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URANIUMSA LTD. - HIGH GRADE URANIUM, APPOINTMENT OF EXECUTIVE DIRECTOR(ENP Newswire Via Acquire Media NewsEdge) ENP Newswire - 17 May 2012 Release date- 15052012 - UraniumSA Limited is pleased to advise that the drilling program presently underway at the Blackbush deposit has intersected significant levels of mineralization in all of the nine holes completed during this rotation. These results compare favourably with the high grades and thicknesses previously reported. Mr David Paterson has accepted an executive position with UraniumSA Limited and will be Executive Director responsible for financial and corporate activities. David joined the board in early December 2011 and brings 25 years of stockbroking, listed company, corporate financeand investor relations experience, to the executive team. Managing Director Russel Bluck said that 'David brings to the company significant experience in the financing and corporate activities required to advance our projects through exploration and into production. His appointment adds to the strength of our management team and will help ensure that the quality of the Blackbush deposit and the Samphire project is fully reflected in the return to our shareholders and stakeholders.' The Blackbush deposit within the Samphire uranium project is located 20km south of Whyalla on the Eyre Peninsula in South Australia. The existing Inferred Resource of sediment-hosted uranium mineralization at the Blackbush deposit comprises 28Mlb of mineralization (45.5Mt at 280ppm U3O8). The mineralization comprising this existing resource estimate directly overlies a mineralized granite basement and the current drilling program is exploring the unconformity between the mineralized sediments and underlying mineralized granite. The resource estimate will be recalculated on the completion of drilling. DRILLING Drilling of targets along the western margin of the Blackbush deposit is continuing. This is the second drilling campaign in this area targeting mineralization developed either side of the unconformity between Eocene sediments and granite basement rock. The published Inferred Resource for the Blackbush deposit is hosted within the Eocene sediments. Mineralization hosted entirely within granite basement was recognised late in 2011. The mineralization reported herein is for the sum of all intercepts in both sediment and granite host rock. Further work is required to achieve and report this information. It is emphasised that the above envelope of mineralization is a working estimate based on analysis of the ongoing flow of information and its primary use has been to guide exploration decision making. The envelope provides an exploration and conceptual context for the drill results which are being reported. AHEAD The final part of the current second round of drilling within the western zone at the Blackbush deposit will conclude Sunday 20th May 2012. Not all of these final holes are being targeted on drilling within the emerging high-grade area. The results from this final round of drilling will bereleased to market as soon as possible after completion. The company will compile and verify all of the data collected to date and commence the reestimation of a resource for the Blackbush deposit. No time frame can be given at this time for its release to market. Geophysical data. All holes are geophysically logged using a natural gamma tool and equivalent uranium grades expressed as % eU3O8 are assigned to each logged interval. Geophysical tools are regularly calibrated at the Department of Land, Water and Biodiversity Conservation's calibration facility in Adelaide. The geophysical logging reported herein was carried out using a prompt fission neutron tool (PFN). Disequilibrium. Natural gamma which uses counts from radioactive decay products of natural uranium is an industry standard method of estimating the uranium content of a material. All of the holes reported have been logged using a prompt fission neutron tool (PFN) which gives an estimation of natural uranium content expressed as % pU3O8. At the time of this report the PFN data has not been fully compiled and assessed. On the basis of experience at the Blackbush deposit the use of natural gamma equivalent grades is appropriate for the exploration data being reported. Data Management. Field data from the down hole logging is collected in digital formats and manipulated using WellCAD software and working files generated for estimation of intercepts. Cut-off grade. The cut-off grade used is noted within the tabulated data. For reporting exploration results a cut-off grade of 0.01% eU3O8 is used (0.01% is equivalent to 100ppm). Intercept thickness. The minimum intercept used is 0.40m above a 0.01% eU3O8 cut-off. Isolated 0.10m intervals below 0.01% eU3O8 are allowable within an intercept, provided the average grade of the whole intercept exceeds 0.01% eU3O8. Thickness-grade product for an individual intercept above cut-off is the product of the grade times the thickness of the intercept expressed as meter-percent, generally abbreviated to m%. Accumulation. The cumulative sum of the individual thickness-grade products in a single drill hole is the 'accumulation' figure for that hole. The accumulation figure represents all of the mineralization intersected by the drill hole, as distinct from the individual intercepts in the hole. The accumulation figure will change as the assumed cut-off, minimum thickness and internal dilution are varied. Results. Drilling results are reported using the cumulative thickness of mineralization which conforms with the intercept thickness and grade assumptions (above), and the grade assigned to the cumulative thickness is the length-weighted average of the constituent intercepts. About UraniumSA Limited UraniumSA is an Adelaide based uranium only explorer specialising in uranium mineralization within a substantial portfolio of properties in South Australia's Gawler Craton. The Company has discovered sediment hosted uranium mineralization within Exploration Licence 3652, Samphire, which is located 20km south of the industrial city of Whyalla on the eastern Eyre Peninsula in South Australia. The exploration Licence is owned and operated by Samphire Uranium Pty Ltd, a wholly owned subsidiary of UraniumSA Limited. The Inferred Resources of sediment-hosted uranium mineralization in the Blackbush and Plumbush deposits within the Samphire project aggregate 19,000 tonnes of U3O8 (67.2Mt mineralization at 284ppm U3O8 equivalent to approximately 42 million pounds of U3O8). The recent discovery of uranium in granite basement below the known sediment hosted uranium has provided significant new exploration/development opportunity. An evaluation of mining methods to optimise the recovery of uranium from the identified resources of mineralization has commenced. This will include consideration of open cut options for the sediment-hosted and granite basement hosted uranium mineralization in addition to an ongoing evaluation of in-situ recovery operations. Application has been made for a Retention Lease for an in-situ recovery field trial at the Blackbush deposit. Through its own tenure and by Joint Venture the Company has exploration control over what it considers the most prospective portions of the Pirie Basin. Contact: UraniumSA Limited 32 Beulah Road Norwood, Adelaide South Australia 5067 Tel: +61 (0)8 8132 0577 Fax: +61 (0)8 8132 0766 Email: [email protected] www.uraniumsa.com.au [Editorial queries for this story should be sent to [email protected]] ((Comments on this story may be sent to [email protected])) (c) 2012 Electronic News Publishing - |