U308
U3O8 (ASX: UTO) is a dedicated uranium exploration company with projects in Western Australia, Queensland, New South Wales and South Australia. The Company controls 44 exploration licences, 33 of which are granted and 11 of which are under application, for a total area of almost 6500 square kilometres.
Most of the Company's projects are 100% owned by U3O8 Limited, but the Company does have a major joint venture with Cameco in the Ashburton, is farming into eleven tenements held by Northern Star Resources in the East Kimberley, and more recently has signed a joint venture and farm in agreement with World Uranium on the Mango Bore project in the Gascoyne. All joint ventures are in Western Australia.
U3O8 Limited to kick off drilling on Iron Ore targets at Olary Creek
Thursday, September 02, 2010
U3O8 Limited (ASX: UTO) will commence reverse circulation drilling of the iron ore targets on its Olary Creek project in South Australia, on 4th September 2010.
Olary Creek is located approximately 70 kilometres from Broken Hill, and situated a short distance south of the Barrier Highway and the Indian Pacific railway line, with easy access to roads and ports.
In February 2010, UTO announced that it had signed an agreement to farm-out the iron ore rights at Olary Creek to a private company.
The private company was to spend $5 million within four years to earn a 75% interest in the iron ore and manganese on the project after which UTO is free carried to a decision to mine.
Stephen Mann , managing director, said UTO has undertaken limited exploration on the banded iron formation at Olary Creek but modelling of the airborne magnetic data indicates up to 8km of strike of the iron units subcrop or outcrop on the project area.
Limited rock chip sampling has returned assay results up to 53% Fe.
A total of five holes are planned in this current drilling programme. One hole is planned into a possible channel iron deposit whilst four other holes are to be drilled into the banded iron formation. U3O8 is managing this phase of the exploration programme.
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.
