Peninsula Minerals plugs into US, South Africa uranium projects
Uranium explorer Peninsula Minerals Ltd (ASX: PEN) said it has made significant progress in the feasibility process for its US Wyoming-based Lance projects, and that a scoping study for its South Africa-based Karoo projects was proceeding.
A$68.8 million-capped Peninsula - which has prospects in the US, South Africa, South Australia, Western Australia and Fiji - said December-quarter drilling at its 100 per cent-owned Lance projects (Barber) featured 79 holes over 48,770 metres.
According to Peninsula, 51 holes encountered “significant mineralisation”, including 1140 ppm uranium at 760 feet, to 260 ppm at 760 feet.
“In excess of 1100 drill holes have now been drilled at Barber, with 589 of these being mineralised,” the company said.
“Peninsula remains on track to meet its initial JORC targets by June 2010.”
Management added that the design of a three million pound per annum uranium processing plant should be complete by the end of February 2010, and that a feasibility study had been launched into disposal wells.
Twenty four aquifer monitoring wells had been completed at the nearby Ross prospect, a precursor to gaining regulatory approvals at Lance.
Peninsula also gained an additional 916 acres of exploration rights on previously inaccessible Ross land.
In South Africa, Peninsula said it had gained promising geological data for the six sections comprising its 74 per cent-owned Karoo uranium and molybdenum prospect.
Peninsula said it had negotiated drilling access with local landowners, in return for financial compensation.
At Peninsula’s 50 per cent-owned Raki Raki gold project in Fiji, 365 metres of trenching was completed, with samples sent to a local analysis facility.
At the end of the December quarter 2009, Peninsula had A$7.94 million in cash.
$A2.7 million had been outlaid over the quarter, mostly on exploration, although A$2.59 million of retained cash had been expended. $108,000 of equity was gained through the sale of securities.
