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 shares up as drilling and ground survey confirm 5km uranium anomaly at Likuyu North
Shares in Uranex (ASX: UNX) have jumped 13% after the company confirmed high grade uranium values had been received from drilling and a ground survey at Likuyu North on the wholly owned Mkuju Uranium Project in southern Tanzania.
The company was trading 3.5c, or 13.7%, higher at 29c following this morning's announcement.
The company delineated significant zones and thicknesses (up to 6m) of uranium mineralisation at the Likuyu North prospect where a detailed ground scintillometer survey has demonstrated the internal coherency of the large 5km by 1km aerial radiometric anomaly.
In addition, RC drilling to depths of 130m has further confirmed the depth extent of the mineralisation enabling interpretation of a 3D anomaly envelope that could contain significant mineralisation accumulations similar to that of Mantra’s Nyota deposit, 25km to the north.
Pitting programmes were initiated to investigate the source of the strongest ground scintillometer anomalies with over 50 widely spaced, 3m deep pits dug.
Two pits exposed visible spots of green uranium mineralisation (visually interpreted to be phosphuranylite) associated with extremely high scintillometer readings. Vertical channel samples collected from all pits have been submitted to the laboratory for assaying, and returns are awaited.
Two 300m spaced trenches were also dug to follow up these pits. High grade uranium mineralisation was intersected in trench MKTR0001 which returned 2m at 3,040 ppm U3O8 from a wider (inclined) zone of 6.3m at 1,401 ppm U3O8.
Both trenches exposed visible uranium mineralisation in thick coarse grained cross bedded arkosic sandstone units, separated by thinner siltstone and mudstone
The Likuyu North mineralisation, radiometric anomaly and host stratigraphy are similar to that at Mantra Resources’ Nyota Project.
Managing Director John Cottle said the excellent results provided very strong evidence of the high potential for discovery of significant accumulations of roll-front uranium type mineralisation in Uranex’s Mkuju exploration ground in Southern Tanzania.
"Based on the results to date and expected good results to come, exploration at the Mkuju Project is planned to be intensified for the 2010 field season with the objective of progressing towards, in-fill, and extension of current mineralisation, as quickly and efficiently as possible," Mr Cottle said.
