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Alliance Resources defines high grade copper-uranium at Monardes

Alliance Resources defines high grade copper-uranium at Monardes

Alliance Resources (ASX:AGS) has identified copper and uranium mineralisation from its 100% owned Monardes Project concessions in northern Chile.

This was done from a airborne magnetic and radiometric survey, together with copper and uranium geochemistry at Monardes.

Eight rock chip samples were collected at four outcrop localities within the eastern anomalous unit over a strike length of 1.8 kilometres.

Seven of those eight samples reported anomalous copper and/or uranium, and six returned copper over 10,000 ppm, which was the limit of detection.

Two samples returned uranium over 2,000 ppm, also the limit of detection.

The discovery of high grade uranium and copper mineralisation in a reduced conglomerate within a lower red-bed sandstone sequence represents a previously unrecognised exploration target requiring systematic follow-up.

Additional rock chip sampling has been carried out around known occurrences of uranium and copper to provide information on the source or pathways for the uranium.

Several soil sample traverses were carried out to test for possible soil anomalies signalling continuity of mineralisation between the known mineralised outcrops. Results for these additional samples are awaited.

Further work is planned, including costeaning, drilling and associated sampling and analysis to investigate the continuity, mineralogy and grade of the known mineralisation along strike and down dip.

A detailed geophysical survey was also conducted, targeting a quartz-pebble conglomerate containing a small artisanal excavation for copper, which is locally anomalous with uranium-thorium based on results from a portable spectrometer.

Uranium values are associated with the contact between a basalt and carbonate veining within a coarse grained conglomerate within the otherwise oxidised red-bed environment of the Monardes Formation.

The preliminary results of the airborne radiometric survey have confirmed and extended the potential strike length of the known anomalous unit and identified a second parallel unit around 400 metres west of the known unit.

The combined strike length of the uranium anomalous units is 9 kilometres within Alliance concessions.

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December 09 2014

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