Peninsula Energy confirms high grade uranium at Karoo in South Africa
Peninsula Energy (ASX: PEN) has confirmed high grade uranium results at the Karoo uranium project in South Africa from re-logging of historic holes, just two days after announcing a long term sales agreement from its Lance project in the United States.
Highlights from Karoo re-logging included:
- 2.1 metres at 1,522ppm eU3O8; and
- 1.9 metres at 1,506ppm eU3O8.
Peninsula would be encouraged by these results given the intervals of thick, high grade uranium mineralisation at Site 29 of the historic Union Carbide holes.
The results are the first from Karoo are from the recently commenced exploration and resource delineation program at Project Site 29.
The current program involves the re-logging of historic drillholes using a downhole gamma probe to validate the resources (non JORC compliant) that were defined by previous exploration in the 1970’s. Peninsula also has a dedicated diamond coring rig on site to clear blocked holes.
Highlighting the potential for uranium in the area, 152 historic holes have been re-logged at Site 29, which is located 15 kilometres south of the provincial capital, Beaufort West.
This represents around 50% of the original 310 holes drilled by Union Carbide, which calculated the presence of approximately 600,000 pounds eU3O8 grading above 1,000ppm eU3O8 in the 1970's.
Of these 152 holes re-logged to date, 82 have returned uranium mineralisation with 20 exceeding a grade thickness product of 0.15%ft eU3O8.
Three holes returned multiple mineralised intersections.
