http://www.australianinvestor.com.au/magazine.aspx?id=3195Nupower Resources Limited has Achieved Significant Uranium and Gold Intercepts
at Eva, Highlighting its Potential as a Prosperous Resource Base.
Nupower Resources Limited listed on the ASX in 2007 and is primarily focused on the exploration of mineralisation, especially uranium.
2009 has been an important year for the Company with the acquisition of the Eva and Cobar II Mineral Leases, which contain historical uranium and gold results. Nupower Resources has also reviewed historical phosphate results on its Lucy Creek and Arganara tenements.
Nupower Resources announced significant news this week in relation to its Eva Mineral Lease which is located close to the Northern Territory-Queensland border and approximately100 km south of the Gulf of Carpentaria.
The Company reported that it had successfully completed the Eva drilling program which included 40 percussion holes spanning 2,388 metres and 10 core holes for 466 metres. So far, Nupower Resources has received results from 21 drill holes, which have demonstrated large widths and grades of uranium and gold mineralisation.
Among the best results included high grade intercepts of 27 metres at 0.77% uranium and 5.10 g/t gold from 4 metres deep (including 4 metres at 2.24% uranium and 17.72 g/t gold from 20 metres deep) and 20 metres at 0.416% uranium and 5.07 g/t gold from 9 metres deep (including 4 metres at 1.26% uranium and 18.32 g/t gold from 27 metres deep).
Mineralisation intersected to date spans over a strike length of 100 metres and down dip for up to 100 metres at vertical depths of between 0 and 65 metres below surface. The high grade uranium and gold minerlisation is related to steeply dipping shear structures trending ENE in the vicinity of the old Eva workings, hosted by altered microgranite with occasional narrow smoky quartz veins that also occupy the shear structures.
Mr. Mick Muir, Executive Chairman of Nupower Resources Limited said the results achieved at Eva were better than the Company expected, “The results from Eva are of major significance because they verify the existence of high grade historical uranium recordings which we have obtained from the Northern Territory Mines Department’s closed file,” Mr. Muir explained to the Australian Investor, “And in addition, they have confirmed gold credits. Previous drilling undertaken by BHP never indicated gold mineralisation.
“We have discovered high grade uranium and gold at shallow depths.”
Nupower Resources will assess the results and further geological interpretation will be completed as soon as the second half of the drilling results are announced, “We will confirm the final results as soon as we get them from the assay laboratory. We anticipate its arrival in a few weeks. We also intend to complete a resource estimate at the beginning of 2010.”
The South Australian Mines Department commented on the drilling results at Eva, “It was found that the uranium in the ore was recoverable by a single sulphuric acid leach followed by direct precipitation by magnesia or by recovery by solvent extraction and ion exchange.”
Mr. Muir said that the uranium results achieved at Eva are some of the highest grades of uranium at surface for quite some time and that the gold results are also excellent. He also commended the geological and logistical staff that carried out the successful drilling program in the remote location.
Looking to the future, Mr. Muir concluded, “We also have other projects that we intend to develop including the encouraging Lucy Creek in the Northern Territory, which has a phosphate target of up to 43 million tonnes at 21% phosphate. The Company also intends to further explore our other significant tenement to the north called Cobar II as we believe it to hold similar mineralisation to Eva and also high platinum grades.”
“Nupower Resources will also build up a regional analysis of the Eva area as there has been no work done here for many years. We are excited to fast track this development.”
December 2009
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