Resource Upgrade Drilling Returning Exceptional ResultsThu, 2 Feb 2012 07:26:00 +1000 6 hours, 52 minutes ago
2nd February 2012 C om p a n i es An n o un c eme n t O ffi c e Vi a E l ec t r on i c L od ge m en t RESOURCE UPGRADE DRILLING RETURNING EXCEPTIONAL RESULTS AT LANCE Highlights Significant Intercepts include: • • • • 15.5 ft @ 1,530ppm eU3O8 (GT 2.37) including 4 ft @ 5,160ppm eU3O8 31 ft @ 485ppm eU3O8 (GT 1.50) including 5.5 ft @ 1,620 ppm eU3O8 4 ft @ 1,965ppm eU3O8 (GT 0.79) including 2.5 ft @ 2,990 ppm eU3O8 7.5 ft @ 730ppm eU3O8 (GT 0.55) including 3 ft @ 1,140 ppm eU3O8 • • Results include outstanding grades and thick intervals of uranium mineralisation • Drilling in the planned Kendrick production unit upgrades inferred resource and confirms mineralisation in both the Fox Hills and Lance Formations Summary Peninsula Energy Limited (Peninsula) is pleased to announce that it has completed a further 108 exploration drill holes over January for a total of 101,540 feet at the Lance Projects. 61 holes encountered mineralisation, 19 holes encountered significant mineralisation and 12 holes reported multiple intersections of stacked uranium. The majority of this drilling has been focussed on converting inferred mineralisation to an indicated category in the proposed Kendrick production unit located to the west of the Ross production unit.
It has successfully intersected thick intervals of high grade uranium mineralisation due to targeting the nose of the roll front systems. Drilling Program In May 2011 a drill program comprising resource conversion and exploration drilling commenced in the Kendrick area. During the period 20 December 2011 to 31 January 2012 a total of 108 holes were completed, of which 61 holes encountered uranium mineralisation (> 100ppm) and 19 holes reported GT values exceeding 0.2.
The location of the drilling is shown in Figure 1 below. Unit 17, Level 2, 100 Railway Road, Subiaco WA 6008, Phone: +61 (0)8 9380 9920 PO Box 8129, Subiaco East WA 6008 Fax: +61 (0)8 9381 5064 Peninsula Energy Limited - ABN: 67 062 409 303 Peninsula Energy Limited -2- Figure 1: Kendrick Area Location Map Showing Location of Significant Results Drilling in this area has targeted the roll fronts occurring in the A and B Horizon sandstones belonging to the Lower Fox Hills Formation and in the C Horizon sandstone overlying Lance Formation. In the Ross permit area which is located .... |