue, 08 May 2012 08:59:00 +1000

Want to ask CEO's probing questions? Proactive Investors provides the forum. Next up in Melbourne is UXA Resources, Tangiers Petroleum, KBL Mining, Globe Metals & Mining and Altona Mining.

UXA Resources discovers visible copper southeast of Olympic Dam

Mon, 23 Apr 2012 11:20:00 +1000

UXA Resources (ASX: UXA) has intersected visible copper mineralisation and strong alteration typical of an iron oxide copper gold system over a 150 metre interval at the Glenside prospect, part of the Stuart Shelf project.

Drilling at the Stuart Shelf joint venture project by partner Straits Resources (ASX: SRQ) is targeting IOCG deposits, south of BHP Billiton’s (ASX: BHP) Olympic Dam mine and OZ Minerals’ (ASX: OZL) Prominent Hill mine.

The drill hole in the Glenside target is the second of three holes in a 3,600 metre program, targeting a number of geophysical anomalies.

The second target is a combined gravity and magnetic feature on the Glenside tenement.

Indicating the potential of the target, the alteration assemblage is typical of IOCG alteration systems including magnetite, hematite, k-spar and pyrite.

Previous drilling by WMC, 8 kilometres to the north of the latest drill hole by Straits, intersected anomalous copper mineralisation of 6 metres at 0.37% copper from 1,140 metres in the same geophysical feature.

The drill target at Glenside lies 50 kilometres southeast of the Olympic Dam mine and 40 kilometres northwest of the Carrapateena copper-gold deposit.

Russell Penney, UXA Resources managing director, said, “This drill hole is a very encouraging start to the current exploration program being undertaken by the Stuart Shelf Joint Venture Partners.

“The Stuart Shelf is located in one of the most highly prospective regions for world class copper gold deposits in the world today, and so we are excited to see drilling continuing on the project.”

The drill core will soon be cut and sampled, with assays expected in four to six weeks, along with results from Straits’ first diamond drill hole in the Winjabbie tenement, where earlier drilling intersected 42 metres at 0.35% copper.

Drilling has now begun at the Oak Dam tenement to test the third geophysical target.

Stuart Shelf comprises nine tenements covering 3,300 square kilometres, located in the same iron oxide-copper-gold prospective area as Olympic Dam, which produces copper, gold, silver and uranium, and the Prominent Hill copper gold mine.

An expansion is underway at Olympic Dam to increase copper production to more than 750,000 tonnes per annum, from 180,000 tonnes per annum, while Prominent Hill production in 2012 is expected to be 100,000-110,000 tonnes of copper and 130,000-150,000 ounces of gold.

The Stuart Shelf project licences are subject to a joint venture agreement with Straits, which has the right to earn a 70% interest in the tenements by spending A$10 million on exploration over seven years.

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UXA Resources’ capital raising funds will support base metal, gold and uranium exploration

Fri, 20 Apr 2012 16:30:00 +1000

UXA Resources (ASX: UXA) has raised $202,500 to help fund exploration at several projects through a share purchase plan.

A total of 27.7 million shares were applied for under the share purchase plan, which offered shareholders parcels of up to $15,000 worth of shares valued at $0.0073 per share.

Funds raised will be used for working capital to help to support UXA’s planned exploration programs, including:

- the Dome-5 base metal projects;
- the Stuart Shelf IOCG joint venture;
- drill programs at Polygonum in New South Wales; and
- the Narbarlek uranium project in the Northern Territory.

At Dome 5 zinc-lead-silver drilling is aimed at defining the extent of mineralisation and assisting in the definition of a maiden JORC Resource. The prospect is strategically located 50 kilometres northwest of Broken Hill.

Drilling at the Stuart Shelf joint venture project by partner Straits Resources is targeting iron oxide copper gold deposits.

The Stuart Shelf project comprises nine tenements which cover 3,300 square kilometres south of BHP Billiton’s (ASX: BHP) Olympic Dam mine and OZ Minerals’ (ASX: OZL) Prominent Hill mine.

Straits’ 3,600 metre drilling program at Stuart Shelf is targeting a number of geophysical anomalies, and will follow up on a previous intercept by UXA Resources of 42 metres at 0.35% copper at the Winjabbie prospect.

Meanwhile, a review of historical data is underway at the Polygonum copper gold prospect and the Mammoth lead-zinc-silver prospect within Mundi Plains – Junction Dam, to guide future exploration.

Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.

UXA Resources' attract investment from New York investor managed by The Lind Partners LLC

Fri, 13 Apr 2012 10:55:00 +1000

UXA Resources has established partnerships with some of the largest mining companies in the world, while also having a three pronged project exploration strategy. This focus by UXA has now attracted a New York investor managed by The Lind Partners LLC.

UXA Resources in pre open pending capital raising announcement

Wed, 11 Apr 2012 11:20:00 +1000

UXA Resources (ASX: UXA) has been granted a trading halt by the ASX pending the release of an announcement regarding a capital raising.

The company has not given any indication of the nature of the announcement.

In early March UXA launched a Share Purchase Plan, offering shareholders up to $15,000 worth of shares at $0.73 each.

The SPP is scheduled to close on Friday April 13, with funds raised to be allocated to exploration at a number of the company’s projects, including:

- the Dome-5 base metal projects;
- the Stuart Shelf IOCG joint venture;
- drill programs at Polygonum in New South Wales; and
- the Narbarlek uranium project in the Northern Territory.

Shares in UXA will remain in pre open until the earlier of the release of an announcement to the market or the commencement of trading on Friday April 13.

UXA Resources offers investors more time to participate in capital raising

Thu, 05 Apr 2012 12:20:00 +1000

UXA Resources (ASX: UXA) has extended the deadline for its recent share purchase plan to Friday 13 April.

The company launched the share purchase plan in early March offering shareholders up to $15,000 shares at $0.73 each.

Importantly, UXA Resources has already identified where new funds raised will be allocated, which includes:

- the Dome-5 base metal projects;
- the Stuart Shelf IOCG joint venture;
- drill programs at Polygonum in New South Wales; and
- the Narbarlek uranium project in the Northern Territory.

At Dome 5 zinc-lead-silver drilling is ongoing targeted at defining the extent of mineralisation and assist in defining a maiden JORC Resource, with the prospect strategically located 50 kilometres northwest of Broken Hill.

Over at the Stuart Shelf joint venture project, partner Straits Resources is drilling the first of three holes targeting iron oxide-copper-gold deposits.

The Stuart Shelf project comprises nine tenements which cover 3,300 square kilometres south of BHP Billiton’s (ASX: BHP) Olympic Dam mine and OZ Minerals’ (ASX: OZL) Prominent Hill mine.

Straits’ 3,600 metre drilling program at Stuart Shelf is targeting a number of geophysical anomalies, and will follow up on a previous intercept by UXA Resources of 42 metres at 0.35% copper at the Winjabbie prospect.

Meanwhile, exploration is being planned for the Polygonum copper gold prospect and the Mammoth lead-zinc-silver prospect within Mundi Plains – Junction Dam, with a review of historical data underway.

UXA Resources to double services business for strong near term cash flows

Thu, 29 Mar 2012 12:10:00 +1100

UXA Resources (ASX: UXA) plans to double the current capacity of exploration services subsidiary GAA Wireline to deliver stronger near term cash flows with a modest investment.

GAA provides borehole wireline logging services to the coal, coal seam gas, iron ore, base metal and uranium sectors in Australia and the United States.

In addition, GAA owns the global rights to the Prompt Fission Neutron device, which helps to define new uranium deposits.

The Prompt Fission device played a key role in the discovery of Alliance Resources’ (NASDAQ:ARLP) Four Mile uranium project and Heathgate Resources’ Beverley uranium mine in South Australia.

In the six months to December 2011, GAA reached $2.3 million in revenue, a 51% increase on the previous corresponding period.

Although UXA remains focused on advancing its base metal and uranium exploration projects in Australia, the company sees the expansion of GAA as the best way to deliver stronger ongoing cash flows.

UXA chairman Neill Arthur said expanding GAA’s business would allow the company to capture some of the growth in the mining services sector within Australia and internationally.

“We are driving GAA to double its capacity covering all mineral sectors and substantially increasing earnings over the course of the next two years through the expansion plans now approved by UXA.”

“With the uranium exploration industry also becoming increasingly aware of the advantages of PFN, its demand will soon outstrip our capacity to cater to this demand.”

Some key parts of the growth plans for GAA are doubling the fleet of logging trucks, acquiring more industry standard tools and expanding the company’s technical advantage in providing high quality service.

Director appointments

Two directors, Scott McKay and David Sutich, have been appointed to the board of UXA to assist with the new growth strategy for GAA.

McKay is a senior executive at international engineering management and specialist technical services provider Aurecon.

His experience includes supply chain logistics, infrastructure development, mergers, acquisitions and financing for the resource sector.

Sutich is an electrical engineer and wireline specialist who has worked with major international oilfield services company Schlumberger for 18 years, in the Middle East, Asia and Australia.

Sutich brings extensive experience in global business development for the high technology resources services industry to the board of UXA.

Meanwhile, founding director of UXA, David Hawley, has announced his intention to retire on June 30, 2012.

UXA Resources and partner initiate new IOCG targeted drilling near Olympic Dam

Tue, 20 Mar 2012 13:40:00 +1100

UXA Resources (ASX: UXA) has some highly prospective tenement holdings in South Australia, which includes the Stuart Shelf joint venture which is located in the Olympic Dam-Prominent Hill area.

Operator and joint venture partner Straits Resources (ASX: SRL) is earning a 70% interest, and has now commenced the drilling of the second of three holes in a 3600 metre program targeting Iron Oxide Copper Gold deposits.

The first diamond hole drilling by Straits was vertical on a new geophysical target at Winjabbie, and intersected basement lithologies, including Gawler Range Volcanics, above the end of hole at 1,284 metres depth. Geochemical assays are awaited.

The second target is a combined gravity and magnetic feature on UXA’s Glenside tenement, where historical drilling by WMC 10 kilometres to the north of Straits’ drill hole, intersected anomalous copper mineralisation (6.0 metres at 0.37% copper from 1140 metres) in the same geophysical feature.

Why the new drilling by Straits is so interesting is the proximity, being 50 kilometres south east of the Olympic Dam mine and 40 kilometres north west of the Carrapateena copper-gold deposit.

Dr Russell Penney, managing director of UXA Resources, commented, “Stuart Shelf is located in one of the most highly prospective regions for world class copper gold deposits in the world today, and so we are excited to see drilling continuing on the project.”

The joint venture is extensive, and comprises nine tenements covering more than 3300 square kilometres.

Dome 5 lead zinc silver results from phase two

In other UXA Resources news, the second stage drilling program at Dome 5 which commenced at the end of 2011 has now delivered results from five diamond drill holes.

Importantly - all holes intersected mineralisation at the expected position in the limestone horizon at 315 metres to 350 metres, consisting of disseminated and veinlet style sphalerite and galena with accompanying pyrite and fluorite in a siliceous matrix.

UXA Resources said that the results suggest that the mineralisation system, though extensive, is weakening to the west, but remains open to the south east. The possibility of a higher grade zone within the area of known mineralisation cannot be ruled out based on the current widely spaced drilling.

UXA Resources managing director Dr Russell Penney answers questions at One2One Investor Forum in Sydney

Thu, 15 Mar 2012 11:13:00 +1100

For those who were unable to attend the UXA Resources presentation at the 'Stars in 2012 Series' series in Sydney last night, Proactive Investors brings you the Question and Answers between Dr. Russell Penney and the audience.

UXA Resources launches SPP to progress IOCG and base metals exploration in Australia

Mon, 05 Mar 2012 14:00:00 +1100

UXA Resources (ASX: UXA) is set to ramp up news flow from exploration at several projects later this year, and to help fund the exploration the company has launched a share purchase plan.

Shareholders will be able to purchase a parcel of up to $15,000 shares, which will be priced at 0.73 cents per share.

Importantly, UXA Resources has already identified where new funds raised by the SPP will be allocated, which includes;

- the Dome-5 base metal projects;
- the Stuart Shelf IOCG joint venture;
- drill programs at Polygonum in New South Wales; and
- the Narbarlek uranium project in the Northern Territory.

At Dome 5 zinc-lead-silver drilling is ongoing targeted at defining the extent of mineralisation and assist in defining a maiden JORC Resource, with the prospect strategically located 50 kilometres northwest of Broken Hill.

Over at the Stuart Shelf joint venture project, partner Straits Resources is drilling the first of three holes targeting iron oxide-copper-gold deposits.

The Stuart Shelf project comprises nine tenements which cover 3,300 square kilometres south of BHP Billiton’s (ASX: BHP) Olympic Dam mine and OZ Minerals’ (ASX: OZL) Prominent Hill mine.

Straits’ 3,600 metre drilling program at Stuart Shelf is targeting a number of geophysical anomalies, and will follow up on a previous intercept by UXA Resources of 42 metres at 0.35% copper at the Winjabbie prospect.

Meanwhile, exploration is being planned for the Polygonum copper gold prospect and the Mammoth lead-zinc-silver prospect within Mundi Plains – Junction Dam, with a review of historical data underway.

UXA Resources nears completion of phase 2 drilling for zinc, lead and silver at Dome 5

Wed, 29 Feb 2012 11:20:00 +1100

UXA Resources (ASX: UXA) is progressing drilling at the Dome 5 zinc-lead-silver prospect in New South Wales, to define the extent of mineralisation and assist in defining a maiden JORC Resource.

Dome 5 is part of the Mundi Plains Project, 50 kilometres northwest of Broken Hill.

The second phase drilling program at Dome 5 is being carried out to explore the extent of mineralisation and further define the higher grade zone.

Results from the initial three holes, drilled on 250 metre centres to the west of the known mineralisation, indicate that mineralisation weakens to the west but remains open to the east.

Five holes have been drilled at Dome 5, with results from the last two still outstanding.

Dome 5 was originally discovered by Teck Australia, a wholly owned subsidiary of the major Canadian mining company Teck Resources (NYSE: TCK), in joint venture with PlatSearch NL (ASX: PTS), in 2007.

IOCG Exploration

Over at the Stuart Shelf joint venture project, partner Straits Resources is drilling the first of three holes targeting iron oxide-copper-gold deposits.

The Stuart Shelf project comprises nine tenements which cover 3,300 square kilometres south of BHP Billiton’s (ASX: BHP) Olympic Dam mine and OZ Minerals’ (ASX: OZL) Prominent Hill mine.

Straits’ 3,600 metre drilling program at Stuart Shelf is targeting a number of geophysical anomalies, and will follow up on a previous intercept by UXA of 42 metres at 0.35% copper at the Winjabbie prospect.

Mundi Plains - Junction Dam option agreement

In other company news, UXA has exceeded the minimum required expenditure on the Mundi Plains – Junction Dam project of $1.2 million.

Teck has completed its 80% earn in to the PSET joint venture with PlatSearch and Eaglehawk Geological Consulting, resulting in the formal creation of the joint venture.

UXA has been appointed Teck’s representative on the joint venture committee.

When UXA’s expenditure reaches $2 million, the company will earn 50% of Teck’s interest in the PSET joint venture.

PlatSearch and Eaglehawk have the right to contribute at their levels of interest to maintain their interests, or can opt to dilute their holdings in the project.

Meanwhile, exploration is being planned for the Polygonum copper gold prospect and the Mammoth lead-zinc-silver prospect within Mundi Plains – Junction Dam, with a review of historical data underway.

No drilling has been conducted at Polygonum and Mammoth in the past ten years.

UXA Resources targeting copper gold in drilling south of Olympic Dam mine

Wed, 01 Feb 2012 10:23:00 +1100

With 3,300 square kilometres of tenements in the world class copper gold area that hosts BHP's Olympic Dam and OZ Minerals' Prominent Hill projects, UXA is strategically positioned and ready to ramp up exploration in the area.

UXA Resources finalises drawdown of initial $1 million La Jolla Cove convertible note

Thu, 12 Jan 2012 12:00:00 +1100

UXA Resources (ASX: UXA) has completed the drawdowns against the first Convertible Note issued to La Jolla Cove Investors.

The convertible note facility enabled UXA to undertake the phase 2 drilling at the company’s Dome 5 lead-zinc-silver project in New South Wales.

Results from this drilling program are expected in the March quarter of 2012.

This facility is part of a wider $2.5 million convertible note facility with La Jolla Cove, which comprises two notes.

Approval for drawdowns against the second convertible note, worth $1.5 million, was granted by UXA shareholders at the company’s annual general meeting on November 30,2011.

No drawdowns have been made against this second Convertible Note to date.

Dome 5 phase two drilling

UXA commenced the second phase drilling program at Dome 5 in December, aiming to define the extent of mineralisation and assist in defining a maiden resource for the project.

The mud-rotary and diamond drilling program comprised eight holes for 2,800 metres.

Dome 5 is part of the Mundi Plains Project, 50 kilometres west of Broken Hill.

Previous drilling by UXA has identified a 500 metre wide zone of high grade mineralised drill intercepts, with a best intersection of 3 metres at 15.8% zinc plus lead and 63 parts per million silver.

UXA has an option agreement to earn up to 100% of Teck Resources (NYSE: TCK) subsidiary Teck Australia’s 70% interest in the project.

The agreement involves an initial A$1.2 million worth of exploration expenditure by UXA, and is subject to certain earn-back rights by Teck.

UXA Resources: receives $0.04 target price from New York based RB Milestone

Tue, 13 Dec 2011 12:56:00 +1100

RB Milestone highlights upside potential of 218% over UXA Resources' current share price of $0.012, and said that the company's portfolio of projects suggest that it is well poised to make huge strides forward in the coming decade.

UXA Resources begins second phase drilling at Dome 5 zinc-lead-silver prospect

Mon, 12 Dec 2011 09:30:00 +1100

UXA Resources (ASX: UXA) has commenced its second phase eight hole, 2,800 metre mud-rotary and diamond drilling program at the Dome 5 zinc-lead-silver prospect in New South Wales.

In addition, joint venture partner Straits Resources (ASX: SRQ) (70% interest) expects to commence drilling on UXA’s Stuart Shelf IOCG project in South Australia, early in 2012.

The Dome 5 prospect is part of the Mundi Plains Project, located 50 kilometres northwest of Broken Hill, and the program is aiming to define the extent of mineralisation, and assist in the definition of a maiden resource estimate for the project.

The program will focus on testing a potential exploration target of 5–10 million tonnes mineralised body at 10% lead plus zinc, with silver credits.

Drilling will include further widely spaced step-out holes (250 metre centres) and some infill holes within the currently defined 500 metre wide high grade zone.

The company expects the drilling program to pause over the holiday period, re-commencing in mid-January with results to follow by early February 2012.

The initial Dome 5 zinc discovery was made by Teck Australia Pty Ltd (Teck), a wholly owned subsidiary of the major Canadian mining company Teck Resources (NYSE: TCK), in joint venture with PlatSearch NL (ASX: PTS) in 2007.

All of the original five holes drilled within a one square kilometre area encountered sphalerite-galena mineralisation, with two high grade mineralised intersections returning up to 0.85 metres at 19.15% zinc, 4.9% lead, 83 parts per million (ppm) silver.

Subsequent drilling by UXA has outlined a 500 metre wide zone of high grade mineralised drill intercepts with a best intersection of 3.0 metres at 15.8% zinc plus lead and 63ppm silver.

UXA has an option agreement to earn up to 100% of Teck’s joint venture interest, subject to certain earn-back rights by Teck and has agreed to an initial A$1.2 million spend on exploration, targeting MVT-style lead-zinc-silver mineralisation and IOCG-style copper-gold mineralisation.

Stuart Shelf – Straits Joint Venture

The joint venture includes nine tenements for a total of 3,300 square kilometres in the highly prospective Olympic Dam-Prominent Hill area prospective for world class IOCG, Cu-Au (U) deposits.

Straits has completed a geophysical evaluation of the highest priority targets and heritage clearance surveys have been successfully completed prior to the commencement of a diamond drilling program.

A diamond drilling program had been delayed by the availability of suitable rigs, with the program now expected to commence in early 2012 with a three hole, 3,500–4,000 metres program targeting a number of geophysical anomalies.

UXA Resources issues shares to La Jolla Cove under $2.5 million funding agreement

Wed, 16 Nov 2011 17:51:00 +1100

UXA Resources (ASX: UXA) has issued 5.15 million shares to La Jolla Cove following the initial drawdown of funds from a $2.5 million convertible note facility last month.

On October 7, UXA drew down the first payment of $250,000 from a $1 million convertible note.

The shares issued today are valued at a consideration of $50,000.

The issue and conversion of the second note is subject to UXA receiving shareholder approval at its annual general meeting on November 30, 2011.

La Jolla has issued two convertible notes totalling $2.5 million to fund exploration activities at the company’s active projects.

Company activities

UXA is active in New South Wales, with the Dome 5 lead-zinc-silver project, in the Northern Territory with the Nabarlek North uranium project and in Western Australia, with the Myroodah and Mudjalla uranium projects.

Phase 2 drilling at Dome 5, including infill and step out drilling over 2,800 metres, is planned to begin before the end of the December quarter.

The eight hole program will target a 500 metre wide zone of high grade intercepts and explore the possible northwest and southeast extensions of this zone.

At Nabarlek North, Phase 2 drilling is planned to follow up on strongly anomalous uranium results from the first phase of drilling.

This program will also target anomalies generated by a radon cup survey.

UXA Resources discovers new uranium targets near high grade U40 prospect

Wed, 09 Nov 2011 12:21:00 +1100

The proximity of a new uranium drill target at Nabarlek North to a recent high grade mineralisation discovery of up to 6.8 metres at 6.71% uranium oxide bodes well for the project and places UXA in a good position to move to the second phase of drilling.

UXA Resources receives first exploration funds from A$2.5m convertible note facility

Fri, 07 Oct 2011 16:39:00 +1100

UXA Resources (ASX:UXA) has completed the first stage of a convertible note facility with US-based La Jolla Cove Investors, drawing down its first monthly payment of $250,000 of the first A$1 million convertible note following approval.

The agreement with La Jolla comprises the issue of two convertible notes totalling $2.5 million, with the first totalling $1 million, to fund exploration activities at the company’s three active projects.

Russell Penney, managing director of UXA Resources, commented “the issue of the convertible note will ensure that the company has sufficient funds to undertake the planned Phase 2 drilling program at the Dome 5 zinc-lead-silver project in New South Wales.

“It is a very welcome investment in the company at a time of such uncertainty in the capital markets.

“It is a low cost way of funding our exploration program compared to alternative funding arrangements and provides additional scope to advance the company’s diverse project pipeline that offers near term exploration upside.

“The notes are unsecured with no restriction on further debt or capital raisings.”

La Jolla Cove provided some very positive insights into UXA Resources, with director Rob Lizt adding, “we’re highly impressed by UXA Resources’ experienced management, diverse portfolio including zinc, copper, gold and uranium, well-known JV partners, and international cash flow positive logging business."

Issue and conversion of the second note is subject to UXA receiving shareholder approval at its annual general meeting in November 2011.

Exploration program - three diverse projects

1. At the Dome 5 lead-zinc-silver project in New South Wales, phase 2 exploration will include infill and step out drilling over eight holes for 2800 metres to test the potential MVT style mineralisation.

The exploration target is a 5Mt to 10Mt mineralised body at 10% lead plus zinc with silver credits.

2. Nabarlek North uranium project in Northern Territory, phase 2 exploration to follow up previous encouraging reverse circulation percussion drill results testing the potential strike length extension of the U40 prospect into Nabarlek North and radon cup sampling results pinpointing additional drill targets.

3. Myroodah and Mudjalla uranium projects in Western Australia, drill testing a large radiometric anomaly identified in a recent airborne geophysical survey.

The tenements are located in a highly prospective region for potential sandstone hosted uranium mineralisation amendable to low cost in-situ leach mining methods.

UXA Resources also has the rights to explore for coal on the Mudjalla and Myroodah West tenements.

UXA Resources boosts exploration funds with A$2.5m convertible note facility with La Jolla Cove

Mon, 03 Oct 2011 08:56:00 +1100

With exploration to be ramped up at three different projects across three different states of Australia - and with Jolla Cove Investors Inc believing that UXA Resources is undervalued - this stock is currently under the radar and one to keep an eye on.

UXA Resources looks to follow up drill Dome 5 lead, silver and zinc project

Tue, 13 Sep 2011 13:21:00 +1000

UXA Resources (ASX: UXA) has announced plans for follow up drilling at the Dome 5 lead, zinc, silver project in Mundi Plains, New South Wales.

The second phase drilling which will commence towards the end of 2011, and will test the potential exploration target of 5 to 10 million tonnes of mineralised body at 10% lead plus zinc, with silver credits.

Infill and step out drill holes will be focused on the high grade mineralised zone.

In May, UXA completed a 7 hole 2,653 metres mud rotary and diamond drilling program at Dome 5 which identified a 500 metre wide zone of high grade drill intercepts grading up to 3.0 metres at 15.8% lead plus zinc and 63 parts per million (ppm) silver from 315.0 metres in DF12.

There is a second zone of mineralisation, 5 metres below the high grade upper zone, which returned 1.29 metres at 6.88% lead plus zinc and 20ppm silver from 322.76 metres in DF12.

Further analysis of the drilling data indicates potential to discover additional mineralisation along strike from the known 500 metre wide zone, particularly to the northwest.

A new eight hole 2,800 metre drilling program is currently being planned which, subject to rig availability, will commence drilling in late October.

The second phase program will focus on testing the exploration target with drilling to include further widely spaced step-out holes (250 metre centres) and some infill holes within the currently defined 500 metre wide high grade zone.

The mineralised zone extends in a roughly north west – south east orientation and is relatively flat lying at 315 to 340 metres deep.

It comprises two vertically stacked zones of coarse grained sphalerite, galena, fluorite Mississippi Valley Type (MVT) style mineralisation.

The initial Dome 5 zinc discovery at Mundi Plains was made by Teck Australia Pty Ltd, a wholly owned subsidiary of the major Canadian mining company Teck Resources Limited, in joint venture with PlatSearch NL in 2007.

The discovery of MVT mineralisation was in a flat lying zone from around 320 metres depth.

The mineralisation lies close to the base of the Adelaidean sedimentary sequences where they on-lap onto a granite dome.

All of the original five holes drilled within a one square kilometre area encountered sphalerite-galena mineralisation, with two high grade mineralised intersections returning up to 0.85 metres at 19.15% zinc, 4.9% lead and 83ppm silver.

UXA has an option agreement to earn up to 100% of Teck’s joint venture interest, subject to certain earn-back rights by Teck and has agreed to an initial A$1.2 million spend on exploration, targeting MVT style lead-zinc-silver mineralisation and IOCG-style copper-gold mineralisation.

UXA Resources drilling could point to extension of Uranium Equities U40 area discovery

Tue, 06 Sep 2011 10:26:00 +1000

The strongly anomalous uranium values returned from first phase drilling near Uranium Equities' U40 prospect could point to an extension of the high grade discovery. Second phase drilling will commence shortly.

UXA Resources launches rights issue to advance copper uranium exploration in Australia

Wed, 17 Aug 2011 12:24:00 +1000

UXA Resources (ASX: UXA) has launched a non-renounceable pro-rata rights offer to advance exploration on the company’s copper, uranium and base metals projects in South Australia, New South Wales and Western Australia.

The offer is 10 shares for every 25 held at the 30 August record date, priced at $0.015 per share.

UXA Resources said that the funding injection will boost exploration at several projects, including:

- Dome 5 lead-zinc-silver prospect, Mundi Plains/Junction Dam Option Agreement;
- Polygonum-Mammoth copper-gold prospects, Mundi Plains/Junction Dam Option
Agreement; and
- Canning Basin uranium in Western Australia.

The Mundi Plains and Junction Dam base metals project

UXA Resources has an interest in the Mundi Plains and Junction Dam base metals project which borders New South Wales and South Australia.

Importantly - the project includes the Dome 5 MVT style zinc lead discovery made by Teck Australia Pty Ltd in a joint venture with PlatSearch NL in 2007.

UXA Resources has an option agreement with Teck to earn up to 100% of Teck’s interest in a joint venture with PlatSearch and Eaglehawk Geological Consulting Pty Ltd (SA only), who have the right to retain a 20% interest.

UXA Resources commences highly anticipated drilling in world class Pine Creek uranium province

Fri, 12 Aug 2011 10:41:00 +1000

UXA Resources will be drilling high priority targets located just 280 metres north of the recent high grade uranium discovery at the Nabarlek North JV project, looking to extend the potential strike length of the U40 uranium prospect.

UXA Resources hits highest grade lead zinc silver yet at Dome 5 prospect

Fri, 03 Jun 2011 10:38:00 +1000

UXA Resources (ASX: UXA) has intersected high grade lead zinc silver from in-fill diamond drilling at the Dome 5 prospect in New South Wales, and confirmed a second zone of mineralisation.

Assays from three diamond drill holes at the prospect have been returned, with highlights from in-fill drill hole DF12 including:

- 3 metres at 15.8% lead + zinc from 315 metres, including;

- 0.36 metres at 31.4% lead, 12% zinc and 435 parts per million (ppm) silver.

The drilling also confirmed a second zone of mineralisation five metres below the high grade zone returning 1.29 metres at 6.88% lead + zinc and 20ppm silver from 322.76 metres.

Russell Penney, managing director, said “in comparison with assay results from the initial Dome 5 discovery, UXA’s infill drill hole DF12 has recorded the best result to date in terms of the intersection’s width and the high grade content and this is located within 250 metres of previously intersected high grade zinc-lead-silver mineralisation.”

The prospect is located 50 kilometres northwest of Broken Hill on the Mundi Plains. Assays from DF12 are situated about 250 metres in between two holes previously drilled by Teck Resources (NYSE: TCK) subsidiary Teck Australia Pty, both of which returned mineralised intersections.

The two remaining diamond drill holes were step–out drill holes and highlight a tapering of mineralisation to the north and southwest.

Highlights from step–out drill hole DF10 include 0.2 metres at 6.92% lead + zinc from 334.6 metres.

Highlights from step–out drill hole DF11 include 0.32 metres at 5.73% lead + zinc from 333.61.

The company will drill three more holes with one step-out drill hole currently nearing completion.

The original Dome 5 zinc discovery, made by Teck in joint venture with PlatSearch NL in 2007, was of Mississippi Valley Type (MVT) mineralisation in a flat lying zone at about 320 metres depth.

UXA has an option agreement to earn up to 100% of Teck’s joint venture interest subject to certain earn-back rights to a 65% UXA interest retained by Teck.

UXA has agreed to an initial A$1.2 million spend on exploration, targeting MVT style zinc-lead-silver mineralisation and IOCG-style copper gold mineralisation.

UXA Resources hits zinc lead at Dome 5 Prospect, to raise A$600,000 for further exploration

Fri, 06 May 2011 15:04:00 +1000

UXA Resources (ASX: UXA) has intersected zinc lead mineralisation from diamond core infill drilling at the company’s Dome 5 Prospect near Broken Hill in New South Wales.

The company will also raise A$599,109 through a placement of 16,129,032 shares at $0.031 per share to advance exploration for zinc, lead, silver, and gold copper deposits at Mundi Plains, Junction Dam and adjacent tenements.

It will be the second capital raising tranche and State Equity Group will act as lead manager to the placement. The first placement raised $500,000.

The assay results from the first infill drill hole at Dome 5 include 3 metres at 3.4% zinc + lead and a second mineralised zone.

The prospect is strategically located, 55 kilometres from a major railway line which already transports zinc, lead-silver concentrates.

The initial Dome 5 zinc discovery at Mundi Plains was made by Teck Australia, a subsidiary of the major Canadian mining company Teck Resources (NYSE: TCK), in joint venture with PlatSearch NL in 2007.

The discovery consists of Mississippi Valley Type mineralisation in a flat lying zone at around 320 meters deep.

All five of the holes drilled by Teck within a one square kilometre area encountered sphalerite-galena mineralisation, with two high grade mineralised intersections returning up to; 0.85 metres at 19.15% zinc, 4.9% lead and 83ppm silver.

UXA has an option agreement to earn up to 100% of Teck’s joint venture interest and has agreed an initial spend of A$1.2 million on exploration, targeting MVT style zinc lead silver mineralisation.

The company is continuing the planned drilling program and results will be released once they become available from the laboratory.

UXA Resources targeting zinc-lead-silver from infill drilling near Broken Hill

Mon, 07 Mar 2011 11:49:00 +1100

UXA Resources (ASX: UXA) has kicked off a major drilling campaign, which will include 2,700 metres of mud-rotary and diamond drilling at the Dome 5 zinc-lead-silver prospect, part of the Mundi Plains Project.

The area is very prospective considering the location which is just 50 kilometres north-west of Broken Hill.

The program comprises four infill holes between previous high grade intersections and a further three step out holes targeting strike extensions which are currently open.

The prospect is strategically located, 55 kilometres from a major railway line which already transports zinc, lead-silver concentrates.

The initial Dome 5 zinc discovery at Mundi Plains was made by Teck Australia, a subsidiary of the major Canadian mining company Teck Resources (NYSE: TCK), in joint venture with PlatSearch NL in 2007.

The discovery consists of Mississippi Valley Type mineralisation in a flat lying zone at around 320 meters deep.

All five of the holes drilled by Teck within a one square kilometre area encountered sphalerite-galena mineralisation, with two high grade mineralised intersections returning up to; 0.85 metres at 19.15% zinc, 4.9% lead and 83ppm silver.

In other UXA Resources news, Federal Ministerial approval has been received for grant of uranium exploration licence at Pandanus West, which is located in the Northern Territory.