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Alliance Resources intercepts more uranium in South Australia

Alliance Resources intercepts more uranium in South Australia

Alliance Resources (ASX: AGS) has made further uranium intercepts of up 3.2 metres at 0.45% pU3O8 from drilling at its Four Mile East project in South Australia.

Other notable results include 3.7 metres at 0.39% pU3O8, 2.6 metres at 0.39% pU3O8 and 10 metres at 0.1% pU3O8.

Uranium mineralisation has now being intersected over a strike length of about 1,100 metres and a maximum width of 800 metres, up from the previous 500 metres.

Mineralisation remains open to the northeast.

Depth to the top of mineralisation varies from 216.8 to 273.4 metres while the average cumulative thickness of intercepts in holes reporting mineralisation is 5.9 metres.

Alliance's partner Quasar Resources has started construction at the Four Mile Uranium project in the Frome Basin, South Australia.

The project has a total Resource of 9.8 million tonnes at 0.33% U3O8 for 71 million pounds of U3O8.

The development involves the capture of uranium at Heathgate Resources’ Pannikan satellite plant with elution, precipitation, drying and packing at Heathgate’s Beverley processing plant.

This is expected to produce 2.128 million pounds of U3O8 over 10 months for cumulative cash expenditure of A$97.8 million.

Four Mile is located 550 kilometres north of Adelaide and just 8 kilometres from the Beverley uranium mine.

Alliance has a 25% interest in the project.

 

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Alliance Resources Ltd Timeline

Newswire
December 09 2014

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