| Bynoe Project - Northern Territory (Uranex 100%) |
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Highlights
Background The Bynoe uranium project area is located 60km south-west of Darwin. The project area is contained within eight granted exploration licences and one exploration licence application covering a total area of 500km2. The project area is located on the western flank of the Pine Creek geosyncline which is host to world class uranium deposits such as Ranger, Narbalek and Jabiluka. Uranex’s tenements incorporate a number of key structural elements considered favourable for the formation of unconformity-style mineralisation that typify the major uranium deposits of the eastern Pine Creek region and features of the uranium deposits at Rum Jungle which is located about 40km east of the Bynoe projects. Some 3,407 tonnes of U3O8 was mined from the Rum Jungle area in the 1960’s. This was contained in two main deposits Whites (396,000 tonnes @ 0.27% (2.7kg/t U3O8) and Rum Jungle Creek South (663,500 tonnes @ 0.43% (4.3kg/t U3O8). Uranex has recognised the potential for blind primary high grade mineralisation within its group of licences, in areas capped by laterites and other surface deposits. Historic drilling indicates that uranium mineralisation is hosted within the structures defined by Uranex. These structures will provide the targets for initial drill testing. Careful definition and targeting of potential host settings to highlight discrete targets for drill testing is proposed. Recent Work A total of 126 Aircore holes for 2037m and 34 RAB holes for drilling were completed in the December 2007 Quarter. The last metre in each hole was assayed to test the basement rock under the ‘pindan’ cover. Samples with counts per second higher than background were also sampled and assayed. Helicopter assisted ground checks of airborne radiometric anomalies were completed at Bynoe East in July 2008. All anomalies in both EL 24020 and EL 24021 were located by GPS, and then checked by foot traverses using a scintillometer across the anomalies. Geological observations were made and samples taken on obvious anomalies. |