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Additional Information
Market: ASX
Sector: General Mining
Epic: .PEN
News: Latest news
Web Site: Peninsula Minerals
Other Articles: 12-02-201003-02-201029-01-2010

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Peninsula Minerals

Peninsula Minerals

Peninsula Minerals Limited is an ASX listed (ASX Code: PEN) uranium developer / explorer with assets in the USA, South Africa and Australia. Its primary focus is on uranium development and exploration through its Lance projects, located in Wyoming, and its Karoo projects in South Africa. The Company’s strategy shifted towards uranium mining in late 2005 when it acquired the Karoo projects and then, in 2007, it acquired additional uranium permits in the USA and Australia. The Company is targeting first production of 1.5 million pounds of uranium per annum from Wyoming in 2012 with additional production of 3 million pounds of uranium per annum planned from South Africa in 2017.

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Thursday, January 14, 2010

Peninsula Minerals uncovers more high grade uranium intersections at Barber, Wyoming

by Proactive Investors company news image

US-focused uranium developer Peninsula Minerals (ASX: PEN) has released results from recent drilling at the Barber Project in Wyoming, USA.

The company is targeting a 15mlb U3O8 JORC compliant resource at Barber by mid 2010. Barber is planned to be the second production centre at Peninsula’s Lance Projects in Wyoming.

Two rigs are currently working at Barber with a third set to commence at the Ross Project and a fourth expected at Ross by the 2nd week in February 2010.

Of 35 holes drilled during December 2009 for a total of 19,900 feet at the Barber, 24 of these holes encountered significant mineralisation and 16 holes encountered multiple intersections with up to 10 intersections in one hole. 

High grade intercepts have been encountered along a sparsely drilled roll front indicating good continuity of mineralisation.

Highlights from drill results were as follows:

- Hole RMR0155 which intersected 12ft @ 1,140ppm U3O8 from 386.75’ to 398.75’
- Hole RMR0185 which intersected 15ft @ 390ppm U3O8 from 354.75’ to 369.75’
- Hole RMR0187 which intersected 6.5ft @ 980ppm U3O8 from 361.25’ to 367.75’
- Hole RMR0188 which intersected 13.5ft @ 410ppm U3O8 from 375.75’ to 389.25’
- Hole RMR0189 which intersected 8ft @ 700ppm U3O8 from 381.25’ to 389.25’
- Recently discovered mineralised roll front system encountered at depth in 7 holes

Executive chairman Gus Simpson said “we are delighted with the results from this follow up drilling at Barber as they have been stepped out to extend the zones of known mineralisation and they bode well for our delineation efforts.”

The company said though not necessarily indicative of 10 roll fronts present ther results were an excellent indicator of the extensive uranium mineralisation present in the Barber Project.

In addition, a previously reported deeper roll front system was encountered in 7 of the holes. This drilling and the new roll front, which is open in all directions, will significantly expand the known mineralisation at Barber.

The Lance Project is believed to have exploration potential of 76mlb of U308.

 

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