Stocktube video

07/02/2012

Peninsula Energy Chairman talks about production in 2012/13

Proactiveinvestors recommends

Additional Information

Market:	ASX
Sector:	General Mining
EPIC:	PEN
Latest Price:	0.04 (0.00%)
52-week High:	0.09
52-week Low:	0.03
Market Cap:	80.07M

1 year chart

1 day chart

Peninsula Energy Full Peninsula Energy profile here

Peninsula Energy (ASX: PEN) is an emerging ASX listed Uranium producer with assets in the USA and South Africa. The company is focused on advancing the Lance ISR Projects, located in the Powder River Basin, Wyoming USA through to production, and to take the Karoo Projects in South Africa further up the development curve.

Peninsula Energy's resource upgrade drilling returns exceptional results at Lance

Thursday, February 02, 2012 by Proactive Investors

Regional exploration undertaken by Peninsular at Lance is proving highly successful. There is also potential to increase the existing uranium resource inventory. An upcoming resource recalculation is planned for late March.

Peninsula Energy (ASX: PEN) has reported some exceptional uranium intersections from drilling from 20 December 2011 to 31 January 2012 at the Lance Projects in Wyoming.

Peninsula is looking to become a uranium producer in late 2012 to 2013 having completed feasibility and economic studies of its Ross and Lance uranium Projects.

Ross is the most advanced area at the Lance Project, which is an In Situ Recovery (ISR) uranium project.

The drilling strategy adopted by Peninsula is to convert inferred resource to indicated resource as well as undertaking regional exploration that aims to locate the mineralised portions of over 312 linear kilometres of mapped redox boundaries.

The majority of this drilling has been focussed on converting inferred mineralisation to an indicated category in the proposed Kendrick production unit located to the west of the Ross production unit.

It has successfully intersected thick intervals of high grade uranium mineralisation due to targeting the nose of the roll front systems.

Of the 108 holes completed, 61 holes encountered uranium mineralisation (> 100ppm) and 19 holes reported GT values exceeding 0.2.

The best results included an intercept of 15.5 feet at 1,530ppm eU3O8, or 0.153%, including 4 feet at 5,160ppm eU3O8, or 0.516%.

Interestingly enough, this roll front system has yet been fully tested so there could be further high grades to come in this system.

Other drilling highlights included:

- 31 feet at 485ppm eU3O8, including 5.5 feet at 1,620 ppm eU3O8
- 4 feet at 1,965ppm eU3O8 including 2.5 feet at 2,990 ppm eU3O8
- 7.5 feet at 730ppm eU3O8 (GT 0.55) including 3 feet at 1,140 ppm eU3O8

The results show strong widths and grades.

Two drill rigs are continuing to develop the resources along strike and infill the high grade “nose” position of the roll fronts.

This success is expected to lift the overall grade of the resources in this area in an upcoming resource recalculation planned for late March.

Clearly, the regional exploration undertaken by Peninsula is proving very successful in identifying mineralisation in these roll front systems.

Hence drilling will continue to explore areas that have the potential to increase the existing uranium resource inventory.

Comment

The latest results indicate thick intervals and exceptional grades of uranium mineralisation. After a pause in part due to Fukushima and global market conditions, Peninsula is now back on track and full steam ahead as it moves closer to development of the projects which should be reflected in share price appreciation.

No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.