ALZ uranium play put it on your watch lists
2006-03-16 19:28 ET - News Release
Mr. Jeremy Caddy reports
ALDERSHOT'S URANIUM PROJECTS
Aldershot Resources Ltd. had a very successful trip to the recent PDAC mining convention in Toronto. The company's booth had a steady flow of visitors, who were very impressed with the latest geological and geophysical maps produced by the company's senior uranium geologist, Ian Faris, who was attending from Perth, Western Australia.
The Turee Creek uranium project
Aldershot's 100-per-cent-owned Turee Creek uranium project in the Pilbarra region of Western Australia hosts a near-surface inferred resource of 1.05 million tonnes averaging 0.035 per cent U3O8 (after Battey et al., 1987) yielding 810,000 pounds of contained U3O8. The best drill hole from this limited drill program undertaken between 1972 and 1982 by Noranda, was 17 metres at 1.25 pounds U3O8 per tonne. This inferred resource was derived from historical data and does not meet current JORC criteria (Australia), and is not National Instrument 43-101 compliant.
Mr. Faris states, "Aldershot will begin a detailed exploration program in April, 2006, to test a theory that this low-grade near-surface mineralization zone represents a surface expression of a much higher-grade, large-tonnage deposit at depth, similar to Cameco's Cigar Lake deposit in Northern Saskatchewan."
Recently, Cameco staked around the Turee Creek deposit.
The Yuinmery uranium project
Aldershot's second Western Australia deposit, the Yuinmery uranium project, is also 100 per cent owned. The following is a direct quotation from the introduction to a report dated Sept. 2, 1998, titled, The Yuinmery Uranium Project, available as an open file in the mineral titles division of the Western Australian Department of Minerals and Energy.
"The Yuinmery uranium project is located 480 kilometres northeast of Perth and 65 kilometres south of Sandstone. The project contains an indicated mineral resource of 1.58 million tonnes averaging 0.037 per cent U3O8 at a 0.025-per-cent cut-off."
The values stated yield 1,288,000 pounds of contained U3O8. This inferred resource is derived from historical data and does not meet current JORC criteria, and is not National Instrument 43-101 compliant.
Mr. Faris states that there is excellent potential to increase the mineral resource by further exploration, including drilling during the coming year. Three exceptional targets are present on this prospect:
extensions to the south and west from historical drilling;
uranium mineralization intersected in shallow pits seven kilometres to the south that have not been drill tested; and
mineralized redox fronts in the deeper reduced sediments.
Quebec uranium project
Regarding Aldershot's extensive holdings northwest of Hull, Que., Mr. Faris reported, on Feb. 24, 2006, in Stockwatch, on the favourable results in from the airborne radiometric and magnetic survey carried out by the company last fall.
The survey has identified a zone of uranium enrichment away from the historical Yates prospect area that has had only limited exploration. Historical reports and published geological maps indicate that much of the zone has not been tested. The zone is near a granite carbonate contact and suggests a metamorphic-metasomatic target.
Historical results from the claim block have returned up to 2.68 per cent U3O8 and 16.4 per cent ThO2 (Lake Otter Mines Ltd., 1954).
An exploration program is being designed to follow up on the anomalies identified from the airborne survey. Fieldwork will commence once the snow is gone and access is possible. The company expects this to occur by late April or early May, 2006.
British Columbia uranium project
Mr. Faris states: "The spectral analysis of ASTER satellite images covering Aldershot's properties in British Columbia is nearing completion. RM Resource Management is undertaking the work, and the final report is expected in late March, 2006. In this study, image analysis of the spectral data over known uranium occurrences is used to identify similar areas within Aldershot's properties. Initial results over the Atlin project area have identified areas with a high correlation to known areas of mineralization. Exploration programs for the various claim blocks will be developed once the final report is available."
Zambian uranium project
Another major holding of Aldershot's is the long-awaited title for projects in Zambia. Aldershot was recently advised by the Republic of Zambia that the application for a prospecting licence over the Kawanga area has been unsuccessful due to a prior application, but the Lake Kariba prospecting licence should be granted shortly.
In summary, Aldershot has acquired several wholly owned and advanced projects in three continents and will be an active explorer this year.
Aldershot Resources Ltd
Symbol ALZ
Shares Issued 27,786,988
Close 2006-03-16 C$ 0.30 |
