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TNG reveals radiometric anomaly identified at Mount Peake in the Northern Territory

Last updated: 21:49 30 Nov 2009 AEDT, First published: 22:49 30 Nov 2009 AEDT

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Diversified metals group TNG (ASX: TNG) has announced results from a recent magnetic and radiometric survey covering the company's Mount Peake Project in the Northern Territory has revealed previously unknown uranium anomalies.

The uranium anomalies – which are up to 500m long are adjacent to the Mount Peake Vanadium deposit - for which TNG has estimated an initial JORC Inferred resource 107 million tonnes @ 1.2% V205, 16% Ti02, 55% Fe.

The proximity of the Uranium anomalies to the vanadium resource may suggest the presence of the mineral Carnotite (chemical formula K2(UO2)2(VO4)2-1-3H2O), a Hydrated Potassium Uranyl Vanadate – an important ore of both uranium and vanadium and occurs at other notable deposits such as Energy Metals’ Bigrlyi

Uranium-vanadium deposit located approximately 40km to the west.

The helicopter-borne survey was originally flown to provide a detailed magnetic map of the Mount Peake anomaly for further resource definition. Radiometric surveying Potassium is routinely collected during such surveys.

The radiometric results indicate that there may also be an east-north-east structure through the area with elevated uranium/thorium anomalies developing on cross-cutting structures which may prove additional targets.

Uranium has not been routinely assayed in any of the previous exploration work at Mount Peake. Field checking of the anomalies is planned and re–assaying of sample pulps and residues is scheduled.

The magnetic data results have shown the Mount Peake anomaly to extend further north providing additional potential to extend the vanadium resource.

The Mount Peake Project is located close to existing road, rail and LNG infrastructure.

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