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.
U308 releases results from sampling program on Ashburton Joint Venture
Shares in uranium exploration company U308 (ASX: UTO) have jumped almost 20% after it announced further results from the recent soil and rock chip sampling programme completed on the U3O8 – Cameco Australia Ashburton Joint Venture in Western Australia.
News of the results saw the share price in U308 rise 19.8%, or 2.5c, to 15.5c.
The Ashburton Project comprises 14 granted tenements prospective for unconformity style uranium mineralisation and is situated south of Paraburdoo in Western Australia.
All but one of the tenements form part of the U3O8 Limited – Cameco Australia Ashburton 50:50 Joint Venture which is operated by U3O8.
Samples were collected from a number of prospects on the Canyon Creek tenement and assayed for a range of elements including rare earth elements, precious and base metals, arsenic, and uranium.
Significant rare earth assays received from Livento prospect included results of 2.56%, 3.71%, 10.83% and 11.05% REO (rare earth oxide). The same samples returned significant uranium results of up to 0.094% U, and were also anomalous in base metals and other elements.
A solitary sample was collected from the Sirius prospect some distance to the north- northwest. This sample returned significant rare earth elements to 9.01% REO, uranium to 0.16% U, whilst being anomalous in other elements including lead at 0.73% Pb.
Further rock chip and soil samples are still to be received from the Ashburton project area.
Detailed ground electromagnetic survey to follow up airborne electromagnetic anomalies was recently completed, while follow up rock chip sampling is currently underway.
