RGT.V on 50% off sale this morning:
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Delta Exploration, Rockgate drill 0.207% U at Falea
2007-05-16 17:12 CT - News Release
See News Release (C-DEV) Delta Exploration Inc
Mr. James Gillis of Delta reports
DELTA AND ROCKGATE INTERSECT URANIUM IN PHASE ONE DRILLING
Delta Exploration Inc. and Rockgate Capital Corp. have released results from the first two holes of the 16-hole, phase one, 5,000-metre drill program at the Falea project, located in Mali, West Africa. The initial results are encouraging and confirm the presence of uranium mineralization as identified by Cogema in the early 1980s. Results of note include hole DF 002, which returned 0.207 per cent uranium and 0.565 per cent copper over a true width of 3.10 metres.
ASSAY RESULTS
Hole From To Length U Cu
(m) (m) (m) (%) (%)
DF 001 256.0 260.4 4.5 0.034 0.402
and 262.1 265.6 3.5 0.050 0.386
DF 002 264.9 268.0 3.1 0.207 0.565
including 264.9 265.73 0.83 0.39 0.608
To date, all 16 holes have intersected the Kania sequence sandstones and have intersected radioactive material. Mineralization consists mainly of uraninite, coffinite, chalcopyrite, bornite and chalcocite. Uranium and copper mineralization have also been noted in hole DF 001 in the conglomerates, just above the basal unconformity.
Preliminary compilation of the drill data infers two locations of syn-sedimentary structures, which may be the focal point of uranium mineralization entering into the sandstones. Phase two drilling is now under way, and will include angled and vertical core holes to test these potential source areas. The partners expect phase two will encompass an additional 5,000 to 10,000 metres of drilling. The Falea camp has been substantially augmented with fuel and drill supplies to maintain the current drill program through the summer rainy season.
All analytical work to date has been completed by ALS Chemex, including sample preparation completed in Bamako, Mali, and ICP-MS and XRF analysis completed in Johannesburg, South Africa. In every batch of 20 samples, a standard, a blank and a duplicate sample were inserted. Preparations are now being made for a complete check of all samples at a Canadian laboratory.
Metallurgical studies will be undertaken to interpret the nature of the uranium mineralization present in drill core to assist and guide future assay techniques.
Delta Exploration is the operator of the Falea project. Rockgate Capital has an option to earn a 60-per-cent interest in the Falea project and is financing the drill program. Rockgate will assume operatorship on earning its 60-per-cent interest, which is anticipated to occur by July, 2007.
Lorne Warner, PGeo, director and vice-president, exploration, is the qualified person for this release under National Instrument 43-101.
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Dines pumped it a while ago. This news is the apparent trigger but 9.7M PP shares and 9.7M PP warrants (units were priced at .40!!) becoming free trading on May 11 is the collapse material. See where it settles; may buy a few. |
