Rossing South strike extended - exploration target on track
Tue Nov 25, 8:00 AM
ca.news.finance.yahoo.com
SOUTH PERTH, Western Australia, Nov. 25 /CNW/ - Extract Resources ("the Company"), (TSX:EXT;ASX:EXT), a Uranium exploration company with projects in Namibia, Africa, today announced extensions to the known strike length of both Zone 1 and Zone 2. Further, the continued return of significant widths of high grade uraniferous alaskite confirm that the initial Rossing South, Zone 1 resource is expected to be close to the upper range of the 57.3 - 92.5 M lb U3O8 exploration target (ASX release 30 July 2008).
Zone 1 update
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Downhole spectrometer results not previously reported from Zone 1
include:
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Hole ID From To Mineralised zones
(m) (m) (eU3O8)
---------------------------------------------
RRC126 30 150 120m @ 1042 ppm
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RRC127 32 176 144m @ 339 ppm
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RRC129 53 111 58m @ 514 ppm
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RRC132 53 178 125m @ 416 ppm
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RRC150 50 139 89m @ 600 ppm
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RRC153 39 143 104m @ 394 ppm
---------------------------------------------
RRC173 34 211 177m @ 370 ppm
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Ongoing RC and diamond drilling continue to intersect multiple zones of strongly mineralised alaskite and sediment, along the entire strike length of Zone 1. Additional holes are planned to test the limits of this massive system, now defined over a strike length in excess of 2.4 kilometres and still open to the south and east.
All drilling completed on Zone 1, up to end November 2008, will be incorporated in an initial Mineral Resource estimate following JORC Code guidelines. This resource remains on track for completion in January 2009.
Six rigs will continue to operate on site until the Christmas break.
Zone 2 update
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One RC rig has recommenced drilling on Zone 2 and confirmed the presence of anomalous uranium mineralisation 400 metres south of the previously defined southern strike extent. The strike extent of Zone 2 has now been increased to 1.7 kilometres with mineralisation open along strike and at depth.
Two core holes have recently been completed at Zone 2; these confirm the geological model and both have intersected strong zones of uranium mineralisation, indicated by hand held spectrometer surveys and visual indicators such as biotite clusters and smoky quartz.
Intensive resource definition drilling, on a 100 x 100 metre spacing, will commence on Zone 2 in 2009 with an initial resource anticipated in July/August 2009.
About Extract
Extract Resources is an Australian-based uranium exploration company whose primary focus is in the African nation of Namibia. The Company's principal asset is its 100% owned Husab Uranium Project which contains three known uranium targets: Ida Dome; Hildenhof; and Rossing South. Extract is listed on the ASX and the TSX under the ticker symbol "EXT". For more information on Extract visit www.extractresources.com
The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Martin Spivey, who is a Member of The Australasian Institute of Mining and Metallurgy and Mr Andrew Penkethman who is a Member of the Australian Institute of Geoscientists. Mr Spivey and Mr Penkethman are both full time employees of the Company. Mr Spivey and Mr Penkethman have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2004 Edition of the `Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Spivey and Mr Penkethman consent to the inclusion in this report of the matters based on their information in the form and context in which it appears.
Reference to down hole spectrometer results in this announcement refers to data collected by consulting geophysical contractor Terratec Geophysical Services undertaking down hole logging with a Gamma Ray Spectrometer (GRS42). This unit was calibrated at the Pelindaba facility in South Africa before arriving on site. The uranium values are recorded as parts per million (ppm) eU3O8 which is equivalent to ppm U3O8. Whilst results from this unit provide an indication of uranium mineralisation present they may also be affected by uranium mobility and disequilibrium. These factors should be considered when interpreting eU information while waiting for confirmation chemical assay results.
Reference to hand held spectrometer results refers to use of a Company owned Exploranium, GR-135 Plus or Terraplus RS-125, hand held spectrometer. The uranium values are recorded by placing the unit on the bulk RC sample bags or individual trays of drill core and expressed as parts per million (ppm) eU which is equivalent to ppm U. Results from these units provide an indication of uranium mineralisation, they may also be affected by uranium mobility and disequilibrium. These factors should be considered when interpreting eU information whilst waiting for confirmation chemical assay results.
The Exploration Target potential quantity and grade is conceptual in nature, as there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource.
To view APPENDIX 1 & 2 please see URL below:
files.newswire.ca
Contacts
Peter McIntyre
Managing Director
Richard Henning
Investor Relations
rhenning@extractresources.com |
