Proactiveinvestors recommends
Additional Information
Market:ASX
Sector:General Mining
EPIC:PEN
Latest Price: 0.06  (17.65% Ascending)
52-week High:0.15
52-week Low:0.03
Market Cap:128.13M
1 year chart
digital-look imported chart image
1 day chart
digital-look imported chart image
Peninsula Energy Full Peninsula Energy profile here

Peninsula Energy (ASX: PEN) is an emerging ASX listed Uranium producer with assets in the USA and South Africa. The company is focused on advancing the Lance ISR Projects, located in the Powder River Basin, Wyoming USA through to production, and to take the Karoo Projects in South Africa further up the development curve.

Peninsula Minerals' high grade drill results add to Ross uranium resource

Thursday, May 27, 2010
Peninsula Minerals' high grade drill results add to Ross uranium resource

Peninsula Minerals (ASX: PEN), a uranium developer and explorer, has completed 35 development drill holes during the first weeks of May for a total of 22,129 feet at its Ross Uranium project.

Ross is part of the Lance Projects, located on the north-east side of the Powder River Basin in Wyoming, USA.

The company said the intention of the current drilling has been on enhancing the grade and definition of the existing resource and to progress inferred resource to indicated status.

Results include:

- Hole RMR0358 intersected 19.5ft @ 2,090ppm U3O8 from 477.25’ to 496.50’GT 4.08;
- Hole RMR0347 intersected 19.5ft @ 340ppm U3O8 from 447.25’ to 466.75’ GT 0.66; and
- Hole RMR0349 intersected 23.5ft @ 270ppm U3O8 from 475.75’ to 499.25’ GT 0.63.

The highlight of these results was drill hole RMR0358 which intersected 19.5ft @ 2,090ppm U3O8 (GT 4.08), including a peak intersection of 6ft @ 3,120ppm U3O8 within a newly interpreted mineralised roll front.

Peninsula said three drill rigs are currently engaged at Ross testing extensions of the known exploration target zones identified by the modelling software while a fourth rig continues to test sparsely drilled target zones, with the aim of expanding the current 15,100,000 lb U3O8 JORC compliant resource.

Gus Simpson, executive chairman, said “now that we have modelled all geological and drill data the development team is able to accurately target the nose of the ore zones and they are bringing home the pounds.”

During May Peninsula has completed 35 drill holes at Ross, of which 22 holes encountered significant mineralisation. A total of 10 holes recorded multiple stacked intersections of uranium mineralisation.

The company said the focus of the drilling in May has been predominantly within the exploration target zones in Sections 18 and 19 as shown in Figure 1. Infill drilling will now be focused on the interpreted roll fronts, highlighted by an intersection of 19.5ft @ 2,090ppm U3O8 (GT 4.08).

In addition there are extensive exploration target zones yet to be tested in Sections 19, 13, 12 and 7. Three rigs are currently operating to expand these mineralisedsystems while a fourth rig continues to test for extensions of mineralised trends into the sparselydrilled Section 13, which, if successful, will add directly to the existing resource inventory.

Simpson said "Peninsula anticipates that by adopting the Grade Thickness method for the definition and reporting of reserves as well as for practical mine planning and production purposes there may well be an up lift in the total recoverable pounds of uranium."

No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.