| Mkuju and Songea Projects (Uranex 100%) |
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Highlights
Background The Mkuju and Songea projects are located in the south-west of Tanzania close to the country boarders of Mozambique and Malawi. The project areas comprise 8 granted/offered tenements and 3 applications covering a total area of about 8,000km2. The areas incorporate exposure of the uranium prospective of the Karoo basin sediments. Most of the known uranium mineralisation in southern Africa are hosted by similar Karoo sandstones. Uranium mineralisation was first evidenced in this geological region as a result of exploration during the period 1978-1982. Assessment of airborne radiometric anomalies during the period led to the discovery of two uranium deposits at Mkuju and Mdaba. These deposits were not quantified but record uranium values up to 6.16kg/t U3O8. These deposits are now largely contained within the world heritage listed Selous Game Reserve. The Kayelekera uranium deposit occurs in similar rocks 300km to the south-west in Malawi. These deposits though not in Uranex’s tenements provide the target exploration model for similar prospective Karoo sediments within Uranex’s extensive land holding. Auger drill sampling that occurred at Mkuju in late 2006 revealed near surface results of 1.4m at 1,824ppm U3O8, 0.5m at 5,338ppm U3O8 and 0.25m at 9,803ppm U3O8. These results demonstrate the potential for sandstone hosted mineralisation within the company’s tenements and a robust exploration program is now proceeding. Future Work Planned A 15,000m Reverse Circulation (RC) drilling programme has commenced at Mkuju. The results of this drilling will provide the Company with significant additional insight into the scope for large Wyoming type ‘roll-front’ uranium deposits. A hand held scintillometer reading exceeding 16,000cps (counts per second) was recorded in October 2008, in the area of the current drilling and continues to reinforce the uranium potential of the Mkuju Project Area. |