Emerging uranium company Bannerman Resources (ASX: BMN) has intersected a new mineralised zone named Hyena, located 1km south of the primary Anomaly A prospect within its Etango Uranium Project in Namibia.
In addition, the Perth-based company has reported further encouraging infill resource definition drilling results within the Onkelo and Oshiveli Prospects at Etango.
The news saw the share price in Bannerman increase 2c, or 1.7 per cent, to $1.17 following the annoucement.
Bannerman’s principal asset is its 80%-owned Etango Project situated southwest of Rio Tinto’s Rössing uranium mine and to the west of Paladin Energy’s Langer-Heinrich mine.
The mine is one of the world’s largest undeveloped uranium deposits. Bannerman is focused on the feasibility assessment and development of a large open pit uranium operation at Etango.
The results reported reflect drilling completed since Bannerman’s previous update in September.
The identification of the mineralised zone at Hyena has occurred during the initial phases of exploration drilling to the south of the Anomaly A deposit.
The newly discovered mineralised zone at Hyena contains alaskite-hosted uranium mineralisation similar to the other Etango Project deposits.
To date, results have been returned from 42 RC drillholes at Hyena with 20 of these drillholes intersecting significant mineralisation. In particular, the intersections in drillholes GHYRC0007 and GHYRC0008 are shallow, broad and high grade.
Results of the infill resource definition drilling program from a further seven diamond and 16 RC drillholes have confirmed the near-surface broad zones of uranium mineralisation encountered in previous drilling. The drilling has also largely filled the previously undrilled gap between the Onkelo and Oshiveli Prospects.
Bannerman chief executive Len Jubber said the identification of the mineralised zone at Hyena is an exciting addition to the Etango Uranium Project, being only 1km south of the Anomaly A resource.
“The proximity of Hyena to the existing resource indicates the potential for additional mineralisation to be incorporated into the Etango resource estimate,” Mr Jubber said.
“The infill drilling results at Onkelo and Oshiveli are also very encouraging, indicating further near-surface and higher grade mineralisation which could be incorporated into the mining plans.”
He said Bannerman was on target to report the preliminary feasibility study results over the coming months and continued to undertake resource definition, sterilisation and near-project exploration drilling programs.”