U3O8 (ASX: UTO) is a dedicated uranium exploration company with projects in Western Australia, Queensland, New South Wales and South Australia. The Company controls 44 exploration licences, 33 of which are granted and 11 of which are under application, for a total area of almost 6500 square kilometres.
Most of the Company's projects are 100% owned by U3O8 Limited, but the Company does have a major joint venture with Cameco in the Ashburton, is farming into eleven tenements held by Northern Star Resources in the East Kimberley, and more recently has signed a joint venture and farm in agreement with World Uranium on the Mango Bore project in the Gascoyne. All joint ventures are in Western Australia.
U3O8 Limited rock chips reveal high grade gold silver at Ashburton Project
U3O8 Limited (ASX: UTO) has received high grade gold and silver assays from rock chip sampling on the Saltwater Pool Joint Venture in the Ashburton district of Western Australia.
Rock chip sampling from Saltwater Pool returned up to 8.8 grams per tonne (g/t) gold 150 g/t silver (Ag) and 1.1% antimony (Sb).
Also, rock chip sampling from Anomaly 22, 700 metres east of Ristretto, on the Cameco Ashburton JV project, has returned significant uranium anomalies including up to 0.84% uranium (U3O8).
Thundelarra Exploration and U3O8 Limited are together earning a 70% interest from Cullen Resource Limited (100%) for the JV. U3O8 Limited signed the JV agreement with Thundelarra on three tenements in the Ashburton area on 31st March 2011.
During the recent diamond drilling program on the adjacent Cameco Joint Venture project area, U3O8 Limited visited, and sampled, low order electromagnetic and radiometric anomalies within its entire Ashburton project area.
The area includes tenements held under the Saltwater Pool JV, the Ashburton – Cameco JV and tenements held 100% by the company.
A number of samples collected on the Saltwater Pool Joint Venture returned significant results. All samples collected were assayed for a range of 63 elements.
Samples were from the Monster Prospect and additional follow up sampling is proposed at Monster itself and along strike. The sampling has been limited due to access and available time during the drilling program.
The company said a review of radiometrics, electromagnetics and satellite imagery is ongoing and will be followed by a detailed follow up sampling and geological mapping program.
