Shares in Australian-based uranium exploration and development company Extract Resources (ASX/TSX/NSX: EXT) jumped 12c after announcing further outstanding chemical assay results from the Rössing South mineralised system, part of Extract’s world-class Husab Uranium Project.
During the afternoon trade, shares were up 12c, 1.7%, to $7.34.
The results reflect the quality and global significance of the Husab Uranium Project and underpin Extract’s commitment to the completion of a Definitive Feasibility Study and, in due course, the development of a mine at Rössing South.
Uranium mineralisation is open down dip and along strike, with further drilling expected to upgrade the resource classification and increase the size of this massive mineralised system.
Fifteen drill rigs are currently operating at Rössing South with 14 dedicated to infill and resource drilling at Zone 1 and Zone 2.
Multiple high grade chemical assay results from Zone 1 and Zone 2 drilling, including 146m @ 639 ppm, 88m @ 650 ppm, 62m @ 786 ppm, 21m @ 2003 ppm and 23m @ 1673 ppm.
The company has completed 249,810 metres of drilling at the Rössing South project with 225,951 metres of this total dedicated to resource definition within Zone 1 and Zone 2.
The latest round of chemical assay results were received from 75 drill holes located throughout Zone 1 and Zone 2. Multiple intercepts of high grade mineralization were reported from drill holes within both Zone 1 and Zone 2, highlighting the strong continuity of the high grade domains.
Uranium mineralisation remains open along strike and down dip with further drilling expected to increase the known dimensions of this massive mineralised system.
The company’s principal asset is its 100%-owned Husab Uranium Project which contains two known uranium deposit areas, Rössing South and Ida Dome.
Extensive exploration potential also exists for new uranium discoveries in the region.