PepinNini Minerals (ASX: PNN) has announced the commencement of a drill program at Mt Victoria in South Australia - a uranium deposit being developed in alliance with Sinosteel.
PepinNini, which last traded for 32c on the Australian Stock Exchange, reported that five fully cored diamond drill holes were planned to verify the previously identified resource at the historic Mt Victoria Uranium Deposit.
Mt Victoria has an Inferred JORC compliant resource of 250,000 tonnes at an average U3O8 grade of 0.16% using a cutoff grade of 300ppm.
A reverse circulation drilling program of approximately 37 holes would also investigate other regional prospects in the vicinity of Crocker Well, including Becaroo, Anomaly A and Anomaly H located within EL 4239 and EL3278.
PepinNini has a 40% stake in the joint venture with the remaining 60% held by Sinosteel.
The Crocker Well Uranium Project is located approximately 150kms west of Broken Hill and approximately 400kms north of Adelaide in the highly prospective Curnamona region of South Australia. There are numerous other known uranium deposits within close proximity to the Crocker Well deposit, including the Honeymoon Uranium deposit.
High grade surface samples of up to 2.6% U3O8 have been reported for the Becaroo Prospect and 2.4% U3O8 for Anomaly A.
All of the prospects to be investigated have extensive surface radiometric anomalies.