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Market:	ASX
Sector:	General Mining
EPIC:	UNX
Latest Price:	0.35 (1.43% )
52-week High:	0.67
52-week Low:	0.28
Market Cap:	63.42M

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Uranex

Uranex (ASX: UNX) is uranium exploration and development company with a diverse pipeline of projects in Australia and Africa.

The company holds an extensive portfolio of uranium exploration targets in the east African nation of Tanzania, including an initial resource estimate for its Manyoni Project in the Bahi Region of central Tanzania. Uranex’s exploration activities in Tanzania have resulted in the emergence of two separate uranium provinces at Bahi and Mkuju.

Uranex drilling intersects three areas of mineralisation at Mkuju uranium project

Friday, October 30, 2009

Uranex NL’s (ASX:UNX ) scout drilling programmes have intersected three areas of mineralisation at its wholly owned Mkuju Uranium Project in southern Tanzania.

Significant intervals of visible uranium mineralisation were intersected, often comprising multiple intercepts within a single hole, at three locations in the Project area at Likuyu North Prospect, Likuyu Prospect, and Grand Central Prospect.

Laboratory assays and reconciled down hole probed U308 eValues from the holes drilled in the current 4,000m RC drilling programme are still yet to be received by the company.

Mineralisation occurs in several stacked horizons to depths up to 133 metres and mineralised areas have been indicated by geological mapping and pitting.

Increased geological interpretation and drilling capacity has been allocated by the company to advance the programmes.

Managing director Dr John Cottle said: “The tenor of the new mineralisation intersections once again highlight the uranium prospectivity of the Mkuju region and confirm our belief that this is an area with significant potential.”

Uranex has large uranium exploration holdings in two separate uranium provinces at Manyoni/Bahi in Central Tanzania and Mkuju/Songea in Southern Tanzania. Other holdings distributed throughout Tanzania make up a total of 19,000 square kilometres of exploration ground. Continued exploration during a fourth year of operations has advanced the uranium potential of the two main provinces significantly.

The Manyoni resource estimate comprises a JORC Inferred Resource of 14 million tonnes, averaging 218ppm U308 for a contained U308 content of approximately 6.7 million pounds (or approximately 3,000 tonnes contained U308), at a cut offgrade of 150ppm U308. Estimated contained U308 more than doubles to approximately 15.3 million pounds (or approximately 6,900 tonnes) at the 100ppm U308 cut off grade.

These estimated resources are near surface and average less than 10m in depth.

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