Thatcher Soak – Western Australia (UNX 100%)

Background

The Thatcher Soak uranium deposit is located 130km north-east of Laverton in Western Australia and covers an area of about 224km2.  Most of the deposit is located in granted exploration licence E38/1732 to which Uranex holds 100% of the uranium rights.  The mineralisation may extend slightly to the east into granted prospecting licence P38/3298.  Uranex has the right to earn a 65% equity in P38/3298 under a Joint Venture Agreement with South Boulder Mines Ltd.

Click here to view the Thatcher Soak location

The deposit was discovered in the early 1970’s by recognition of uranium vanadates (carnotite) within dolomitic calcrete at three closely spaced locations along an ill-defined drainage channel within the tenements.  Subsequent exploration has established that mineralisation extends for at least 7.5 kilometres along the drainage and is between 200 and 1000 metres in width with a thickness of 1-6 metres.

Click here to view the Thatcher historic deposit

A report lodged with the Department of Mines on 17 October 1977 estimated the mineral potential at 6,000 tonnes of U3O8 at a grade of 0.4kg/t.

The historic grade of the mineralisation was measured radiometrically with anomalous intervals confirmed by direct assay.  Check assaying from two independent laboratories gave results which were on average 50% greater than the initial results for the lower grade samples and 100% grater for the higher grade intervals.  These results which are set out in Table 1 suggest that the historic grade and tonnage estimates of contained uranium may be understated.

The historic exploration at the Thatcher Soak uranium deposit was not comprehensive and there is good potential to substantially increase both the size and the grade of the deposit.

Planned Activity 2007

A drilling contract has been let for an initial program of about 600 holes.  The program is designed to define the gross mineralised envelope and to close-up drilling within the envelope to allow the calculation of a JORC inferred resource.  The drill program will commence in late April.