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Core Exploration uncovers new targets at Fitton near operating Beverley uranium mine

Published: 14:00 10 Aug 2012 AEST

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Core Exploration (ASX: CXO) has identified a number of new targets at its wholly owned Fitton Project which show a similar magnetic signature to the promising Scott Lee prospect, where assays of up to 10.5% copper and 0.34% uranium have previously been returned from surface sampling.

The Fitton Project in South Australia is strategically located 25 kilometres north of Heathgate Resources’ Beverley uranium mine, Australia’s first operating in situ recovery mine.

A ground magnetics survey over the project has returned a number of samples containing highly anomalous uranium above 100 parts per million across a strike length of over 800 metres.

A number of samples from the same shear zone have also graded above 1% copper over a strike length of 150 metres.

Following the positive results, Core extended the ground magnetics survey to cover a larger area of the prospective basement of the Fitton tenement.

The magnetic survey highlighted a very good correlation between observed shear related copper mineralisation at surface at the Scott Lee Prospect and east to west trending magnetic anomalies in the gridded data.

The survey also found a further two magnetic linear anomalies to the south of the Scott Lee prospect, while the broader survey has identified a much larger magnetic anomaly 2 kilometres southwest of the prospect. 


Major uranium province


Other major uranium mines and large deposits in the region include Alliance Resources’ (ASX: AGS) and Quasar Resources’ Four Mile Uranium Project, which hosts an Indicated and Inferred JORC Resource of 9.8 million tonnes at 0.33% for 71 million pounds of uranium.

Core’s Fitton Project lies just 25 kilometres from operating uranium plant producing and exporting yellowcake in a proven world class uranium mining district, which also hosts the Mt Gee deposit.

Fitton has been shown to host high grade copper and uranium at surface, enhancing the economic prospects of the project.


Exploration plan

Core has already begun follow-up mapping, sampling and additional magnetic surveys of the highly prospective magnetic targets to confirm whether these new zones are mineralised.

Initial results of this work are expected later in August. The company’s first drill program at Fitton is planned for later in 2012.


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